What is Oaktree Specialty's earnings per share (EPS)?

Oaktree Specialty (OCSL) reported diluted earnings per share of $0.39 for fiscal year 2025. This represents a -45.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Oaktree Specialty Financials

OCSL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE September

This page shows Oaktree Specialty (OCSL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI OCSL FY2025 2026-05-05

This lender's economics are driven more by portfolio cash timing than by smooth reported earnings.

FY2025 flipped the earnings-cash relationship: net income fell to $33.9M from $57.9M. Operating cash flow rose to $228.4M from $19.1M, showing that cash realization from the portfolio can move very differently from annual profit.

The balance sheet got smaller and slightly less levered: assets ended FY2025 at $3.0B. Debt-to-equity eased to 1.0x from 1.1x, which points to portfolio runoff and debt reduction rather than balance-sheet expansion.

The distribution burden remained heavy relative to earnings: FY2025 dividends paid were $148.2M against net income of $33.9M. That gap means payout capacity depends less on smooth accounting profit and more on whether investments convert into cash during the year.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Oaktree Specialty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Oaktree Specialty carries a low D/E ratio of 1.01, meaning only $1.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.

Returns

Oaktree Specialty generates a 2.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is down from 3.9% the prior year.

Piotroski F-Score Neutral

4/9

Oaktree Specialty passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

6.73x

For every $1 of reported earnings, Oaktree Specialty generates $6.73 in operating cash flow ($228.4M OCF vs $33.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$33.9M

YoY-41.4%

Oaktree Specialty reported $33.9M in net income in fiscal year 2025. This represents a decrease of 41.4% from the prior year.

EPS (Diluted)

$0.39

YoY-45.8%

Oaktree Specialty earned $0.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 45.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$79.6M

YoY+24.5%

Oaktree Specialty held $79.6M in cash against $1.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

88M

YoY+7.1%

Oaktree Specialty had 88M shares outstanding in fiscal year 2025. This represents an increase of 7.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

2.3%

YoY-1.6pp

Oaktree Specialty's ROE was 2.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$10.7M

YoY+587.7%

Oaktree Specialty spent $10.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 587.7% from the prior year.

Capital Expenditures

N/A

OCSL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.6M+34.6%	$2.6M-25.0%	$3.5M+18.2%	$3.0M+9.6%	$2.7M
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$115.8M-9.9%	$128.6M+15.2%	$111.6M+137.9%	$46.9M+53.8%	$30.5M
Income Tax	$100K	N/A	N/A	$1.3M+85.7%	$700K
Net Income	$33.9M-41.4%	$57.9M-50.6%	$117.3M+301.5%	$29.2M-87.7%	$237.3M
EPS (Diluted)	$0.39-45.8%	$0.72-55.8%	$1.63+239.6%	$0.48	$4.39

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.2M+39.7%	$841K	N/A	$997K+6.4%	$937K+1.2%	$926K	N/A	$824K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$25.6M-3.9%	$26.7M	N/A	$31.1M+10.2%	$28.2M-7.8%	$30.6M	N/A	$32.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.0M
Net Income	-$18.9M-436.8%	$5.6M	N/A	$38.4M+205.8%	-$36.2M-600.7%	$7.2M	N/A	$1.1M
EPS (Diluted)	$-0.21-450.0%	$0.06	N/A	$0.44+204.8%	$-0.42-566.7%	$0.09	N/A	$0.01

OCSL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$3.0B-6.1%	$3.2B-0.6%	$3.2B+21.6%	$2.6B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$79.6M+24.5%	$64.0M-53.1%	$136.4M+479.9%	$23.5M-19.8%	$29.3M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.5B-10.1%	$1.7B+0.5%	$1.7B+21.5%	$1.4B	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.5B-9.3%	$1.6B+2.4%	$1.6B+23.0%	$1.3B	N/A
Total Equity	$1.5B-1.5%	$1.5B-1.8%	$1.5B+21.7%	$1.2B-5.1%	$1.3B
Retained Earnings	-$885.1M-13.9%	-$777.5M-19.4%	-$651.3M-11.8%	-$582.8M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$2.9B-6.6%	$3.1B+3.2%	$3.0B+1.3%	$3.0B-3.7%	$3.1B-0.1%	$3.1B-3.6%	$3.2B-3.7%	$3.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$51.3M-36.6%	$80.8M+1.5%	$79.6M-0.2%	$79.8M-18.4%	$97.8M-13.4%	$112.9M+76.5%	$64.0M-33.6%	$96.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.5B-9.0%	$1.7B+8.1%	$1.5B+3.3%	$1.5B-7.3%	$1.6B-1.8%	$1.6B-4.5%	$1.7B-6.3%	$1.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.5B-8.0%	$1.6B+8.3%	$1.5B+2.7%	$1.4B-0.1%	$1.4B-8.2%	$1.6B-3.7%	$1.6B-3.4%	$1.7B
Total Equity	$1.4B-3.8%	$1.4B-2.0%	$1.5B-0.7%	$1.5B+0.1%	$1.5B+1.7%	$1.4B-2.6%	$1.5B-0.6%	$1.5B
Retained Earnings	-$968.9M-5.9%	-$914.8M-3.3%	-$885.1M+0.7%	-$891.7M+0.2%	-$893.1M-9.5%	-$815.5M-4.9%	-$777.5M-1.1%	-$769.1M

OCSL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$228.4M+1097.2%	$19.1M-91.7%	$228.8M+921.5%	$22.4M+109.7%	-$230.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$229.3M-164.3%	-$86.8M+21.4%	-$110.4M-311.8%	-$26.8M-112.0%	$224.2M
Dividends Paid	$148.2M-16.2%	$176.8M-1.8%	$180.0M+56.2%	$115.2M+44.3%	$79.8M
Share Buybacks	$10.7M+587.7%	$1.6M-35.9%	$2.4M+30.2%	$1.9M-14.4%	$2.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$130.7M+256.6%	-$83.5M-6351.1%	$1.3M-93.7%	$21.1M-66.0%	$62.0M-56.9%	$144.0M+50.7%	$95.5M+259.3%	-$59.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$160.3M-289.1%	$84.8M+36324.8%	-$234K+99.5%	-$51.8M+36.8%	-$82.0M+13.9%	-$95.3M+23.9%	-$125.2M-517.5%	$30.0M
Dividends Paid	$34.1M0.0%	$34.1M+0.1%	$34.1M+2.5%	$33.2M-10.4%	$37.1M-15.2%	$43.8M+0.2%	$43.7M+0.9%	$43.3M
Share Buybacks	$1.1M+0.3%	$1.1M-2.9%	$1.2M-68.8%	$3.8M-12.5%	$4.3M+194.8%	$1.5M-6.2%	$1.6M	$0

OCSL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	2.3%-1.6pp	3.9%-3.9pp	7.7%+5.4pp	2.4%-15.7pp	18.1%
Return on Assets	1.1%-0.7pp	1.8%-1.8pp	3.6%+2.5pp	1.1%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.01-0.1	1.10+0.0	1.06+0.0	1.04	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-1.4%-1.8pp	0.4%	N/A	2.6%+5.1pp	-2.5%-3.0pp	0.5%	N/A	0.1%
Return on Assets	-0.7%-0.8pp	0.2%	N/A	1.3%+2.5pp	-1.2%-1.4pp	0.2%	N/A	0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.07-0.0	1.12+0.1	1.01+0.0	0.980.0	0.98-0.1	1.09-0.0	1.10-0.0	1.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Oaktree Specialty profitable?

Yes, Oaktree Specialty (OCSL) reported a net income of $33.9M in fiscal year 2025.

How much debt does Oaktree Specialty have?

As of fiscal year 2025, Oaktree Specialty (OCSL) had $79.6M in cash and equivalents against $1.5B in long-term debt.

What is Oaktree Specialty's return on equity (ROE)?

Oaktree Specialty (OCSL) has a return on equity of 2.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Oaktree Specialty's operating cash flow?

Oaktree Specialty (OCSL) generated $228.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Oaktree Specialty's total assets?

Oaktree Specialty (OCSL) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Oaktree Specialty buy back shares?

Yes, Oaktree Specialty (OCSL) spent $10.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Oaktree Specialty have outstanding?

Oaktree Specialty (OCSL) had 88M shares outstanding as of fiscal year 2025.

What is Oaktree Specialty's debt-to-equity ratio?

Oaktree Specialty (OCSL) had a debt-to-equity ratio of 1.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Oaktree Specialty's return on assets (ROA)?

Oaktree Specialty (OCSL) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Oaktree Specialty's Piotroski F-Score?

Oaktree Specialty (OCSL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Oaktree Specialty's earnings high quality?

Oaktree Specialty (OCSL) has an earnings quality ratio of 6.73x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Oaktree Specialty?

Oaktree Specialty (OCSL) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.