What is Sixth Street Specialty Lendnin's earnings per share (EPS)?

Sixth Street Specialty Lendnin (TSLX) reported diluted earnings per share of $1.81 for fiscal year 2025. This represents a -10.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Sixth Street Specialty Lendnin Financials

TSLX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Sixth Street Specialty Lendnin (TSLX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TSLX FY2025 2026-05-05

Cash generation in FY2025 came mainly from a shrinking, less-levered balance sheet, not from stronger accounting earnings.

FY2025 looks less like an earnings upswing than a balance-sheet release valve: operating cash flow swung to $401.6M even as net income eased to $170.5M. That cash was paired with a -$409.2M financing outflow and lower debt and assets, which points to repayments and deleveraging driving cash generation rather than higher ongoing profitability. In other words, the cash improvement came from how the balance sheet moved, not from a rebound in earnings power.

From FY2021 to FY2024, debt-to-equity rose from 0.9x to 1.2x. ROE peaked at 14.8% in FY2023 and was only 10.6% in FY2025, so the larger capital base was producing less profit per dollar of equity by the end of the period.

Shares outstanding increased from 75.8M to 94.7M over the period. Meanwhile, retained earnings slipped from $90.1M to $81.6M, which suggests the company pays out most of what it earns and depends more on new capital than on accumulated profits to expand.

Financial Health Signals

Financial Profile 20/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Sixth Street Specialty Lendnin's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Sixth Street Specialty Lendnin carries a low D/E ratio of 1.08, meaning only $1.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Returns

Sixth Street Specialty Lendnin's ROE of 10.6% shows moderate profitability relative to equity, earning a score of 37/100. This is down from 11.6% the prior year.

Piotroski F-Score Neutral

4/9

Sixth Street Specialty Lendnin passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

2.36x

For every $1 of reported earnings, Sixth Street Specialty Lendnin generates $2.36 in operating cash flow ($401.6M OCF vs $170.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$170.5M

YoY-8.6%

5Y CAGR-0.9%

Sixth Street Specialty Lendnin reported $170.5M in net income in fiscal year 2025. This represents a decrease of 8.6% from the prior year.

EPS (Diluted)

$1.81

YoY-10.8%

5Y CAGR-7.3%

Sixth Street Specialty Lendnin earned $1.81 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$19.7M

YoY-28.1%

Sixth Street Specialty Lendnin held $19.7M in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

95M

YoY+1.1%

Sixth Street Specialty Lendnin had 95M shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

10.6%

YoY-1.0pp

5Y CAGR-4.7pp

Sixth Street Specialty Lendnin's ROE was 10.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TSLX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$101.0M-4.0%	$105.2M-21.4%	$133.7M+112.3%	$63.0M+62.2%	$38.8M-1.5%	$39.4M
Income Tax	N/A	$3.9M+66.8%	$2.4M-9.8%	$2.6M+582.8%	$384K-93.3%	$5.8M
Net Income	$170.5M-8.6%	$186.6M-16.0%	$222.0M+105.5%	$108.1M-49.0%	$211.8M+18.9%	$178.1M
EPS (Diluted)	$1.81-10.8%	$2.03-22.2%	$2.61+89.1%	$1.38-50.5%	$2.79+5.3%	$2.65

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$23.4M	N/A	$23.4M-10.1%	$26.0M-2.8%	$26.8M	N/A	$24.8M-36.8%	$39.2M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	$698K-43.1%	$1.2M
Net Income	-$26.0M-186.9%	$30.0M-32.8%	$44.6M-24.4%	$59.0M+59.7%	$37.0M-27.5%	$51.0M+25.4%	$40.7M-14.2%	$47.4M
EPS (Diluted)	$-0.27	N/A	$0.47-25.4%	$0.63+61.5%	$0.39	N/A	$0.44-13.7%	$0.51

TSLX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.4B-4.5%	$3.6B+7.1%	$3.3B+17.9%	$2.8B+11.2%	$2.6B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$19.7M-28.1%	$27.3M+8.5%	$25.2M-1.8%	$25.6M+60.6%	$16.0M	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.8B-8.1%	$2.0B+6.9%	$1.8B+23.5%	$1.5B+17.2%	$1.3B	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.7B-8.3%	$1.9B+6.8%	$1.8B+23.5%	$1.4B+21.6%	$1.2B	N/A
Total Equity	$1.6B0.0%	$1.6B+7.4%	$1.5B+11.5%	$1.3B+5.2%	$1.3B+9.9%	$1.2B
Retained Earnings	$81.6M-16.4%	$97.7M-3.0%	$100.8M+78.5%	$56.5M-37.3%	$90.1M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$3.4B-0.8%	$3.4B-2.5%	$3.5B+2.7%	$3.4B-2.4%	$3.5B-2.3%	$3.6B+1.5%	$3.5B+4.2%	$3.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$29.2M+48.4%	$19.7M-76.4%	$83.2M+112.3%	$39.2M-17.1%	$47.3M+73.0%	$27.3M-8.1%	$29.7M-14.2%	$34.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B+2.0%	$1.8B-4.0%	$1.9B+5.1%	$1.8B-5.2%	$1.9B-3.9%	$2.0B+2.2%	$1.9B+8.1%	$1.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.8B+3.5%	$1.7B-5.0%	$1.8B+6.2%	$1.7B-6.4%	$1.8B-3.0%	$1.9B+1.6%	$1.9B+9.2%	$1.7B
Total Equity	$1.5B-4.0%	$1.6B-0.7%	$1.6B+0.1%	$1.6B+1.0%	$1.6B-0.4%	$1.6B+0.6%	$1.6B-0.1%	$1.6B
Retained Earnings	$11.1M-86.4%	$81.6M-11.0%	$91.7M-3.6%	$95.2M+11.9%	$85.0M-13.0%	$97.7M+8.0%	$90.5M-7.9%	$98.2M

TSLX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$401.6M+982.8%	-$45.5M+80.8%	-$236.8M-5.5%	-$224.5M-9257.1%	$2.5M-98.3%	$145.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$409.2M-959.3%	$47.6M-79.8%	$236.3M+0.9%	$234.2M+97083.4%	$241K+100.2%	-$145.9M
Dividends Paid	$170.3M+1.0%	$168.7M+7.9%	$156.4M+8.1%	$144.7M-34.8%	$221.9M+70.1%	$130.4M
Share Buybacks	N/A	N/A	N/A	$6.2M	N/A	$2.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$23.4M-131.5%	$74.1M+574.0%	-$15.6M-108.1%	$193.2M+28.9%	$149.9M+587.9%	-$30.7M+58.8%	-$74.5M-159.5%	$125.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$32.9M+123.9%	-$137.6M-330.8%	$59.6M+129.6%	-$201.3M-54.9%	-$130.0M-558.9%	$28.3M-59.3%	$69.6M+155.0%	-$126.5M
Dividends Paid	$39.0M-7.0%	$41.9M-1.4%	$42.5M-12.9%	$48.9M+13.1%	$43.2M+6.3%	$40.6M-16.0%	$48.4M+0.3%	$48.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TSLX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	10.6%-1.0pp	11.6%-3.2pp	14.8%+6.8pp	8.1%-8.6pp	16.6%+1.3pp	15.3%
Return on Assets	5.0%-0.2pp	5.2%-1.4pp	6.6%+2.8pp	3.8%-4.5pp	8.3%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.08-0.1	1.180.0	1.19+0.1	1.07+0.1	0.93	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-1.7%-3.5pp	1.9%-0.9pp	2.8%-0.9pp	3.6%+1.3pp	2.3%-0.9pp	3.2%+0.6pp	2.5%-0.4pp	3.0%
Return on Assets	-0.8%-1.7pp	0.9%-0.4pp	1.3%-0.5pp	1.7%+0.7pp	1.1%-0.4pp	1.4%+0.3pp	1.1%-0.3pp	1.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.17+0.1	1.08-0.0	1.13+0.1	1.07-0.1	1.15-0.0	1.18+0.0	1.17+0.1	1.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Sixth Street Specialty Lendnin profitable?

Yes, Sixth Street Specialty Lendnin (TSLX) reported a net income of $170.5M in fiscal year 2025.

How much debt does Sixth Street Specialty Lendnin have?

As of fiscal year 2025, Sixth Street Specialty Lendnin (TSLX) had $19.7M in cash and equivalents against $1.7B in long-term debt.

What is Sixth Street Specialty Lendnin's return on equity (ROE)?

Sixth Street Specialty Lendnin (TSLX) has a return on equity of 10.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sixth Street Specialty Lendnin's operating cash flow?

Sixth Street Specialty Lendnin (TSLX) generated $401.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sixth Street Specialty Lendnin's total assets?

Sixth Street Specialty Lendnin (TSLX) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Sixth Street Specialty Lendnin have outstanding?

Sixth Street Specialty Lendnin (TSLX) had 95M shares outstanding as of fiscal year 2025.

What is Sixth Street Specialty Lendnin's debt-to-equity ratio?

Sixth Street Specialty Lendnin (TSLX) had a debt-to-equity ratio of 1.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sixth Street Specialty Lendnin's return on assets (ROA)?

Sixth Street Specialty Lendnin (TSLX) had a return on assets of 5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sixth Street Specialty Lendnin's Piotroski F-Score?

Sixth Street Specialty Lendnin (TSLX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sixth Street Specialty Lendnin's earnings high quality?

Sixth Street Specialty Lendnin (TSLX) has an earnings quality ratio of 2.36x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Sixth Street Specialty Lendnin?

Sixth Street Specialty Lendnin (TSLX) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.