Revenue volatility remains a persistent feature of the business model, with quarterly figures fluctuating between $24.5 million and $35.5 million over the last ten quarters as the firm navigates shifting exit-driven capital gains.
| 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 |
|---|
| Sales/Revenue | 133.26M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 99.09M | 115.62M | 91.39M | 88M | 55.05M | 129.47M | 39.97M | 55.79M | 65.06M | 58.83M | 51.98M | 46.72M | 40.22M | 36.53M | 29.61M | 19.77M | 13.84M | 10.1M |
| Gross Margin % | 74.35% | 72.61% | 80.39% | 81.03% | 76.88% | 88.42% | 69.66% | 78.57% | 114.4% | 113.81% | 109.89% | 154.41% | 167.06% | 117.6% | 134.14% | 119.62% | 280.05% | 71.2% |
| Gross Profit Growth % | - | 26.52% | 3.85% | 59.83% | -57.48% | 223.91% | -28.36% | -14.25% | 10.6% | 13.18% | 11.24% | 16.18% | 10.09% | 23.37% | 49.75% | 42.88% | 37.04% | - |
| Operating Expenses | 2.02M | -5.57M | 9.18M | 8.17M | 7.41M | 10.79M | 7.3M | 6.7M | -2.93M | 8M | 12.02M | -4.17M | -5.49M | 6.26M | 2.15M | 1.39M | -8.16M | 3M |
| OpEx % of Revenue | - | -3.5% | 8.07% | 7.52% | 10.35% | 7.37% | 12.73% | 9.44% | -5.16% | 15.48% | 25.41% | -13.77% | -22.8% | 20.15% | 9.73% | 8.38% | -165.16% | 21.18% |
| Selling, General & Admin | 7.02M | 4.54M | 6.81M | 6.29M | 5.36M | 4.49M | 5.16M | 4.42M | 4.27M | 4.07M | 3.99M | 3.93M | 4.19M | 3.12M | 2.66M | 1.55M | 627K | 430.61K |
| SG&A % of Revenue | - | 2.85% | 5.99% | 5.79% | 7.48% | 3.07% | 8.99% | 6.23% | 7.51% | 7.87% | 8.43% | 12.99% | 17.4% | 10.05% | 12.05% | 9.38% | 12.69% | 3.04% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 97.07M | 121.19M | 82.21M | 79.83M | 47.64M | 118.67M | 32.66M | 49.09M | 48.44M | 33.9M | 27.03M | 26.88M | 23.66M | 19.54M | 15.69M | 11.53M | 8.96M | 7.1M |
| Operating Margin % | 72.84% | 76.11% | 72.32% | 73.5% | 66.53% | 81.05% | 56.93% | 69.13% | 85.17% | 65.58% | 57.14% | 88.84% | 98.3% | 62.91% | 71.08% | 69.77% | 181.3% | 50.03% |
| Operating Income Growth % | - | 47.42% | 2.99% | 67.55% | -59.85% | 263.29% | -33.45% | 1.34% | 42.89% | 25.42% | 0.53% | 13.6% | 21.09% | 24.54% | 36.05% | 28.72% | 26.27% | - |
| EBITDA | 96.95M | 120.3M | 82.21M | 79.83M | 47.64M | 118.67M | 32.66M | 49.09M | 63.89M | 54.06M | 52.59M | 35.8M | 27.38M | 35.02M | 25.84M | 11.53M | 13.92M | 10.78M |
| EBITDA Margin % | 72.75% | 75.54% | 72.32% | 73.5% | 66.53% | 81.05% | 56.93% | 69.13% | 112.34% | 104.59% | 111.19% | 118.29% | 113.71% | 112.73% | 117.04% | 69.77% | 281.69% | 76.03% |
| EBITDA Growth % | 15.87% | 46.32% | 2.99% | 67.55% | -59.85% | 263.29% | -33.45% | -23.16% | 18.17% | 2.8% | 46.92% | 30.76% | -21.83% | 35.53% | 124.03% | -17.16% | 29.09% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 96.95M | 120.3M | 82.21M | 79.83M | 47.64M | 118.67M | 32.66M | 49.09M | 63.89M | 54.06M | 52.59M | 35.8M | 27.38M | 35.02M | 25.84M | 0 | 13.92M | 10.78M |
| Net Interest Income | 113.67M | 111.82M | 112.05M | 98.84M | 67.98M | 60.43M | 60.76M | 56.14M | 56.27M | -9.89M | -10.59M | -9.43M | -7.51M | -7.08M | -6.42M | -5.49M | -4.96M | 0 |
| Interest Income | 146.11M | 140.66M | 134.34M | 119.44M | 84.54M | 77.38M | 78.16M | 71.36M | 67.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.69M |
| Interest Expense | 32.44M | 28.84M | 22.29M | 20.6M | 16.56M | 16.95M | 17.41M | 15.22M | 11.29M | 9.89M | 10.59M | 9.43M | 7.51M | 7.08M | 6.42M | 5.49M | 4.96M | 3.69M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 87.18M | 88.68M | 82.21M | 79.83M | 47.64M | 118.67M | 32.66M | 49.09M | 50.93M | 46.38M | 42.2M | 26.33M | 19.89M | 27.94M | 19.41M | 15.41M | 5.02M | 7.1M |
| Pretax Margin % | 65.42% | 55.69% | 72.32% | 73.5% | 66.53% | 81.05% | 56.93% | 69.13% | 89.56% | 89.72% | 89.22% | 87.01% | 82.6% | 89.95% | 87.95% | 93.22% | 101.66% | 50.03% |
| Income Tax | 4.55M | 6.28M | 3.92M | 2.69M | 11.82M | 2.57M | 1.44M | 621K | 1.48M | 2.42M | 630K | 351K | 400K | 739K | 4K | 24K | 0 | 8.69M |
| Effective Tax Rate % | 5.22% | 7.08% | 4.77% | 3.37% | 24.81% | 2.16% | 4.41% | 1.27% | 2.9% | 5.23% | 1.49% | 1.33% | 2.01% | 2.64% | 0.02% | 0.16% | 0% | 122.44% |
| 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 |
| Net Margin % | 62% | 51.75% | 68.87% | 71.02% | 50.02% | 79.3% | 54.42% | 68.25% | 86.96% | 85.03% | 87.89% | 85.85% | 80.94% | 87.57% | 87.93% | 93.07% | 101.65% | -11.22% |
| Net Income Growth % | 6.17% | 5.25% | 1.5% | 115.32% | -69.15% | 271.82% | -35.57% | -1.99% | 12.52% | 5.73% | 60.03% | 33.32% | -28.37% | 40.14% | 26.16% | 206.26% | 415.53% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 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 | 229.49M | 196.26M | 162.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.18 | 2.32 | 2.40 | 2.93 | 1.46 | 4.75 | 1.28 | 1.98 | 2.02 | 1.87 | 2.27 | 1.60 | 1.36 | 2.01 | 1.91 | 1.63 | 0.53 | -0.17 |
| EPS Growth % | -0.44% | -3.33% | -18.09% | 100.68% | -69.26% | 271.09% | -35.35% | -1.98% | 8.02% | -17.62% | 41.88% | 17.65% | -32.34% | 5.24% | 17.18% | 207.55% | 411.76% | - |
| EPS (Basic) | - | 2.32 | 2.40 | 2.93 | 1.46 | 4.75 | 1.28 | 1.98 | 2.02 | 1.87 | 2.27 | 1.60 | 1.36 | 2.01 | 1.91 | 1.63 | 0.53 | -0.17 |
| Diluted Shares Outstanding | 37.95M | 35.49M | 32.59M | 26.37M | 24.47M | 24.44M | 24.44M | 24.46M | 24.47M | 23.53M | 18.28M | 16.2M | 14.35M | 13.52M | 10.19M | 9.43M | 9.43M | 9.43M |
| Basic Shares Outstanding | 37.95M | 35.49M | 32.59M | 26.37M | 24.47M | 24.44M | 24.44M | 24.46M | 24.47M | 23.53M | 18.28M | 16.2M | 14.35M | 13.52M | 10.19M | 9.43M | 9.43M | 9.43M |
| Dividend Payout Ratio | - | 91.59% | - | - | 136.93% | 26.52% | 104.11% | 80.76% | 79.18% | 83.71% | 71.83% | 96.42% | 122.6% | 92.41% | 76.01% | 39.21% | 29.86% | - |
Portfolio Exit Timing Volatility
As indicated by the quarterly income statement data, FDUS revenue has fluctuated between $24.5 million and $35.5 million over the last ten quarters, reflecting the inherent lumpiness of exit-driven capital gains and fee realizations that characterize the firm's lower middle market investment strategy.
The lack of a consistent linear growth trajectory suggests that top-line performance is heavily tethered to the timing of portfolio company liquidity events rather than steady-state interest accrual. Investors should monitor whether the recent revenue variance indicates a shift in deal velocity or merely the episodic nature of equity co-investment realizations.
Based on reported financial figures, FDUS maintains a robust gross margin profile that peaked at 84.6% in 2023Q4, though recent data shows a contraction to 67.4% in 2026Q1, suggesting potential sensitivity to the interest rate environment and the composition of income between debt and equity.
The firm's ability to sustain high gross margins appears to be a function of its specialized lending niche, which commands a premium over broader market rates. However, the recent compression warrants investigation into whether this reflects a decline in pricing power or a temporary shift toward lower-yielding assets within the portfolio.
According to the provided income statement, FDUS demonstrates significant operating leverage, with SG&A expenses consistently representing a small fraction of gross profit, allowing the firm to maintain operating margins that frequently exceed 70% despite the inherent volatility of its investment-driven revenue model.
The firm's lean cost structure suggests that management has successfully avoided the overhead bloat often seen in asset managers, keeping fixed costs well-contained relative to the scale of the portfolio. This efficiency provides a necessary buffer against the cyclicality of capital gains, ensuring that core operating income remains resilient.
As reported in recent filings, the net income margin has fluctuated significantly, reaching a high of 75.1% in 2023Q4 before settling at 56.3% in 2026Q1, which highlights the reliance on non-operating valuation adjustments and realized gains to drive bottom-line profitability for shareholders.
The disparity between operating income and net income suggests that earnings are heavily influenced by the fair-value accounting of Level 3 assets, which may not always translate into immediate cash flow. Analysts should be cautious of interpreting these net income figures as a proxy for recurring cash-based dividend capacity.
While FDUS exhibits strong profitability, the historical data suggests a potential vulnerability to the M&A exit environment, as evidenced by the sharp 46.2% EPS decline observed in 2024Q3, which underscores the risk of relying on episodic equity gains to support the firm's overall financial performance.
Short-term volatility in EPS appears to be a structural feature rather than an anomaly, raising questions about the sustainability of distributions during periods of market stagnation. Investors should consider whether the current valuation adequately discounts the risk of a prolonged downturn in the lower middle market exit environment.
Quick answers to the most common questions about buying FDUS stock.
Fidus Investment Corporation (FDUS) is profitable, generating $82.4M in net income for the fiscal year ending 2025 with a net profit margin of 51.7%.
Fidus Investment Corporation (FDUS) reported an operating income of $121.2M, resulting in an operating profit margin of 76.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Fidus Investment Corporation (FDUS) generated $115.6M in gross profit for the year, representing a gross profit margin of 72.6%. This demonstrates the company's core pricing power and production efficiency.