Latest Ratios: P/E Ratio 8.3x · EV/EBITDA 10.9x · 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 | $734M | $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 → | 8.33 | 8.32 | 8.76 | 6.72 | 13.03 | 3.79 | 10.23 | 7.49 | 5.79 | 8.12 | 6.93 |
| P/S Ratio | 4.61 | 4.30 | 6.03 | 4.78 | 6.50 | 3.00 | 5.58 | 5.11 | 5.03 | 6.91 | 6.08 |
| P/B Ratio | 0.92 | 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 | — | 7.91 | 9.70 | 7.98 | 11.36 | 4.34 | 11.14 | 9.89 | 9.07 | 10.71 | 9.51 |
| EV / EBITDA | 10.87 | 10.47 | 13.41 | 10.86 | 17.07 | 5.36 | 19.57 | 14.31 | 8.07 | 10.24 | 8.56 |
| EV / EBIT | 10.79 | 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 | 72.6% | 72.6% | 80.4% | 81.0% | 76.9% | 88.4% | 69.7% | 78.6% | 114.4% | 113.8% | 109.9% |
| Operating Margin | 76.1% | 76.1% | 72.3% | 73.5% | 66.5% | 81.1% | 56.9% | 69.1% | 85.2% | 65.6% | 57.1% |
| Net Profit Margin | 51.7% | 51.7% | 68.9% | 71.0% | 50.0% | 79.3% | 54.4% | 68.3% | 87.0% | 85.0% | 87.9% |
| 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 | 8.61 | 3.08 | 13.57 | 7.22 | 4.25 | 4.40 | 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 | 7.30 | 1.66 | 9.76 | 6.92 | 3.59 | 3.63 | 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 | — | 0.11 | 0.10 | 0.10 | 0.08 | 0.16 | 0.07 | 0.09 | 0.08 | 0.08 | 0.08 |
| 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 | 11.0% | — | — | — | — | — | — | — | — | — | — |
| 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 | 12.0% | 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% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 11.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $35M | $33M | $26M | $24M | $24M | $24M | $24M | $24M | $24M | $18M |
Portfolio Exit Timing Volatility
According to current market data, FDUS trades at a P/E of 8.09x, which, when compared to the broader BDC peer group, suggests investors are discounting the sustainability of recent equity-driven gains despite a PEG ratio of 0.64 indicating potential undervaluation relative to historical growth rates.
The current valuation appears to reflect a cautious market stance toward the volatility of non-recurring income streams inherent in the lower middle market model. Investors should monitor whether the forward P/E of 8.85x signals an expectation of earnings normalization as the current exit environment potentially cools.
Based on reported financial figures, FDUS has maintained an ROE fluctuating between 2.5% and 4.6% over the last ten quarters, a trend that highlights the firm's reliance on episodic capital gains rather than consistent, linear compounding of its invested capital base within the LMM segment.
The modest ROE figures suggest that while the firm is profitable, the returns are heavily influenced by the timing of portfolio exits rather than steady-state interest income. This pattern warrants further investigation into whether the firm's underwriting discipline is sufficient to maintain long-term NAV growth during periods of lower M&A activity.
As reported in recent SEC filings, the company's asset turnover remains consistently low at approximately 0.02x to 0.03x, which is typical for a BDC but underscores the firm's structural dependence on the long-term appreciation of illiquid Level 3 assets rather than rapid operational asset cycling.
The lack of meaningful improvement in asset turnover suggests that the firm's efficiency is primarily a function of portfolio valuation rather than operational velocity. Investors should monitor the DSO trends, which have shown variability, as these may indicate shifts in the underlying credit quality of the portfolio companies.
According to quarterly balance sheet data, FDUS maintains a debt-to-equity ratio of 0.90, a level that appears prudent when compared to the higher leverage profiles of peers like PennantPark, suggesting the firm retains significant capacity to deploy capital should attractive investment opportunities arise in the LMM.
The interest coverage ratio, which has hovered between 2.5x and 5.0x, indicates that debt service remains manageable under current conditions. However, the sensitivity of this coverage to potential non-accruals in the portfolio suggests that the current leverage profile should be viewed as a defensive buffer rather than a permanent state.
As noted in financial analysis, the dividend yield of 11.3% is frequently misapplied by retail investors as a proxy for operational safety, failing to account for the fact that a significant portion of these distributions may be funded by volatile, non-recurring equity realizations rather than recurring interest.
Investors should instead focus on the 'Net Investment Income' (NII) coverage of the dividend, as the headline yield obscures the underlying sustainability of the payout. Relying on yield alone ignores the structural risk that a slowdown in the M&A exit environment could necessitate a reduction in supplemental dividend payments.
Includes 30+ ratios · 17 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 FDUS stock.
Fidus Investment Corporation's current P/E ratio is 8.3x. The historical average is 8.4x. This places it at the 53th percentile of its historical range.
Fidus Investment Corporation's current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
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 8.3x. This is at the 53th 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 11.00% with a payout ratio of 91.6%.
Fidus Investment Corporation has 72.6% gross margin and 76.1% 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.