Fidus Investment Corporation (FDUS) 10-Year Financial Performance & Capital Metrics

FDUS • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutFidus Investment Corporation is a business development company. It specializing in leveraged buyouts, refinancings, change of ownership transactions, recapitalizations, strategic acquisitions, mezzanine, growth capital, business expansion, lower middle market investments, debt investments, subordinated and second lien loans, senior secured and unitranche debt, preferred equity, warrants, subordinated debt, senior subordinated notes, junior secured loans, and unitranche loans. It does not invest in turnarounds or distressed situations. The fund prefers to invest in aerospace and defense, business services, consumer products and services including retail, food, and beverage, healthcare products and services, industrial products and services, information technology services, niche manufacturing, transportation and logistics, and value-added distribution sectors. It seeks to invest in companies based in United States. The fund typically invests between $5 million and $15 million per transaction in companies with annual revenues between $10 million and $150 million and an annual EBITDA between $3 million and $20 million, but it can occasionally invest in larger or smaller companies. It seeks to acquire minority equity stakes and board observation rights in conjunction with its investments.Show more

Net Interest Income $112M +13.4%
Total Revenue $114M +4.7%
Net Income $78M +1.5%
Return on Equity 12.58% -12.8%
Net Interest Margin 9.63% +6.2%
Efficiency Ratio 8.07% +7.3%
ROA 6.94% -8.8%
Equity / Assets 56.32% +4.2%
Book Value per Share 20.12 -10.0%
Tangible BV/Share 20.12 -10.0%
Debt/Equity 0.72 -8.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 9.6%
✓Efficient operations: 8.1% efficiency ratio
✓Well capitalized: 56.3% equity/assets
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Shares diluted 23.6% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.44%

5Y9.87%

3Y-8.09%

TTM-

Profit (Net Income) CAGR

10Y14.92%

5Y10.07%

3Y-12.31%

TTM-6.26%

EPS CAGR

10Y5.84%

5Y3.92%

3Y-20.35%

TTM-18.12%

ROCE

10Y Avg7.48%

5Y Avg7.63%

3Y Avg6.93%

Latest7.52%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-9.43M	-10.59M	-9.89M	-12.96M	0	60.76M	60.43M	67.98M	98.84M	112.05M
NII Growth %	-0.26%	-0.12%	0.07%	-0.31%	1%	-	-0.01%	0.12%	0.45%	0.13%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	78.16M	77.38M	84.54M	119.44M	134.34M
Interest Expense	9.43M	10.59M	9.89M	12.96M	0	17.41M	16.95M	16.56M	20.6M	22.29M
Loan Loss Provision	-9.43M	-10.59M	-9.89M	-12.96M	15.22M	0	0	0	0	0
Non-Interest Income+	54.27M	60.23M	68.61M	76.42M	71.01M	-20.79M	69.03M	-12.93M	-10.85M	-20.66M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	54.27M	60.23M	68.61M	76.42M	71.01M	57.38M	146.41M	71.62M	108.6M	113.68M
Revenue Growth %	0.18%	0.11%	0.14%	0.11%	-0.07%	-0.19%	1.55%	-0.51%	0.52%	0.05%
Non-Interest Expense	17.96M	22.61M	24.82M	27.99M	6.7M	7.3M	10.79M	7.41M	8.17M	9.18M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	36.31M	37.62M	43.79M	48.44M	49.09M	32.66M	118.67M	47.64M	79.83M	82.21M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.16%	0.04%	0.16%	0.11%	0.01%	-0.33%	2.63%	-0.6%	0.68%	0.03%
Pretax Income+	26.37M	41.99M	44.17M	50.17M	49.09M	32.66M	118.67M	47.64M	79.83M	82.21M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	390K	425K	220K	720K	621K	1.44M	2.57M	11.82M	2.69M	3.92M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	25.98M	41.57M	43.95M	49.45M	48.47M	31.23M	116.1M	35.82M	77.13M	78.29M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.33%	0.6%	0.06%	0.13%	-0.02%	-0.36%	2.72%	-0.69%	1.15%	0.02%
Net Income (Continuing)	25.98M	41.57M	43.95M	49.45M	48.47M	31.23M	116.1M	35.82M	77.13M	78.29M
EPS (Diluted)+	1.60	2.27	1.87	2.02	1.98	1.28	4.75	1.46	2.93	2.40
EPS Growth %	0.18%	0.42%	-0.18%	0.08%	-0.02%	-0.35%	2.71%	-0.69%	1.01%	-0.18%
EPS (Basic)	1.60	2.27	1.87	2.02	1.98	1.28	4.75	1.46	2.93	2.40
Diluted Shares Outstanding	16.2M	18.28M	23.53M	24.47M	24.46M	24.44M	24.44M	24.47M	26.37M	32.59M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	31.66M	57.08M	41.57M	42.02M	15.01M	124.31M	169.42M	62.35M	119.13M	57.16M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	443.27M	524.45M	596.31M	642.98M	0	0	0	0	957.91M	1.09B
Investments Growth %	0.12%	0.18%	0.14%	0.08%	-1%	-	-	-	-	0.14%
Long-Term Investments	443.27M	524.45M	596.31M	642.98M	0	0	0	0	957.91M	1.09B
Accounts Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	4.87M	-586.74M	-646.26M	-692.52M	766.92M	742.87M	719.12M	860.33M	0	0
Total Current Assets	37.4M	62.29M	49.95M	49.54M	22.52M	132.87M	178.06M	75.63M	132.99M	72.28M
Total Non-Current Assets	448.14M	524.45M	596.31M	644.33M	766.92M	742.87M	719.12M	860.33M	957.91M	1.09B
Total Assets+	485.54M	586.74M	646.26M	693.88M	789.44M	875.74M	897.18M	935.96M	1.09B	1.16B
Asset Growth %	0.11%	0.21%	0.1%	0.07%	0.14%	0.11%	0.02%	0.04%	0.17%	0.07%
Return on Assets (ROA)	0.06%	0.08%	0.07%	0.07%	0.07%	0.04%	0.13%	0.04%	0.08%	0.07%
Accounts Payable	176K	441K	164K	172K	3.5M	3.5M	4.67M	4.75M	6.67M	5.78M
Total Debt+	229M	219.44M	237.84M	271.5M	354.6M	443.25M	366.04M	410.1M	466.51M	474.89M
Net Debt	197.34M	162.36M	196.26M	229.49M	339.59M	318.94M	196.62M	347.75M	347.38M	417.73M
Long-Term Debt	229M	219.44M	237.84M	271.5M	354.6M	443.25M	366.04M	410.1M	466.51M	474.89M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	-4.87M	0	0	0	19.02M	18.23M	38.72M	40.77M	0	0
Total Current Liabilities	9.18M	13.52M	15.15M	19.39M	3.5M	3.5M	4.67M	4.75M	34.91M	33.56M
Total Non-Current Liabilities	229M	219.44M	237.84M	271.5M	373.62M	461.48M	404.75M	450.87M	466.51M	474.89M
Total Liabilities	238.18M	232.96M	252.99M	290.89M	377.13M	464.98M	409.42M	455.62M	501.42M	508.45M
Total Equity+	247.36M	516.14M	589.54M	632.47M	412.31M	410.76M	487.76M	480.34M	589.47M	655.67M
Equity Growth %	0.02%	1.09%	0.14%	0.07%	-0.35%	-0%	0.19%	-0.02%	0.23%	0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.11%	0.08%	0.08%	0.09%	0.08%	0.26%	0.07%	0.14%	0.13%
Book Value per Share	15.27	28.23	25.06	25.85	16.85	16.81	19.96	19.63	22.36	20.12
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	16K	22K	24K	24K	24K	24K	24K	25K	31K	34K
Additional Paid-in Capital	246.31M	340.1M	370.55M	366.69M	366.06M	363.98M	361.81M	395.92M	504.3M	567.16M
Retained Earnings	13.89M	9.63M	5.69M	36.68M	46.23M	46.75M	125.93M	84.4M	85.14M	88.47M
Accumulated OCI	-12.85M	4.04M	17.02M	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	9.63M	5.69M	36.68M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-19.47M	-33.63M	-28.2M	8.15M	-68.73M	55.96M	167.9M	-105.54M	48.41M	62.37M
Operating CF Growth %	0.73%	-0.73%	0.16%	1.29%	-9.43%	1.81%	2%	-1.63%	1.46%	0.29%
Net Income	25.98M	41.57M	43.95M	49.45M	48.47M	31.23M	116.1M	35.82M	77.13M	78.29M
Depreciation & Amortization	10.09M	-29.01M	5.43M	-25.72M	0	6.58M	-41.5B	65.7B	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-55.99M	-51.06M	-76.03M	-19.29M	-121.69M	20.04M	41.53B	-65.84B	-17.48M	-12.27M
Working Capital Changes	459K	4.88M	-1.54M	3.7M	4.49M	-1.88M	21.57M	-2.51M	-11.24M	-3.66M
Cash from Investing+	-41.69M	-60.29M	-51.02M	-24.01M	-98.57M	20.78M	126.05B	-139.87B	-77.87M	-117.67M
Purchase of Investments	-136.38M	-197.8M	-214.68M	-212.26M	-219.17M	-190M	-346.74B	-333.85B	-336.74M	-394.53M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	21.81M	59.05M	12.69M	-7.71M	41.73M	53.33M	-122.79M	-1.53M	86.24M	-6.67M
Dividends Paid	-25.05M	-29.86M	-36.79M	-39.16M	-39.14M	-32.51M	-39.1M	-49.05M	-78.33M	-78.37M
Share Repurchases	0	0	0	-582K	0	-268K	0	0	0	0
Stock Issued	3.17M	94.71M	32.33M	0	0	0	0	5.81M	110.33M	66.27M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Other Financing	-1.81M	-801K	30.68M	-2.67M	-6.38M	-3.39M	-4.08M	-3.53M	0	0
Net Change in Cash+	2.34M	25.43M	-15.51M	443K	-27M	109.3M	45.11M	-107.07M	56.78M	-61.97M
Exchange Rate Effect	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	1000K	0	0
Cash at Beginning	29.32M	31.66M	57.08M	41.57M	42.02M	15.01M	124.31M	169.42M	62.35M	119.13M
Cash at End	31.66M	57.08M	41.57M	42.02M	15.01M	124.31M	169.42M	62.35M	119.13M	57.16M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	279K	475K	2.48M	1.18M	0	0	0	0	0	0
Free Cash Flow+	-19.47M	-33.63M	-28.2M	8.15M	-68.73M	55.96M	167.9M	-105.54M	48.41M	62.37M
FCF Growth %	0.73%	-0.73%	0.16%	1.29%	-9.43%	1.81%	2%	-1.63%	1.46%	0.29%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.59%	10.89%	7.95%	8.09%	9.28%	7.59%	25.84%	7.4%	14.42%	12.58%
Return on Assets (ROA)	5.64%	7.75%	7.13%	7.38%	6.53%	3.75%	13.1%	3.91%	7.61%	6.94%
Net Interest Margin	-1.94%	-1.81%	-1.53%	-1.87%	0%	6.94%	6.74%	7.26%	9.06%	9.63%
Efficiency Ratio	33.09%	37.54%	36.18%	36.62%	9.44%	12.73%	7.37%	10.35%	7.52%	8.07%
Equity / Assets	50.95%	87.97%	91.22%	91.15%	52.23%	46.9%	54.37%	51.32%	54.04%	56.32%
Book Value / Share	15.27	28.23	25.06	25.85	16.85	16.81	19.96	19.63	22.36	20.12
NII Growth	-25.59%	-12.37%	6.62%	-30.96%	100%	-	-0.54%	12.49%	45.4%	13.36%
Dividend Payout	96.42%	71.83%	83.71%	79.18%	80.76%	104.11%	26.52%	136.93%	-	-

Frequently Asked Questions

Valuation & Price

Fidus Investment Corporation (FDUS) has a price-to-earnings (P/E) ratio of 8.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Fidus Investment Corporation (FDUS) grew revenue by 4.7% over the past year. Growth has been modest.

Yes, Fidus Investment Corporation (FDUS) is profitable, generating $81.7M in net income for fiscal year 2024 (68.9% net margin).

Dividend & Returns

Yes, Fidus Investment Corporation (FDUS) pays a dividend with a yield of 11.89%. This makes it attractive for income-focused investors.

Fidus Investment Corporation (FDUS) has a return on equity (ROE) of 12.6%. This is reasonable for most industries.

Industry Metrics

Fidus Investment Corporation (FDUS) has a net interest margin (NIM) of 9.6%. This indicates healthy earnings from lending activities.

Fidus Investment Corporation (FDUS) has an efficiency ratio of 8.1%. This is excellent, indicating strong cost control.

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