Latest Ratios: P/E Ratio 8.2x · EV/EBITDA 10.8x · ROE 11.8%. (2009–2025 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 | $724M | $685M | $685M | $519M | $466M | $439M | $320M | $363M | $286M | $357M | $288M |
| Enterprise Value | $1.3B | $1.3B | $1.1B | $867M | $813M | $636M | $639M | $703M | $516M | $553M | $450M |
| P/E Ratio → | 8.22 | 8.32 | 8.76 | 6.72 | 13.03 | 3.79 | 10.23 | 7.49 | 5.79 | 8.12 | 6.93 |
| P/S Ratio | 5.55 | 5.25 | 7.49 | 5.90 | 8.46 | 3.39 | 8.01 | 6.51 | 6.28 | 8.54 | 7.84 |
| P/B Ratio | 0.91 | 0.92 | 1.04 | 0.88 | 0.97 | 0.90 | 0.78 | 0.88 | 0.45 | 0.61 | 0.56 |
| P/FCF | — | — | 10.98 | 10.72 | — | 2.62 | 5.72 | — | 35.11 | — | — |
| P/OCF | — | — | 10.98 | 10.72 | — | 2.62 | 5.72 | — | 35.11 | — | — |
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 | — | 9.65 | 12.07 | 9.85 | 14.77 | 4.91 | 15.99 | 12.59 | 11.31 | 13.24 | 12.26 |
| EV / EBITDA | 10.79 | 10.47 | 13.41 | 10.86 | 0.01 | 5.36 | 16.29 | 14.31 | 8.07 | 14.07 | 8.56 |
| EV / EBIT | 10.71 | 10.47 | 13.41 | 10.86 | 17.07 | 5.36 | 19.57 | 14.31 | 8.07 | 10.24 | 8.56 |
| EV / FCF | — | — | 17.68 | 17.90 | — | 3.79 | 11.42 | — | 63.27 | — | — |
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 | 88.7% | 88.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 142.7% | 140.7% | 141.6% |
| Operating Margin | 92.9% | 92.9% | 90.0% | 90.7% | 86.5% | 91.7% | 81.7% | 88.0% | 106.3% | 81.1% | 73.6% |
| Net Profit Margin | 63.2% | 63.2% | 85.7% | 87.7% | 65.1% | 89.7% | 78.1% | 86.9% | 108.5% | 105.2% | 113.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.8% | 11.8% | 12.6% | 14.4% | 7.4% | 25.8% | 7.6% | 9.3% | 8.1% | 8.0% | 10.9% |
| ROA | 6.4% | 6.4% | 6.9% | 7.6% | 3.9% | 13.1% | 3.8% | 6.5% | 7.4% | 7.1% | 7.8% |
| ROIC | 7.2% | 7.2% | 5.6% | 6.2% | 4.1% | 10.4% | 3.0% | 4.4% | 4.2% | 3.3% | 3.3% |
| ROCE | 9.6% | 9.6% | 7.5% | 8.0% | 5.2% | 13.4% | 3.9% | 6.7% | 7.4% | 5.6% | 5.1% |
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 | 0.87 | 0.87 | 0.72 | 0.79 | 0.85 | 0.75 | 1.08 | 0.86 | 0.43 | 0.40 | 0.43 |
| Debt / EBITDA | 5.35 | 5.35 | 5.78 | 5.84 | 0.01 | 3.08 | 11.30 | 7.22 | 4.25 | 6.05 | 4.17 |
| Net Debt / Equity | — | 0.77 | 0.64 | 0.59 | 0.72 | 0.40 | 0.78 | 0.82 | 0.36 | 0.33 | 0.31 |
| Net Debt / EBITDA | 4.77 | 4.77 | 5.08 | 4.35 | 0.01 | 1.66 | 8.13 | 6.92 | 3.59 | 4.99 | 3.09 |
| Debt / FCF | — | — | 6.70 | 7.18 | — | 1.17 | 5.70 | — | 28.16 | — | — |
| Interest Coverage | 4.17 | 4.17 | 3.69 | 3.87 | 2.88 | 7.00 | 1.88 | 3.23 | 5.66 | 5.46 | 4.96 |
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 | 1.81 | 1.81 | 2.15 | 3.81 | 15.93 | 38.15 | 37.96 | 6.43 | 2.56 | 3.30 | 4.61 |
| Quick Ratio | 1.81 | 1.81 | 2.15 | 3.81 | 15.93 | 38.15 | 37.96 | 6.43 | 2.56 | 3.30 | 4.61 |
| Cash Ratio | 1.81 | 1.81 | 1.70 | 3.41 | 13.13 | 36.29 | 35.52 | 4.28 | 2.17 | 2.74 | 4.22 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.06 | 0.14 | 0.05 | 0.07 | 0.07 | 0.06 | 0.06 |
| 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 | 11.1% | 11.0% | 11.4% | 15.1% | 10.5% | 7.0% | 10.2% | 10.8% | 13.7% | 10.3% | 10.4% |
| Payout Ratio | 91.6% | 91.6% | — | — | 136.9% | 26.5% | 104.1% | 80.8% | 79.2% | 83.7% | 71.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.2% | 12.0% | 11.4% | 14.9% | 7.7% | 26.4% | 9.8% | 13.3% | 17.3% | 12.3% | 14.4% |
| FCF Yield | — | — | 9.1% | 9.3% | — | 38.2% | 17.5% | — | 2.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 11.1% | 11.0% | 11.4% | 15.1% | 10.5% | 7.0% | 10.2% | 10.8% | 13.9% | 10.3% | 10.4% |
| Shares Outstanding | — | $35M | $33M | $26M | $24M | $24M | $24M | $24M | $24M | $24M | $18M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying FDUS stock.
Fidus Investment Corporation's current P/E ratio is 8.2x. The historical average is 8.4x. This places it at the 47th percentile of its historical range.
Fidus Investment Corporation's current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
Fidus Investment Corporation's return on equity (ROE) is 11.8%. The historical average is 10.8%.
Based on historical data, Fidus Investment Corporation is trading at a P/E of 8.2x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fidus Investment Corporation's current dividend yield is 11.15% with a payout ratio of 91.6%.
Fidus Investment Corporation has 88.7% gross margin and 92.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Fidus Investment Corporation's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
NIM compression and leverage normalization
Metrics are mathematically derived from official filings.
Valuation Reflects a Premium for Equity Upside
Trading at 0.95x book value, FDUS's P/B is below its tangible book value per share of $19.46, yet its P/E of 8.54 is lower than peers like CSWC, suggesting the market may be discounting the non-recurring nature of its equity-driven earnings.
The current P/B of 0.95x implies the market is valuing FDUS's assets at a slight discount to their carrying value, which contrasts with the 1.61x multiple commanded by peer Capital Southwest (CSWC). However, FDUS's lower P/E suggests investors are not fully capitalizing the value of its equity co-investment portfolio, which drives volatile but potentially high-return gains. This valuation disconnect may indicate that the market is treating FDUS's earnings stream as less sustainable than those of peers, despite its superior gross margin profile.
ROE Stability Masks Shifting Earnings Mix
FDUS's ROE has been remarkably stable, averaging 2.9% over the last ten quarters, but this consistency is underpinned by a volatile non-interest income component that has swung from significant losses to gains, as noted in prior analysis.
Decomposing ROE reveals that a solid Net Interest Margin (NIM) of 2.0% provides a stable base, but the overall profitability is heavily influenced by the equity portfolio's mark-to-market and realization cycles. The recent emergence of provision expense after eight quarters of zero charges, as reported in financial statements, introduces a new headwind to net interest income that could pressure future ROE if asset quality deteriorates further.
NIM Compression Accelerates with Asset Growth
The net interest margin has compressed 50 basis points from 2.5% in 2024Q4 to 2.0% in 2026Q2, even as total assets grew 33.3% year-over-year to $1.5B, indicating that new originations are being deployed at yields that dilute the existing portfolio's spread.
The 16.5% efficiency ratio remains exceptionally low, reflecting the asset-light fee structure inherent to the BDC model. However, the falling NIM suggests that the competitive environment for lower-middle market loans is intensifying, or that the asset mix is shifting toward lower-yielding instruments. While asset growth has so far compensated for spread erosion in absolute dollar terms, a sustained NIM decline would directly threaten the company's ability to cover its dividend and debt servicing costs.
Leverage Near BDC Ceiling Constrains Growth
The equity-to-assets ratio of 0.49 in 2026Q2 implies approximately 1.04x asset-to-equity leverage, approaching the typical 2.0x regulatory limit for BDCs and signaling that future balance sheet expansion will be highly dependent on retained earnings or equity issuances.
With total liabilities-to-equity expanding to 1.03x from 0.71x over two years, FDUS has increasingly relied on debt to fund its aggressive portfolio deployment. This leverage profile, while still within regulatory bounds, appears to be a key constraint on the company's capacity for additional capital return or new investment without first improving its equity base through earnings retention or market offerings.
Valuation Discount Despite Superior Margins
FDUS trades at a significant P/B discount to peer Capital Southwest (0.95x vs 1.61x) and has a lower P/E than most peers, yet its gross margin of 76.1% and operating margin of 68.9% are substantially higher, indicating a potential valuation anomaly.
The peer comparison reveals that FDUS is priced more like a pure debt investor (e.g., SLRC at 0.69x P/B) than a hybrid equity/debt vehicle like CSWC. This may reflect investor concerns about the sustainability of FDUS's equity-driven gains or the recent emergence of credit provisions. Its superior efficiency ratio (16.5%) versus the peer average suggests better cost control, but this advantage is not being reflected in its relative valuation.
The Misapplied P/E Ratio Masks Core Earnings
The most commonly misapplied ratio for FDUS is the P/E multiple, as it conflates recurring interest income with highly volatile, non-cash equity gains and losses, obscuring the stability of the underlying net investment income stream.
A trailing P/E of 8.54 is meaningless for a BDC where 40%+ of quarterly earnings can swing due to unrealized equity valuations, as seen in the -33.2% and -51.4% fee income quarters. Investors should instead focus on the Dividend Coverage Ratio from net investment income alone and the Net Asset Value per share trend. Using P/E could mislead investors into thinking earnings are depressed or elevated based on market fluctuations, rather than the operational performance of the loan portfolio.