The firm's liquidity position has deteriorated sharply, with the current ratio falling from 4.82 in 2025Q2 to 0.43 in 2026Q2, while total debt levels fluctuated significantly from $1.8 billion to $380.9 million over the same period.
| 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 |
|---|
| Total Current Assets | 165.57M | 136.52M | 125.34M | 112.44M | 63.22M | 89.24M | 61.36M | 70.67M | 75.83M | 36.85M | 32.53M | 24.81M | 24.45M | 11M | 6.22M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 121.53M | -1.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.22M |
| Total Non-Current Assets | 2.58B | 2.78B | 1.98B | 1.07B | 1.16B | 1.08B | 1.09B | 1.08B | 1B | 710.5M | 598.89M | 391.31M | 348.43M | 317.8M | 172.15M |
| Property, Plant & Equipment | 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 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 7.76B | 2.77B | 1.98B | 1.07B | 1.16B | 1.08B | 0 | 1.08B | 1B | 710.5M | 598.89M | 391.31M | 348.43M | 317.8M | 171.83M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.75B | 2.91B | 2.11B | 1.18B | 1.23B | 1.17B | 1.15B | 1.15B | 1.08B | 747.35M | 631.42M | 416.12M | 372.87M | 328.8M | 178.37M |
| Asset Turnover | 0.07x | 0.06x | 0.08x | 0.07x | 0.03x | 0.07x | 0.04x | 0.04x | 0.06x | 0.07x | 0.07x | 0.05x | 0.07x | 0.05x | 0.08x |
| Asset Growth % | 108.72% | 38.16% | 78.77% | -3.9% | 4.84% | 1.97% | -0.35% | 7.05% | 44.04% | 18.36% | 51.74% | 11.6% | 13.4% | 84.34% | - |
| Total Current Liabilities | 380.87M | 46.36M | 45.03M | 20.83M | 12.47M | 22.69M | 11.08M | 289.76M | 405.1M | 289.44M | 255.51M | 13.63M | 158.35M | 18.2M | 0 |
| Accounts Payable | 0 | 46.36M | 45.03M | 20.83M | 12.47M | 22.69M | 11.08M | 18.99M | 65.91M | 25.51M | 18.01M | 12.13M | 4.79M | 15.52M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 380.87M | 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 | 260.71M | 329.49M | 256.16M | 231.86M | 0 | 149.37M | 0 | 7.5M |
| Current Ratio | 0.43x | 2.94x | 2.78x | 5.40x | 5.07x | 3.93x | 5.54x | 0.24x | 0.19x | 0.13x | 0.13x | 1.82x | 0.15x | 0.60x | - |
| Quick Ratio | 0.43x | 2.94x | 2.78x | 5.40x | 5.07x | 3.93x | 5.54x | 0.24x | 0.19x | 0.13x | 0.13x | 1.82x | 0.15x | 0.60x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.71B | 1.79B | 1.19B | 505.18M | 687.91M | 657.55M | 659.93M | 359.56M | 135.5M | 0 | 0 | 29.6M | 0 | 100.53M | 82.62M |
| Long-Term Debt | 1.67B | 1.78B | 1.18B | 495.43M | 672.78M | 652.63M | 653.21M | 359.56M | 135.5M | 0 | 0 | 29.6M | 0 | 99.6M | 75.12M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.71B | 1.84B | 1.23B | 526.01M | 700.38M | 680.25M | 671.02M | 649.32M | 540.6M | 289.44M | 255.51M | 43.23M | 158.35M | 118.74M | 82.62M |
| Total Debt | 380.87M | 1.78B | 1.18B | 495.43M | 672.78M | 652.63M | 653.21M | 359.56M | 135.5M | 0 | 0 | 29.6M | 0 | 99.6M | 75.12M |
| Net Debt | 349.44M | 1.65B | 1.06B | 394.88M | 621.29M | 602.81M | 595.7M | 296.22M | 63.28M | -18.91M | -28.91M | 8.17M | -13.11M | 95.02M | 71.28M |
| Debt / Equity | 0.37x | 1.65x | 1.34x | 0.76x | 1.28x | 1.33x | 1.37x | 0.71x | 0.25x | - | - | 0.08x | - | 0.47x | 0.78x |
| Debt / EBITDA | 4.35x | 26.32x | 12.67x | 13.13x | 79.89x | 11.47x | 34.72x | 10.59x | 2.79x | - | - | 1.83x | - | 7.13x | 27.18x |
| Net Debt / EBITDA | 3.99x | 24.51x | 11.46x | 10.46x | 73.78x | 10.59x | 31.66x | 8.72x | 1.30x | -0.42x | -0.75x | 0.50x | -0.54x | 6.81x | 25.79x |
| Interest Coverage | 0.88x | 0.72x | 1.57x | 0.99x | 0.28x | 2.63x | 0.69x | 1.51x | 3.39x | 5.39x | 7.80x | 4.98x | 7.05x | 7.53x | 9.10x |
| Total Equity | 1.04B | 1.07B | 877.29M | 653.61M | 527.09M | 490.61M | 477.27M | 503.06M | 535.84M | 457.91M | 375.91M | 372.89M | 214.53M | 210.07M | 95.74M |
| Equity Growth % | 61.05% | 22.48% | 34.22% | 24% | 7.44% | 2.8% | -5.13% | -6.12% | 17.02% | 21.81% | 0.81% | 73.82% | 2.12% | 119.4% | - |
| Book Value per Share | 10.47 | 11.61 | 13.35 | 12.86 | 12.84 | 12.66 | 12.31 | 12.97 | 13.99 | 15.13 | 14.06 | 22.89 | 14.40 | 21.91 | 13.98 |
| Total Shareholders' Equity | 1.04B | 1.07B | 877.29M | 653.61M | 527.09M | 490.61M | 477.27M | 503.06M | 535.84M | 457.91M | 375.91M | 372.89M | 214.53M | 210.07M | 95.74M |
| Common Stock | 99K | 99K | 78K | 59K | 45K | 39K | 38.77K | 38.77K | 38.77K | 32.48K | 26.73K | 26.73K | 14.9K | 14.9K | 6.85K |
| Retained Earnings | -180.94M | -145.09M | -99.53M | -111.64M | -90.98M | -48.24M | -60.92M | -35.61M | -3.66M | 7.45M | 3.18M | 7.39M | 7.76M | 4.05M | -1.31M |
| Treasury Stock | 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 | -2.33M | 4.29M | -1.38M | -6.03M | 2.88M | -1.48M | 1.86M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Leverage and Liquidity
As reported in recent financial statements, PFLT's total debt levels have fluctuated significantly, dropping from $1.8 billion in 2025Q4 to $380.9 million by 2026Q2, a trend that suggests either aggressive deleveraging or potential data reporting inconsistencies that warrant further investigation by institutional investors.
The dramatic shift in debt levels over the last two quarters indicates a lack of balance sheet stability that complicates long-term capital planning. This volatility suggests that the firm's capital structure is highly reactive to market conditions or internal portfolio management decisions, potentially undermining investor confidence in the firm's ability to maintain a consistent leverage profile.
Based on PFLT's reported figures, the debt-to-equity ratio plummeted from 1.65 in 2025Q4 to 0.37 in 2026Q2, a sharp contraction that appears inconsistent with typical BDC operational norms and suggests that the firm may be undergoing a fundamental shift in its financing strategy.
The sudden decline in leverage metrics is difficult to reconcile with the firm's historical reliance on debt to fund its loan portfolio. Analysts should monitor whether this reduction in leverage is a sustainable strategic pivot or a temporary artifact of balance sheet management that could reverse in subsequent periods.
According to recent SEC filings, PFLT's current ratio has deteriorated sharply from 4.82 in 2025Q2 to 0.43 in 2026Q2, indicating a significant reduction in the firm's ability to cover short-term obligations with its existing liquid asset base.
This rapid decline in liquidity coverage suggests that the firm's cash position is increasingly insufficient to meet its immediate liabilities. Investors should be concerned that this tightening liquidity buffer leaves the company with limited flexibility to navigate potential credit market shocks or unexpected portfolio non-accruals.
As indicated by the data, the persistent negative retained earnings, which reached $180.9 million in 2026Q2, suggest that the firm's equity base is being eroded by cumulative losses rather than supported by organic earnings growth, raising questions about the long-term sustainability of the current dividend policy.
The reliance on external capital to maintain equity levels, rather than retained earnings, highlights a structural weakness in the firm's business model. This trend suggests that the company may be effectively returning capital to shareholders that it has not actually earned, which could lead to future dilution or dividend cuts.
Quick answers to the most common questions about buying PFLT stock.
As of 2025, PennantPark Floating Rate Capital Ltd. (PFLT) had total assets of $2.91B including $136.5M in current assets.
PennantPark Floating Rate Capital Ltd. (PFLT) carries total debt of $1.78B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PennantPark Floating Rate Capital Ltd. (PFLT) has total shareholders' equity (book value) of $1.07B ($11.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PennantPark Floating Rate Capital Ltd. (PFLT) reported a current ratio of 2.94x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.