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CION Investment Corp
(NYSE:CION)
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Rating:58Neutral
Price Target:
$7.50
▲(2.18% Upside)
Action:Reiterated
Date:09/30/26
The score is held back primarily by weakened profitability (recent losses) and elevated leverage noted in the financial statements. Offsetting factors include improving operational momentum and balance-sheet actions highlighted in the earnings call and corporate updates (NAV/NII improvement, deleveraging, and expanded buybacks), while technicals and valuation are supportive but not decisively strong given the mixed trend signals and a non-cheap P/E despite a very high yield.
Positive Factors
Deleveraging and balance-sheet improvement
The completed debt repayments directly reduce balance-sheet pressure and improve financial flexibility. Lower leverage should lessen refinancing exposure, support resilience through credit cycles, and provide a stronger foundation for managing the portfolio and funding shareholder distributions over the next several quarters.
Negative Factors
Persistent losses and elevated leverage
Sustained net losses weaken retained capital and make earnings less dependable for supporting distributions and balance-sheet growth. Combined with elevated leverage, weaker profitability reduces financial flexibility and increases sensitivity to borrower stress, valuation changes, and funding costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging and balance-sheet improvement
The completed debt repayments directly reduce balance-sheet pressure and improve financial flexibility. Lower leverage should lessen refinancing exposure, support resilience through credit cycles, and provide a stronger foundation for managing the portfolio and funding shareholder distributions over the next several quarters.
Read all positive factors
CION Investment Corp (CION) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$345.40M
Dividend Yield17.62%
Average Volume (3M)339.02K
Price to Earnings (P/E)26.4
Beta (1Y)0.96
Revenue Growth3.63%
EPS GrowthN/A
CountryUS
Employees500
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.27
Shares Outstanding49,202,705
10 Day Avg. Volume342,229
30 Day Avg. Volume339,024
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)0.72
Price to Sales (P/S)2.51
P/FCF Ratio6.59
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.12
Revenue Forecast (FY)$196.89M
CION Investment Corp Business Overview & Revenue Model
Company Description
CION Investment Corporation operates as a Business Development Company (BDC) with a core focus on providing capital to middle-market businesses. It specializes in various debt instruments, including senior secured loans (such as unitranche, First ...
How the Company Makes Money
CION makes money primarily by earning investment income from its portfolio of private credit and related investments. The core revenue stream is interest income collected on loans it originates or invests in (most commonly senior secured debt), in...
CION Investment Corp Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful progress: NAV growth (+3.5% QoQ), improved NII ($0.29 vs $0.25), validated portfolio marks via >$64M of sales at ~99% of par, clear deleveraging actions (net debt/equity down to 1.52x with a ~1.35x target), increased repurchase authorization ($130M), strong liquidity (~$160M cash) and a defensive portfolio mix (~79% first-lien, ~98% risk-rated 3+). Headwinds include continued market skepticism reflected in a deep market-price discount, selective credit issues (Thrill 1 bankruptcy, Lux Credit realized loss), a rise in risk-rated 3 exposures, and a deliberate pause on new originations to prioritize repurchases. On balance, the operational and balance-sheet improvements and the validation of valuation marks outweigh the challenges, though the market valuation remains a headwind.Positive Updates
NAV Growth
Net asset value (NAV) per share increased 3.5% quarter-over-quarter to $13.57 from $13.11, driven primarily by mark-to-market gains in the equity portfolio and accretive share repurchases.
Negative Updates
Market Skepticism and Deep Share Discount
Company stock trades at a steep discount to NAV; management noted the market price implies a portfolio loss rate more than 14x the firm's historical annualized loss rate, reflecting broad market skepticism about private credit and the company's marks.
Read all updates
Q2-2026 Updates
Positive
Negative
NAV Growth
Net asset value (NAV) per share increased 3.5% quarter-over-quarter to $13.57 from $13.11, driven primarily by mark-to-market gains in the equity portfolio and accretive share repurchases.
Read all positive updates
Company Guidance
Management guided that Cion will prioritize share repurchases and deleveraging while maintaining its monthly base distribution of $0.30 per share ($0.10/month), increasing the buyback authorization by $15M to $130M and materially reducing/pausing new originations (other than follow‑ons); they continue to expect Longview Power proceeds to meaningfully support coverage, repurchases and deleveraging. The firm is targeting a pro forma net leverage of ~1.35x (historical operating range 1.3–1.4x) after a planned ~$270M deleveraging program—including repayment of $115M Republic bonds, a $125M JPM paydown already completed—and expects unsecured debt to rise to roughly 80% (Q2: ~75% unsecured / 25% secured) with ~60% of debt floating rate. Key Q2 metrics cited in support of the guidance: NAV $13.57/sh (up 3.5% QoQ from $13.11), net investment income $14.2M or $0.29/sh (vs $0.25 Q1; timing impacted by $0.02/sh), portfolio fair value $1.65B, total assets ≈ $1.8B, total equity $668M, total debt $1.17B, 49.2M shares outstanding, cash & short‑term investments >$160M plus $25M available under facilities, ≈$1.3B unencumbered assets, weighted average yield on debt investments 10.6% (from 10.4%), weighted average cost of debt ~7.5%, interest coverage ~2x, net debt/equity 1.52x (from 1.62x), ~79% first‑lien, ~98% risk‑rated 3+ (risk‑rated 3 rose to 14.1% from 12.9%), non‑accruals at fair value 1.44% (from 1.53%) and at amortized cost 4.41% (from 5.35%), sold >$64M of assets at ~99% of par validating marks, and expect the deleveraging/repurchase program to be substantially complete by end of Q3/Q4.CION Investment Corp Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
40
Negative
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 137.22M | 201.25M | 142.82M | 192.17M | 110.76M | 163.79M |
| Gross Profit | 71.74M | 149.76M | 45.95M | 106.61M | 61.14M | 131.98M |
| EBITDA | 63.08M | 69.82M | 67.65M | 95.26M | 55.83M | 119.11M |
| Net Income | 12.95M | -20.63M | 33.90M | 95.31M | 50.14M | 118.76M |
Balance Sheet | ||||||
| Total Assets | 1.85B | 1.85B | 1.95B | 2.00B | 1.87B | 1.78B |
| Cash, Cash Equivalents and Short-Term Investments | 162.60M | 124.17M | 7.67M | 8.41M | 82.74M | 3.77M |
| Total Debt | 1.16B | 1.13B | 1.10B | 1.08B | 951.32M | 822.37M |
| Total Liabilities | 1.18B | 1.15B | 1.12B | 1.12B | 988.78M | 852.17M |
| Stockholders Equity | 667.78M | 707.63M | 820.81M | 879.56M | 883.63M | 930.51M |
Cash Flow | ||||||
| Free Cash Flow | 53.54M | 76.83M | 88.19M | 55.38M | 35.28M | -49.25M |
| Operating Cash Flow | 53.54M | 76.83M | 88.19M | 55.38M | 35.28M | -49.25M |
| Investing Cash Flow | -28.14M | 0.00 | 0.00 | -49.95M | -487.95M | -660.99M |
| Financing Cash Flow | -43.22M | -76.34M | -88.94M | 22.83M | 43.69M | 33.11M |
CION Investment Corp Technical Analysis
Positive
7.34
Price Trends
6.95
Positive
6.60
Positive
7.05
Positive
Market Momentum
0.02
Positive
51.90
Neutral
35.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CION, the sentiment is Positive. The current price of 7.34 is above the 20-day moving average (MA) of 7.15, above the 50-day MA of 6.95, and above the 200-day MA of 7.05, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 51.90 is Neutral, neither overbought nor oversold. The STOCH value of 35.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CION.
CION Investment Corp Risk Analysis
CION Investment Corp disclosed 1 risk factors in its most recent earnings report. CION Investment Corp 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
CION Investment Corp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $434.46M | 9.07 | 10.19% | 10.72% | -38.83% | -36.61% | |
63 Neutral | $621.22M | 3.76 | 27.00% | 6.10% | -57.47% | 92.94% | |
63 Neutral | $338.25M | -102.06 | -0.46% | 17.23% | -28.84% | -107.31% | |
62 Neutral | $215.48M | 21.12 | <0.01% | 28.92% | 138.32% | -27.91% | |
60 Neutral | $335.61M | -3.19 | -17.68% | 18.86% | -141.00% | -809.18% | |
58 Neutral | $345.40M | 26.35 | 1.84% | 17.62% | 3.63% | ― |
* Financial Sector Average
CION
CION Investment Corp
7.15
-0.99
-12.15%
GLAD
Gladstone Capital
19.41
-0.23
-1.16%
GAIN
Gladstone Investment
15.74
2.65
20.23%
PNNT
Pennantpark Investment
3.32
-2.02
-37.86%
TCPC
BlackRock TCP Capital
4.03
-1.07
-20.92%
CCAP
Crescent Capital BDC
9.17
-3.32
-26.56%
CION Investment Corp Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
CION Investment Corp Completes Major Debt Repayments, Deleverages
Positive
Sep 29, 2026
On September 29, 2026, CION Investment Corporation reported that it had fully repaid $114.8 million of Israel Series A unsecured notes listed on the Tel Aviv Stock Exchange and roughly $200 million of advances under its JPMorgan senior secured cre...
Business Operations and StrategyPrivate Placements and Financing
CION Investment Launches Senior Loan Fund Joint Venture
Positive
Sep 17, 2026
On September 17, 2026, CION Investment Corp. entered into an amended and restated LLC agreement to launch Senior Loan Fund Partners, LLC, a Delaware joint venture with institutional investors targeting senior secured first lien loans to U.S. middl...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresPrivate Placements and Financing
CION Investment Expands Buybacks and Strengthens Balance Sheet
Positive
Aug 6, 2026
For the quarter ended June 30, 2026, CION Investment Corporation reported net investment income of $0.29 per share and earnings of $0.62 per share, while net asset value per share rose 3.5% to $13.57, driven mainly by mark-to-market gains on equit...
Business Operations and StrategyPrivate Placements and Financing
CION Investment Corp Announces New Senior Note Financing
Positive
Jul 17, 2026
On July 15, 2026, CĪON Investment Corporation entered into note purchase agreements with an institutional investor for up to $60 million of senior unsecured notes, split between 7.50% notes due 2029 and 8.00% notes due 2031, with an initial $...
Business Operations and StrategyFinancial Disclosures
CION Investment Sets Date for Q2 2026 Results
Neutral
Jul 1, 2026
CION Investment Corporation said on July 1, 2026, that it will release its financial results for the second quarter ended June 30, 2026, on Thursday, August 6, 2026, before U.S. markets open. The New York-based business development company will ho...
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.