Financial leverage has increased to a debt-to-equity ratio of 1.38x as of 2026Q1, while cash reserves have dwindled to $124 million from a peak of $472 million in 2025Q1.
| 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 | Dec'08 |
|---|
| Total Current Assets | 494M | 181M | 669M | 775M | 699M | 1.1B | 440M | 848M | 312M | 175M | 377.42M | 115.41M | 158.34M | 227.33M | 404.3M | 227.25M | 42.42M | 9.44M | 1M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 9M | -411M | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 0 | 0 | 708K | 156K | 530K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 12.33B | 13.55B | 13.55B | 14.69B | 15.43B | 16.13B | 6.8B | 7.37B | 7.6B | 3.93B | 3.73B | 4.03B | 4.18B | 4.22B | 3.93B | 1.84B | 733.58M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 25.28B | 13.01B | 3M | 13M | 25M | 9M | 1M | 1M | 7.39B | 3.93B | 3.73B | 4.03B | 4.18B | 4.14B | 3.93B | 1.84B | 733.58M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 12.82B | 13.73B | 14.22B | 15.47B | 16.12B | 17.23B | 7.24B | 8.22B | 7.71B | 4.1B | 4.11B | 4.15B | 4.35B | 4.44B | 4.35B | 2.14B | 782M | 110.07M | 1M |
| Asset Turnover | 0.04x | 0.09x | 0.08x | 0.08x | 0.03x | 0.10x | -0.03x | 0.05x | 0.09x | 0.07x | 0.09x | 0.03x | 0.07x | 0.08x | 0.09x | 0.03x | 0.05x | 0.04x | - |
| Asset Growth % | -29.01% | -3.45% | -8.08% | -4.06% | -6.41% | 138.05% | -11.92% | 6.63% | 87.74% | -0.15% | -0.92% | -4.75% | -2.02% | 2.25% | 102.72% | 174.2% | 610.47% | 10906.8% | - |
| Total Current Liabilities | 0 | 0 | 110M | 294M | 296M | 248M | 99M | 134M | 148M | 1.07B | 1.07B | 916.35M | 1.14B | 1.2B | 1.1B | 89.2M | 95.6M | 0 | 0 |
| Accounts Payable | 0 | 0 | 110M | 294M | 296M | 248M | 99M | 134M | 6M | 72M | 80.26M | 76.15M | 61.83M | 52.66M | 106.67M | 77.44M | 883K | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 142M | 966.33M | 951.52M | 800M | 1.02B | 1.11B | 915.72M | -89.2M | 28K | 0 | 0 |
| Current Ratio | - | - | 6.08x | 2.64x | 2.36x | 4.44x | 4.44x | 6.33x | 2.11x | 0.16x | 0.35x | 0.13x | 0.14x | 0.19x | 0.37x | 2.55x | 0.44x | - | - |
| Quick Ratio | - | - | 6.08x | 2.64x | 2.36x | 4.44x | 4.44x | 6.33x | 2.11x | 0.16x | 0.35x | 0.13x | 0.14x | 0.19x | 0.37x | 2.55x | 0.44x | - | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.55B | 7.88B | 7.49B | 8.33B | 8.82B | 9.25B | 4.04B | 4.22B | 3.39B | 1.71B | 1.69B | 1.02B | 1.26B | 723.7M | 973M | 340M | 297.2M | 0 | 0 |
| Long-Term Debt | 7.27B | 7.63B | 7.35B | 8.19B | 8.69B | 9.14B | 4B | 4.17B | 3.39B | 1.71B | 1.69B | 1.02B | 848.02M | 723.68M | 973.05M | 340M | 297.2M | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 7.55B | 7.88B | 7.6B | 8.62B | 9.11B | 9.5B | 4.14B | 4.35B | 3.54B | 1.82B | 1.81B | 1.94B | 1.99B | 1.8B | 1.84B | 645.33M | 392.77M | 16.87M | 1K |
| Total Debt | 7.27B | 7.63B | 7.35B | 8.19B | 8.69B | 9.14B | 4B | 4.17B | 3.39B | 1.71B | 1.69B | 1.82B | 1.86B | 723.68M | 973.05M | 340M | 297.2M | 0 | 0 |
| Net Debt | 7.15B | 7.45B | 7.05B | 7.96B | 8.44B | 8.77B | 3.81B | 4.07B | 3.29B | 1.57B | 1.43B | 1.74B | 1.77B | 496.35M | 634.15M | 129.29M | 258.41M | -9.04M | -1M |
| Debt / Equity | 1.38x | 1.31x | 1.11x | 1.20x | 1.24x | 1.18x | 1.29x | 1.08x | 0.81x | 0.75x | 0.74x | 0.83x | 0.79x | 0.27x | 0.39x | 0.23x | 0.76x | - | - |
| Debt / EBITDA | -33.20x | 10.07x | 12.09x | 11.36x | 74.95x | 5.99x | - | 16.49x | 5.89x | 9.16x | 5.65x | 41.05x | 9.31x | 2.66x | 2.94x | 6.36x | 10.52x | - | - |
| Net Debt / EBITDA | -32.63x | 9.83x | 11.60x | 11.03x | 72.78x | 5.74x | - | 16.08x | 5.71x | 8.41x | 4.76x | 39.21x | 8.83x | 1.83x | 1.92x | 2.42x | 9.14x | -0.79x | - |
| Interest Coverage | -0.69x | 1.05x | 1.36x | 1.60x | 0.33x | 6.88x | -2.50x | 1.54x | 7.38x | 2.53x | 4.29x | 0.62x | 3.09x | 5.35x | 10.94x | 4.72x | 7.28x | - | - |
| Total Equity | 5.27B | 5.85B | 6.62B | 6.85B | 7.01B | 7.73B | 3.1B | 3.87B | 4.17B | 2.28B | 2.3B | 2.21B | 2.37B | 2.64B | 2.51B | 1.5B | 389.23M | 93.2M | 999K |
| Equity Growth % | -47.22% | -11.67% | -3.31% | -2.32% | -9.29% | 149.68% | -19.92% | -7.2% | 82.34% | -0.55% | 4% | -6.68% | -10.38% | 5.15% | 67.57% | 285.09% | 317.64% | 9229.03% | - |
| Book Value per Share | 18.83 | 20.88 | 23.64 | 24.44 | 24.73 | 36.52 | 24.91 | 29.80 | 66.29 | 37.26 | 37.75 | 36.52 | 38.05 | 40.58 | 38.59 | 23.03 | 5.98 | 1.43 | 0.01 |
| Total Shareholders' Equity | 5.27B | 5.85B | 6.62B | 6.85B | 7.01B | 7.73B | 3.1B | 3.87B | 4.17B | 2.28B | 2.3B | 2.21B | 2.37B | 2.64B | 2.51B | 1.5B | 389.23M | 93.2M | 999K |
| Common Stock | 18.83M | 20.89M | 0 | 0 | 0 | 0 | 0 | 1M | 1M | 246K | 244K | 243K | 241K | 259K | 252K | 160K | 41K | 10K | 0 |
| Retained Earnings | -3.92B | -3.35B | -2.66B | -2.59B | -2.6B | -1.93B | -770M | -176M | -70M | -101.23M | 148.03M | 147.95M | 68.66M | 35.32M | 4.31M | 1.28M | -3.51M | 0 | -617K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -101.23M | 43.75M | 102.2M | 102.42M | 0 | 4.31M | -19.92M | 18.07M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio valuation and leverage
As reported in recent financial statements, FSK's total assets have declined from $15.5 billion in 2023Q4 to $12.8 billion in 2026Q1, reflecting a consistent downward trajectory that suggests a shrinking investment footprint and potential challenges in maintaining portfolio scale amidst ongoing credit quality concerns.
The steady erosion of the asset base, coupled with a widening deficit in retained earnings, indicates that the firm is struggling to replace maturing or impaired assets with high-quality originations. This trend warrants further investigation into whether the current deleveraging is a strategic defensive posture or a forced response to portfolio-level credit deterioration.
Based on FSK's reported figures, the debt-to-equity ratio has climbed to 1.38x as of 2026Q1, representing a notable increase from the 1.11x observed in 2024Q4 and placing the firm at the higher end of the typical BDC leverage spectrum.
This elevated leverage profile appears to constrain the firm's capacity to absorb further valuation markdowns without breaching internal or regulatory covenants. Investors should monitor whether this reliance on debt financing, in the face of shrinking equity, limits the firm's ability to participate in new, potentially higher-yielding investment opportunities.
According to recent SEC filings, FSK's retained earnings have deteriorated significantly, moving from a deficit of $2.6 billion in 2023Q4 to a deeper $3.9 billion shortfall by 2026Q1, highlighting a persistent inability to generate sufficient net income to offset historical losses.
The deepening deficit in retained earnings suggests that the firm's capital base is being eroded by realized and unrealized losses rather than being bolstered by organic growth. This trend may imply that future dividend distributions could face sustainability challenges if the firm cannot reverse the current trajectory of its earnings quality.
As indicated by the latest quarterly data, FSK's cash position has dwindled to $124 million in 2026Q1, a sharp reduction from the $472 million peak observed in 2025Q1, which may indicate a diminishing buffer against potential portfolio shocks or operational cash requirements.
The significant decline in cash reserves appears to limit the firm's liquidity cushion, potentially forcing management to rely more heavily on revolving credit facilities or asset sales to meet obligations. This tightening liquidity profile suggests that the firm has less room for error in managing its portfolio's credit performance in the near term.
Quick answers to the most common questions about buying FSK stock.
As of 2025, FS KKR Capital Corp. (FSK) had total assets of $13.73B including $181.0M in current assets.
FS KKR Capital Corp. (FSK) carries total debt of $7.63B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FS KKR Capital Corp. (FSK) has total shareholders' equity (book value) of $5.85B ($20.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.