CAPITAL SOUTHWEST CORP CSWC
Capital Southwest Corporation ("we," "our," "us," "CSWC," or the "Company"), a Texas corporation, is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Because CSWC is internally managed, all of the executive officers and other employees are employed by CSWC. Therefore, CSWC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.
Since September 30, 2015, we have pursued a credit-focused investment strategy. We specialize in providing customized financing to lower middle market ("LMM") companies in a broad range of industry segments located primarily in the United States. We invest primarily in first lien debt securities and also invest in preferred stock and common stock alongside our debt investments or through warrants. Our common stock trades on The Nasdaq Global Select Market under the ticker symbol "CSWC."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | $7.0M | $6.2M | $5.2M | $4.6M | $4.1M | $3.1M | — | — | — | — |
| Interest expense | — | — | $43.1M | $28.9M | $19.9M | $17.9M | — | — | — | — |
| Pre-tax income | $136.6M | $120.4M | $110.9M | $69.0M | $43.3M | $53.3M | — | — | — | — |
| Income tax | $1.1M | $2.3M | $944.0K | $329.0K | $615.0K | $2.4M | — | — | — | — |
| Net income | $135.5M | $118.2M | $110.0M | $68.7M | $42.7M | $50.9M | — | — | — | — |
| EPS, basic | 1.98 | 1.47 | 2.05 | 2.29 | 1.87 | 1.66 | — | — | — | — |
| EPS, diluted | 1.90 | 1.47 | 2.05 | 2.29 | 1.87 | 1.66 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $65.8M | $51.2M | $40.7M | $30.0M | $22.8M | $19.1M | $18.0M | $16.1M | $16.1M | $15.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $29.0M | $43.2M | $32.3M | $21.6M | $11.4M | $31.6M | $13.7M | — | — | — |
| Total assets | $2.18B | $1.88B | $1.56B | $1.26B | $974.0M | — | — | — | — | — |
| Long-term debt | $1.13B | $956.1M | $770.9M | $637.6M | $528.6M | — | — | — | — | — |
| Total liabilities | $1.17B | $999.2M | $801.1M | $667.3M | $553.1M | — | — | — | — | — |
| Retained earnings | -$79.0M | -$88.7M | -$52.5M | -$41.8M | -$10.3M | — | — | — | — | — |
| Total equity | $1.01B | $883.6M | $755.7M | $590.4M | $420.9M | $336.3M | $272.2M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$193.5M | -$217.3M | -$188.5M | -$227.1M | -$182.7M | -$68.3M | — | — | — | — |
| Depreciation and amortisation | $7.0M | $5.9M | $4.3M | $2.8M | $2.2M | $2.0M | — | — | — | — |
| Stock-based compensation | $5.0M | $7.0M | $4.5M | $3.7M | $3.6M | $2.9M | — | — | — | — |
| Capital expenditure | $286.0K | $1.7M | $13.0K | $281.0K | $2.0M | $0 | — | — | — | — |
| Investing cash flow | -$286.0K | -$1.7M | -$13.0K | -$281.0K | -$2.0M | $0 | — | — | — | — |
| Financing cash flow | $178.4M | $231.5M | $199.2M | $237.5M | $164.5M | $86.1M | — | — | — | — |
| Dividends paid | $147.2M | $125.3M | $102.9M | $71.1M | $58.6M | $39.9M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000017313-26-000042.