Revenue performance remains unstable, evidenced by a decline from $10.3 million in 2024Q4 to $7.4 million in 2026Q1, while operating margins have fluctuated significantly, reaching a low of -45.1% in 2025Q3.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 |
|---|
| Sales/Revenue | 4.15B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 3.13B | 13.79M | 28.57M | 20.13M | 1.19M | 8.24M | -60.38M | -62.62M | -97.24M | -5.26M | -22.13M | -4.65M | 61.99M | 46.04M | 27M | 10.92M |
| Gross Margin % | 75.38% | 57.29% | 81.21% | 100% | 18.86% | 58.68% | 132.86% | 162.36% | 140.28% | -20.11% | -271.62% | -22.28% | 75.48% | 77.39% | 84.34% | 98.53% |
| Gross Profit Growth % | - | -51.74% | 41.91% | 1593.54% | -85.57% | 113.64% | 3.56% | 35.61% | -1749.79% | 76.25% | -375.66% | -107.51% | 34.63% | 70.56% | 147.24% | - |
| Operating Expenses | 787.3M | 9.84M | 10.84M | 8.09M | 7.3M | 6.96M | 5.43M | 33.96M | 14.16M | 10.91M | 5.92M | 10.04M | 8.24M | 6.63M | 4.59M | 1.38M |
| OpEx % of Revenue | - | 40.9% | 30.81% | 40.19% | 115.77% | 49.58% | -11.95% | -88.06% | -20.43% | 41.73% | 72.66% | 48.11% | 10.03% | 11.14% | 14.35% | 12.49% |
| Selling, General & Admin | 1.53B | 4.78M | 3.99M | 8.09M | 4.05M | 4.84M | 3.66M | 31.93M | 12M | 9.64M | 9.57M | 10.04M | 8.24M | 6.48M | 4.6M | 2.36M |
| SG&A % of Revenue | - | 19.84% | 11.33% | 40.19% | 64.23% | 34.51% | -8.05% | -82.79% | -17.31% | 36.87% | 117.42% | 48.11% | 10.03% | 10.88% | 14.36% | 21.31% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.34B | 3.95M | 17.73M | 12.04M | -6.11M | 1.28M | -65.81M | -96.58M | -111.4M | -16.17M | -28.05M | -14.7M | 53.75M | 39.42M | 22.4M | 9.53M |
| Operating Margin % | 56.42% | 16.39% | 50.4% | 59.81% | -96.91% | 9.1% | 144.81% | 250.42% | 160.7% | -61.84% | -344.28% | -70.39% | 65.45% | 66.26% | 70% | 86.03% |
| Operating Income Growth % | - | -77.75% | 47.25% | 297.19% | -577.89% | 101.94% | 31.85% | 13.31% | -588.99% | 42.36% | -90.86% | -127.34% | 36.36% | 75.94% | 134.99% | - |
| EBITDA | 2.34B | 3.95M | 17.73M | 32.45M | -6.11M | 1.28M | -65.81M | -96.58M | -111.4M | -16.17M | -28.05M | -14.7M | 53.75M | 39.42M | 22.4M | 9.53M |
| EBITDA Margin % | 56.42% | 16.39% | 50.4% | 161.18% | -96.91% | 9.1% | 144.81% | 250.42% | 160.7% | -61.84% | -344.28% | -70.39% | 65.45% | 66.26% | 70% | 86.03% |
| EBITDA Growth % | 23992.21% | -77.75% | -45.36% | 631.37% | -577.89% | 101.94% | 31.85% | 13.31% | -588.99% | 42.36% | -90.86% | -127.34% | 36.36% | 75.94% | 134.99% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 20.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 133.23K | 3.95M | 17.73M | 32.45M | -6.11M | 1.28M | -65.81M | -96.58M | -111.4M | -16.17M | -28.05M | -14.7M | 53.75M | 39.42M | 22.4M | 9.53M |
| Net Interest Income | 7.81M | 6.53M | 8.19M | 7.02M | 4.18M | 2.3M | -362.68K | 11.73M | 26.44M | 54M | 81.97M | 112.82M | 90.18M | 59.71M | 33.34M | 12.64M |
| Interest Income | 15.39M | 16.81M | 14.8M | 12.55M | 9.3M | 8.1M | 14.57M | 35.78M | 54.35M | 85.4M | 112.25M | 138.35M | 110.32M | 73.16M | 38.35M | 12.8M |
| Interest Expense | 2.32B | 10.28M | 6.61M | 5.53M | 5.11M | 5.8M | 14.94M | 24.05M | 27.92M | 31.4M | 30.28M | 25.53M | 20.13M | 13.45M | 5.01M | 163.07K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -2.3M | 3.95M | 17.73M | 26.92M | -6.11M | 1.28M | -65.81M | -96.58M | -111.4M | -16.17M | -28.05M | -14.7M | 53.75M | 39.42M | 22.4M | 9.53M |
| Pretax Margin % | -0.06% | 16.39% | 50.4% | 133.71% | -96.91% | 9.1% | 144.81% | 250.42% | 160.7% | -61.84% | -344.28% | -70.39% | 65.45% | 66.26% | 70% | 86.03% |
| Income Tax | -116.42K | -210.21K | -887.1K | 0 | 0 | 0 | 0 | 0 | -474.35K | -1.09M | -87.33K | 61.33K | 1.59M | 0 | 0 | 0 |
| Effective Tax Rate % | 5.06% | -5.33% | -5% | 0% | 0% | 0% | 0% | 0% | 0.43% | 6.75% | 0.31% | -0.42% | 2.96% | 0% | 0% | 0% |
| Net Income | -2.18M | 4.16M | 18.62M | 26.92M | -6.11M | 1.28M | -65.81M | -96.58M | -110.92M | -15.08M | -27.96M | -14.76M | 52.16M | 39.42M | 22.4M | 9.53M |
| Net Margin % | -0.05% | 17.27% | 52.93% | 133.71% | -96.91% | 9.1% | 144.81% | 250.42% | 160.02% | -57.66% | -343.21% | -70.68% | 63.51% | 66.26% | 70% | 86.03% |
| Net Income Growth % | -121.23% | -77.68% | -30.83% | 540.78% | -577.89% | 101.94% | 31.85% | 12.94% | -635.73% | 46.08% | -89.47% | -128.29% | 32.32% | 75.94% | 134.99% | - |
| Net Income (Continuing) | -2.18M | 4.16M | 18.62M | 26.92M | -6.11M | 1.28M | -65.81M | -96.58M | -110.92M | -15.08M | -27.96M | -14.76M | 52.16M | 39.42M | 22.4M | 9.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.11 | 2.06 | 9.13 | 12.87 | -2.63 | 0.48 | -24.16 | -35.46 | -40.73 | -5.54 | -10.09 | -5.12 | 22.02 | 26.06 | 25.01 | 11.00 |
| EPS Growth % | -110.08% | -77.44% | -29.06% | 589.35% | -647.92% | 101.99% | 31.87% | 12.94% | -635.2% | 45.09% | -97.07% | -123.25% | -15.5% | 4.2% | 127.36% | - |
| EPS (Basic) | - | 2.06 | 9.13 | 12.87 | -2.63 | 0.48 | -24.16 | -35.46 | -40.73 | -5.54 | -10.09 | -5.12 | 22.02 | 26.06 | 25.01 | 11.00 |
| Diluted Shares Outstanding | 1.97M | 2.02M | 2.04M | 2.09M | 2.32M | 2.68M | 2.72M | 2.72M | 2.72M | 2.72M | 2.77M | 2.88M | 2.37M | 1.51M | 895.97K | 862.91K |
| Basic Shares Outstanding | 1.97M | 2.02M | 2.04M | 2.09M | 2.32M | 2.68M | 2.72M | 2.72M | 2.72M | 2.72M | 2.77M | 2.88M | 2.37M | 1.51M | 895.97K | 862.91K |
| Dividend Payout Ratio | - | 69.5% | 14.21% | - | - | - | - | - | - | - | - | - | 139.99% | 108.79% | 102.01% | 67.22% |
Portfolio asset base erosion
As evidenced by the quarterly income statement data, PhenixFIN has experienced significant volatility in top-line performance, with revenue dropping from $10.3 million in 2024Q4 to $7.4 million in 2026Q1, highlighting a clear trend of asset base erosion that warrants deep investor concern regarding future durability.
The inconsistent revenue trajectory suggests that the company is struggling to maintain a stable income-producing portfolio, likely due to a combination of loan repayments and limited new originations. This contraction implies that the firm's core earning power is diminishing, which may force management to reconsider its capital allocation strategy to prevent further shrinkage.
Based on the reported financial figures, gross margins have fluctuated wildly, reaching a low of 22.8% in 2025Q3 before recovering to 98.6% in 2026Q1, a pattern that suggests the company's profitability is highly sensitive to non-recurring portfolio adjustments rather than stable, predictable interest income streams.
Such extreme margin swings indicate that the underlying investment portfolio may be subject to frequent fair-value adjustments or credit events that distort core performance. Investors should monitor whether these margin fluctuations are a byproduct of legacy asset management or a structural weakness in the current investment selection process.
According to the income statement, the company's operating margin has frequently dipped into negative territory, such as the -45.1% reported in 2025Q3, demonstrating that the fixed internal cost structure is currently too heavy to support the firm's diminished revenue base effectively during periods of portfolio stress.
The inability to maintain positive operating leverage suggests that the internalized management structure, while theoretically efficient, is currently failing to achieve the necessary scale to cover its administrative overhead. This creates a high break-even threshold that may continue to pressure net income unless the asset base is expanded significantly.
As reported in recent filings, the company's net income has shown extreme inconsistency, including a $4.8 million loss in 2026Q1, which raises significant doubts about the quality of earnings and the potential for the firm to generate sustainable returns for shareholders in the current environment.
Short-sellers would likely focus on the disconnect between the company's internal cost structure and its declining revenue, arguing that the firm is effectively liquidating its portfolio rather than growing it. The reliance on non-operating items to bolster net margins warrants further investigation into whether the company can achieve long-term profitability without relying on one-time gains.
Quick answers to the most common questions about buying PFX stock.
PhenixFIN Corporation (PFX) is profitable, generating $4.2M in net income for the fiscal year ending 2025 with a net profit margin of 17.3%.
PhenixFIN Corporation (PFX) reported an operating income of $3.9M, resulting in an operating profit margin of 16.4%. This margin reflects the operational efficiency of the business before interest and taxes.
PhenixFIN Corporation (PFX) generated $13.8M in gross profit for the year, representing a gross profit margin of 57.3%. This demonstrates the company's core pricing power and production efficiency.