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Fidus Investment
(NASDAQ:FDUS)
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Rating:69Neutral
Price Target:
$20.00
â–²(4.99% Upside)
Action:Reiterated
Date:06/25/26
FDUS scores as moderately attractive: the biggest support is inexpensive valuation with a high dividend yield, reinforced by solid profitability and improved leverage. The main drag is the weak and volatile recent cash flow profile, which increases risk around the consistency of cash available for distributions, while technicals and the latest earnings call are modestly supportive.
Positive Factors
High first‑lien positioning
A very high share of first‑lien loans and negligible non‑accruals provide durable downside protection for principal recovery and steady interest income. This structural loan seniority reduces credit loss volatility, supporting stable yield generation and loan performance across credit cycles.
Negative Factors
Negative operating and free cash flow
Repeated negative operating and free cash flows highlight weak earnings-to-cash conversion, increasing reliance on financing or realized gains to fund distributions. Over several years this undermines dividend durability and raises sensitivity to credit mark‑to‑market swings and funding costs.
Read all positive and negative factors
Positive Factors
Negative Factors
High first‑lien positioning
A very high share of first‑lien loans and negligible non‑accruals provide durable downside protection for principal recovery and steady interest income. This structural loan seniority reduces credit loss volatility, supporting stable yield generation and loan performance across credit cycles.
Read all positive factors
Fidus Investment (FDUS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$712.78M
Dividend Yield11.47%
Average Volume (3M)263.81K
Price to Earnings (P/E)8.2
Beta (1Y)0.60
Revenue Growth-15.44%
EPS Growth-2.66%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)2.28
Shares Outstanding37,954,365
10 Day Avg. Volume336,536
30 Day Avg. Volume263,811
Financial Highlights & Ratios
PEG Ratio-2.50
Price to Book (P/B)0.92
Price to Sales (P/S)4.30
P/FCF Ratio-4.66
Enterprise Value/Market Cap1.83
Enterprise Value/Revenue9.78
Enterprise Value/Gross Profit13.15
Enterprise Value/Ebitda13.33
Forecast
1Y Price Target
$19.50Price Target Upside2.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.11
Revenue Forecast (FY)$177.51M
Fidus Investment Business Overview & Revenue Model
Company Description
Fidus Investment Corporation functions as a Business Development Company (BDC), offering capital solutions for diverse corporate endeavors. These encompass management buyouts, debt restructuring, ownership transitions, capital reorganizations, str...
How the Company Makes Money
FDUS makes money primarily from investment income generated by its portfolio. The largest revenue stream is interest income on debt investments (commonly senior secured loans and other structured debt), including contractual coupon interest and, w...
Fidus Investment Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and income-story: meaningful growth in adjusted NII and NII per share, a higher dividend (including a supplemental payout), stable NAV, portfolio fair value above cost, a high proportion of first-lien investments, low non-accrual exposure, and conservative leverage and liquidity. Offsetting items included net realized losses on a specific credit exit, a one-time large refinancing fee that boosted fee income, modest deal activity due to geopolitical and macro uncertainty, a slight tick down in portfolio yields, and modest expense increases. On balance the positives (strong income generation, dividend support, portfolio health and liquidity) outweigh the negatives tied mainly to one-offs and market uncertainty.Positive Updates
Adjusted NII and NII Per Share Growth
Adjusted NII grew 14.8% to $23.7 million and was $0.62 per share in Q1 2026 (versus $0.52 in Q4 2025). Net investment income (NII) was $0.65 per share versus $0.53 in Q4.
Negative Updates
Net Realized Losses and Specific Credit Exit
The quarter included approximately $12.2 million of net realized losses related to a $15.8 million realized loss on the exit of a debt investment (named in the call as Pseudo/Student Connector in different places), which partially offset realized gains.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted NII and NII Per Share Growth
Adjusted NII grew 14.8% to $23.7 million and was $0.62 per share in Q1 2026 (versus $0.52 in Q4 2025). Net investment income (NII) was $0.65 per share versus $0.53 in Q4.
Read all positive updates
Company Guidance
Management's guidance was that Fidus expects adjusted net investment income to continue to exceed the base dividend and, given a "decent" pipeline, to see an "okay-to-decent" origination quarter with lighter repayments (i.e., modest growth in the portfolio), while continuing to prioritize capital preservation and attractive risk‑adjusted returns; the Board declared a Q2 dividend of $0.62 per share (base $0.43 + supplemental $0.19) payable 06/29/2026 to holders of record 06/16/2026. The outlook is supported by Q1 results including adjusted NII of $0.62/share (adjusted NII up 14.8% to $23.7 million; NII $0.65/share), NAV $742 million ($19.55/share), portfolio fair value $1.4 billion (102.5% of cost) with $682.2 million of debt outstanding (SBA debentures $260.5M, unsecured notes $325M, line $85.2M, secured borrowings $11.6M), net debt‑to‑equity 0.9x (statutory leverage ex‑SBA 0.6x), weighted average debt cost 5.2% and weighted average effective yield on debt 12.5%; Q1 originations were $118.7M, proceeds from repayments/realizations $73.1M, net portfolio growth +$46M, realized gains $3.9M and net realized losses ~$12.2M (including a $15.8M loss), an equity portfolio of $149.6M, software/IT exposure ~32% of the portfolio (software equity $16.1M, ≈11% of equity), first‑lien 87% of the debt book, software loan‑to‑value ~42% (total portfolio ~45% cost), contractual duration in software 2.2 years, and total liquidity of about $244.2M (cash $50.4M, line availability ~$139.9M, available SBA debentures $54.0M).Fidus Investment Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 133.26M | 159.25M | 113.68M | 108.60M | 71.62M | 146.41M |
| Gross Profit | 99.09M | 115.62M | 91.39M | 88.00M | 55.05M | 129.47M |
| EBITDA | 97.72M | 120.30M | 82.21M | 79.83M | 65.75B | 118.67M |
| Net Income | 82.63M | 82.40M | 78.29M | 77.13M | 35.82M | 116.10M |
Balance Sheet | ||||||
| Total Assets | 1.44B | 1.43B | 1.16B | 1.09B | 935.96M | 897.18M |
| Cash, Cash Equivalents and Short-Term Investments | 161.56M | 70.00M | 57.16M | 119.13M | 62.35M | 169.42M |
| Total Debt | 668.10M | 644.08M | 474.89M | 466.51M | 410.10M | 366.04M |
| Total Liabilities | 702.16M | 684.64M | 508.45M | 501.42M | 455.62M | 409.42M |
| Stockholders Equity | 742.05M | 741.90M | 655.67M | 589.47M | 480.34M | 487.76M |
Cash Flow | ||||||
| Free Cash Flow | -83.81M | -147.00M | 62.37M | 48.41M | -105.54M | 167.90M |
| Operating Cash Flow | -83.81M | -147.00M | 62.37M | 48.41M | -105.54M | 167.90M |
| Investing Cash Flow | -45.59M | 0.00 | -117.67M | -77.87M | -139.87B | 126.05B |
| Financing Cash Flow | 112.33M | 169.45M | -6.67M | 86.24M | -1.53M | -122.79M |
Fidus Investment Technical Analysis
Positive
19.05
Price Trends
18.15
Positive
17.68
Positive
18.02
Positive
Market Momentum
0.09
Negative
59.58
Neutral
47.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FDUS, the sentiment is Positive. The current price of 19.05 is above the 20-day moving average (MA) of 18.16, above the 50-day MA of 18.15, and above the 200-day MA of 18.02, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 59.58 is Neutral, neither overbought nor oversold. The STOCH value of 47.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FDUS.
Fidus Investment Risk Analysis
Fidus Investment disclosed 2 risk factors in its most recent earnings report. Fidus Investment reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fidus Investment Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $636.82M | 12.14 | 22.87% | 4.56% | 46.25% | 88.59% | |
69 Neutral | $712.78M | 8.24 | 11.45% | 11.47% | -15.44% | -2.66% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $629.19M | 10.62 | 6.76% | 14.71% | -12.61% | -36.66% | |
58 Neutral | $409.73M | 27.12 | 2.14% | 13.20% | -18.56% | -69.62% | |
56 Neutral | $677.57M | 7.57 | 9.04% | 10.80% | -3.59% | 2.19% | |
54 Neutral | $271.84M | -2.19 | -19.08% | 21.13% | -153.69% | -168.78% |
* Financial Sector Average
FDUS
Fidus Investment
18.78
0.80
4.43%
SLRC
SLR Investment Corp.
12.42
-2.12
-14.59%
TCPC
BlackRock TCP Capital
3.24
-3.18
-49.49%
CCAP
Crescent Capital BDC
11.12
-1.66
-13.00%
VINP
Vinci Partners Investments
9.72
0.62
6.84%
NCDL
Nuveen Churchill Direct Lending Corp.
12.74
-1.96
-13.33%
Fidus Investment Corporate Events
Executive/Board ChangesPrivate Placements and FinancingShareholder Meetings
Fidus Investment Shareholders Approve Key Capital Flexibility Measures
Positive
Jun 24, 2026
On June 24, 2026, Fidus Investment Corporation held its 2026 annual meeting of stockholders in Evanston, Illinois, where shareholders elected Class III directors Raymond Anstiss Jr. and Edward H. Ross to serve until the 2029 annual meeting or unti...
Shareholder Meetings
Fidus Investment Adjourns 2026 Annual Stockholders Meeting
Negative
Jun 11, 2026
On June 10, 2026, Fidus Investment Corporation convened its 2026 annual meeting of stockholders but immediately adjourned it after no business was conducted due to the absence of a quorum. The meeting’s postponement underscores the importanc...
Business Operations and StrategyPrivate Placements and Financing
Fidus Investment Issues New 2029 Notes, Redeems 2026 Debt
Positive
May 29, 2026
On May 29, 2026, Fidus Investment Corporation issued and privately placed $120 million of 6.625% senior unsecured notes due June 1, 2029, to institutional purchasers, and entered into a registration rights agreement requiring it to later exchange ...
DividendsFinancial Disclosures
Fidus Investment Posts Strong Q1 2026 Results, Hikes Dividend
Positive
May 7, 2026
On May 7, 2026, Fidus Investment reported first-quarter 2026 results showing total investment income of $47.5 million and net investment income of $24.6 million, or $0.65 per share, driven by a 13.1% rise in interest income and sharply higher fee ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.