MidCap Financial Investment Corporation (MFIC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of MidCap Financial Investment Corporation stock $20.52, price $10.26, upside +100.0%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
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MidCap Financial Investment Corporation
MFIC · USThe stock costs 50% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $6.02 – $11.91 · fair‑value band $11.02 – $32.99 · the $10.26 price screens below the $20.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Company profile
MidCap Financial Investment Corporation (Former name Apollo Investment Corporation) is business development company and a closed-end, externally managed, non-diversified management investment company.
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It is elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940 (the "1940 Act") specializing in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing and private middle market companies.
It provides direct equity capital, mezzanine, first lien secured loans, stretch senior loans, unitranche loans, second lien secured loans and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions.
The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products. It prefers to invest in preferred equity, common equity / interests and warrants and makes equity co-investments.
It may invest in cash equivalents, U.S. government securities, high-quality debt investments that mature in one year or less, high-yield bonds, distressed debt, non-U.S. investments, or securities of public companies that are not thinly traded.
It also focuses on other investments such as collateralized loan obligations ("CLOs") and credit-linked notes ("CLNs").
The fund typically invests in construction and building materials, business services, plastics & rubber, advertising, capital equipment, education, cable television, chemicals, consumer products/goods durable and non-durable and customer services, direct marketing, energy " oil & gas, electricity and utilities.
The fund also invest in aerospace & defense, wholesale, telecommunications, financial services, hotel, gaming, leisure, restaurants; environmental industries, healthcare and pharmaceuticals, high tech industries, beverages, food and tobacco, manufacturing, media " diversified & production, printing and publishing, retail, automation, aviation
Stock analysis
MidCap Financial Investment Corporation (MFIC) currently trades at $10.26, while our model-based Fair Value estimate is $20.52, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of $31.61 per share, and 11 of the 12 models we run sit above the $10.26 price.
Bear case: the Asset-Based group reads lowest at $10.63, and 1 of the 12 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $11.02 (bear) to $32.99 (bull), the price of $10.26 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MidCap Financial Investment Corporation reported revenue of $274M in FY2025 versus $96.7M in FY2021, a compound +29.8%/yr. Reported net income was $63.2M in FY2025, compounding −6.4%/yr from FY2021.
Key figures
Market cap $847M Small · P/S ratio 2.81 · EPS (TTM) $−0.8400 · Dividend yield 13.5% · Net margin 23.0% · Return on equity −2.4% · Return on assets (EBIT) 4.6% (5-year average) · Operating margin 87.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 100%, MFIC screens cheaper than that median.
Fair Value models
All 12 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, no officer or director bought or sold shares on the open market.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗
Revenue & earnings trend
Growth Forecast
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Compare MidCap Financial Investment Corporation with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 588 stocks
Valuation Multiplesvs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/B ratio by industry
- Net margin by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Exor N.V EXO | €73.35 | €139.37 | +90% | vs MFIC |
| Raymond James Financial, Inc RJF | $162.81 | $281.42 | +73% | vs MFIC |
| Apollo Global Management, Inc APO | $116.75 | $197.52 | +69% | vs MFIC |
| Ameriprise Financial, Inc AMP | $501.49 | $609.56 | +22% | vs MFIC |
| State Street Corporation STT | $165.56 | $139.37 | −16% | vs MFIC |
| Ares Management Corporation ARES | $133.98 | $99.35 | −26% | vs MFIC |
| Northern Trust Corporation NTRS | $172.76 | $123.42 | −29% | vs MFIC |
| Brookfield Asset Management Ltd BAM | $52.95 | $31.26 | −41% | vs MFIC |
| Blackstone Inc BX | $119.50 | $52.29 | −56% | vs MFIC |
| KKR & Co KKR | $96.48 | $27.32 | −72% | vs MFIC |
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Frequently asked questions
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Key figures of MidCap Financial Investment Corporation
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