New Mountain Finance
NMFCNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $6.84 Prior regular-session close from the quote source.
- $6.71–$6.85 Regular-session low and high so far today.
- 569.7K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 23 projected Projected for 2027-02-23 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $6.48–$9.84 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NMFC if New Mountain Finance leverages New Mountain Capital's middle-market sourcing and active portfolio management to generate yield and occasional realized gains; the stock is a recovery play that requires portfolio marks to reflate, deployed capital.
NMFC price history
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Investment thesis
What must happen next
Reversing the large 2025 unrealized depreciation through realized exits or valuation recoveries is the primary causal path to restoring GAAP earnings and NAV; if portfolio marks don’t improve, earnings and NAV will remain impaired even if cash interest recovers.HoldingMateriality: High
net_income fell from 113,443,000 (FY2024) to 16,488,000 (FY2025) coincident with a $162.6m net unrealized depreciation disclosed in MD&A. Holds: NAV and EPS recover, supporting the share price and dividend coverage. Breaks: sustained impairment keeps EPS depressed and risks dividend cuts and multiple compression.
Watch: further portfolio-specific markdowns (e.g., additional depreciation in Edmentum or ACI Parent) or new large realized losses on key holdings.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
net_income fell from 113,443,000 (FY2024) to 16,488,000 (FY2025) coincident with a $162.6m net unrealized depreciation disclosed in MD&A.
Open source ↗Net investment income and distributable cash are causally tied to the size of the invested asset base and portfolio yields; to sustain or grow dividend payments NMFC must stop the decline in invested assets or redeploy capital at higher all‑in.HoldingMateriality: High
revenue (GrossInvestmentIncomeOperating) declined from 371,666,000 (FY2024) to 327,084,000 (FY2025) and MD&A attributes this to a lower invested asset base and lower all‑in yields. Holds: stable/increasing revenue supports dividends and narrows discount to NAV. Breaks: a smaller investable base or lower all‑in yields mean lower distributable income and dividend risk.
Watch: inability to deploy capital due to weak middle‑market demand for new loans/equity.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue (GrossInvestmentIncomeOperating) declined from 371,666,000 (FY2024) to 327,084,000 (FY2025) and MD&A attributes this to a lower invested asset base and.
Open source ↗Operating cash flow provides the causal buffer that lets NMFC service debt, fund dividends and withstand mark volatility; higher realized operating_cash_flow reduces forced selling and supports capital flexibility.HoldingMateriality: Medium
operating_cash_flow rose to 378,982,000 (FY2025) from 41,999,000 (FY2024), providing near‑term liquidity. Holds: strong operating cash flow lets NMFC ride out valuation volatility and maintain distributions. Breaks: a drop in operating cash flow forces asset sales or dividend cuts.
Watch: operating cash flow is inherently lumpy and can reverse if portfolio realizations stop or if portfolio companies reduce cash dividends/interest.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow rose to 378,982,000 (FY2025) from 41,999,000 (FY2024), providing near‑term liquidity.
Open source ↗NAV and earnings growth are constrained by balance sheet scale and access to leverage/equity capital; changes in total assets are the causal limiter on how much income NMFC can generate from new investments.HoldingMateriality: Medium
assets decreased from 3,246,701,000 (2024-12-31) to 2,902,853,000 (2025-12-31) per filings. Holds: asset growth (or regained leverage capacity) enables higher gross investment income and NII. Breaks: persistent shrinkage or inability to increase leverage/equity constrains earnings growth and dividend resiliency.
Watch: capital markets conditions that prevent NMFC from accessing debt or issuing equity on reasonable terms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
assets decreased from 3,246,701,000 (2024-12-31) to 2,902,853,000 (2025-12-31) per filings.
Open source ↗
Full investment case & evidence
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Original research
Reversing the large 2025 unrealized depreciation through realized exits or valuation recoveries is the primary causal path to restoring GAAP earnings and NAV; if portfolio marks don’t improve, earnings and NAV will remain impaired even if cash interest recovers. Holds: NAV and EPS recover, supporting the share price and dividend coverage. Breaks: sustained impairment keeps EPS depressed and risks dividend cuts and multiple compression.
Net investment income and distributable cash are causally tied to the size of the invested asset base and portfolio yields; to sustain or grow dividend payments NMFC must stop the decline in invested assets or redeploy capital at higher all‑in. Holds: stable/increasing revenue supports dividends and narrows discount to NAV. Breaks: a smaller investable base or lower all‑in yields mean lower distributable income and dividend risk.
Operating cash flow provides the causal buffer that lets NMFC service debt, fund dividends and withstand mark volatility; higher realized operating_cash_flow reduces forced selling and supports capital flexibility. Holds: strong operating cash flow lets NMFC ride out valuation volatility and maintain distributions. Breaks: a drop in operating cash flow forces asset sales or dividend cuts.
NAV and earnings growth are constrained by balance sheet scale and access to leverage/equity capital; changes in total assets are the causal limiter on how much income NMFC can generate from new investments. Holds: asset growth (or regained leverage capacity) enables higher gross investment income and NII. Breaks: persistent shrinkage or inability to increase leverage/equity constrains earnings growth and dividend resiliency.
All standing thesis claims
Original report summary
New Mountain Finance leverages New Mountain Capital's middle-market sourcing and active portfolio management to generate yield and occasional realized gains; the stock is a recovery play that requires portfolio marks to reflate, deployed capital.
Bull case and bear case
Bull case and bear case for New Mountain Finance
Where the evidence on New Mountain Finance stands: Holding on the latest evidence (Nov 3, 2026). Of its 4 thesis points, 4 holding.
Bull case: what the evidence supports
Reversing the large 2025 unrealized depreciation through realized exits or valuation recoveries is the primary causal path to restoring GAAP earnings and NAV; if portfolio marks don’t improve, earnings and NAV will remain impaired even if cash interest recovers.
Net investment income and distributable cash are causally tied to the size of the invested asset base and portfolio yields; to sustain or grow dividend payments NMFC must stop the decline in invested assets or redeploy capital at higher all‑in.
Operating cash flow provides the causal buffer that lets NMFC service debt, fund dividends and withstand mark volatility; higher realized operating_cash_flow reduces forced selling and supports capital flexibility.
NAV and earnings growth are constrained by balance sheet scale and access to leverage/equity capital; changes in total assets are the causal limiter on how much income NMFC can generate from new investments.
Bear case: what would count against it
further portfolio-specific markdowns (e.g., additional depreciation in Edmentum or ACI Parent) or new large realized losses on key holdings.
inability to deploy capital due to weak middle‑market demand for new loans/equity.
operating cash flow is inherently lumpy and can reverse if portfolio realizations stop or if portfolio companies reduce cash dividends/interest.
Thesis-Break Engine
Thesis-break watch · New Mountain Finance
No break has crossed New Mountain Finance’s thesis. Its break conditions are checked against every new filing as it lands.
Early warning
The break condition read on the trailing twelve months through New Mountain Finance’s latest quarterly report, ahead of the annual figure it is written on.
- Net loss, trailing 12 months
Across all companies, this kind of early warning has happened 2,059 times before. Those stocks beat the market by a median of 1% over the next six months, and 35% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
New Mountain Finance filed an SEC 8-K on 2026-11-02: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
New Mountain Finance filed an SEC 8-K on 2026-10-26: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
New Mountain Finance filed an SEC 8-K on 2026-08-03: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- further portfolio-specific markdowns (e.g., additional depreciation in Edmentum or ACI Parent) or new large realized losses on key holdings.
- inability to deploy capital due to weak middle‑market demand for new loans/equity.
- operating cash flow is inherently lumpy and can reverse if portfolio realizations stop or if portfolio companies reduce cash dividends/interest.
- capital markets conditions that prevent NMFC from accessing debt or issuing equity on reasonable terms.
NMFC news
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Financial statements
NMFC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NMFC: quick answers
- When does New Mountain Finance (NMFC) report earnings next?
- New Mountain Finance's next results are projected for February 23, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 2, 2026. Earnings calendar
- What is NMFC's short interest?
- As of October 30, 2026, 2.9M NMFC shares were sold short, down 14.2% from the count before. At the stock's average daily volume that is 4.9 days to cover. FINRA publishes the count twice a month. NMFC short interest history