PennantPark Floating Rate Capital Ltd. (PFLT) 10-Year Financial Performance & Capital Metrics

PFLT • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutPennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments. It primarily invests between $10 million and $50 million in investments in senior secured loans and mezzanine debt. It seeks to invest in companies not rated by national rating agencies. The companies if rated would be between BB and CCC under the Standard & Poor's system. The fund invests 30% is invested in non-qualifying assets like investments in public companies whose securities are not thinly traded or do not have a market capitalization of less than $250 million, securities of middle-market companies located outside of the United States, high-yield bonds, distressed debt, private equity, securities of public companies that are not thinly traded, and investment companies as defined in the 1940 Act. Under normal conditions, the fund expects atleast 80 percent of its net assets plus any borrowings for investment purposes to be invested in Floating Rate Loans and investments with similar economic characteristics, including cash equivalents invested in money market funds. It expects to represent 65 percent of its portfolio through senior secured loans. In case of floating rate loans, it holds investments for a period of three to ten years.Show more

Net Interest Income $0 -100.0%
Total Revenue $255M +52.2%
Net Income $66M -27.7%
Return on Equity 6.8% -43.3%
Net Interest Margin 0% -100.0%
Efficiency Ratio 0.61% -93.5%
ROA 2.64% -52.7%
Equity / Assets 36.88% -11.4%
Book Value per Share 11.61 -13.0%
Tangible BV/Share 11.61 -13.0%
Debt/Equity 0.17 -87.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 29.2%
✓Efficient operations: 0.6% efficiency ratio
✓Well capitalized: 36.9% equity/assets
✓Diversified revenue: 100.0% from non-interest income
✓Trading at only 0.8x book value

✗Weaknesses

✗Shares diluted 40.8% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y28.68%

5Y38.68%

3Y83.44%

TTM-

Profit (Net Income) CAGR

10Y18.16%

5Y29.23%

3Y167.86%

TTM-27.74%

EPS CAGR

10Y-0.67%

5Y8.9%

3Y104.57%

TTM-45.2%

ROCE

10Y Avg4.83%

5Y Avg4.29%

3Y Avg5.25%

Latest6.8%

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

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	35.74M	44.95M	53.41M	60.48M	58.83M	47.78M	55.49M	81.53M	104.27M	0
NII Growth %	0.38%	0.26%	0.19%	0.13%	-0.03%	-0.19%	0.16%	0.47%	0.28%	-1%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	40.67M	53.28M	67.77M	83.02M	85.94M	69.43M	85.25M	119.7M	163.49M	0
Interest Expense	4.92M	8.34M	14.36M	22.54M	27.11M	21.65M	29.75M	38.17M	59.22M	56.12M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	-3.94M
Non-Interest Income+	1.98M	-4.03M	-3.79M	-40.53M	-36.15M	14.14M	-43.88M	-39.38M	4.33M	255.38M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	42.65M	49.26M	63.98M	42.49M	49.79M	83.56M	41.37M	80.32M	167.82M	255.38M
Revenue Growth %	1.08%	0.15%	0.3%	-0.34%	0.17%	0.68%	-0.5%	0.94%	1.09%	0.52%
Non-Interest Expense	4.24M	4.29M	15.33M	8.53M	3.87M	5M	3.19M	4.42M	15.68M	1.56M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	33.49M	36.63M	34.29M	11.42M	18.81M	56.92M	8.42M	37.73M	92.92M	162.89M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.59%	0.09%	-0.06%	-0.67%	0.65%	2.03%	-0.85%	3.48%	1.46%	0.75%
Pretax Income+	33.49M	36.63M	34.29M	11.42M	18.81M	56.92M	8.42M	37.73M	92.92M	66.36M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	300K	800K	0	400K	400K	4.97M	-1.53M	1.08M	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	33.49M	36.33M	33.49M	11.42M	18.41M	56.52M	3.45M	39.26M	91.84M	66.36M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.68%	0.08%	-0.08%	-0.66%	0.61%	2.07%	-0.94%	10.37%	1.34%	-0.28%
Net Income (Continuing)	33.49M	36.33M	33.49M	11.42M	18.41M	56.52M	3.45M	39.26M	91.84M	66.36M
EPS (Diluted)+	1.25	1.20	0.87	-0.29	0.47	1.46	0.08	0.77	1.40	0.72
EPS Growth %	0.62%	-0.04%	-0.28%	-1.33%	2.62%	2.11%	-0.94%	8.16%	0.82%	-0.49%
EPS (Basic)	1.25	1.20	0.87	-0.29	0.47	1.46	0.08	0.77	1.40	0.72
Diluted Shares Outstanding	26.73M	30.27M	38.3M	38.77M	38.77M	38.77M	41.06M	50.83M	65.73M	92.54M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	28.91M	18.91M	72.22M	63.34M	57.51M	49.83M	51.49M	100.56M	112.05M	122.69M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	598.89M	710.5M	1B	1.08B	0	0	0	1.07B	0	2.77B
Investments Growth %	0.53%	0.19%	0.41%	0.08%	-1%	-	-	-	-1%	-
Long-Term Investments	598.89M	710.5M	1B	1.08B	0	0	0	1.07B	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
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	0	0	0	0	1.09B	1.08B	1.16B	0	1.98B	0
Total Current Assets	32.53M	36.85M	75.83M	70.67M	61.36M	89.24M	63.22M	112.44M	125.34M	136.52M
Total Non-Current Assets	598.89M	710.5M	1B	1.08B	1.09B	1.08B	1.16B	1.07B	1.98B	0
Total Assets+	631.42M	747.35M	1.08B	1.15B	1.15B	1.17B	1.23B	1.18B	2.11B	2.91B
Asset Growth %	0.52%	0.18%	0.44%	0.07%	-0%	0.02%	0.05%	-0.04%	0.79%	0.38%
Return on Assets (ROA)	0.06%	0.05%	0.04%	0.01%	0.02%	0.05%	0%	0.03%	0.06%	0.03%
Accounts Payable	18.01M	25.51M	65.91M	18.99M	11.08M	22.69M	12.47M	20.83M	45.03M	0
Total Debt+	0	0	135.5M	359.56M	653.21M	652.63M	672.78M	495.43M	1.18B	184.61M
Net Debt	-28.91M	-18.91M	63.28M	296.22M	595.7M	602.81M	621.29M	394.88M	1.06B	61.92M
Long-Term Debt	0	0	135.5M	359.56M	653.21M	652.63M	672.78M	495.43M	1.18B	1.78B
Short-Term Debt	0	0	0	0	0	0	0	0	0	184.61M
Other Liabilities	0	0	0	0	6.72M	4.92M	15.13M	9.75M	9.49M	1.65B
Total Current Liabilities	255.51M	289.44M	405.1M	289.76M	11.08M	22.69M	12.47M	20.83M	45.03M	184.61M
Total Non-Current Liabilities	0	0	135.5M	359.56M	659.93M	657.55M	687.91M	505.18M	1.19B	1.65B
Total Liabilities	255.51M	289.44M	540.6M	649.32M	671.02M	680.25M	700.38M	526.01M	1.23B	1.84B
Total Equity+	375.91M	457.91M	535.84M	503.06M	477.27M	490.61M	527.09M	653.61M	877.29M	1.07B
Equity Growth %	0.01%	0.22%	0.17%	-0.06%	-0.05%	0.03%	0.07%	0.24%	0.34%	0.22%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.09%	0.07%	0.02%	0.04%	0.12%	0.01%	0.07%	0.12%	0.07%
Book Value per Share	14.06	15.13	13.99	12.97	12.31	12.66	12.84	12.86	13.35	11.61
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	26.73K	32.48K	38.77K	38.77K	38.77K	39K	45K	59K	78K	99K
Additional Paid-in Capital	371.19M	451.45M	539.46M	538.63M	538.15M	538.81M	618.03M	765.19M	976.74M	1.22B
Retained Earnings	3.18M	7.45M	-3.66M	-35.61M	-60.92M	-48.24M	-90.98M	-111.64M	-99.53M	-145.09M
Accumulated OCI	-1.38M	4.29M	-2.33M	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

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	-165.46M	-76.71M	-208.28M	-121.42M	-4.94M	49.8M	-46.58M	140.56M	-801.38M	95.04M
Operating CF Growth %	-74.02%	0.54%	-1.72%	0.42%	0.96%	11.08%	-1.94%	4.02%	-6.7%	1.12%
Net Income	33.49M	36.33M	33.49M	11.42M	18.41M	56.52M	3.45M	39.26M	91.84M	0
Depreciation & Amortization	0	0	0	0	0	0	0	1.41M	-19.1M	25.15M
Deferred Taxes	0	0	0	0	0	0	0	0	-82K	152K
Other Non-Cash Items	-208.2M	-107.63M	-295.89M	-81.91M	-18.48M	18.82M	-68.91M	98.78M	-894.76M	68.72M
Working Capital Changes	9.25M	-5.4M	54.12M	-50.93M	-4.88M	-25.54M	18.88M	1.11M	20.72M	1.01M
Cash from Investing+	0	0	0	0	0	0	0	0	0	-808.05M
Purchase of Investments	0	0	0	0	0	0	-607.76M	-324.55M	-1.41B	-1.73B
Sale/Maturity of Investments	0	0	0	0	0	0	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	112.57M	-74.54M	893.38M	0
Cash from Financing+	172.84M	67.1M	263.57M	111.68M	-909K	-56.31M	47.7M	-91.53M	812.87M	731.22M
Dividends Paid	-30.47M	-34.3M	-42.98M	-44.2M	-44.2M	-44.21M	-46.07M	-58.74M	-78.81M	-111.56M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Stock Issued	0	80.99M	89.03M	0	0	1.4M	81.94M	148.41M	213.91M	244.75M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	1000K	1000K
Other Financing	0	-470K	-1.01M	0	0	-364K	-1.97M	-705K	-5.46M	0
Net Change in Cash+	7.48M	-10M	53.31M	-8.89M	-5.83M	-7.46M	1.44M	49.07M	11.49M	10.64M
Exchange Rate Effect	109.95K	-383.47K	-1000K	852.07K	24K	-945K	320K	37K	4K	-2K
Cash at Beginning	21.43M	28.91M	18.91M	72.22M	63.34M	57.51M	50.05M	51.49M	100.56M	112.05M
Cash at End	28.91M	18.91M	72.22M	63.34M	57.51M	50.05M	51.49M	100.56M	112.05M	122.69M
Interest Paid	4.62M	8.29M	23.28M	21.88M	0	0	0	0	0	0
Income Taxes Paid	308.8K	256.72K	395.56K	293.67K	0	0	0	0	0	0
Free Cash Flow+	-165.46M	-76.71M	-208.28M	-121.42M	-4.94M	49.8M	-46.58M	140.56M	-801.38M	-720.58M
FCF Growth %	-74.02%	0.54%	-1.72%	0.42%	0.96%	11.08%	-1.94%	4.02%	-6.7%	0.1%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.94%	8.71%	6.74%	2.2%	3.76%	11.68%	0.68%	6.65%	12%	6.8%
Return on Assets (ROA)	6.39%	5.27%	3.67%	1.02%	1.6%	4.87%	0.29%	3.26%	5.59%	2.64%
Net Interest Margin	5.66%	6.01%	4.96%	5.25%	5.12%	4.08%	4.52%	6.91%	4.94%	0%
Efficiency Ratio	9.93%	8.71%	23.96%	20.08%	7.76%	5.98%	7.72%	5.5%	9.34%	0.61%
Equity / Assets	59.53%	61.27%	49.78%	43.65%	41.56%	41.9%	42.94%	55.41%	41.6%	36.88%
Book Value / Share	14.06	15.13	13.99	12.97	12.31	12.66	12.84	12.86	13.35	11.61
NII Growth	37.73%	25.74%	18.84%	13.24%	-2.74%	-18.78%	16.15%	46.92%	27.89%	-100%
Dividend Payout	90.99%	94.41%	128.33%	387.17%	240.05%	78.22%	1334.12%	149.61%	85.82%	-

Frequently Asked Questions

Valuation & Price

PennantPark Floating Rate Capital Ltd. (PFLT) has a price-to-earnings (P/E) ratio of 13.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

PennantPark Floating Rate Capital Ltd. (PFLT) grew revenue by 52.2% over the past year. This is strong growth.

Yes, PennantPark Floating Rate Capital Ltd. (PFLT) is profitable, generating $66.4M in net income for fiscal year 2025 (26.0% net margin).

Dividend & Returns

Yes, PennantPark Floating Rate Capital Ltd. (PFLT) pays a dividend with a yield of 12.42%. This makes it attractive for income-focused investors.

PennantPark Floating Rate Capital Ltd. (PFLT) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Industry Metrics

PennantPark Floating Rate Capital Ltd. (PFLT) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.

PennantPark Floating Rate Capital Ltd. (PFLT) has an efficiency ratio of 0.6%. This is excellent, indicating strong cost control.

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