OFS Capital Corp

OFS

OFS Capital Corporation is a business development company specializing in direct and fund investments as well as add-on acquisitions. It provides flexible capital solutions primarily through debt capital and to a lesser extent, minority equity investments serving the needs of U.S.-based middle-market companies across a broad array of industries.

About the company

Country: United StatesPrice: $3.69Market Cap: $49.4M

Investment snapshot

6%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 11

NEUTRAL / FAIL

Median fair value

$5.91

+60.2% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

OFS undervalued: all 2 models price fair value above $3.69 (median $5.91)

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	FAIL	NEUTRAL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A			N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	+37.2%	+37.9%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-03 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-03 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-03 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-10-30 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 2▾
OFS undervalued: all 2 models price fair value above $3.69 (median $5.91)
Akre fair value$5.88
✓Akre+37.2% margin vs $3.69
Marks fair value$5.94
✓Marks+37.9% margin vs $3.69

Where It Falls Short

Valuation0% pass✓ 10✗ 18▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS39.5x
✗Graham<= 15x
Price-to-Book Ratio0.4x
✓Graham<= 1.5x
P/E x P/B15.90
✓Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=None, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)1.1x
✓Dreman< 8x
Price / Book Value per Share0.4x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.4x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-163.6% (IV=$1.40 vs Price=$3.69)
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low110% of trailing low ($3.36)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-57.47%; #5127/6340 (top 80.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+2.0017; #680/6449 (top 10.5%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.40x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-22.4%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+6.34%; #2064/6202 (top 33.3%)
✗OshaughnessyTop 10% of eligible cross-section
Efficiency0% pass✗ 11▾
All 8 investors flag OFS's efficiency
Current Ratio
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY
✗PiotroskiImproved YoY
Current Assets / Current Liabilities
✗Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Debt & Leverage8% pass✓ 1✗ 14▾
11 of 12 flag OFS's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 1.32, IC: N/A
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity1.29
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity1.29
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels1.29
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDA
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity1.29
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-1.2876; #3483/4210 (top 82.7%)
✗AsnessTop 30% of eligible cross-section
Verdicts8% pass✓ 1✗ 11▾
Split decision: 11 FAIL · 4 NEUTRAL · 1 PASS
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✗AckmanFAIL (0/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Profitability19% pass✓ 5✗ 30▾
13 of 16 flag OFS's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)4/8 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)3/8 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)2.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)2.85
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-28.7%
✗Lynch> 15%
EBIT / Enterprise Value
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=None, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-9.54%
✗PiotroskiROA > 0
ROA Change YoY6.64% -> -9.54% (delta: -16.19%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=12.59%, ROA=-9.54%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity-28.7%
✗Dreman> 12%
Margin of SafetyP/B=0.4x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-3.5% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-163.6% (IV=$1.40 vs Price=$3.69)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency3/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-28.7%
✗Ackman>= 15%
5-Year EPS CAGR7.7% CAGR over 3 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-57.47%; #5127/6340 (top 80.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-28.71%; #3886/5226 (top 74.4%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0680; #2975/5884 (top 50.6%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR7.7% over 3 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years4/5 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Growth25% pass✓ 4✗ 9▾
6 of 8 flag OFS's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$1.00 (2021) -> $-2.47 (2025)
✗DremanPositive over recent years
EPS CAGR7.7% CAGR over 3 years
✓Dreman> 5% annualized
Positive Net Income Frequency3/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth
✗Ackman>= 5%
Positive EPS Growth Frequency2/4 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR7.7% CAGR over 3 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR7.7% over 3 years
✓Neff7%-20% annualized
Cash Flow30% pass✓ 4✗ 8▾
7 of 10 flag OFS's cash flow — Buffett, Lynch, Pabrai +4 more
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing
✗LynchPositive and growing
Operating Cash Flow$43.6M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=12.59%, ROA=-9.54%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)1.1x
✓Dreman< 8x
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency5/6 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Size: Micro Cap($49.4M)

Revenue: N/A

Net Income: $33.1M-216.4% YoY

Financial Snapshot

Operating Margin--

Return on Equity-26.9%

Debt / Equity1.32

Current Ratio--

EPS (Diluted)$-2.47

Shares Retired0.0% / 0.0% 2y

Similar Companies

No peer companies found in this industry.

Shareholder Return

Fiscal 2025

Retired 0.0% of shares last year, 0.0% over two.

Buybacks: —
Dividends: $15.9M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-03-03 10-Q · 2026-05-01 10-Q · 2026-07-31 10-Q · 2026-10-30 Derived from cumulative filings: net income, interest expense, operating cash flow, dividends paid.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-10-30 Derived from cumulative filings: operating cash flow, dividends paid.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-07-31 Derived from cumulative filings: operating cash flow, dividends paid.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-01	FY 2025 Sources 10-K · 2026-03-03	FY 2024 Sources 10-K · 2025-03-04	FY 2023 Sources 10-K · 2024-03-05	FY 2022 Sources 10-K · 2023-03-03	FY 2021 Sources 10-K · 2023-03-03
Market Cap	$49.4Mcurrent	--	--	--	$66.6Mest.	$108.0Mest.	$104.2Mest.	$80.5Mest.	$68.8Mest.
Revenue	--	--	--	--	--	--	--	--	--
Operating Income	--	--	--	--	--	--	--	--	--
Net Income	-$28.4M↓978%	-$11.5M↓116%	$5.6M↑158%	-$11.6M↓59%	-$33.1M↓216%	$28.4M↑6217%	-$465.0K↑94%	-$7.6M↓113%	$56.9M
EPS (Diluted)	--	$-0.86↓491%	$0.42↑68%	$-0.86↓431%	$-2.47↓298%	$1.25↓17%	$1.50↑9%	$1.37↑37%	$1.00
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—	—	—
ROE	-28.7%↓1312%	—	—	—	-26.9%↓263%	16.5%↑5854%	-0.3%↑93%	-4.2%↓115%	27.9%
Total Debt	$127.2M↓28%	$127.2M↓28%	$146.7M↓18%	$146.4M↓41%	$162.2M↓9%	$178.3M↑1%	$177.3M↑1%	$176.4M↑1%	$175.4M
Shareholders' Equity	$98.8M↓27%	$98.8M↓27%	$112.6M↓23%	$109.3M↓32%	$123.2M↓28%	$172.2M↑6%	$162.0M↓10%	$180.4M↓11%	$203.7M
Current Ratio	—	—	—	—	—	—	—	—	—
Debt / Equity	1.29↓1%	1.29↓1%	1.30↑7%	1.34↓13%	1.32↑27%	1.04↓5%	1.09↑12%	0.98↑14%	0.86
Operating Cash Flow	$91.4M↑495%	$32.8M↑444%	$17.4M↑13%	$21.8M↑666%	$43.6M↑32%	$33.0M↓60%	$81.6M↑2669%	$2.9M↑125%	-$12.0M
Free Cash Flow	--	--	--	--	--	--	--	--	--