MidCap Financial Investment Corporation (MFIC) Fair Value & Analysis

Financial Services · US · Market cap $818M

A solid business, screening 14% undervalued on our models.

What matters now

• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
• Our model range runs from $8.31 (bear) to $13.86 (bull), base $11.08. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 51/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 27, 2026.

How to read this chart

60‑month range $6.23 – $12.32 · fair‑value band $8.31 – $13.86 · the $9.76 price screens below the $11.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 27, 2026.

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Analysis

MidCap Financial Investment Corporation (MFIC) currently trades at $9.76, while our model-based Fair Value estimate is $11.08, implying the stock looks roughly 13.6% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, MidCap Financial Investment Corporation generated revenue of $314M at a net margin of 1.9%. Revenue declined 8.7% year over year. It earns a return on equity of 0.5%. Net debt stands at $1.9B. Fundamentals as of Jul 27, 2026

Our scenario range runs from $8.31 (bear case) to $13.86 (bull case); at $9.76, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 14%, MFIC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Earnings-Based ($26.84) versus Multiples ($9.97). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

MidCap Financial Investment Corporation (Former name Apollo Investment Corporation) is business development company and a closed-end, externally managed, non-diversified management investment company.

Full company description

MidCap Financial Investment Corporation (Former name Apollo Investment Corporation) is business development company and a closed-end, externally managed, non-diversified management investment company. 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

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

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Peer Group

Asset Management · 973 stocks

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.

Valuation Multiples vs Asset Management median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.