Latest Ratios: P/E Ratio 6.9x · EV/EBITDA 25.8x · ROE 6.8%. (2007–2025 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 | $224M | $438M | $456M | $429M | $356M | $435M | $214M | $425M | $527M | $534M | $539M |
| Enterprise Value | $911M | $1.1B | $1.2B | $907M | $1.0B | $1.0B | $756M | $1.0B | $1.0B | $1.0B | $1.0B |
| P/E Ratio → | 6.86 | 13.42 | 9.32 | — | — | 2.61 | — | 26.13 | 10.97 | 8.63 | 28.92 |
| P/S Ratio | 2.70 | 5.27 | 4.40 | 22.31 | 14.96 | 2.24 | 9.59 | 7.07 | 7.16 | 5.65 | 10.92 |
| P/B Ratio | 0.48 | 0.94 | 0.92 | 0.85 | 0.61 | 0.66 | 0.41 | 0.73 | 0.84 | 0.83 | 0.84 |
| P/FCF | 3.39 | 6.63 | — | 1.93 | — | 55.02 | — | — | 7.88 | 7.71 | 3.42 |
| P/OCF | 3.39 | 6.63 | — | 1.93 | — | 55.02 | — | — | 7.88 | 7.71 | 3.42 |
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 | — | 13.54 | 11.36 | 47.15 | 42.26 | 5.27 | 33.90 | 17.46 | 13.73 | 10.81 | 20.73 |
| EV / EBITDA | 25.82 | 31.89 | 22.68 | — | — | 6.11 | — | 61.24 | 21.21 | 16.11 | 48.49 |
| EV / EBIT | 25.82 | 31.89 | 22.68 | — | — | 6.11 | — | 61.24 | 21.21 | 16.11 | 48.49 |
| EV / FCF | — | 17.02 | — | 4.07 | — | 129.25 | — | — | 15.12 | 14.75 | 6.48 |
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 | 50.3% | 50.3% | 56.4% | -104.8% | -20.8% | 88.4% | -44.2% | 48.2% | 69.0% | 71.8% | 44.0% |
| Operating Margin | 42.5% | 42.5% | 50.1% | -135.8% | -70.8% | 86.3% | -66.2% | 28.5% | 64.7% | 67.1% | 42.8% |
| Net Profit Margin | 39.4% | 39.4% | 47.1% | -175.7% | -103.9% | 86.0% | -71.6% | 26.5% | 64.7% | 65.3% | 38.0% |
| 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% | 9.8% | -6.2% | -4.0% | 28.1% | -2.9% | 2.6% | 7.5% | 9.6% | 2.8% |
| ROA | 2.4% | 2.4% | 3.8% | -2.7% | -1.9% | 13.8% | -1.3% | 1.3% | 4.0% | 5.1% | 1.4% |
| ROIC | 2.1% | 2.1% | 3.4% | -1.7% | -1.0% | 10.6% | -0.9% | 1.1% | 3.1% | 4.0% | 1.3% |
| ROCE | 2.9% | 2.9% | 4.5% | -2.2% | -1.3% | 14.1% | -1.2% | 1.4% | 4.1% | 5.3% | 1.7% |
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 | 1.59 | 1.59 | 1.56 | 1.03 | 1.20 | 0.92 | 1.08 | 1.18 | 0.80 | 0.81 | 0.87 |
| Debt / EBITDA | 20.94 | 20.94 | 14.86 | — | — | 3.63 | — | 39.93 | 10.57 | 8.30 | 26.54 |
| Net Debt / Equity | — | 1.48 | 1.46 | 0.95 | 1.11 | 0.89 | 1.03 | 1.07 | 0.77 | 0.75 | 0.75 |
| Net Debt / EBITDA | 19.47 | 19.47 | 13.90 | — | — | 3.51 | — | 36.45 | 10.16 | 7.69 | 22.95 |
| Debt / FCF | — | 10.39 | — | 2.14 | — | 74.23 | — | — | 7.24 | 7.05 | 3.07 |
| Interest Coverage | 0.85 | 0.85 | 1.15 | -0.66 | -0.59 | 7.43 | -0.46 | 0.55 | 2.09 | 2.38 | 0.76 |
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 | 0.39 | 0.39 | 0.53 | 0.52 | 4.16 | 1.86 | 2.10 | 4.44 | 1.47 | 2.35 | 3.11 |
| Quick Ratio | 0.39 | 0.39 | 0.53 | 0.52 | 4.16 | 1.86 | 2.10 | 4.44 | 1.47 | 2.35 | 3.11 |
| Cash Ratio | 0.35 | 0.35 | 0.43 | 0.36 | 2.41 | 0.95 | 1.66 | 3.98 | 1.03 | 1.85 | 2.76 |
| Asset Turnover | — | 0.06 | 0.07 | 0.02 | 0.02 | 0.15 | 0.02 | 0.05 | 0.06 | 0.08 | 0.04 |
| 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 | 30.3% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 207.5% | 207.5% | 134.9% | — | — | 19.3% | — | 306.5% | 106.8% | 105.9% | 428.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.6% | 7.5% | 10.7% | — | — | 38.4% | — | 3.8% | 9.1% | 11.6% | 3.5% |
| FCF Yield | 29.5% | 15.1% | — | 51.9% | — | 1.8% | — | — | 12.7% | 13.0% | 29.3% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 30.3% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $65M | $65M | $65M | $65M | $67M | $67M | $68M | $71M | $71M | $72M |
Portfolio Credit Quality Erosion
According to current market data, PNNT trades at a P/B ratio of 0.47, which, when compared to the broader BDC sector, suggests that investors are pricing in significant permanent impairment of the underlying portfolio assets rather than a temporary cyclical downturn in earnings power.
The low P/B multiple indicates that the market is heavily discounting the firm's net asset value, likely due to concerns regarding the quality of Level 3 assets. This valuation level implies that the market expects further write-downs, rendering the forward P/E of 6.00 potentially misleading as it fails to account for the erosion of the capital base.
Based on reported financial figures, PNNT's ROIC has trended toward zero, reaching 0.0% in 2026Q2, which indicates that the firm is currently failing to generate any meaningful economic return on its invested capital compared to its historical performance and peer group averages.
The collapse in ROIC suggests that the firm's investment strategy is no longer creating value, as the cost of capital likely exceeds the returns generated by the portfolio. This trend warrants further investigation into whether the firm's lower-middle-market focus is suffering from structural credit deterioration or poor asset selection.
As reported in recent financial statements, the firm's DSO has spiked to 17,091 days in 2026Q2, a figure that, while potentially skewed by reporting anomalies, suggests severe friction in the collection of interest income and a breakdown in the firm's cash conversion cycle.
This extreme inefficiency in asset turnover implies that the firm is struggling to convert its interest-bearing assets into actual cash flow. Investors should monitor whether this reflects a systemic issue with portfolio company payment performance or a fundamental flaw in the firm's internal accounting and cash management processes.
According to the latest quarterly filings, PNNT's current ratio has collapsed to 0.09 in 2026Q2 from a peak of 0.96 in 2024Q3, indicating a severely constrained liquidity position that leaves the firm with minimal buffer to absorb unexpected portfolio defaults or sudden funding market volatility.
The current ratio of 0.09 is alarmingly low for a BDC, suggesting that the firm lacks the liquid assets necessary to meet its short-term obligations. This vulnerability implies that any further stress in the credit markets could force the firm into dilutive capital raises or asset fire sales.
Based on the reported 31.0% dividend yield, investors may be misled into viewing PNNT as a high-income vehicle, yet this metric obscures the reality that distributions are likely being funded by the erosion of NAV rather than sustainable net investment income.
The dividend yield is a dangerous metric for this business model because it ignores the underlying capital destruction occurring within the portfolio. A more appropriate metric for analysis would be the 'Net Investment Income to Dividend' coverage ratio, which would likely reveal that the current payout is structurally unsustainable.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying PNNT stock.
PennantPark Investment Corporation's current P/E ratio is 6.9x. The historical average is 14.2x. This places it at the 23th percentile of its historical range.
PennantPark Investment Corporation's current EV/EBITDA is 25.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.6x.
PennantPark Investment Corporation's return on equity (ROE) is 6.8%. The historical average is 4.7%.
Based on historical data, PennantPark Investment Corporation is trading at a P/E of 6.9x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PennantPark Investment Corporation's current dividend yield is 30.32% with a payout ratio of 207.5%.
PennantPark Investment Corporation has 50.3% gross margin and 42.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
PennantPark Investment Corporation's Debt/EBITDA ratio is 20.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.