Stock fact sheet · data as of
Main Street Capital Corporation (MAIN): fair value, margin of safety and Wheel Score
Ticker symbol MAIN · Financial Services · Asset Management · United States · Speculative Income
Is MAIN undervalued?
At 57.62 (close of 5 Nov 2026), MAIN trades 39% below the GLS average fair value of 94.56. That average comes from 9 models run on the latest filings, and 7 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Main Street Capital Corporation the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between Lynch (11.16) and GLS Growth (245.46). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files MAIN under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan. It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for MAIN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 123.82 | +115% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 61.66 | +7% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 62.61 | +9% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.16 | -81% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 245.46 | +326% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 84.60 | +47% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 143.44 | +149% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 63.71 | +11% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 54.53 | -5% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -23.30 | -140% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 58.00 | +1% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Main Street Capital Corporation scores only 3 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. On durability MAIN scores 7.2/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are moderate - ROIC 9.1%, ROE 16.5%, ROA 8.6% - with debt at 0.82 times equity and a free-cash-flow yield of 6.6%.
The dividend yield is high at 7.51% (payout ratio 77%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 3/10, insider activity 3/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 13 Aug 2026.
| Piotroski F-score | 3 / 9 | ROIC | 9.1% |
|---|---|---|---|
| GLS Moat | 7.2 / 10 | ROE | 16.5% |
| Debt / equity | 0.82 | ROA | 8.6% |
| Free-cash-flow yield | 6.6% | Payout ratio | 77% |
| Institutions | 3 / 10 | Insiders · Congress | 3 · 5 / 10 |
Wheel Score 34: Weak
With a Wheel Score of 34 Main Street Capital Corporation sits in the Weak band. It fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 3/9 (under 6); and filter 6, no serious red flags - Red Flags score 55 (under 60); and filter 7, a premium worth selling - implied volatility 23% (under 25%); Red Flags (weak) is its weakest part.
Implied volatility on the near-the-money contracts is 23%, below the 25% the Wheel Trade Filter on premium asks for: a put pays too little to be worth selling. Chain open interest is 9,677 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 626k shares a day on a market cap of $5.4B, with a beta of 0.74 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 3/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Fails | Red Flags score 55 (under 60) |
| 7 | A premium worth selling | Fails | implied volatility 23% (under 25%) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 39% below fair value | |
| Premium | Weak | implied volatility 23% | |
| Moat | Good | moat 7.2/10 | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Weak | Red Flags score 55/100 | |
| Option trading | Weak | 368 contracts a day, 9,677 open interest | |
| Stability | Good | beta 0.74, $5.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Main Street Capital Corporation reports earnings on 5 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk. The shares go ex-dividend on 6 Nov 2026 (0.2650 per share), so a covered call sold before then carries a small early-assignment risk around that date.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to Main Street Capital Corporation by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
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| FIVLX Fidelity International Value Fund | 15.27 | 5.61 | -172% | 12No options | $5.4B |
| TILHX Nuveen Large Cap Growth Fund I | 28.90 | 23.10 | -25% | 12No options | $5.4B |
| OBDC Blue Owl Capital Corporation | 10.76 | 34.88 | +69% | 84Good | $5.3B |
| HLNE Hamilton Lane Incorporated | 94.99 | 143.57 | +34% | 54Fair | $5.3B |
| JANIX Janus Henderson Triton Fund Class D | 28.81 | 45.34 | +36% | 30No options | $5.3B |
| CGABL The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 | 15.40 | 15.02 | -3% | 14No options | $5.5B |
| MGR Affiliated Managers Group, Inc. | 18.86 | 188.27 | +90% | 36No options | $5.6B |
| BXSL Blackstone Secured Lending Fund | 23.92 | 56.37 | +58% | 35Weak | $5.6B |
| HASI HA Sustainable Infrastructure Capital, Inc. | 40.38 | 27.99 | -44% | 35Weak | $5.2B |
| EADOX Eaton Vance Emerging Markets Debt Opportunities - Class A | 8.49 | 7.36 | -15% | 10No options | $5.7B |
| VNYTX Vanguard New York Long-Term Tax-Exempt Fund Investor Shares | 10.57 | 5.96 | -77% | 12No options | $5.7B |
| JSEAX JPMorgan International Equity A | 23.69 | 20.34 | -16% | 10No options | $5.0B |
⚖ Compare MAIN with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about MAIN
Is MAIN undervalued right now?
By the GLS models, yes: at 57.62 the stock is 39% below the average fair value of 94.56 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of MAIN and what does it mean?
MAIN scores 34 out of 100 (Weak) - it fails Wheel Trade Filters 2, 4, 6, 7. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for MAIN?
94.56 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Main Street Capital Corporation report earnings next?
The next earnings report is due on 5 Nov 2026 (after the close), 0 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does MAIN have listed options, and how liquid are they?
Yes. The nightly snapshot found 36 listed contracts with 9,677 open interest across all expiries and implied volatility of 23% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.