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Data-driven stock valuation

New Mountain Finance Corporation (NMFC) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of New Mountain Finance Corporation stock $14.02, price $6.91, upside +102.9%, quality 57 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

NM New Mountain Finance Corporation logo Some data Nov 4, 2026

New Mountain Finance Corporation

NMFC · US
Undervalued, but in a downtrend

The stock costs 51% less than our calculation considers fair.

Fair value $14.02 · Strongly undervalued (51%)
Generates free cash flow
17.5% dividend yield · Sustainable
Even on cautious assumptions the value is 26% above the price ($8.73).
Quality 57/100
Mixed Growth (revenue 5y +43.9 %/yr in USD)
Loss over the last twelve months · -16.8% net margin (TTM) · fiscal year 2025 4.5%
Moderate debt
Mixed vs. peers (8/14)
Insiders sold $611,475 (6M)
Some data
Narrow moat 35/100
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$10.06 $6.51 Fair Value $14.02 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range $6.51 – $10.06 · fair‑value band $8.73 – $18.87 · the $6.91 price screens below the $14.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

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.

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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.

Stock analysis

New Mountain Finance Corporation (NMFC) currently trades at $6.91, while our model-based Fair Value estimate is $14.02, implying the stock looks roughly 51% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of $112.83 per share, and 8 of the 11 models we run sit above the $6.91 price.

Bear case: the Multiples group reads lowest at $1.83, and 3 of the 11 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $8.73 (bear) to $18.87 (bull), the price of $6.91 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 57/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

New Mountain Finance Corporation reported revenue of $370M in FY2025 versus $204M in FY2021, a compound +16.1%/yr. Reported net income was $16.5M in FY2025, compounding −46.5%/yr from FY2021.

Key figures

Market cap $653M Small · P/S ratio 2.30 · EPS (TTM) $−0.4700 · Net margin −16.8% · Return on equity −4.1% · Return on assets (EBIT) 6.5% (5-year average) · Operating margin 76.6% · Revenue (TTM) $288M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (medium confidence).

What moves the price

The share trades about 21% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 103%, NMFC screens cheaper than that median.

Fair Value models

Bear $8.73 Fair Value $14.02 Bull $18.87
Price $6.91 · Upside +102.9%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $7.66 $7.91 $8.40 76
Growth DCF $53.83 $112.83 $199.77 74
5Y P/E Exit $12.27 $19.11 $25.72 70
All 11 models by family
DCF Models
5Y P/E Exit $12.27 $19.11 $25.72 70
10Y P/E Exit $26.80 $39.79 $56.37 63
Earnings-Based
Graham-Dodd $1.19 $7.26 $10.12 63
Lynch FV $2.08 $2.97 $3.86 61
Dividend Discount
Gordon GGM $11.90 $22.54 $32.46 67
DDM Multi-Stage $11.90 $20.05 $23.95 67
Multiples
P/E Multiple $1.70 $2.27 $2.84 63
P/B Multiple $1.03 $1.38 $1.72 55
Asset-Based
NCAV (Graham) $6.26 $8.38 $12.51 54
Growth DCF
Growth DCF $53.83 $112.83 $199.77 74
Economic Profit
Residual Income $7.66 $7.91 $8.40 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 57/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 18
How much profit the company makes from its sales and capital
Quality Growth 68
Are margins and returns getting better?
Cashflow 93
Do the profits arrive as real cash?
Financial strength 25
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 84
How calm the share price moves, does not count
Price momentum 22
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director sold shares worth $611,475 and none bought.

  • SaleJohn P MalfettoneDirector77,500 shares at $7.89$611,475Jun 15, 2026
  • BuyAdam B. WeinsteinEVP, CAO and Director, Director2× since Feb 27, 2026: 54,607 shares, avg. $7.72$421,716Mar 17, 2026
  • BuySteven B KlinskyDirector, 10% owner4× since Feb 27, 2026: 1,500,000 shares, avg. $7.99$12.0MMar 11, 2026
  • BuyDavid OgensDirector12,500 shares at $7.87$98,351Mar 3, 2026
  • BuyLaura C. Holson BoswergerCOO12,500 shares at $7.74$96,750Feb 27, 2026

Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.

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 Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+43.9%
Start year 2020 (pandemic). Over 10 years: +26.4% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+53.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−58.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−58.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−58.6% vs −33.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.96% → 38%
Pace: the 5-year rate starts in 2020 (pandemic)

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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

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 57 · Below median
Fair Value upside +102.9% · Top 25%
Profitability
Return on assets 0.6% · Below median
Net margin (12 months) −16.8% · Bottom 25%
Operating margin (12 months) 76.6% · Above median
Growth and dividend
Revenue growth (quarter YoY) −26.4% · Bottom 25%
Dividend yield (12 months) 17.5% · Top 25%
Balance sheet
Debt / equity 0.91× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.55× · Cheapest 25%
P/S (12 months) 2.27× · Cheaper than median
Price / free cash flow (fiscal year) 1.7× · Cheapest 25%
EV/EBITDA 5.4× · Cheaper than median
PEG 1.34× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 60
FUTURE (revenue growth)0 · sector 39
PAST (return on equity)0 · sector 29
HEALTH (low debt)55 · sector 96
DIVIDEND (yield)100 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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 NMFC
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs NMFC
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs NMFC
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs NMFC
State Street Corporation STT $165.56 $139.37 −16% vs NMFC
Ares Management Corporation ARES $133.98 $99.35 −26% vs NMFC
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs NMFC
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs NMFC
Blackstone Inc BX $119.50 $52.29 −56% vs NMFC
KKR & Co KKR $96.48 $27.32 −72% vs NMFC

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New Mountain Finance Corporation: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "New Mountain Finance Corporation Fair Value". https://www.fairvalue-calculator.com/stock/NMFC

Frequently asked questions

Is New Mountain Finance Corporation (NMFC) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $14.02 versus a price of $6.91, about +103% upside (undervalued).
What is the fair value of NMFC?
Our model-based fair value for New Mountain Finance Corporation is $14.02 (as of Nov 4, 2026), built from audited fundamentals. The current price: $6.91.
What is the quality score of NMFC?
New Mountain Finance Corporation has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for New Mountain Finance Corporation (NMFC)?
Our model-based price target is the fair value of $14.02 (as of Nov 4, 2026) from 11 valuation models. Cautious scenario $8.73, optimistic scenario $18.87. It is a calculation from audited fundamentals, not an analyst target.
What is the New Mountain Finance Corporation stock forecast for 2026?
Our models put fair value at $14.02, about +103% upside versus a price of $6.91 (undervalued). Cautious scenario $8.73, optimistic scenario $18.87. The calculation is refreshed regularly with new filings.
What is the revenue of New Mountain Finance Corporation (NMFC)?
New Mountain Finance Corporation reported trailing-twelve-month revenue of about $288M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of New Mountain Finance Corporation (NMFC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For New Mountain Finance Corporation it is $14.02 per share (as of Nov 4, 2026), against a price of $6.91. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is New Mountain Finance Corporation stock overvalued or undervalued in 2026?
As of Nov 4, 2026, NMFC trades below its calculated fair value: price $6.91, fair value $14.02, a gap of about +103% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NMFC?
No. The price is what the market pays today ($6.91); the fair value is what the company's own numbers justify ($14.02). For New Mountain Finance Corporation the two are $7.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is New Mountain Finance Corporation worth?
The market values New Mountain Finance Corporation at about $653M (market capitalisation, as of Nov 4, 2026). Per share that is $6.91; our models calculate a fair value of $14.02 per share.
What do the bullish and bearish scenarios say about NMFC?
Our models span a range for New Mountain Finance Corporation: cautious scenario $8.73, base $14.02, optimistic $18.87 per share (as of Nov 4, 2026, price $6.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NMFC?
The PEG ratio of New Mountain Finance Corporation is 1.34 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of New Mountain Finance Corporation (NMFC)?
Balance-sheet figures for New Mountain Finance Corporation (as of Nov 4, 2026): return on equity −4.1%, debt of 0.91 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is NMFC from its 52-week high?
New Mountain Finance Corporation trades at $6.91, about 21% below its 52-week high of $8.78 and 6% above the low of $6.51 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $14.02 is for.
Which stocks are comparable to New Mountain Finance Corporation?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is New Mountain Finance Corporation stock attractive at the current price?
The data as of Nov 4, 2026: price $6.91, calculated fair value $14.02 (+103%), Quality Score 57/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NMFC calculated?
We run New Mountain Finance Corporation through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $14.02 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. New Mountain Finance Corporation currently trades 51% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of New Mountain Finance Corporation (NMFC)?
The closing price on Nov 6, 2026 was $6.91. Our model-based fair value is $14.02, about +103% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with New Mountain Finance Corporation right now?
The price is below even our cautious bear case ($8.73). The market is more pessimistic than our downside scenario. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($8.73 to $18.87) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of New Mountain Finance Corporation (NMFC) come from?
Earnings per share at New Mountain Finance Corporation grew −17.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −4.9 %, EBIT margin −6.6 %, tax rate −0.1 %, residual (interest, one-offs) −6.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of New Mountain Finance Corporation

How large is the market capitalisation of New Mountain Finance Corporation (NMFC)?
The market capitalisation of New Mountain Finance Corporation is $653M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of New Mountain Finance Corporation (NMFC)?
The price-to-sales ratio of New Mountain Finance Corporation is 2.30 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of New Mountain Finance Corporation (NMFC)?
Earnings per share at New Mountain Finance Corporation are $−0.4700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of New Mountain Finance Corporation (NMFC)?
The net margin of New Mountain Finance Corporation is −16.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of New Mountain Finance Corporation (NMFC)?
The return on equity (ROE) of New Mountain Finance Corporation is −4.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of New Mountain Finance Corporation (NMFC)?
On an EBIT basis the return on assets of New Mountain Finance Corporation is 6.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of New Mountain Finance Corporation (NMFC)?
The operating margin of New Mountain Finance Corporation is 76.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at New Mountain Finance Corporation (NMFC)?
Revenue at New Mountain Finance Corporation is growing −26.4% versus a year earlier (3y avg +2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at New Mountain Finance Corporation (NMFC)?
Earnings per share at New Mountain Finance Corporation are growing +157% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does New Mountain Finance Corporation (NMFC) generate?
The free cash flow of New Mountain Finance Corporation is $379M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does New Mountain Finance Corporation (NMFC) carry?
The net debt of New Mountain Finance Corporation is $1.6B (fiscal year 2025, ≈ 4.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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