Latest Ratios: P/E Ratio 265.9x · EV/EBITDA 13.7x · ROE 0.2%. (2008–2025 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 | $2.9B | $4.1B | $6.1B | $5.6B | $5.0B | $4.4B | $2.1B | $3.2B | $1.3B | $1.8B | $2.5B |
| Enterprise Value | $10.4B | $11.6B | $13.1B | $13.6B | $13.4B | $13.2B | $5.9B | $7.2B | $4.6B | $3.4B | $3.9B |
| P/E Ratio → | 265.90 | 376.84 | 10.39 | 8.05 | 54.69 | 2.92 | — | 12.91 | 2.29 | 9.93 | 8.51 |
| P/S Ratio | 2.50 | 3.54 | 5.48 | 4.55 | 10.72 | 2.51 | — | 7.18 | 1.95 | 6.58 | 6.48 |
| P/B Ratio | 0.50 | 0.71 | 0.92 | 0.82 | 0.71 | 0.57 | 0.66 | 0.82 | 0.31 | 0.79 | 1.09 |
| P/FCF | 4.94 | 7.01 | 3.20 | 8.87 | 4.92 | 11.51 | 2.90 | — | 4.65 | 27.16 | 4.77 |
| P/OCF | 4.94 | 7.01 | 3.20 | 8.87 | 4.92 | 11.51 | 2.90 | — | 4.65 | 27.16 | 4.77 |
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 | — | 9.91 | 11.84 | 11.02 | 28.95 | 7.48 | — | 16.36 | 6.86 | 12.32 | 10.17 |
| EV / EBITDA | 13.69 | 15.30 | 21.61 | 18.80 | 115.56 | 8.64 | — | 28.65 | 7.97 | 18.05 | 13.12 |
| EV / EBIT | 17.90 | 23.82 | 21.61 | 18.80 | 115.56 | 8.64 | — | 28.65 | 7.97 | 18.05 | 13.12 |
| EV / FCF | — | 19.60 | 6.91 | 21.48 | 13.30 | 34.28 | 8.26 | — | 16.39 | 50.86 | 7.48 |
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 | 69.6% | 69.6% | 59.8% | 63.3% | 24.2% | 87.4% | 177.8% | 63.0% | 88.3% | 73.0% | 81.9% |
| Operating Margin | 49.5% | 49.5% | 54.8% | 58.6% | 25.1% | 86.5% | 194.6% | 57.1% | 86.1% | 68.2% | 77.5% |
| Net Profit Margin | 0.9% | 0.9% | 52.7% | 56.6% | 19.9% | 85.8% | 199.5% | 55.5% | 85.1% | 66.4% | 76.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.2% | 0.2% | 8.7% | 10.0% | 1.2% | 28.0% | -11.6% | 6.1% | 17.6% | 7.9% | 13.0% |
| ROA | 0.1% | 0.1% | 3.9% | 4.4% | 0.6% | 12.4% | -5.2% | 3.1% | 9.6% | 4.4% | 7.1% |
| ROIC | 3.2% | 3.2% | 3.1% | 3.5% | 0.5% | 9.6% | -3.9% | 2.4% | 7.5% | 3.5% | 5.6% |
| ROCE | 4.2% | 4.2% | 4.2% | 4.7% | 0.7% | 12.7% | -5.2% | 3.2% | 10.9% | 6.2% | 9.6% |
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 | 1.31 | 1.31 | 1.11 | 1.20 | 1.24 | 1.18 | 1.29 | 1.08 | 0.81 | 0.75 | 0.74 |
| Debt / EBITDA | 10.07 | 10.07 | 12.09 | 11.36 | 74.95 | 5.99 | — | 16.49 | 5.89 | 9.16 | 5.65 |
| Net Debt / Equity | — | 1.27 | 1.07 | 1.16 | 1.20 | 1.13 | 1.23 | 1.05 | 0.79 | 0.69 | 0.62 |
| Net Debt / EBITDA | 9.83 | 9.83 | 11.60 | 11.03 | 72.78 | 5.74 | — | 16.08 | 5.71 | 8.41 | 4.76 |
| Debt / FCF | — | 12.59 | 3.71 | 12.61 | 8.38 | 22.77 | 5.36 | — | 11.74 | 23.70 | 2.72 |
| Interest Coverage | 1.05 | 1.05 | 1.36 | 1.60 | 0.33 | 6.88 | -2.50 | 1.54 | 7.38 | 2.53 | 4.29 |
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 | — | — | 6.08 | 2.64 | 2.36 | 4.44 | 4.44 | 6.33 | 2.11 | 0.16 | 0.35 |
| Quick Ratio | — | — | 6.08 | 2.64 | 2.36 | 4.44 | 4.44 | 6.33 | 2.11 | 0.16 | 0.35 |
| Cash Ratio | — | — | 2.69 | 0.79 | 0.85 | 1.52 | 1.93 | 0.79 | 0.70 | 0.13 | 0.25 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.03 | 0.10 | -0.03 | 0.05 | 0.09 | 0.07 | 0.09 |
| 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 | 26.8% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 7127.3% | 7127.3% | 172.3% | 118.2% | 802.2% | 33.1% | — | 139.0% | 36.4% | 119.8% | 73.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.3% | 9.6% | 12.4% | 1.8% | 34.2% | — | 7.7% | 43.7% | 10.1% | 11.7% |
| FCF Yield | 20.2% | 14.3% | 31.3% | 11.3% | 20.3% | 8.7% | 34.5% | — | 21.5% | 3.7% | 21.0% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 26.8% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $280M | $280M | $280M | $284M | $212M | $124M | $130M | $63M | $61M | $61M |
Portfolio credit quality deterioration
According to recent market data, FSK trades at a P/B ratio of 0.50, a significant discount compared to peers like Ares Capital, which suggests that investors are pricing in substantial uncertainty regarding the underlying fair value of the firm's Level 3 investment portfolio assets.
The forward P/E of 6.30 appears to reflect market skepticism regarding the sustainability of earnings in a high-rate environment where credit losses may accelerate. This valuation gap relative to the peer group implies that the market views the current dividend yield as a potential trap rather than a reflection of core earning power.
Based on reported financial statements, FSK's ROE has fluctuated from a positive 3.5% in 2025Q3 to a negative 7.9% in 2026Q1, indicating that the firm is struggling to consistently compound capital due to recurring mark-to-market adjustments and realized losses on its legacy investment holdings.
The inability to maintain positive ROIC suggests that the firm's underwriting process may be failing to generate returns that exceed the cost of capital. Investors should monitor whether the shift toward first-lien debt can stabilize these returns or if the portfolio remains structurally impaired by legacy credit issues.
As reported in recent SEC filings, FSK's debt-to-equity ratio has reached 1.38x, which sits at the upper end of the BDC sector range and limits the firm's capacity to deploy capital into new, higher-quality originations without risking further balance sheet strain.
The negative interest coverage ratio of -3.20 in 2026Q1 is particularly concerning, as it suggests that the firm's current income generation is insufficient to cover its debt service obligations. This leverage profile warrants further investigation into the firm's ability to refinance existing debt facilities under current market conditions.
The 26.9% dividend yield is the most commonly misapplied metric for FSK, as it fails to account for the fact that payouts are frequently supported by balance sheet liquidity rather than recurring net investment income, potentially masking the erosion of the firm's long-term net asset value.
Analysts should prioritize the 'Net Investment Income' (NII) coverage ratio over the headline dividend yield to assess the true sustainability of distributions. Relying on the yield alone obscures the reality that the firm's capital base is being depleted to maintain payouts during periods of negative operational performance.
Includes 30+ ratios · 18 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FSK stock.
FS KKR Capital Corp.'s current P/E ratio is 265.9x. The historical average is 17.9x. This places it at the 100th percentile of its historical range.
FS KKR Capital Corp.'s current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.1x.
FS KKR Capital Corp.'s return on equity (ROE) is 0.2%. The historical average is 5.6%.
Based on historical data, FS KKR Capital Corp. is trading at a P/E of 265.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FS KKR Capital Corp.'s current dividend yield is 26.79% with a payout ratio of 7127.3%.
FS KKR Capital Corp. has 69.6% gross margin and 49.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
FS KKR Capital Corp.'s Debt/EBITDA ratio is 10.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.