OCSL Financial Services

Oaktree Specialty Lending Corporation

$12.20-1.69%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Asset Management
Country: United States
Market cap: 1.1B USD
Enterprise value: 2.4B USD

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
About average: profitability, valuation and risk (debt, liquidity and share-price swings)profitability, valuation and risk

Ranks #188 of 232 financial services companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 44% from September 2022 to August 2026.
Oaktree Specialty Lending had 44% more shares at August 2026 than at September 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Oaktree Specialty Lending had 44% more shares at August 2026 than at September 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Cash flow well above reported profit. Free cash flow is 2.5× reported profit.
Free cash flow is 2.5× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Revenue is falling. Revenue fell 57% in the 12 months to June 2026 vs the 12 months before.
Oaktree Specialty Lending's revenue fell 57% in the 12 months to June 2026 vs the 12 months before.

StockQuotient Score

37/ 100▼ 1 since Oct 27 close

Oct 5 37 → Nov 4 37

Valuation

Is the price right?

44/100

Moderate

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Mixed versus peers:

▲ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.48Sector median: 0.0571 · MAD: 0.0371

EBITDA yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0689 · MAD: 0.0428

Free cash flow yield9.9%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score 0.62Sector median: 0.0613 · MAD: 0.0605

Other data (not scored)

Book yield128.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.8352 · MAD: 0.4517

Growth

Is it growing?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Revenue growth
▼ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-8.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.67Sector median: 0.0999 · MAD: 0.2773

3-year revenue growth-13.9%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Sep 2025Reported value33% base weight · Z-score -2.79Sector median: 0.0999 · MAD: 0.0858

Revenue growth-56.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Sep 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.87Sector median: 0.0742 · MAD: 0.1477

Profitability

Does it earn well?

42/100

Moderate

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Held back by:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2353 · MAD: 0.1462

Return on assets1.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.46Sector median: 0.0256 · MAD: 0.0233

Return on invested capital6.8%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 0.09Sector median: 0.0630 · MAD: 0.0518

Other data (not scored)

Gross margin100.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.7878 · MAD: 0.2122

Return on equity3.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0939 · MAD: 0.0702

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 58 → 57

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Beta
▲ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.57

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.41Sector median: 0.7010 · MAD: 0.3115

Current ratio3.03×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 0.80Sector median: 2.0250 · MAD: 1.2470

Debt / equity1.04×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.86Sector median: 0.5734 · MAD: 0.5454

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Oaktree Specialty Lending

Is Oaktree Specialty Lending getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 37/100, down 1 since Oct 28, 2026.
How is Oaktree Specialty Lending valued vs its peers?: Priced about in line with its peers. Valuation scores 44/100 against 432 financial services peers. Free cash flow yield 9.9% vs a peer median of 6.1% (stronger than 63% of peers).Free cash flow yield 9.9% vs peers 6.1% (stronger than 63% of peers). Earnings yield 3.9% vs a peer median of 5.7% (weaker than 64% of peers).Earnings yield 3.9% vs peers 5.7% (weaker than 64% of peers).
Is Oaktree Specialty Lending growing?: More slowly than most of its peers. Growth scores 7/100 against 432 financial services peers. Revenue growth -56.7% vs a peer median of 7.4% (weaker than 100% of peers).Revenue growth -56.7% vs peers 7.4% (weaker than 100% of peers).
How profitable is Oaktree Specialty Lending?: About as profitable as its peers. Profitability scores 42/100 against 432 financial services peers. Return on assets 1.5% vs a peer median of 2.6% (weaker than 66% of peers).Return on assets 1.5% vs peers 2.6% (weaker than 66% of peers).
How risky is Oaktree Specialty Lending?: Moderate risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Beta 0.57 vs a peer median of 0.70 (stronger than 64% of peers).Beta 0.57 vs peers 0.70 (stronger than 64% of peers). Debt / equity 1.04× vs a peer median of 0.57× (weaker than 61% of peers).Debt / equity 1.04× vs peers 0.57× (weaker than 61% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Net income (12 months)	49.6M USD	42.2M USD	−14.9%
Debt	1.5B USD	1.4B USD	−2.9%
Cash	51.3M USD	39.9M USD	−22.1%
Shares outstanding	88.1M	88.1M	0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Asset Management · 43 companies

Valuations in Asset Management are near the top of their range since 2016.

95% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +10% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is +31% vs the whole market, against a usual +6%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Return on assets (ROA)	—	1.1%	3.6%	1.8%	1.1%	▼ 0.7 pts
Return on equity (ROE)	18.1%	2.3%	7.7%	3.9%	2.3%	▼ 1.6 pts
Debt to equity	—	1.04×	1.06×	1.10×	1.01×	▼ 7.9%

OCSL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Shareholders being diluted. Shares outstanding up 44% from September 2022 to August 2026.

Oaktree Specialty Lending had 44% more shares at August 2026 than at September 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Oaktree Specialty Lending had 44% more shares at August 2026 than at September 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Cash flow well above reported profit. Free cash flow is 2.5× reported profit.

Free cash flow is 2.5× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Revenue is falling. Revenue fell 57% in the 12 months to June 2026 vs the 12 months before.

Oaktree Specialty Lending's revenue fell 57% in the 12 months to June 2026 vs the 12 months before.

Questions investors ask about Oaktree Specialty Lending

Is Oaktree Specialty Lending getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 37/100, down 1 since Oct 28, 2026.

How is Oaktree Specialty Lending valued vs its peers?

Priced about in line with its peers. Valuation scores 44/100 against 432 financial services peers. Free cash flow yield 9.9% vs a peer median of 6.1% (stronger than 63% of peers).Free cash flow yield 9.9% vs peers 6.1% (stronger than 63% of peers). Earnings yield 3.9% vs a peer median of 5.7% (weaker than 64% of peers).Earnings yield 3.9% vs peers 5.7% (weaker than 64% of peers).

Is Oaktree Specialty Lending growing?

More slowly than most of its peers. Growth scores 7/100 against 432 financial services peers. Revenue growth -56.7% vs a peer median of 7.4% (weaker than 100% of peers).Revenue growth -56.7% vs peers 7.4% (weaker than 100% of peers).

How profitable is Oaktree Specialty Lending?

About as profitable as its peers. Profitability scores 42/100 against 432 financial services peers. Return on assets 1.5% vs a peer median of 2.6% (weaker than 66% of peers).Return on assets 1.5% vs peers 2.6% (weaker than 66% of peers).

How risky is Oaktree Specialty Lending?

Moderate risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Beta 0.57 vs a peer median of 0.70 (stronger than 64% of peers).Beta 0.57 vs peers 0.70 (stronger than 64% of peers). Debt / equity 1.04× vs a peer median of 0.57× (weaker than 61% of peers).Debt / equity 1.04× vs peers 0.57× (weaker than 61% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Net income (12 months)

49.6M USD

42.2M USD

−14.9%

Debt

1.5B USD

1.4B USD

−2.9%

Cash

51.3M USD

39.9M USD

−22.1%

Shares outstanding

88.1M

88.1M

0.0%

Key ratios

FY Sep 2021

FY Sep 2022

FY Sep 2023

FY Sep 2024

FY Sep 2025

Change

Return on assets (ROA)

—

1.1%

3.6%

1.8%

1.1%

▼ 0.7 pts

Return on equity (ROE)

18.1%

2.3%

7.7%

3.9%

2.3%

▼ 1.6 pts

Debt to equity

—

1.04×

1.06×

1.10×

1.01×

▼ 7.9%