New Mountain Finance Corporation (NMFC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of New Mountain Finance Corporation $12.07, price $7.06, upside +71.0%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch New Mountain Finance Corporation for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $6.82 – $10.06 · fair‑value band $6.33 – $17.49 · the $7.06 price screens below the $12.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
Follow New Mountain Finance in your weekly email
Every Wednesday you see whether New Mountain Finance is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show more
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.
Stock analysis
New Mountain Finance Corporation (NMFC) currently trades at $7.06, while our model-based Fair Value estimate is $12.07, implying the stock looks roughly 41.5% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of $103.91 per share, and 8 of the 11 models we run sit above the $7.06 price.
Bear case: the Multiples group reads lowest at $2.27, and 3 of the 11 models stay below the price. Evidence for this calculation is medium.
Scenario range: $6.33 (bear) to $17.49 (bull), the price of $7.06 sits inside 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 51/100 (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 $855M · P/S ratio 2.18 · EPS (TTM) $−0.5700 · Net margin 4.5% · Return on equity −4.8% · Return on assets (EBIT) 6.5% · Operating margin 84.5% · Revenue (TTM) $310M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 71%, NMFC screens cheaper than that median.
Fair Value models
Bear $6.33Fair Value $12.07Bull $17.49
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.−59% vs −34%, 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%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−8.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −11.6% a year for the price and −10.2% for the forecasts.
Compare New Mountain Finance Corporation with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 659 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+71% · Above median
Profitability
Return on assets6% · Above median
Net margin (TTM)−19% · Bottom 25%
Operating margin (TTM)85% · Top 25%
Growth and dividend
Revenue growth−20% · Bottom 25%
Dividend yield (TTM)18.1% · Top 25%
Balance sheet
Debt / equity0.91× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 23, 2026, our model estimates a fair value of $12.07 versus a price of $7.06, about +71% upside (undervalued).
What is the fair value of NMFC?
Our model-based fair value for New Mountain Finance Corporation is $12.07 (as of Sep 23, 2026), built from audited fundamentals. The current price: $7.06.
What is the quality score of NMFC?
New Mountain Finance Corporation has a Quality Score of 51/100. 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 $12.07 (as of Sep 23, 2026) from 11 valuation models. Cautious scenario $6.33, optimistic scenario $17.49. 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 $12.07, about +71% upside versus a price of $7.06 (undervalued). Cautious scenario $6.33, optimistic scenario $17.49. 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 $310M (latest available figure, as of Sep 23, 2026).
What growth is priced into New Mountain Finance Corporation (NMFC)?
For today's price to be fair in a discounted-cash-flow model, New Mountain Finance Corporation would have to grow free cash flow by -9.4 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +43.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NMFC use?
Our models discount New Mountain Finance Corporation at 10.1 %: a base by market capitalisation (small), damped by beta 0.60, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For New Mountain Finance Corporation that is -9.4 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has New Mountain Finance Corporation (NMFC) delivered so far?
Over the past 5 years revenue at New Mountain Finance Corporation grew +43.9 % a year. The price currently implies -9.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of New Mountain Finance Corporation (NMFC) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into New Mountain Finance Corporation (-9.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of New Mountain Finance Corporation (NMFC)?
The free-cash-flow yield on the price is 44.33 %: that much free cash flow New Mountain Finance Corporation produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 $12.07 per share (as of Sep 23, 2026), against a price of $7.06. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is New Mountain Finance Corporation stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NMFC trades below its calculated fair value: price $7.06, fair value $12.07, a gap of about +71% (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 ($7.06); the fair value is what the company's own numbers justify ($12.07). For New Mountain Finance Corporation the two are $5.01 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 $855M (market capitalisation, as of Sep 23, 2026). Per share that is $7.06; our models calculate a fair value of $12.07 per share.
What do the bullish and bearish scenarios say about NMFC?
Our models span a range for New Mountain Finance Corporation: cautious scenario $6.33, base $12.07, optimistic $17.49 per share (as of Sep 23, 2026, price $7.06). 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 Sep 23, 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 Sep 23, 2026): return on equity −4.8%, debt of 0.91 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is NMFC from its 52-week high?
New Mountain Finance Corporation trades at $7.06, about 20% below its 52-week high of $8.78 and 4% above the low of $6.82 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $12.07 is for.
Which stocks are comparable to New Mountain Finance Corporation?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, 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 Sep 23, 2026: price $7.06, calculated fair value $12.07 (+71%), Quality Score 51/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $12.07, 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 14.1 % above its aggregate fair value. New Mountain Finance Corporation currently trades 71 % 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 Sep 23, 2026 was $7.06. Our model-based fair value is $12.07, about +71% 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 model range is unusually wide ($6.33 to $17.49). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. 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 $855M. 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 2.18 (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 $−0.5700. 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 4.5% (fiscal year 2025). 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 −4.8% (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 84.5% (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 −19.7% 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 −49.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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.
Free · no account needed
Watch New Mountain Finance Corporation in the live analysis
One click puts New Mountain Finance Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Some data
Sep 23, 2026