OFS Capital Corp

OFSdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

OFS Capital Corp earns about 3% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	$56.9M¹	−$7.59M²	−$465,000³	$28.4M³	−$33.1M³
Operating cash flow	−$12M⁴	$2.95M⁵	$81.6M⁶	$33M⁶	$43.6M⁶
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$43M⁷	$14.9M⁸	$45.3M⁹	$6.07M¹⁰	$3.36M¹⁰
Diluted shares	13.4M	13.4M	13.4M	13.4M	13.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$91.94

your share of equity

Profit it earned you last year

−$24.7

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $91.94 of net worth that earned you −$24.7 last year.

iii. Is this a good business?

Moat signal · return on equity

3% avg · 5y

FY21 28%FY22 -4%FY23 -0%FY24 17%FY25 -27%

It earned an average 3% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001487918-24-000006 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001487918-25-000009 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001487918-26-000021 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001487918-24-000006 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001487918-25-000009 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001487918-26-000021 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001487918-25-000009 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2022-12-31 · accession 0001487918-24-000006 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001487918-25-000009 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001487918-26-000021 (CashAndCashEquivalentsAtCarryingValue)