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New Mountain Finance Corporation
NASDAQ: NMFC Financials AMC 🔎 Screen
$766M
Market Cap
57.6
P/E
11.09
PEG
8.8%
ROCE
1.3%
ROE
1.41
D/E
79.5%
OPM
-20.5%
% from 52W High
26
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for NMFC including FX impact
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📈 Price History
Ratio Health
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About

New Mountain Finance Corporation (Nasdaq: NMFC), a business development company, is a private equity/buyouts and loan fund that specializes in directly investing and lending to middle market companies in “defensive growth” industries. The fund prefers investing in buyout and middle market companies. It also makes investments in debt securities at all levels of the capital structure, including first and second lien debt, unsecured notes, and mezzanine securities. In some cases, its investments may also include equity interests. It targets energy, engineering and consulting services, specialty chemicals and materials, trading companies and distributors, commercial printing, diversified support services, education services, environmental and facilities services, office services and supplies, media, distributors, health care services, health care facilities, Life Sciences, Enterprise Software, Financial Services and Technology, application software, business services, systems software, federal services, distribution and logistics, interactive home entertainment, telecommunication services, hydroelectric power generation, electric power generation by fossil fuels, electric power generation by nuclear fuels, health care technology, and security and alarm services. The fund seeks to invest in the United States of America. It seeks to invest between $10 million and $125 million per transaction. The firm invests through both primary originations and open-market secondary purchases. It invests in companies with EBITDA between $10 million and $200 million. The fund seeks a majority stake in its portfolio companies.

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 2026 adjusted net investment income exceeded the dividend, with stable credit performance and improved non-accruals. Portfolio diversification and equity monetization remain priorities, while stock buybacks and proactive liability management support book value. Dividend yield stands at 15%.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 saw strong recurring income, a $470M asset sale, and aggressive buybacks, supporting a $0.32 dividend and boosting book value. Portfolio yield rose to 11.1%, non-accruals remain low, and management is optimistic about monetizing equity and redeploying into higher-yield assets.
Q4 2025 Q4 2025 2026-02-25
Q4 2025 saw adjusted net investment income of $0.32 per share, covering the dividend, while NAV declined to $11.52 per share due to asset revaluations. A $477 million asset sale will diversify the portfolio, reduce PIK income, and lower leverage, with proceeds to be redeployed into first lien assets and buybacks.
Q3 2025 Q3 2025 2025-11-04
Q3 adjusted net investment income was $0.32 per share, fully covering the dividend, with a slight NAV decline to $12.06. A $50M buyback was completed and a new $100M program launched, while a $500M portfolio sale is being explored to diversify and reduce PIK income.
Q2 2025 Q2 2025 2025-08-05
Adjusted net investment income of $0.32 per share fully covered the dividend, with 95% of the portfolio green-rated and senior-oriented assets nearing 80%. Net asset value declined to $12.21 per share, and the dividend protection program remains in place through 2026.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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