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

CION • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutCION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies. The firm invests in growth capital, acquisitions, leveraged buyouts, market/product expansion, refinancing and recapitalization. The fund also invests up to 30 percent of their assets opportunistically in other types of investments, including the securities of larger public companies and foreign securities. It also makes investments in the secondary loan market. The fund does not invest in start-up companies, turnaround situations, or companies with speculative business plans. The fund prefers to invest in high tech industries, healthcare, pharmaceuticals, business services, media, chemicals, plastic, rubber, telecommunication, consumer services, advertising, printing and publishing, consumer goods, durables, diversified financials, and other industries. It also invests in homebuilding, restaurants, beverage and tobacco bars, broadcasting, distributors, Non-durable good distribution, food beverage and tobacco, energy, oil gas and consumables fuels, insurance, aerospace and defense, industrial machinery, paper and forest product machinery, information technology, metals and mining, and real estate. It primarily seeks to invest in the United States. The fund seeks to invest between $5 million and $50 million in companies with an EBITDA between $25 million and $75 million with average targeted hold of $25 million. It also purchases minority interests in the form of common or preferred equity in the target companies, typically in conjunction with its debt investments or through a co-investment with a financial sponsor. The fund seeks to exit its investments through an initial public offering of common stock, a merger, a sale, or other recapitalization.Show more

Net Interest Income $69M -52.6%
Total Revenue $143M -25.7%
Net Income $34M -64.4%
Return on Equity 3.99% -63.1%
Net Interest Margin 3.54% -51.2%
Efficiency Ratio 8.36% +41.5%
ROA 1.72% -65.1%
Equity / Assets 42.19% -4.0%
Book Value per Share 15.32 -4.7%
Tangible BV/Share 15.32 -4.7%
Debt/Equity 1.34 +8.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 3.5%
✓Efficient operations: 8.4% efficiency ratio
✓Well capitalized: 42.2% equity/assets
✓Share count reduced 2.0% through buybacks
✓Trading at only 0.6x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y20.49%

5Y5.54%

3Y-4.46%

TTM-

Profit (Net Income) CAGR

10Y7.57%

5Y-8.14%

3Y-34.16%

TTM-67.34%

EPS CAGR

10Y-4.32%

5Y-7.29%

3Y-32.95%

TTM-109.57%

ROCE

10Y Avg3.69%

5Y Avg3.19%

3Y Avg3.17%

Latest1.74%

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+	51.59M	78.01M	122.43M	139.88M	142.06M	115.6M	113.67M	134.27M	145.35M	68.92M
NII Growth %	1.98%	0.51%	0.57%	0.14%	0.02%	-0.19%	-0.02%	0.18%	0.08%	-0.53%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	51.99M	81.58M	145.5M	185.5M	191.59M	152.44M	145.48M	183.9M	230.91M	165.79M
Interest Expense	405K	3.57M	23.07M	45.62M	49.53M	36.84M	31.81M	49.62M	85.56M	96.87M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	-40.22M	50.88M	-27.25M	-99.42M	-82.51M	-117.81M	18.31M	-73.13M	-38.74M	-22.97M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	11.78M	132.46M	118.25M	86.08M	109.08M	34.63M	163.79M	110.76M	192.17M	142.82M
Revenue Growth %	-0.47%	10.25%	-0.11%	-0.27%	0.27%	-0.68%	3.73%	-0.32%	0.73%	-0.26%
Non-Interest Expense	12.81M	9.22M	9.28M	9.15M	7.7M	8.55M	12.87M	10.63M	11.35M	11.94M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	-1.44M	119.67M	85.9M	31.31M	51.86M	-10.75M	119.11M	50.51M	95.26M	34.01M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-1.09%	83.99%	-0.28%	-0.64%	0.66%	-1.21%	12.08%	-0.58%	0.89%	-0.64%
Pretax Income+	-1.44M	119.67M	85.9M	31.31M	51.86M	-10.75M	119.11M	50.51M	95.26M	34.01M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	12K	268K	342K	372K	-54K	107K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-1.44M	119.67M	85.9M	31.31M	51.84M	-11.02M	118.76M	50.14M	95.31M	33.9M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.09%	83.99%	-0.28%	-0.64%	0.66%	-1.21%	11.78%	-0.58%	0.9%	-0.64%
Net Income (Continuing)	-1.44M	119.67M	85.9M	31.31M	51.84M	-11.02M	118.76M	50.14M	95.31M	33.9M
EPS (Diluted)+	-0.04	2.26	1.54	0.55	0.92	-0.19	2.09	0.89	1.74	0.63
EPS Growth %	-1.04%	62.58%	-0.32%	-0.64%	0.67%	-1.21%	12%	-0.57%	0.96%	-0.64%
EPS (Basic)	-0.04	2.26	1.54	0.55	0.92	-0.19	2.09	0.89	1.74	0.63
Diluted Shares Outstanding	39.25M	52.98M	56.13M	57.07M	56.85M	56.82M	56.81M	56.56M	54.69M	53.56M

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	39.74M	15.05M	56.35M	17.58M	6.13M	19.91M	3.77M	82.74M	8.41M	7.67M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	0	46K	0	0	0	0	0	0	0	0
Investments Growth %	-	-	-1%	-	-	-	-	-	-	-
Long-Term Investments	0	46K	0	0	0	0	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	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	671.8M	1.09B	1.71B	1.87B	1.77B	1.57B	1.75B	1.76B	1.95B	1.89B
Total Current Assets	283.96M	169.54M	101.73M	41.15M	45.32M	45.42M	28.64M	112.38M	47.45M	55.77M
Total Non-Current Assets	671.8M	1.09B	1.71B	1.87B	1.77B	1.57B	1.75B	1.76B	1.95B	1.89B
Total Assets+	955.76M	1.26B	1.82B	1.91B	1.81B	1.61B	1.78B	1.87B	2B	1.95B
Asset Growth %	0.88%	0.32%	0.44%	0.05%	-0.05%	-0.11%	0.1%	0.05%	0.07%	-0.03%
Return on Assets (ROA)	-0%	0.11%	0.06%	0.02%	0.03%	-0.01%	0.07%	0.03%	0.05%	0.02%
Accounts Payable	11M	18.18M	40.18M	21.75M	5.55M	3.33M	17.59M	23.76M	26.8M	12.96M
Total Debt+	0	221.21M	705.45M	892.62M	836.59M	719.96M	822.37M	951.32M	1.08B	1.1B
Net Debt	-39.74M	206.16M	649.09M	875.04M	830.45M	700.04M	818.6M	868.58M	1.07B	1.09B
Long-Term Debt	0	221.21M	705.45M	892.62M	836.59M	719.96M	822.37M	951.32M	1.08B	1.1B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	40.43M	21.91M	11.6M	12.82M	15.7M	13.26M	12.21M	13.69M	13.66M	12.77M
Total Current Liabilities	11M	18.18M	40.18M	21.75M	5.55M	3.33M	17.59M	23.76M	26.8M	12.96M
Total Non-Current Liabilities	40.43M	243.12M	717.05M	905.44M	852.28M	733.21M	834.58M	965.01M	1.1B	1.11B
Total Liabilities	51.43M	261.3M	757.23M	927.19M	857.83M	736.54M	852.17M	988.78M	1.12B	1.12B
Total Equity+	904.33M	999.76M	1.06B	979.27M	952.56M	878.26M	930.51M	883.63M	879.56M	820.81M
Equity Growth %	0.82%	0.11%	0.06%	-0.08%	-0.03%	-0.08%	0.06%	-0.05%	-0%	-0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-0%	0.13%	0.08%	0.03%	0.05%	-0.01%	0.13%	0.06%	0.11%	0.04%
Book Value per Share	23.04	18.87	18.86	17.16	16.75	15.46	16.38	15.62	16.08	15.32
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	104K	110K	116K	113K	113K	57K	57K	55K	54K	53K
Additional Paid-in Capital	968.36M	1.02B	1.08B	1.05B	1.05B	1.05B	1.06B	1.04B	1.03B	1.02B
Retained Earnings	0	1.43M	-17.56M	-69.53M	-102.46M	-176.77M	-129.53M	-160.97M	-153.52M	-200.93M
Accumulated OCI	0	0	0	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+	-372.71M	-225.96M	-413.63M	-114.58M	126.04M	198.73M	-49.25M	35.28M	55.38M	88.19M
Operating CF Growth %	-0.15%	0.39%	-0.83%	0.72%	2.1%	0.58%	-1.25%	1.72%	0.57%	0.59%
Net Income	-1.44M	119.67M	85.9M	31.31M	51.84M	-11.02M	118.76M	50.14M	95.31M	33.9M
Depreciation & Amortization	27.59M	-21.58M	-9.45M	53.25M	10.55M	19.88M	-43.62M	5.31M	0	33.65M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-304.8M	-417.25M	-628.78M	-201.28M	92.44M	179.77M	-137.92M	-10.29M	-31.46M	39.63M
Working Capital Changes	-94.06M	93.19M	138.69M	2.14M	-28.8M	10.1M	13.52M	-9.89M	-8.47M	-18.99M
Cash from Investing+	-366.61M	-534.05M	-1.03B	-1.02B	-318.19M	-282M	-660.99M	-487.95M	-49.95M	0
Purchase of Investments	-438.22M	-569M	-1.42B	-1.28B	-563.88M	-359.63M	-920.04M	-550.54M	-350.2M	-464.05M
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	421.19M
Cash from Financing+	402.98M	201.27M	452.94M	75.8M	-137.48M	-184.95M	33.11M	43.69M	22.83M	-88.94M
Dividends Paid	-27.38M	-38.41M	-42.4M	-44.75M	-48.97M	-39.98M	-56.04M	-66.64M	-91.96M	-89.48M
Share Repurchases	-7.1M	-17.83M	-40.41M	-97.04M	-35.8M	-23.3M	-10.47M	-15.44M	-11.52M	-11.35M
Stock Issued	483.6M	40.29M	58.03M	32.23M	6.51M	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K
Other Financing	-44.15M	-7.2M	-9.32M	30.52M	-1.72M	-5.63M	-5.38M	-1.73M	0	-13.11M
Net Change in Cash+	30.27M	-24.7M	39.31M	-38.77M	-11.44M	13.78M	-16.14M	78.97M	-74.32M	-745K
Exchange Rate Effect	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	0
Cash at Beginning	9.47M	41.74M	17.05M	56.35M	17.58M	6.13M	19.91M	3.77M	82.74M	8.41M
Cash at End	39.74M	17.05M	56.35M	17.58M	6.13M	19.91M	3.77M	82.74M	8.41M	7.67M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-372.71M	-225.96M	-413.63M	-114.58M	126.04M	198.73M	-49.25M	35.28M	55.38M	88.19M
FCF Growth %	-0.15%	0.39%	-0.83%	0.72%	2.1%	0.58%	-1.25%	1.72%	0.57%	0.59%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-0.21%	12.57%	8.35%	3.07%	5.37%	-1.2%	13.13%	5.53%	10.81%	3.99%
Return on Assets (ROA)	-0.2%	10.8%	5.58%	1.68%	2.79%	-0.64%	6.99%	2.74%	4.92%	1.72%
Net Interest Margin	5.4%	6.19%	6.74%	7.34%	7.85%	7.16%	6.38%	7.17%	7.26%	3.54%
Efficiency Ratio	108.8%	6.96%	7.84%	10.63%	7.05%	24.69%	7.86%	9.59%	5.91%	8.36%
Equity / Assets	94.62%	79.28%	58.3%	51.37%	52.62%	54.39%	52.2%	47.19%	43.94%	42.19%
Book Value / Share	23.04	18.87	18.86	17.16	16.75	15.46	16.38	15.62	16.08	15.32
NII Growth	197.96%	51.21%	56.94%	14.25%	1.56%	-18.63%	-1.67%	18.12%	8.25%	-52.59%
Dividend Payout	-	32.1%	49.36%	142.93%	94.46%	-	47.19%	132.91%	-	131.38%

Frequently Asked Questions

Valuation & Price

CION Investment Corporation (CION) has a price-to-earnings (P/E) ratio of 15.3x. This is roughly in line with market averages.

Growth & Financials

CION Investment Corporation (CION) saw revenue decline by 25.7% over the past year.

Yes, CION Investment Corporation (CION) is profitable, generating $25.9M in net income for fiscal year 2024 (23.7% net margin).

Dividend & Returns

Yes, CION Investment Corporation (CION) pays a dividend with a yield of 8.62%. This makes it attractive for income-focused investors.

CION Investment Corporation (CION) has a return on equity (ROE) of 4.0%. This is below average, suggesting room for improvement.

Industry Metrics

CION Investment Corporation (CION) has a net interest margin (NIM) of 3.5%. This indicates healthy earnings from lending activities.

CION Investment Corporation (CION) has an efficiency ratio of 8.4%. This is excellent, indicating strong cost control.

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