FS KKR Capital Corp. (FSK) 10-Year Financial Performance & Capital Metrics

FSK • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutFS KKR Capital Corp. is a business development company specializing in investments in debt securities. It provides customized credit solutions to private middle market U.S. companies. It invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market U.S. companies. It seeks to purchase interests in loans through secondary market transactions or directly from the target companies as primary market investments. It also seeks to invest in first lien senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans, or mezzanine loans. In connection with the debt investments, the firm also receives equity interests such as warrants or options as additional consideration. It also seek to purchase minority interests in the form of common or preferred equity in our target companies, either in conjunction with one of the debt investments or through a co-investment with a financial sponsor. Additionally, on an opportunistic basis, the fund may also invest in corporate bonds and similar debt securities. The fund does not seek to invest in start-up companies, turnaround situations, or companies with speculative business plans. It seeks to invest in small and middle-market companies based in United States. The fund seeks to invest in firms with annual revenue between $10 million to $2.5 billion. It focus on providing customized one-stop credit solutions to private upper middle market companies with annual EBITDA of $50 million to $100 million at the time of investment. It seeks to exit from securities by selling them in a privately negotiated over- the- counter market. For any investments that are not able to be sold within the secondary market, the firm seeks to exit such investments through repayment, an initial public offering of equity securities, merger, sale or recapitalization.Show more

Net Interest Income $937M -9.6%
Total Revenue $1.11B -9.8%
Net Income $585M -15.9%
Return on Equity 8.69% -13.5%
Net Interest Margin 6.59% -1.6%
Efficiency Ratio 5.05% +7.0%
ROA 3.94% -10.6%
Equity / Assets 46.57% +5.2%
Book Value per Share 23.64 -3.2%
Tangible BV/Share 23.64 -3.2%
Debt/Equity 1.11 -7.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.9%
✓Strong NIM of 6.6%
✓Efficient operations: 5.0% efficiency ratio
✓Well capitalized: 46.6% equity/assets
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak momentum: RS Rating 17 (bottom 17%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.59%

5Y20.17%

3Y-14.32%

TTM-

Profit (Net Income) CAGR

10Y11.62%

5Y18.92%

3Y-27.18%

TTM-48.48%

EPS CAGR

10Y-3.93%

5Y1.92%

3Y-33.66%

TTM-48.94%

ROCE

10Y Avg4.82%

5Y Avg3.4%

3Y Avg3.17%

Latest4.15%

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+	352.45M	314M	301M	294M	506M	352M	572M	918M	1.04B	937M
NII Growth %	-0%	-0.11%	-0.04%	-0.02%	0.72%	-0.3%	0.63%	0.6%	0.13%	-0.1%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	423.82M	384M	375M	372M	670M	510M	794M	1.27B	1.49B	1.38B
Interest Expense	71.36M	70M	74M	78M	164M	158M	222M	351M	451M	446M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	-291.09M	3M	-101M	297M	-227M	-713M	971M	-806M	-257M	-273M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	132.73M	387M	274M	669M	443M	-203M	1.76B	463M	1.23B	1.11B
Revenue Growth %	-0.53%	1.92%	-0.29%	1.44%	-0.34%	-1.46%	9.69%	-0.74%	1.66%	-0.1%
Non-Interest Expense	16.93M	17M	13M	15M	26M	34M	16M	-4M	58M	56M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	44.44M	300M	187M	576M	253M	-395M	1.53B	116M	721M	608M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.78%	5.75%	-0.38%	2.08%	-0.56%	-2.56%	4.87%	-0.92%	5.22%	-0.16%
Pretax Income+	44.44M	300M	187M	576M	253M	-395M	1.53B	116M	721M	608M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	6.06M	6M	5M	7M	7M	10M	12M	24M	25M	23M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	38.38M	294M	182M	569M	246M	-405M	1.51B	92M	696M	585M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.8%	6.66%	-0.38%	2.13%	-0.57%	-2.65%	4.74%	-0.94%	6.57%	-0.16%
Net Income (Continuing)	38.38M	294M	182M	569M	246M	-405M	1.51B	92M	696M	585M
EPS (Diluted)+	0.64	4.84	2.96	9.05	1.90	-3.26	7.16	0.32	2.48	2.09
EPS Growth %	-0.79%	6.56%	-0.39%	2.06%	-0.79%	-2.72%	3.2%	-0.96%	6.75%	-0.16%
EPS (Basic)	0.64	4.84	2.96	9.05	1.90	-3.26	7.16	0.32	2.48	2.09
Diluted Shares Outstanding	60.49M	60.86M	61.32M	62.84M	129.74M	124.29M	211.67M	283.51M	280.28M	280.07M

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	81.99M	264.6M	138.74M	104M	106M	191M	377M	251M	231M	296M
Short Term Investments	-1000K	-4K	-1000K	0	0	0	0	0	0	0
Total Investments+	4.03B	3.73B	3.93B	7.39B	1M	1M	9M	25M	13M	3M
Investments Growth %	-0.04%	-0.08%	0.05%	0.88%	-1%	0%	8%	1.78%	-0.48%	-0.77%
Long-Term Investments	4.03B	3.73B	3.93B	7.39B	1M	1M	9M	25M	13M	3M
Accounts Receivables	1000K	1000K	1000K	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	-4.03B	0	-3.93B	217M	7.37B	6.8B	16.12B	15.4B	14.68B	13.55B
Total Current Assets	115.41M	377.42M	175M	312M	848M	440M	1.1B	699M	775M	669M
Total Non-Current Assets	4.03B	3.73B	3.93B	7.6B	7.37B	6.8B	16.13B	15.43B	14.69B	13.55B
Total Assets+	4.15B	4.11B	4.1B	7.71B	8.22B	7.24B	17.23B	16.12B	15.47B	14.22B
Asset Growth %	-0.05%	-0.01%	-0%	0.88%	0.07%	-0.12%	1.38%	-0.06%	-0.04%	-0.08%
Return on Assets (ROA)	0.01%	0.07%	0.04%	0.1%	0.03%	-0.05%	0.12%	0.01%	0.04%	0.04%
Accounts Payable	76.15M	80.26M	72M	6M	134M	99M	248M	296M	294M	110M
Total Debt+	1.82B	1.69B	1.71B	3.39B	4.17B	4B	9.14B	8.69B	8.19B	7.35B
Net Debt	1.74B	1.43B	1.57B	3.29B	4.07B	3.81B	8.77B	8.44B	7.96B	7.05B
Long-Term Debt	1.02B	1.69B	1.71B	3.39B	4.17B	4B	9.14B	8.69B	8.19B	7.35B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	-16K	0	43M	45M	108M	122M	139M	136M
Total Current Liabilities	916.35M	1.07B	1.07B	148M	134M	99M	248M	296M	294M	110M
Total Non-Current Liabilities	1.02B	1.69B	1.71B	3.39B	4.22B	4.04B	9.25B	8.82B	8.33B	7.49B
Total Liabilities	1.94B	1.81B	1.82B	3.54B	4.35B	4.14B	9.5B	9.11B	8.62B	7.6B
Total Equity+	2.21B	2.3B	2.28B	4.17B	3.87B	3.1B	7.73B	7.01B	6.85B	6.62B
Equity Growth %	-0.07%	0.04%	-0.01%	0.82%	-0.07%	-0.2%	1.5%	-0.09%	-0.02%	-0.03%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.02%	0.13%	0.08%	0.18%	0.06%	-0.12%	0.28%	0.01%	0.1%	0.09%
Book Value per Share	36.52	37.75	37.26	66.29	29.80	24.91	36.52	24.73	24.44	23.64
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	243K	244K	246K	1M	1M	0	0	0	0	0
Additional Paid-in Capital	2.26B	2.26B	2.27B	4.24B	4.04B	3.87B	9.66B	9.61B	9.44B	9.28B
Retained Earnings	147.95M	148.03M	-101.23M	-70M	-176M	-770M	-1.93B	-2.6B	-2.59B	-2.66B
Accumulated OCI	102.2M	43.75M	-101.23M	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	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+	175.18M	525.97M	66.38M	280M	-203M	710M	385M	1.01B	631M	1.9B
Operating CF Growth %	0.07%	2%	-0.87%	3.22%	-1.73%	4.5%	-0.46%	1.62%	-0.37%	2.01%
Net Income	38.38M	294M	182M	569M	246M	-405M	1.51B	92M	696M	585M
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	154.15M	306.84M	-188.62M	-147M	94M	637M	-1.05B	593M	23M	1.24B
Working Capital Changes	-17.36M	-74.87M	73M	-142M	-543M	478M	-78M	323M	-88M	78M
Cash from Investing+	-22.1M	430.67M	0	426M	-53M	-35M	-1.02B	99M	753M	0
Purchase of Investments	-1.65B	-1.16B	0	-761M	-2.91B	-2.34B	-6.6B	-4.64B	-1.82B	-4.73B
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	-1.24B
Cash from Financing+	-190.03M	-343.36M	-192.24M	-315M	258M	-590M	825M	-1.23B	-1.4B	-1.84B
Dividends Paid	-179.4M	-217M	-218M	-207M	-342M	-340M	-502M	-738M	-823M	-1.01B
Share Repurchases	0	0	0	-50M	-153M	-47M	-12M	-56M	-32M	0
Stock Issued	19.16M	11.09M	15.91M	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K
Other Financing	14.88M	11.43M	12.76M	197M	0	0	0	0	0	-26M
Net Change in Cash+	-14.86M	182.61M	-125.86M	-35M	2M	85M	186M	-126M	-20M	65M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	96.84M	81.99M	264.6M	139M	104M	106M	191M	377M	251M	231M
Cash at End	81.99M	264.6M	138.74M	104M	106M	191M	377M	251M	231M	296M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	5.85M	6M	5.89M	6M	0	0	0	0	0	0
Free Cash Flow+	175.18M	525.97M	66.38M	280M	-203M	710M	385M	1.01B	631M	1.9B
FCF Growth %	0.07%	2%	-0.87%	3.22%	-1.73%	4.5%	-0.46%	1.62%	-0.37%	2.01%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.68%	13.05%	7.94%	17.64%	6.13%	-11.63%	27.99%	1.25%	10.04%	8.69%
Return on Assets (ROA)	0.9%	7.12%	4.43%	9.64%	3.09%	-5.24%	12.38%	0.55%	4.41%	3.94%
Net Interest Margin	8.5%	7.64%	7.33%	3.82%	6.16%	4.86%	3.32%	5.69%	6.7%	6.59%
Efficiency Ratio	12.75%	4.39%	4.74%	2.24%	5.87%	-16.75%	0.91%	-0.86%	4.72%	5.05%
Equity / Assets	53.25%	55.9%	55.67%	54.07%	47.05%	42.78%	44.87%	43.49%	44.28%	46.57%
Book Value / Share	36.52	37.75	37.26	66.29	29.8	24.91	36.52	24.73	24.44	23.64
NII Growth	-0.42%	-10.91%	-4.14%	-2.33%	72.11%	-30.43%	62.5%	60.49%	12.85%	-9.56%
Dividend Payout	467.36%	73.81%	119.78%	36.38%	-	-	-	-	-	172.31%

Frequently Asked Questions

Valuation & Price

FS KKR Capital Corp. (FSK) has a price-to-earnings (P/E) ratio of 7.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

FS KKR Capital Corp. (FSK) saw revenue decline by 9.8% over the past year.

Yes, FS KKR Capital Corp. (FSK) is profitable, generating $272.0M in net income for fiscal year 2024 (52.7% net margin).

Dividend & Returns

Yes, FS KKR Capital Corp. (FSK) pays a dividend with a yield of 24.55%. This makes it attractive for income-focused investors.

FS KKR Capital Corp. (FSK) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Industry Metrics

FS KKR Capital Corp. (FSK) has a net interest margin (NIM) of 6.6%. This indicates healthy earnings from lending activities.

FS KKR Capital Corp. (FSK) has an efficiency ratio of 5.0%. This is excellent, indicating strong cost control.

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