Capital Southwest

CSWC on Nasdaq. Capital Southwest lends money to small and mid-sized U.S. companies. Market value $1.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to March 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Owned by First Manhattan Co. and Moerus Capital Management, two long-term investors we follow.
People who run the company bought its shares with their own money in the last 90 days.

What to watch out for

Expensive right now: it scores 50 of 100 on price, and our list needs 60.
Didn't produce spare cash in 4 of the last 4 years.

See stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield

past 12 months to June 2026

-20.2%low

For every $100 of what the whole company costs, it produced $-20.22 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit

annual report to March 2026

n/a

The filings do not give us enough to work this out.

Return on capital

five annual reports to March 2026

n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.

$23.67 a share, 22% above its 1-year low

Dividend: 9.8% a year

Paid every year for 4 years

Payouts have jumped around in recent years, so this may not repeat.

Yields this high often come before a cut. Check the company's latest news.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a

-0.2

-0.3

2013202320242025202612 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $305 million in the past 12 months, a shortfall of $194 million in the year to March 2026.

Revenue
Revenue	$11m	n/a	n/a	n/a	n/a
Operating margin
Operating margin	n/a	n/a	n/a	n/a	n/a
Debt to equity
Debt to equity	n/a	1.08	1.02	1.08	1.12
Shares outstanding
Shares outstanding	0.00bn	0.04bn	0.05bn	0.06bn	0.06bn

Health checks

Free cash flow positive0 of 4 years
Accounting looks honest (Beneish)Not enough data
Financial strength (Piotroski)Not enough data
Profit backed by cash (accruals)No
Debt1.12× equity
Revenue growth, five yearsUnknown
Buying back its own sharesNo, 1573% more shares since 2013

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

Profit: $25 million, down 8% on a year ago.
Over the past 12 months it spent $305 million more cash than it brought in, compared with $220 million a year earlier.
12% more shares than a year ago. Each share owns a bit less of the company.
Debt is $1.2 billion more than cash, up from $879 million a year ago.

Profit by quarter

$27m

$25m

Profit by quarter
Quarter to	Amount
September 2024	$23m
December 2024	$16m
March 2025	$18m
June 2025	$27m
September 2025	$26m
December 2025	$33m
March 2026	$27m
June 2026	$25m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated): n/a
Last annual report (10-K): 19 May 2026
Next quarterly (estimated, 10-Q): 2 November 2026

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 190 funds in all.

Jun '25

Dec '25

Jun '26

First Manhattan Co.First Manhattan partners
Value
$4m
Share of fund
<0.1%
Cut
Moerus Capital ManagementAmit Wadhwaney
Value
$1m
Share of fund
0.7%

Fund	Value	Share of that fund	Change
First Manhattan Co.First Manhattan partners	$4m	<0.1%	Cut
Moerus Capital ManagementAmit Wadhwaney	$1m	0.7%

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

No one has reported a stake above 5% since December 2024.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $269,880 of shares on the open market. 1 sold $108,555.

Thomas William R III
Director
Bought
Date
1 October 2026
Shares
2,170
Price
$23.04
Value
$50,005
Rogers-Windsor Ramona Lynn
Director
Bought
Date
30 June 2026
Shares
211
Price
$23.70
Value
$5,000
BATTIST CHRISTINE
Director
Bought
Date
17 June 2026
Shares
860
Price
$23.23
Value
$19,978
Thomas William R III
Director
Sold
Date
5 June 2026
Shares
4,661
Price
$23.29
Value
$108,555
Thomas William R III
Director
Bought
Date
5 June 2026
Shares
5,000
Price
$23.40
Value
$117,000
Rogers-Windsor Ramona Lynn
Director
Bought
Date
1 June 2026
Shares
213
Price
$23.42
Value
$4,988
Sarner Michael Scott
President and CEO, Director
Bought
Date
27 February 2026
Shares
2,695
Price
$21.90
Value
$59,013
BATTIST CHRISTINE
Director
Bought
Date
9 February 2026
Shares
600
Price
$23.16
Value
$13,896

Date	Who	Did	Shares	Price	Value
1 October 2026	Thomas William R III Director	Bought	2,170	$23.04	$50,005
30 June 2026	Rogers-Windsor Ramona Lynn Director	Bought	211	$23.70	$5,000
17 June 2026	BATTIST CHRISTINE Director	Bought	860	$23.23	$19,978
5 June 2026	Thomas William R III Director	Sold	4,661	$23.29	$108,555
5 June 2026	Thomas William R III Director	Bought	5,000	$23.40	$117,000
1 June 2026	Rogers-Windsor Ramona Lynn Director	Bought	213	$23.42	$4,988
27 February 2026	Sarner Michael Scott President and CEO, Director	Bought	2,695	$21.90	$59,013
9 February 2026	BATTIST CHRISTINE Director	Bought	600	$23.16	$13,896

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 May 2026, plus the 10-Q filed 3 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

What the business is worth, as a range, and the margin of safety at today’s price
Prices to start buying, buy, and buy hard
The three things that would make this a mistake
Every number footnoted to the filing it came from

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.