Latest Ratios: P/E Ratio -15.7x · EV/EBITDA 20.4x · ROE -2.7%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $305M | $506M | $611M | $618M | $551M | $742M | — | — | — | — | — |
| Enterprise Value | $1.4B | $1.6B | $1.7B | $1.7B | $1.4B | $1.6B | — | — | — | — | — |
| P/E Ratio → | -15.69 | — | 18.10 | 6.50 | 10.96 | 6.25 | — | — | — | — | — |
| P/S Ratio | 1.51 | 2.51 | 4.28 | 3.22 | 4.98 | 4.53 | — | — | — | — | — |
| P/B Ratio | 0.45 | 0.72 | 0.74 | 0.70 | 0.62 | 0.80 | — | — | — | — | — |
| P/FCF | 3.97 | 6.59 | 6.92 | 11.17 | 15.63 | — | — | — | — | — | — |
| P/OCF | 3.97 | 6.59 | 6.92 | 11.17 | 15.63 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.07 | 11.92 | 8.80 | 12.82 | 9.53 | — | — | — | — | — |
| EV / EBITDA | 20.37 | 23.25 | 50.05 | 17.76 | 28.11 | 13.11 | — | — | — | — | — |
| EV / EBIT | 20.37 | 23.25 | 50.05 | 17.76 | 28.11 | 13.11 | — | — | — | — | — |
| EV / FCF | — | 21.13 | 19.30 | 30.55 | 40.25 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.4% | 74.4% | 32.2% | 55.5% | 55.2% | 80.6% | -6.4% | 54.6% | 47.0% | 80.5% | 97.3% |
| Operating Margin | 34.7% | 34.7% | 23.8% | 49.6% | 45.6% | 72.7% | -31.1% | 47.5% | 36.4% | 72.6% | 90.3% |
| Net Profit Margin | -10.3% | -10.3% | 23.7% | 49.6% | 45.3% | 72.5% | -31.8% | 47.5% | 36.4% | 72.6% | 90.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.7% | -2.7% | 4.0% | 10.8% | 5.5% | 13.1% | -1.2% | 5.4% | 3.1% | 8.3% | 12.6% |
| ROA | -1.1% | -1.1% | 1.7% | 4.9% | 2.7% | 7.0% | -0.6% | 2.8% | 1.7% | 5.6% | 10.8% |
| ROIC | 2.8% | 2.8% | 1.3% | 3.8% | 2.1% | 5.3% | -0.5% | 2.1% | 1.3% | 4.3% | 8.4% |
| ROCE | 3.7% | 3.7% | 1.7% | 5.0% | 2.8% | 7.1% | -0.6% | 2.8% | 1.7% | 5.7% | 10.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.59 | 1.59 | 1.34 | 1.23 | 1.08 | 0.88 | 0.82 | 0.88 | 0.91 | 0.67 | 0.22 |
| Debt / EBITDA | 16.12 | 16.12 | 32.32 | 11.36 | 18.83 | 6.90 | — | 16.13 | 28.51 | 8.21 | 1.85 |
| Net Debt / Equity | — | 1.58 | 1.33 | 1.22 | 0.98 | 0.88 | 0.80 | 0.87 | 0.89 | 0.61 | 0.21 |
| Net Debt / EBITDA | 16.00 | 16.00 | 32.09 | 11.27 | 17.20 | 6.87 | — | 16.01 | 27.95 | 7.56 | 1.72 |
| Debt / FCF | — | 14.54 | 12.38 | 19.38 | 24.62 | — | 3.52 | 6.59 | — | — | — |
| Interest Coverage | 0.77 | 0.77 | 0.35 | 1.11 | 1.02 | 3.74 | -0.29 | 1.05 | 0.69 | 3.72 | 33.53 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5772.11 | 5772.11 | 4.30 | 1.77 | 4.73 | 1.63 | 13.65 | 8.17 | 1.89 | 2.53 | 9.33 |
| Quick Ratio | 5772.11 | 5772.11 | 4.30 | 1.77 | 4.73 | 1.63 | 13.65 | 8.17 | 1.89 | 2.53 | 9.33 |
| Cash Ratio | 302.19 | 302.19 | 0.59 | 0.31 | 3.48 | 0.21 | 5.99 | 1.11 | 0.81 | 1.40 | 0.83 |
| Asset Turnover | — | 0.11 | 0.07 | 0.10 | 0.06 | 0.09 | 0.02 | 0.06 | 0.05 | 0.07 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 24.4% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 131.4% | — | 132.9% | 47.2% | — | 94.5% | 142.9% | 49.4% | 32.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.5% | 15.4% | 9.1% | 16.0% | — | — | — | — | — |
| FCF Yield | 25.2% | 15.2% | 14.4% | 9.0% | 6.4% | — | — | — | — | — | — |
| Buyback Yield | 5.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 30.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $52M | $54M | $55M | $57M | $57M | $57M | $57M | $57M | $56M | $53M |
Portfolio Valuation Volatility
As reported in recent financial filings, CION trades at a P/B ratio of 0.45, a significant discount to its peers, which suggests that the market is pricing in substantial skepticism regarding the underlying quality and realizable value of the firm's Level 3 investment portfolio.
The current P/B discount appears to be a direct response to the persistent negative net margins and the erosion of equity over the last ten quarters. While a forward P/E of 5.88 might appear attractive to value-oriented investors, this multiple likely fails to account for the potential for further NAV write-downs that could render current earnings projections overly optimistic.
Based on the provided financial data, CION's ROIC has struggled to maintain positive momentum, oscillating between a peak of 2.0% in 2023Q4 and a low of -1.7% in 2025Q5, indicating that the firm is currently failing to generate meaningful returns on its invested capital base.
The inability to consistently compound capital suggests that the firm's investment strategy is being undermined by either poor asset selection or the high cost of leverage relative to the yields generated. Investors should monitor whether the Apollo-sourced deal flow can eventually drive higher ROIC, or if the current structural drag is a permanent feature of the portfolio.
According to historical balance sheet records, CION's debt-to-equity ratio has trended upward from 1.23 in 2023Q4 to 1.76 in 2026Q1, signaling that the firm is increasing its reliance on debt financing even as its net asset base continues to shrink over the observed period.
This trend is particularly concerning given the negative net margins, as it suggests that the firm is leveraging up to maintain dividend payouts or fund operations rather than to drive growth. The interest coverage ratio, which has frequently dipped near or below 1.0, warrants close investigation as it indicates a narrowing margin of safety for debt service.
As evidenced by the firm's erratic earnings history, the P/E ratio is a fundamentally flawed metric for CION, as it obscures the impact of non-cash valuation adjustments that frequently distort net income and fail to reflect the actual cash-generating capacity of the underlying loan portfolio.
Investors should instead focus on Net Investment Income (NII) and the trend in NAV per share to gauge the true health of the business. Relying on P/E multiples in this context risks misinterpreting accounting volatility as operational performance, potentially leading to an inaccurate assessment of the firm's long-term viability.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CION stock.
CION Investment Corporation's current P/E ratio is -15.7x. The historical average is 10.5x.
CION Investment Corporation's current EV/EBITDA is 20.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.5x.
CION Investment Corporation's return on equity (ROE) is -2.7%. The historical average is 5.2%.
Based on historical data, CION Investment Corporation is trading at a P/E of -15.7x. Compare with industry peers and growth rates for a complete picture.
CION Investment Corporation's current dividend yield is 24.36%.
CION Investment Corporation has 74.4% gross margin and 34.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CION Investment Corporation's Debt/EBITDA ratio is 16.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.