Latest Ratios: P/E Ratio 10.0x · EV/EBITDA 35.1x · ROE 6.8%. (2012–2025 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 | $713M | $823M | $760M | $542M | $394M | $496M | $327M | $450M | $504M | $438M | $354M |
| Enterprise Value | $2.4B | $2.5B | $1.8B | $937M | $1.0B | $1.1B | $923M | $746M | $567M | $419M | $325M |
| P/E Ratio → | 9.99 | 12.35 | 8.26 | 13.84 | 114.15 | 8.76 | 17.96 | — | 15.11 | 12.07 | 10.58 |
| P/S Ratio | 4.16 | 4.80 | 4.53 | 6.75 | 9.53 | 5.93 | 6.57 | 10.59 | 7.87 | 8.90 | 8.29 |
| P/B Ratio | 0.62 | 0.77 | 0.87 | 0.83 | 0.75 | 1.01 | 0.69 | 0.89 | 0.94 | 0.96 | 0.94 |
| P/FCF | 7.51 | 8.66 | — | 3.86 | — | 9.96 | — | — | — | — | — |
| P/OCF | 7.51 | 8.66 | — | 3.86 | — | 9.96 | — | — | — | — | — |
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 | — | 14.44 | 10.88 | 11.66 | 24.55 | 13.15 | 18.54 | 17.56 | 8.86 | 8.52 | 7.61 |
| EV / EBITDA | 35.08 | 36.69 | 19.64 | 24.83 | 120.59 | 19.30 | 49.06 | 21.97 | 11.65 | 9.33 | 8.45 |
| EV / EBIT | 35.08 | 36.69 | 19.64 | 24.83 | 120.59 | 19.30 | 49.06 | 21.97 | 11.65 | 9.33 | 8.45 |
| EV / FCF | — | 26.06 | — | 6.66 | — | 22.06 | — | — | — | — | — |
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 | 45.6% | 45.6% | 64.7% | 52.5% | 28.1% | 74.1% | 45.6% | 46.9% | 77.6% | 83.1% | 88.5% |
| Operating Margin | 39.4% | 39.4% | 55.4% | 47.0% | 20.4% | 68.1% | 37.8% | 26.9% | 53.6% | 74.4% | 78.5% |
| Net Profit Margin | 38.7% | 38.7% | 54.7% | 48.9% | 8.3% | 67.6% | 37.0% | 26.9% | 52.3% | 73.7% | 78.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | 12.0% | 6.7% | 0.7% | 11.7% | 3.8% | 2.2% | 6.7% | 8.7% | 8.9% |
| ROA | 2.6% | 2.6% | 5.6% | 3.3% | 0.3% | 4.9% | 1.6% | 1.0% | 3.7% | 5.3% | 6.4% |
| ROIC | 2.1% | 2.1% | 4.4% | 2.4% | 0.5% | 3.8% | 1.4% | 1.1% | 4.6% | 6.6% | 6.5% |
| ROCE | 2.7% | 2.7% | 5.8% | 3.2% | 0.7% | 5.0% | 1.9% | 1.5% | 6.1% | 8.8% | 8.6% |
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 | 1.65 | 1.65 | 1.34 | 0.76 | 1.28 | 1.33 | 1.37 | 0.71 | 0.25 | — | — |
| Debt / EBITDA | 26.32 | 26.32 | 12.67 | 13.13 | 79.89 | 11.47 | 34.72 | 10.59 | 2.79 | — | — |
| Net Debt / Equity | — | 1.54 | 1.21 | 0.60 | 1.18 | 1.23 | 1.25 | 0.59 | 0.12 | -0.04 | -0.08 |
| Net Debt / EBITDA | 24.51 | 24.51 | 11.46 | 10.46 | 73.78 | 10.59 | 31.66 | 8.72 | 1.30 | -0.42 | -0.75 |
| Debt / FCF | — | 17.40 | — | 2.81 | — | 12.11 | — | — | — | — | — |
| Interest Coverage | 0.72 | 0.72 | 1.57 | 0.99 | 0.28 | 2.63 | 0.69 | 1.51 | 3.39 | 5.39 | 7.80 |
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 | 2.94 | 2.94 | 2.78 | 5.40 | 5.07 | 3.93 | 5.54 | 0.24 | 0.19 | 0.13 | 0.13 |
| Quick Ratio | 2.94 | 2.94 | 2.78 | 5.40 | 5.07 | 3.93 | 5.54 | 0.24 | 0.19 | 0.13 | 0.13 |
| Cash Ratio | 2.65 | 2.65 | 2.49 | 4.83 | 4.13 | 2.20 | 5.19 | 0.22 | 0.18 | 0.07 | 0.11 |
| Asset Turnover | — | 0.06 | 0.08 | 0.07 | 0.03 | 0.07 | 0.04 | 0.04 | 0.06 | 0.07 | 0.07 |
| 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 | 16.8% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 168.1% | 168.1% | 85.8% | 149.6% | 1334.1% | 78.2% | 240.0% | 387.2% | 128.3% | 94.4% | 91.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.0% | 8.1% | 12.1% | 7.2% | 0.9% | 11.4% | 5.6% | — | 6.6% | 8.3% | 9.4% |
| FCF Yield | 13.3% | 11.6% | — | 25.9% | — | 10.0% | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 16.8% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $93M | $66M | $51M | $41M | $39M | $39M | $39M | $38M | $30M | $27M |
High Portfolio Volatility
As reported in financial statements, PFLT trades at a P/B ratio of 0.64, which, when compared to the broader BDC peer group, suggests that the market is pricing in significant skepticism regarding the underlying quality and liquidation value of the firm's Level 3 loan portfolio.
The forward P/E of 6.85 implies a market expectation of earnings contraction or high risk, which is consistent with the observed volatility in net income. Investors should monitor whether this discount to book value is a structural feature of the firm's lower-middle market focus or a reflection of persistent credit quality concerns.
Based on PFLT's reported figures, the ROIC has struggled to maintain momentum, peaking at only 2.0% in 2026Q2, which indicates that the firm is failing to generate meaningful returns on its invested capital compared to the cost of its debt and equity financing.
The inability to consistently drive ROIC above low single digits suggests that the firm's underwriting strategy is not currently capturing sufficient risk-adjusted premiums. This trend warrants further investigation into whether the external management fee structure is effectively cannibalizing the returns that should accrue to shareholders.
According to recent SEC filings, PFLT's asset turnover remains extremely low at 0.02, highlighting a structural inefficiency in how the firm converts its investment base into recurring interest income relative to its peers in the senior secured lending space.
The erratic nature of the firm's DSO and the lack of consistent cash conversion metrics suggest that the timing of loan originations and repayments is creating significant operational friction. This lack of efficiency may be masking underlying issues in the firm's ability to recycle capital effectively.
As indicated by the data, PFLT's current ratio has collapsed from 5.92 in 2025Q1 to 0.43 in 2026Q2, signaling a significant reduction in the firm's ability to meet short-term obligations without relying on external financing or asset liquidations.
This rapid decline in liquidity coverage is particularly alarming given the firm's reliance on floating rate debt to fund its portfolio. Investors should monitor whether this trend indicates a tightening of credit availability or a strategic shift that leaves the firm exposed to liquidity shocks.
The market frequently misapplies the dividend yield as a proxy for total return, ignoring that PFLT's 16.3% yield is often unsupported by cash flow, as evidenced by the firm's history of negative free cash flow in seven of the last ten quarters.
Relying on headline yield obscures the reality that dividends may be funded through capital recycling or debt rather than organic earnings. Analysts should instead focus on the Net Investment Income (NII) coverage ratio to determine if the payout is sustainable without eroding the firm's net asset value.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying PFLT stock.
PennantPark Floating Rate Capital Ltd.'s current P/E ratio is 10.0x. The historical average is 19.8x. This places it at the 31th percentile of its historical range.
PennantPark Floating Rate Capital Ltd.'s current EV/EBITDA is 35.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.7x.
PennantPark Floating Rate Capital Ltd.'s return on equity (ROE) is 6.8%. The historical average is 7.3%.
Based on historical data, PennantPark Floating Rate Capital Ltd. is trading at a P/E of 10.0x. This is at the 31th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PennantPark Floating Rate Capital Ltd.'s current dividend yield is 16.77% with a payout ratio of 168.1%.
PennantPark Floating Rate Capital Ltd. has 45.6% gross margin and 39.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
PennantPark Floating Rate Capital Ltd.'s Debt/EBITDA ratio is 26.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.