GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL
Oaktree Specialty Lending Corp (NAS:OCSL)
[1]
[5]$ 7.43
Credit Services
Market Cap: $ 1,341 Mil
Oaktree Specialty Lending Corp is a specialty finance company. It focuses on providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets.
Valuation Rank
Score: 0 /10CurrentIndustry MedianHistorical Median
PE Ratio4.8914.3413.79
Forward P/E11.3710.76N/A
PB Ratio1.021.160.82
PS Ratio4.674.0711.32
P/FCFN/A6.526.23
Shiller P/E17.1215.3515.53
PEG RatioN/A1.27N/A
Valuation Analysis
% of Price
Tangible Book7.2898
Price7.43
Graham Number15.78212
Dividend & Ownership
Dividend Yield(ttm) %7.4
Dividend Yield(forward) %8.34
Payout0.35
Dividend Growth(5y) %-5.4
Yield on Cost(5y) %5.59
Continuous Div. since2019
Insider Ownership %10.63
Institution Ownership %12.1
Financial Strength
Score: 2 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.020.310.11
Equity-to-Asset0.500.420.58
Piotroski F-Score454
Profitability Rank
Score: 2 /10CurrentIndustry MedianHistorical Median
Net Margin %95.8518.1391.21
ROE %20.555.526.66
ROA %10.821.803.85
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)N/AN/A317.2
EPS w/o NRI Growth (%)N/AN/A421.4
Free Cash Flow Growth (%)N/AN/AN/A
Book Value Growth (%)-5.2-0.612.2
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue7267904941
Net Income7166884737
EPS0.50.460.60.260.2
Revenue (YoY) %335.42224.28-155.21-59.82-43.49
Net Income (YoY) %405.45373.48-153.25-60.88-48.23
EPS (YoY) %400360-151.28-69.41-60
Warning Signs
SEVEREFinancial Strength: Poor
MEDIUMPB Ratio: Close to 10-year high
MEDIUMLong-Term Debt: Issuing new debt
MEDIUMValuation: Forward PE Ratio
MEDIUMTax Rate: Tax Rate is too low
Insider Trades
InsiderPositionDateTradesCur. Shares
Tannenbaum Leonard MFormer 10% Owne12/30/21-48495416639k
Tannenbaum Leonard M10% Owner12/27/21-40000017124k
Tannenbaum Leonard M10% Owner12/13/21-3410017524k
Tannenbaum Leonard M10% Owner12/06/21-510017558k
Tannenbaum Leonard M10% Owner11/17/21-37081517564k
Tannenbaum Leonard M10% Owner11/11/21-150017934k
Tannenbaum Leonard M10% Owner11/10/21-17790517936k
Tannenbaum Leonard M10% Owner09/20/21-421436818114k
Tannenbaum Leonard M10% Owner06/01/21-28128722328k
Tannenbaum Leonard M10% Owner05/25/21-5374722609k
As of 01-23-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W-2.88-5.75
1M1.09-5.42
3M1.95-3.10
6M14.351.47
YTD-0.40-7.79
1Y38.3015.50
3Y23.6219.94
5Y11.6416.09
10Y2.9714.91
11.07
4.36
2.36
3M
1.3M
2012201320142015201620172018201920202021CurrentPerformance
10.9811.0710.369.276.55.95.885.715.657.357.81Highest Stock Price
8.999.879.016.114.543.924.214.152.364.555.47Lowest Stock Price
10001431140892783275869973068212731341Market Cap
87.7118.1149.8161151.3141.4141141141162.1180.6Shares Outstanding-Diluted
11.3211.4311.6261.7At LossAt Loss15.035.8217.294.844.89PE Ratio
1.111.050.950.690.730.870.810.780.750.971.02PB Ratio
11.0110.9410.9834.09----12.375.7913.224.624.67PS Ratio
15.9117.419.7568.33-42.74-7.5223.399.4226.2410.1510.42EV-to-Revenue
2012201320142015201620172018201920202021TTMPer Share Data
10.940.840.18-0.29-1.30.40.90.371.531.59Revenue per Share
0.970.90.790.1-0.45-1.390.330.890.281.461.52Earnings per Share
-1.04-3.91-3.650.911.093.440.381.53-1.09-1.42-1.42Free Cash Flow per Share
1.171.1510.760.720.410.40.380.390.510.51Dividends per Share
9.929.859.649.017.976.166.096.66.497.287.28Tangible Book per Share
----------------------Median PS Value
14.7214.1213.094.5----6.7211.56.3915.4615.78Graham Number
2012201320142015201620172018201920202021TTMIncome Statement
87.5111.1125.229.1-43.6-183.756.6126.151.5247.5247.5Revenue
----------------------Credit Losses Provision
55.49.312.713.72313.39.8-012.37.57.5Total Noninterest Expense
79.4101.8112.515.4-66.6-19746.8126.239.2240.1240.1Pretax Income
79.4101.8112.515.4-66.6-19746.8126.239.2237.3237.3Net Income
90.891.689.952.9152.6107.282.710076.195.995.9Net Margin %
--34451404.91259.31785.11173.92528.697928--69675344.9Net Interest Margin-Bank %
9.797.91.1-5.3-19.65.414.14.321.320.6ROE %
6.15.94.80.6-2.7-1038.32.511.110.8ROA %
2012201320142015201620172018201920202021Sep21Balance Sheet
74.4143.386.7138.4117.95313.415.439.129.329.3Cash & Equivalents
12.712.242.923.544.712.638.418.418.833.933.9Total Receivables
13892072.32668.22585.72343.316161551.514811640.72636.42636.4Total Assets
----------------------Short-Term Debt & CLO
466.36461152.11198.81149.3675.4637.2473.4709.31268.71268.7Long-Term Debt & CLO
485.4703.51189.71232.61201748.4693.4550.4725.81323.61323.6Total Liabilities
903.61368.91478.51353.11142.3867.7858930.6914.91312.81312.8Total Stockholders Equity
903.61368.91478.51353.11142.3867.7858930.6914.91312.81312.8Total Equity
2012201320142015201620172018201920202021TTMCashflow Statement
-91.6-461.7-546.3146.2164.8486.953.5215.8-152.9-230.5-230.5Cash Flow from Operations
----------------------Cash Flow from Investing
-----8.1-26-44-15.4-1.4-1.3-1.9-2.2-2.2Repurchase of Stock
5.3174.3495.447.1-40.6-479-37.4-157.7236.2315.1315.1Net Issuance of Debt
97532.2489.8-94.5-185.2-557.3-99.9-214.1176.3224.2224.2Cash Flow from Financing
5.470.5-56.651.6-20.5-70.4-46.41.923.7-7.5-7.5Net Change in Cash
----------------------Capital Expenditure
-91.6-461.7-546.3146.2164.8486.953.5215.8-152.9-230.5-230.5Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
NYSE:ENVAEnova International Inc481,4483.321.3439.5520.4146.41
NAS:WRLDWorld Acceptance Corp261,39715.772.5916.908.6122.39
NAS:OCSLOaktree Specialty Lending Corp221,3414.894.6795.8510.8220.55
NYSE:AGM.AFederal Agricultural Mortgage Corp261,31911.955.4155.030.549.96
NYSE:FINVFinVolution Group771,2553.611.0930.1915.5026.72
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Poor (2/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.02

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.50

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.97

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 4

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 7.78% vs ROIC : N/A%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 7.15%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Profitability[3] (Annual data, as of Sep. 2021) : Poor (2/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $41 Mil vs Net Income : $37 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $29 Mil vs Long-Term Debt* : $1,269 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Net Margin % : 89.45%

Net margin % measures the percentage of revenue remaining after all operating expenses, interest, taxes, etc have been deducted from a company's total revenue. Net Margin % is calculated as Net Income divided by its Revenue.


EPS without NRI : $0.20

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.15

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $-1.08

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $7.43)


PE Ratio without NRI : 4.84

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 0.97

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 4.62

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 0.00

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-Revenue : 10.15

Enterprise value of a company divided by its trailing 12 months revenue.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Financial Strength : Poor

Oaktree Specialty Lending Corp displays poor financial strength. Usually this is caused by too much debt for the company.

Medium Warning Signs

PB Ratio : Close to 10-year high

Oaktree Specialty Lending Corp stock PB Ratio (=1.02) is close to 10-year high of 1.11

Long-Term Debt : Issuing new debt

Oaktree Specialty Lending Corp has been issuing new debt. Over the past 3 years, it issued USD 393.647 million of debt. But overall, its debt level is acceptable.

Valuation : Forward PE Ratio

Company forward PE ratio is higher than trailing PE ratio. Company earnings is in decline.

Tax Rate : Tax Rate is too low

Company seems to be paying lower tax, which may boast earnings, and may not be sustainable.

Insider Sell : Insider Selling

There were 7 insider selling transactions and no insider buying over the past 3 months. 1,474,374 shares were sold.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NYSE:FINVFinVolution Group7/10254.790.610.007.0063.07-1.218.20N/A
NAS:QIWIQIWI PLC7/107.260.530.16344.1242.84-1.416.90N/A
NYSE:QDQudian Inc7/105.620.870.1112.8342.87-2.573.85N/A
NYSE:ENVAEnova International Inc4/100.200.461.005.3473.43-1.9410.01N/A
NYSE:LCLendingClub Corp3/101.580.170.68N/A60.00-2.7113.24N/A
NYSE:BBDCBarings BDC Inc2/100.030.411.39N/A40.00-3.664.07N/A
NYSE:AGM.AFederal Agricultural Mortgage Corp2/100.040.0519.50N/A70.00-2.521.55N/A
NYSE:GSBDGoldman Sachs BDC Inc2/100.110.491.00N/A80.000.008.26N/A
NAS:OCSLOaktree Specialty Lending Corp2/100.020.500.97N/A40.000.007.78N/A
NAS:WRLDWorld Acceptance Corp2/100.030.371.58N/A70.00-3.098.46N/A

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NYSE:ENVAEnova International Inc8/10N/A39.5546.4120.413.60N/A16.30N/A182.40
NAS:QIWIQIWI PLC8/10N/A37.1247.2521.570.00N/A13.70N/A39.40
NYSE:FINVFinVolution Group7/10N/A30.1926.7215.506.46N/A-5.30N/A0.00
NYSE:QDQudian Inc7/10N/A66.5910.979.580.75N/A-4.70N/A-20.10
NYSE:AGM.AFederal Agricultural Mortgage Corp6/10N/A55.039.960.542.27N/A5.80N/A7.80
NAS:WRLDWorld Acceptance Corp6/10N/A16.9022.398.616.25N/A11.50N/A34.20
NYSE:GSBDGoldman Sachs BDC Inc5/10N/A117.1222.9011.023.67N/A23.20N/A36.60
NYSE:BBDCBarings BDC Inc2/10N/A88.9712.865.400.00N/A0.00N/A0.00
NYSE:LCLendingClub Corp2/10N/A-6.65-4.69-1.0714.88N/A-19.40N/A-11.80
NAS:OCSLOaktree Specialty Lending Corp2/10N/A95.8520.5510.820.00N/A56.20N/A64.20

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NYSE:LCLendingClub CorpAt Loss2.593.790.000.000.000.000.00N/A-19.89
NYSE:QDQudian Inc1.230.130.860.000.000.000.000.08N/A0.00
NAS:QIWIQIWI PLC2.100.800.780.230.060.000.090.32N/A45.99
NYSE:ENVAEnova International Inc3.321.281.340.160.000.000.130.51N/A64.22
NYSE:FINVFinVolution Group3.610.851.090.000.000.000.000.37N/A0.00
NAS:OCSLOaktree Specialty Lending Corp4.891.024.670.790.000.000.000.48N/A8.36
NYSE:GSBDGoldman Sachs BDC Inc6.041.227.071.200.000.000.000.57N/A-3.92
NYSE:BBDCBarings BDC Inc7.220.936.380.000.000.000.000.55N/A-30.07
NYSE:AGM.AFederal Agricultural Mortgage Corp11.951.795.410.430.341.661.480.97N/A21.02
NAS:WRLDWorld Acceptance Corp15.773.352.590.501.071.580.001.59N/A14.68
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Per Share Data



Per Share Data

Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
2.08
1.41
1.51
0.53
1
0.94
0.84
0.18
-0.29
-1.3
0.4
0.9
0.37
1.53
1.59
Revenue per Share
0.21
0.25
0.49
0.47
0.97
0.9
0.79
0.1
-0.45
-1.39
0.33
0.89
0.28
1.46
1.52
Earnings per Share (Diluted)
0.21
0.25
0.49
0.47
0.97
0.9
0.79
0.1
-0.45
-1.39
0.33
0.89
0.28
1.46
1.52
EPS without NRI
-11.53
-0.8
-5.26
-7.54
-1.04
-3.91
-3.65
0.91
1.09
3.44
0.38
1.53
-1.09
-1.42
-1.42
Free Cash Flow per Share
-11.53
-0.8
-5.26
-7.54
-1.04
-3.91
-3.65
0.91
1.09
3.44
0.38
1.53
-1.09
-1.42
-1.42
Operating Cash Flow per Share
1.01
2.99
1.41
0.94
0.82
1.03
0.57
0.92
0.82
0.38
0.1
0.11
0.28
0.16
0.16
Cash per Share
0.61
1.15
1.09
1.29
1.17
1.15
1
0.76
0.72
0.41
0.4
0.38
0.39
0.51
0.51
Dividends per Share
13.02
10.84
10.43
10.07
9.92
9.85
9.64
9.01
7.97
6.16
6.09
6.6
6.49
7.28
7.28
Book Value per Share
13.02
10.84
10.43
10.07
9.92
9.85
9.64
9.01
7.97
6.16
6.09
6.6
6.49
7.28
7.28
Tangible Book per Share
--
--
--
--
5.12
4.65
7.51
7.98
8.02
4.79
4.52
3.36
5.03
7.03
7.03
Total Debt per Share
10.05
10.93
11.14
9.32
10.98
10.29
9.18
6.17
5.81
5.38
4.96
5.18
4.84
7.06
7.43
Month End Stock Price

Ratios

Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
1.11
1.76
4.58
4.66
9.73
8.96
7.9
1.09
-5.33
-19.6
5.42
14.11
4.25
21.3
20.55
ROE %
1.44
1.74
4.28
5.01
8.77
8.53
8.32
1.58
-7.3
-22.53
6.69
18.09
5.67
21.96
19.95
ROE % Adjusted to Book Value
1.09
1.73
4.2
3.25
6.11
5.88
4.75
0.59
-2.7
-9.95
2.95
8.32
2.51
11.09
10.82
ROA %
1.11
1.76
4.58
4.66
9.73
8.96
7.9
1.09
-5.33
-19.6
5.42
14.11
4.25
21.3
20.55
Return-on-Tangible-Equity
1.09
1.73
4.2
3.25
6.11
5.88
4.75
0.59
-2.7
-9.95
2.95
8.32
2.51
11.09
10.82
Return-on-Tangible-Asset
--
9.42
9.03
9.22
7.61
7.7
5.79
3.77
3.51
3.53
5.04
6.12
6.96
7.88
7.78
WACC %
--
--
--
--
4.99
6.02
5.72
4.82
4.65
5.47
5.44
5.84
4.45
3.09
3.12
Effective Interest Rate on Debt %
11.08
16.65
--
--
--
3445
1405
1259
1785
1174
2529
97928
--
6967
5345
Net Interest Margin (Bank Only) %
10.07
17.79
32.67
82.38
90.78
91.64
89.85
52.93
153
107
82.66
100
76.1
95.85
95.85
Net Margin %
-554
-56.51
-349
-1412
-105
-416
-436
503
-378
-265
94.58
171
-297
-93.13
-93.13
FCF Margin %
--
--
--
--
0.52
0.47
0.78
0.89
1.01
0.78
0.74
0.51
0.78
0.97
0.97
Debt-to-Equity
0.98
0.99
0.87
0.6
0.65
0.66
0.55
0.52
0.49
0.54
0.55
0.63
0.56
0.5
0.5
Equity-to-Asset
--
--
--
--
0.34
0.31
0.43
0.46
0.49
0.42
0.41
0.32
0.43
0.48
0.48
Debt-to-Asset
0.02
0.01
0.13
0.4
0.35
0.34
0.45
0.48
0.51
0.46
0.45
0.37
0.44
0.5
0.5
Liabilities-to-Assets
0.11
0.1
0.13
0.04
0.07
0.06
0.05
0.01
-0.02
-0.09
0.04
0.08
0.03
0.12
0.11
Asset Turnover
2.91
4.6
2.22
2.74
1.21
1.28
1.26
7.55
--
--
1.21
0.43
1.39
0.35
0.35
Dividend Payout Ratio
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Financial Satement



Income Statement

Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
31.25
46.23
64.13
108
133
174
237
229
211
163
124
139
133
191
191
  Interest Income
-0.92
-0.64
-1.93
-15.14
-23.25
-33.47
-51.47
-56.65
-54.62
-49.94
-35.73
-32.43
-26.29
-30.52
-30.52
  Interest Expense
30.34
45.59
62.2
93.14
110
140
185
173
157
113
88.55
107
107
160
160
Net Interest Income (for Banks)
2.03
-10.77
6.41
-56.47
-22.47
-29.11
-60.1
-144
-200
-297
-31.98
19.38
-55.6
87.21
87.21
Non Interest Income
32.37
34.82
68.61
36.67
87.47
111
125
29.09
-43.61
-184
56.57
126
51.54
248
248
Revenue
0.67
16.51
24.96
6.46
8.07
11.6
13.4
14.24
23.29
13.54
11.15
7.95
7.12
9.07
9.07
Selling, General, & Admin. Expense
28.43
1.32
1.35
37.92
47.37
-2.32
-0.69
-0.55
-0.34
-0.24
-1.34
-7.99
5.2
-1.61
-1.61
Other Noninterest Expense
29.11
17.83
26.31
44.38
55.44
9.28
12.71
13.69
22.95
13.3
9.81
-0.04
12.32
7.47
7.47
Total Noninterest Expense
--
--
--
-1.48
-1.57
--
--
--
--
--
--
--
--
--
-- SpecialCharges
-3.26
-16.99
-19.88
36.44
45.8
--
--
--
--
--
--
--
--
--
-- Other Income (Expense)
--
--
22.42
30.21
79.4
102
113
15.4
-66.56
-197
46.76
126
39.22
240
240
Pre-Tax Income
--
--
--
--
--
--
--
--
--
--
-0.62
--
--
-2.8
-4.04
Tax Provision
--
--
--
--
--
--
--
--
--
--
1.33
--
--
1.16
1.68
Tax Rate %
3.26
6.19
22.42
30.21
79.4
102
113
15.4
-66.56
-197
46.76
126
39.22
237
237
Net Income (Continuing Operations)
3.26
6.19
22.42
30.21
79.4
102
113
15.4
-66.56
-197
46.76
126
39.22
237
237
Net Income
10.07
17.79
32.67
82.38
90.78
91.64
89.85
52.93
153
107
82.66
100
76.1
95.85
95.85
Net Margin %
0.21
0.25
0.49
0.47
1
0.92
0.79
0.1
-0.45
-1.39
0.33
0.89
0.28
1.46
1.52
EPS (Basic)
0.21
0.25
0.49
0.47
0.97
0.9
0.79
0.1
-0.45
-1.39
0.33
0.89
0.28
1.46
1.52
EPS (Diluted)
15.56
24.65
45.44
68.72
87.72
118
150
161
151
141
141
141
141
162
181
Shares Outstanding (Diluted Average)
16.95
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Depreciation, Depletion and Amortization

Cashflow Statement

Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
3.26
6.19
22.42
30.21
79.4
102
113
15.4
-66.56
-197
46.76
126
39.22
237
237
Net Income From Continuing Operations
16.95
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Depreciation, Depletion and Amortization
--
3.83
10.99
140
384
666
672
725
-20.06
32.16
-25.83
20.02
-0.41
-6.26
-6.26
  Change In Receivables
--
0.42
2.73
10.38
0.95
--
--
--
--
--
--
--
--
--
--   Change In Payables And Accrued Expense
--
-43.41
-0.77
-0.94
-1.14
35.76
-37.85
13.18
10.22
21.33
-19.73
21.22
-59.38
27.46
27.46
  Change In Other Working Capital
-192
-39.16
12.95
150
384
702
634
739
-9.85
53.49
-45.56
41.24
-59.8
21.2
21.2
Change In Working Capital
-7.61
13.29
-275
-698
-555
-1266
-1293
-608
241
630
52.31
48.42
-132
-489
-489
Cash Flow from Others
-179
-19.68
-239
-518
-91.56
-462
-546
146
165
487
53.51
216
-153
-231
-231
Cash Flow from Operations
--
139
179
207
189
480
138
--
--
--
--
--
--
--
-- Issuance of Stock
116
-0.46
--
--
--
--
-8.06
-25.99
-43.99
-15.42
-1.41
-1.34
-1.88
-2.17
-2.17
Repurchase of Stock
15
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Net Issuance of Preferred Stock
79.25
59
116
1546
1162
1255
1385
818
695
219
434
299
583
854
854
  Issuance of Debt
-79.25
-59
-43
-1154
-1157
-1080
-890
-771
-736
-698
-471
-456
-347
-539
-539
  Payments of Debt
--
--
73
392
5.29
174
495
47.06
-40.56
-479
-37.37
-158
236
315
315
Net Issuance of Debt
-8.87
-27.14
-41.82
-76.7
-91.87
-115
-132
-115
-100
-62.53
-54.97
-52.22
-53.1
-79.85
-79.85
Cash Flow for Dividends
62.19
-1.01
-7.59
-13.24
-5.16
-6.64
-3.3
-0.93
-0.4
-0.36
-6.18
-2.88
-4.9
-8.89
-8.89
Other Financing
185
110
203
509
96.97
532
490
-94.55
-185
-557
-99.93
-214
176
224
224
Cash Flow from Financing
--
--
--
--
--
--
--
--
--
--
--
0.2
0.23
-1.13
-1.13
Effect of Exchange Rate Changes
5.25
90.3
-36.44
-9.12
5.4
70.53
-56.56
51.65
-20.45
-70.45
-46.42
1.92
23.69
-7.46
-7.46
Net Change in Cash
-179
-19.68
-239
-518
-91.56
-462
-546
146
165
487
53.51
216
-153
-231
-231
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Financial Satement


Balance Sheet

Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
22.91
113
76.77
67.64
74.39
143
86.73
138
118
53.02
13.38
15.41
39.1
29.33
29.33
Cash and cash equivalents
--
--
--
--
--
4.07
22.32
5.11
12.44
6.9
0.11
--
--
2.3
2.3
Money Market Investments
274
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Securities & Investments
2.37
--
3.81
--
--
--
--
--
--
--
--
--
--
--
--   Accounts Receivable
0.08
3.02
0.1
--
12.69
12.19
42.92
23.5
44.72
12.56
38.39
18.37
18.78
33.91
33.91
  Other Current Receivables
2.45
3.02
3.92
--
12.69
12.19
42.92
23.5
44.72
12.56
38.39
18.37
18.78
33.91
33.91
Total Receivables
0.03
300
571
1142
1302
1913
2516
2419
2168
1544
1500
1447
1583
2571
2571
Other Assets for Banks
299
416
652
1210
1389
2072
2668
2586
2343
1616
1551
1481
1641
2636
2636
Total Assets
4.11
5.14
82.75
--
19.18
57.46
37.67
33.77
51.66
73.03
55.79
76.34
16.52
52.71
52.71
Accounts Payable & Accrued Expense
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Short-Term Debt & Capital Lease Obligation
--
--
--
--
466
646
1152
1199
1149
675
637
473
709
1269
1269
Long-Term Debt & Capital Lease Obligation
--
--
--
--
0.52
0.47
0.78
0.89
1.01
0.78
0.74
0.51
0.78
0.97
0.97
Debt-to-Equity
0.71
0.19
--
481
0
--
--
--
--
--
0.42
0.7
-0
2.11
2.11
Other Liabilities for Banks
4.81
5.33
82.75
481
485
703
1190
1233
1201
748
693
550
726
1324
1324
Total Liabilities
0.23
0.38
0.55
0.72
0.91
1.39
1.53
1.51
1.43
1.41
1.41
1.41
1.41
1.8
1.8
Common Stock
10.35
12.12
11.41
-2.26
-8.33
-20.87
-20.91
-26.62
-26.55
-713
-636
-559
-574
-493
-493
Retained Earnings
-16.76
-41.93
-62.54
--
--
--
--
--
--
--
--
--
--
--
-- Accumulated other comprehensive income (loss)
301
440
620
830
1019
1510
1649
1632
1591
1579
1493
1488
1488
1804
1804
Additional Paid-In Capital
--
--
--
--
--
--
--
-2.54
--
--
--
--
--
--
-- Treasury Stock
--
-0
--
-99.46
-108
-121
-151
-251
-424
-0
-0
--
--
--
-- Other Stockholders Equity
294
411
569
729
904
1369
1478
1353
1142
868
858
931
915
1313
1313
Total Stockholders Equity
294
411
569
729
904
1369
1478
1353
1142
868
858
931
915
1313
1313
Total Equity
0.98
0.99
0.87
0.6
0.65
0.66
0.55
0.52
0.49
0.54
0.55
0.63
0.56
0.5
0.5
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Valuation Ratios



Valuation Ratios

Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
47.86
43.72
22.73
19.83
11.32
11.43
11.62
61.7
At Loss
At Loss
15.03
5.82
17.29
4.84
4.89
PE Ratio
47.86
43.72
22.73
19.83
11.32
11.43
11.62
61.7
At Loss
At Loss
15.03
5.82
17.29
4.84
4.89
PE Ratio without NRI
0.77
1.01
1.07
0.93
1.11
1.05
0.95
0.69
0.73
0.87
0.81
0.78
0.75
0.97
1.02
PB Ratio
0.77
1.01
1.07
0.93
1.11
1.05
0.95
0.69
0.73
0.87
0.81
0.78
0.75
0.97
1.02
Price-to-Tangible-Book
--
--
--
--
--
--
--
6.8
5.34
1.56
13.05
3.38
--
--
-- Price-to-Free-Cash-Flow
--
--
--
--
--
--
--
6.8
5.34
1.56
13.05
3.38
--
--
-- Price-to-Operating-Cash-Flow
4.83
7.74
7.38
17.45
11.01
10.94
10.98
34.09
--
--
12.37
5.79
13.22
4.62
4.67
PS Ratio
6.31
8.64
7.74
16.55
15.91
17.4
19.75
68.33
-42.74
-7.52
23.39
9.42
26.24
10.15
10.42
EV-to-Revenue
--
--
--
--
--
-45.71
-49.27
-56
-30.34
-19.51
-4
19.89
11.63
8.82
8.36
Forward Rate of Return (Yacktman) %
--
--
--
--
--
--
--
--
--
19.63
17.78
14.91
15.24
16.27
17.12
Shiller PE Ratio
--
10.52
9.78
13.81
10.66
11.16
10.85
12.24
12.39
7.53
8.06
7.34
8.06
7.15
7.4
Dividend Yield %

Valuation and Quality

Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
227
414
608
675
1000
1431
1408
927
832
758
699
730
682
1273
1341
Market Cap
204
301
531
607
1392
1933
2473
1987
1864
1381
1323
1188
1352
2513
2580
Enterprise Value
10.05
10.93
11.14
9.32
10.98
10.29
9.18
6.17
5.81
5.38
4.96
5.18
4.84
7.06
7.43
Month End Stock Price
0.8
2.85
-0.11
-5.71
-4.51
-4.03
-7.19
-7.28
-7.56
-4.93
-4.82
-3.8
-4.87
-7.18
-7.18
Net Cash per Share
0.88
2.85
-0.06
-5.71
-4.51
-4.03
-7.19
-7.28
-7.56
-4.93
-4.82
-3.8
-4.87
-7.18
-7.18
Net-Net Working Capital
--
--
--
--
--
-10.01
-11.12
-9.5
-8.09
0.73
2.43
10.58
16.18
9.46
9.46
Intrinsic Value: Projected FCF
7.84
7.81
10.73
10.32
14.72
14.12
13.09
4.5
--
--
6.72
11.5
6.39
15.46
15.78
Graham Number
--
--
--
--
2.87
4.43
0.6
1.69
--
--
--
--
--
--
-- Earnings Power Value (EPV)
N/A
N/A
4
3
5
6
1
4
4
5
6
9
2
4
4
Piotroski F-Score
--
--
0.93
-1.25
--
-0.99
-1.31
-4.05
-5.2
-10.97
-1.5
-1.5
-2.76
--
-- Beneish M-Score
0.91
0.99
1.18
1.01
1.07
1.35
1.23
0.91
0.84
0.64
0.92
0.9
1.07
1.56
1.04
Scaled Net Operating Assets
12.45
11.17
13.5
13.95
10.98
11.07
10.36
9.27
6.5
5.9
5.88
5.71
5.65
7.35
7.81
Highest Stock Price
--
5.59
9.5
8.53
8.99
9.87
9.01
6.11
4.54
3.92
4.21
4.15
2.36
4.55
5.47
Lowest Stock Price
--
-67.5
-44.01
-32.68
-25.8
-52.71
-10.28
2.02
4.65
1.6
--
--
--
-27.95
-27.95
Shares Buyback Ratio %
-51.18
-33.36
-29.48
-30.66
-18.88
-33.55
-9.25
2.8
5.29
2.03
0.2
0.18
0.28
0.17
0.16
Buyback Yield %
--
-32.12
6.94
-64.64
86.7
-5.62
-11.16
-78.35
-259
-351
131
123
-59.11
317
336
YoY Rev. per Sh. Growth
--
19.05
96
-4.08
106
-7.22
-12.22
-87.34
-550
-209
124
170
-68.54
421
443
YoY EPS Growth
15.56
24.65
45.44
64.06
79.57
110
142
153
147
141
141
141
141
162
181
Shares Outstanding (Basic Average)
22.61
37.88
54.55
72.38
91.05
139
153
150
143
141
141
141
141
180
180
Shares Outstanding (EOP)
--
--
1.04
1.05
0.91
0.89
0.59
0.1
0.07
-0.1
0.38
0.82
1.45
1.55
1.57
Beta
12/11/08
12/09/09
12/02/10
11/29/11
11/28/12
11/25/13
12/01/14
12/01/15
11/29/16
11/29/17
11/29/18
11/20/19
11/19/20
11/16/21
  Filing Date
12/11/08
12/02/10
11/28/12
11/25/13
12/01/14
12/01/15
11/29/16
11/29/17
11/29/18
11/20/19
11/19/20
11/16/21
11/16/21
11/16/21
  Restated Filing Date
12/09/09
11/30/11
11/29/12
11/26/13
12/01/14
11/30/16
11/29/17
11/29/18
11/20/19
11/19/20
11/16/21
  Earnings Release Date
39
16
13
70
73
72
70
72
69
66
62
59
61
--
-- Number of Shareholders
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Oaktree Specialty Lending Corp (NAS:OCSL)
www.gurufocus.com/stock/NAS:OCSL

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

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