Cash flow conversion remains highly erratic, evidenced by an OCF/NI ratio that swung from 1.58 in 2025Q2 to -5.72 in 2025Q4, highlighting the impact of timing mismatches on liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | -83.81M | -147M | 62.37M | 48.41M | -105.54M | 167.9M | 55.96M | -68.73M | 8.15M | -28.2M | -33.63M | -19.47M | -71.27M | -2.09M | -49.53M | -46.04M | -12.82M | -48.4M |
| Operating CF Growth % | -607.09% | -335.72% | 28.83% | 145.87% | -162.86% | 200.03% | 181.43% | -943.5% | 128.89% | 16.14% | -72.72% | 72.68% | -3306.79% | 95.78% | -7.6% | -258.98% | 73.5% | - |
| Net Income | 82.63M | 82.4M | 78.29M | 77.13M | 35.82M | 116.1M | 31.23M | 48.47M | 49.45M | 43.95M | 41.57M | 25.98M | 19.48M | 27.2M | 19.41M | 15.39M | 5.02M | -1.59M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 65.7B | -41.5B | 6.58M | 0 | -25.72M | 5.43M | -29.01M | 10.09M | -13.25M | 22.19M | 456K | -16.17B | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -165.47M | -230.43M | -12.27M | -17.48M | -65.84B | 41.53B | 20.04M | -121.69M | -19.29M | -76.03M | -51.06M | -55.99M | -75.44M | -54.41M | -69.5M | 16.11B | -18.09M | -46.8M |
| Working Capital Changes | -967K | 1.02M | -3.66M | -11.24M | -2.51M | 21.57M | -1.88M | 4.49M | 3.7M | -1.54M | 4.88M | 459K | -2.06M | 2.92M | 104K | 1.62M | 246.41K | -4.86K |
| Cash from Investing | -45.59M | 0 | -117.67M | -77.87M | -139.87B | 126.05B | 20.78M | -98.57M | -24.01M | -51.02M | -60.29M | -41.69M | -87.17M | -17.9M | -60.31M | -77.97B | 0 | 0 |
| Purchase of Investments | -118.65M | 0 | -394.53M | -336.74M | -333.85B | -346.74B | -190M | -219.17M | -212.26M | -214.68M | -197.8M | -136.38M | -149.81M | -149.09M | -85.52M | -77.97B | 0 | 0 |
| Sale/Maturity of Investments | 73.05M | 0 | 276.86M | 258.88M | 193.98B | 472.78B | 210.77M | 120.6M | 188.25M | 163.66M | 137.51M | 94.69M | 62.64M | 131.2M | 25.2M | 0 | 0 | 0 |
| Net Investment Activity | -45.59M | 0 | -117.67M | -77.87M | -139.87B | 126.05B | 20.78M | -98.57M | -24.01M | -51.02M | -60.29M | -41.69M | -87.17M | -17.9M | -60.31M | -77.97B | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 112.33M | 169.45M | -6.67M | 86.24M | -1.53M | -122.79M | 53.33M | 41.73M | -7.71M | 12.69M | 59.05M | 21.81M | 47.17M | 3.47M | 62.52M | 83.34M | 11.91M | 49.7M |
| Dividends Paid | -76.45M | -75.47M | -78.37M | -78.33M | -49.05M | -39.1M | -32.51M | -39.14M | -39.16M | -36.79M | -29.86M | -25.05M | -23.89M | -25.14M | -14.75M | -6.03M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -268K | 0 | -582K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 58.64M | 79.3M | 66.27M | 110.33M | 5.81M | 0 | 0 | 0 | 0 | 32.33M | 94.71M | 3.17M | 36.54M | 28.86M | 37.95M | 73.63M | 0 | 0 |
| Net Stock Activity | 58.64M | 79.3M | 66.27M | 110.33M | 5.81M | 0 | -268K | 0 | -582K | 32.33M | 94.71M | 3.17M | 36.54M | 28.86M | 37.95M | 73.63M | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -5.74M | -9.05M | 0 | 0 | -3.53M | -4.08M | -3.39M | -6.38M | -2.67M | 30.68M | -801K | -1.81M | -4.48M | -250K | -1.18M | -1.75M | -641K | 16.7M |
| Net Change in Cash | -8.18M | 22.45M | -61.97M | 56.78M | -107.07M | 45.11M | 109.3M | -27M | 443K | -15.51M | 25.43M | 2.34M | -24.1M | 1.38M | 12.98M | 37.3M | -914.75K | 1.3M |
| Exchange Rate Effect | 8.9M | 0 | 0 | 0 | 139.87B | -126.05B | -20.78M | 98.57M | 24.01M | 51.02M | 60.29M | 41.69M | 87.17M | 17.9M | 60.31M | 77.97B | 0 | 0 |
| Cash at Beginning | 70M | 57.16M | 119.13M | 62.35M | 169.42M | 124.31M | 15.01M | 42.02M | 41.57M | 57.08M | 31.66M | 29.32M | 53.42M | 52.04M | 39.06M | 1.76M | 2.67M | 1.37M |
| Cash at End | 49.68M | 79.61M | 57.16M | 119.13M | 62.35M | 169.42M | 124.31M | 15.01M | 42.02M | 41.57M | 57.08M | 31.66M | 29.32M | 53.42M | 52.04M | 39.06M | 1.76M | 2.67M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18M | 2.48M | 475K | 279K | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -83.81M | -147M | 62.37M | 48.41M | -105.54M | 167.9M | 55.96M | -68.73M | 8.15M | -28.2M | -33.63M | -19.47M | -71.27M | -2.09M | -49.53M | -46.04M | -12.82M | -48.4M |
| FCF Growth % | -1333.62% | -335.72% | 28.83% | 145.87% | -162.86% | 200.03% | 181.43% | -943.5% | 128.89% | 16.14% | -72.72% | 72.68% | -3306.79% | 95.78% | -7.6% | -258.98% | 73.5% | - |
Portfolio Exit Timing Volatility
As reported in recent financial statements, FDUS exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio swinging from a high of 1.58 in 2025Q2 to a low of -5.72 in 2025Q4, indicating significant non-cash accruals and timing mismatches.
The frequent divergence between accounting profits and cash generation suggests that a substantial portion of reported earnings is tied to unrealized valuation adjustments or non-cash interest income. Investors should monitor whether these accruals eventually convert to cash or if they represent persistent valuation optimism inherent in Level 3 asset accounting.
Based on the provided cash flow data, FDUS's free cash flow trajectory is highly erratic, with quarterly margins fluctuating between 112.5% and -166.0% over the last ten quarters, reflecting the episodic nature of capital deployment and exit-driven cash inflows within the lower middle market.
The extreme swings in free cash flow appear to be a structural feature of the firm's business model rather than operational inefficiency. This volatility implies that dividend coverage may be periodically supported by balance sheet liquidity rather than current period cash flow, warranting caution during periods of market stagnation.
According to quarterly filings, FDUS experiences significant working capital volatility, with quarterly changes ranging from a $8.8 million outflow in 2026Q1 to a $8.7 million inflow in 2025Q2, highlighting the impact of timing differences in interest collections and portfolio-related cash movements.
These fluctuations suggest that the firm's cash position is sensitive to the timing of interest payments and fee realizations from its portfolio companies. The lack of a consistent trend in working capital changes may indicate that the firm's liquidity is subject to the idiosyncratic payment cycles of its underlying borrowers.
As evidenced by the historical cash flow data, FDUS consistently pays out dividends ranging from $17.8 million to $24.3 million per quarter, often exceeding the net operating cash flow generated in the same period, which suggests a reliance on capital recycling to maintain distribution levels.
The persistent gap between dividend outflows and operating cash flow indicates that the firm's distribution policy is not strictly tethered to quarterly cash generation. This strategy appears to prioritize shareholder returns, but it may leave the firm vulnerable if the exit environment for its equity co-investments were to deteriorate.
Quick answers to the most common questions about buying FDUS stock.
Fidus Investment Corporation (FDUS) generated $-147.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fidus Investment Corporation (FDUS) reported negative free cash flow of $147.0M in 2025, indicating capital requirements exceeded cash from operations.
Fidus Investment Corporation (FDUS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fidus Investment Corporation (FDUS) returned $75.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.