CION Investment Corp (CION) AI Stock Analysis

• Market Cap: $339.34M
• Dividend Yield: 15.77%
• Average Volume (3M): 619.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: -11.01%
• EPS Growth: -65.56%
• Country: US
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.35
• Shares Outstanding: 50,496,525
• 10 Day Avg. Volume: 854,647
• 30 Day Avg. Volume: 619,385
• PEG Ratio: 0.15
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 2.51
• P/FCF Ratio: 6.59
• Enterprise Value/Market Cap: 4.32
• Enterprise Value/Revenue: 9.69
• Enterprise Value/Gross Profit: 9.78
• Enterprise Value/Ebitda: 20.98
• 1Y Price Target: $7.00
• Price Target Upside: 4.17% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.32
• Revenue Forecast (FY): $201.37M

• Rating: 53 Neutral
• Price Target: $7.00 ▲(4.17% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held down primarily by deteriorating recent financial performance (TTM losses, sharp revenue and free-cash-flow decline) and a clearly bearish technical setup. These are partially offset by inexpensive valuation (low P/E and high yield) and a cautiously constructive earnings call focused on strong portfolio credit metrics and liquidity, though near-term NAV/NII volatility and higher leverage remain key risks.

Positive Factors

First‑lien heavy portfolio with improving coverage

A portfolio concentrated in first‑lien loans (≈81%) and rising interest coverage to 2.6x underpin durable downside protection and recovery prospects in stressed credits. This structure materially reduces loss severity versus subordinated exposure and supports steady interest income over multiple market cycles.

Strong liquidity and proven capital markets access

Substantial unencumbered assets and consolidated cash/credit capacity (~$220M available) plus recent unsecured note issuance demonstrate funding flexibility. This durable liquidity buffer supports new originations, portfolio coverage of temporary outflows, and the ability to term out maturities without immediate asset sales.

Attractive new‑deal economics on direct first‑lien lending

New originations yielding roughly SOFR+6.4% provide a durable source of margin above funding costs and help restore net investment income as loans reprice or are added. Consistent new‑deal spreads support long‑term income generation even if some legacy marks remain volatile.

Negative Factors

Material earnings and free cash flow deterioration

A sustained drop in revenue and the swing to TTM net losses, with free cash flow plunging ~88%, indicates weakened earning power and reduced internal funding for distributions or deleveraging. This elevates execution risk for organic deleveraging plans and increases dependence on capital markets.

NAV volatility driven by concentrated equity marks

Large, concentrated equity positions that produce outsized mark swings create recurring NAV volatility and can force defensive capital actions or distribution resets. Such mark‑to‑market variability weakens the equity cushion and makes leverage targets and shareholder payouts more fragile over time.

Elevated leverage and high floating‑rate funding mix

Higher net leverage (1.44x) combined with a predominantly floating rate funding mix increases sensitivity to interest‑rate moves and NAV swings. With a smaller equity base, leverage magnifies earnings and NAV volatility, constraining strategic flexibility and making deleveraging a multi‑quarter necessity.

CION Investment Corp Business Overview & Revenue Model

Company Description

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies. The firm invests in growth capital, acquisitions, leveraged buyouts, market/product expansion, refinancing and recapitalization. The fund also invests up to 30 percent of their assets opportunistically in other types of investments, including the securities of larger public companies and foreign securities. It also makes investments in the secondary loan market. The fund does not invest in start-up companies, turnaround situations, or companies with speculative business plans. The fund prefers to invest in high tech industries, healthcare, pharmaceuticals, business services, media, chemicals, plastic, rubber, telecommunication, consumer services, advertising, printing and publishing, consumer goods, durables, diversified financials, and other industries. It also invests in homebuilding, restaurants, beverage and tobacco bars, broadcasting, distributors, Non-durable good distribution, food beverage and tobacco, energy, oil gas and consumables fuels, insurance, aerospace and defense, industrial machinery, paper and forest product machinery, information technology, metals and mining, and real estate. It primarily seeks to invest in the United States. The fund seeks to invest between $5 million and $50 million in companies with an EBITDA between $25 million and $75 million with average targeted hold of $25 million. It also purchases minority interests in the form of common or preferred equity in the target companies, typically in conjunction with its debt investments or through a co-investment with a financial sponsor. The fund seeks to exit its investments through an initial public offering of common stock, a merger, a sale, or other recapitalization.

How the Company Makes Money

CION makes money primarily from investment income generated by its portfolio of credit investments. Its key revenue streams typically include: (1) Interest income—recurring interest earned on loans and other interest-bearing investments (often the largest component of a BDC’s total investment income). This may include cash interest and, where applicable, non-cash components such as payment-in-kind (PIK) interest or original issue discount (OID) accretion if those features are present in the underlying investments. (2) Fee and other income—income related to lending activity and holdings, which can include origination, structuring, amendment, consent, or prepayment-related fees when applicable under borrower agreements. (3) Net realized and unrealized gains (losses)—changes in the fair value of portfolio investments and gains/losses when investments are sold or repaid; these can meaningfully affect reported earnings even though they may be less predictable than interest income. CION’s ability to generate earnings is influenced by portfolio size and leverage, credit performance (defaults, restructurings, recoveries), and prevailing interest rates (because many middle-market loans are floating-rate, rising rates can increase interest income, while falling rates can reduce it, subject to rate floors and financing costs). As a BDC, CION is structured to pass through most of its taxable income to shareholders via distributions, and its net investment income after expenses and financing costs is a central driver of dividends. Specific significant partnerships: null.

CION Investment Corp Financial Statement Overview

Summary

Recent fundamentals weakened materially: TTM shows a sharp revenue decline (~40% YoY) and a swing to net losses. Leverage is meaningful and the latest period shows a smaller equity cushion, increasing sensitivity to earnings/NAV swings. Cash flow has generally been positive, but TTM free cash flow fell sharply (~88%), reducing near-term support.

Income Statement

Profitability has weakened materially in the most recent period, with TTM (Trailing-Twelve-Months) showing net losses and sharply lower revenue (down ~40% versus the prior year). While 2021–2024 featured strong profitability and generally healthy margins, the magnitude of the latest revenue decline and swing to losses signals elevated earnings volatility and pressure on near-term fundamentals.

Balance Sheet

Leverage appears meaningful, with debt-to-equity generally around ~0.8–1.3 in the annual periods, suggesting a balance sheet that relies on borrowing but not at an extreme level for the space. However, the latest TTM (Trailing-Twelve-Months) snapshot shows a much smaller equity base and a similar leverage profile, which increases sensitivity to earnings swings; returns on equity have also cooled versus earlier highs.

Cash Flow

Cash generation has been positive in most periods, with operating cash flow and free cash flow generally tracking earnings closely and remaining solid in 2022–2024. That said, free cash flow fell sharply in TTM (Trailing-Twelve-Months) (down ~88%), indicating reduced cash-generating capacity alongside weaker profitability, and cash flows have shown volatility historically (including a negative year in 2021).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	201.25M	142.82M	192.17M	110.76M	163.79M
Gross Profit	149.76M	45.95M	106.61M	61.14M	131.98M
EBITDA	69.82M	34.01M	95.26M	50.51M	119.11M
Net Income	-20.63M	33.90M	95.31M	50.14M	118.76M
Balance Sheet
Total Assets	55.21M	1.95B	2.00B	1.87B	1.78B
Cash, Cash Equivalents and Short-Term Investments	124.17M	7.67M	8.41M	82.74M	3.77M
Total Debt	1.13B	1.10B	1.08B	951.32M	822.37M
Total Liabilities	39.12M	1.12B	1.12B	988.78M	852.17M
Stockholders Equity	16.09M	820.81M	879.56M	883.63M	930.51M
Cash Flow
Free Cash Flow	76.83M	88.19M	55.38M	35.28M	-49.25M
Operating Cash Flow	76.83M	88.19M	55.38M	35.28M	-49.25M
Investing Cash Flow	103.73M	0.00	-49.95M	-487.95M	-660.99M
Financing Cash Flow	-76.34M	-88.94M	22.83M	43.69M	33.11M

CION Investment Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CION, the sentiment is Negative. The current price of 6.72 is below the 20-day moving average (MA) of 7.78, below the 50-day MA of 8.49, and below the 200-day MA of 8.88, indicating a bearish trend. The MACD of -0.50 indicates Positive momentum. The RSI at 20.43 is Positive, neither overbought nor oversold. The STOCH value of 8.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CION.

CION Investment Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GAIN	61 Neutral	$571.45M	2.10	24.70%	11.02%	-45.46%	134.73%
GLAD	59 Neutral	$407.35M	19.71	7.50%	9.31%	41.12%	-40.68%
PNNT	59 Neutral	$312.12M	10.64	5.42%	16.61%	-3.09%	200.66%
CCAP	58 Neutral	$487.01M	15.08	4.81%	13.20%	-20.18%	-61.90%
CION	53 Neutral	$339.34M	-3.08	-2.75%	15.77%	-11.01%	-65.56%
TCPC	53 Neutral	$297.69M	-5.23	-12.44%	21.13%	-91.81%	78.46%

CION Investment Corp Corporate Events

CION Investment Highlights 2025 Results and 2026 Outlook

On March 12, 2026, CION Investment Corporation reported fourth-quarter and full-year 2025 results showing net investment income of $0.35 per share but an overall loss of $0.80 per share, as unrealized mark-to-market declines in certain equity holdings drove a 7.4% drop in net asset value to $13.76. Total investment income fell sharply from the prior quarter, while the company modestly shrank its funded portfolio, slightly increased non-accruals, and stepped up balance-sheet activity with $307.5 million of new unsecured debt issuance, repayment of 2026 notes, ongoing share repurchases, and the declaration and payment of recurring base distributions that underscore its income-generation focus despite near-term portfolio valuation pressure.

CION ended 2025 with $1.14 billion of debt outstanding and a higher net debt-to-equity ratio of 1.44x, while management emphasized the resilience of its predominantly first lien book, improved borrower interest coverage, and intentionally low software exposure as key supports to its risk profile heading into 2026. The company also continued to return capital to shareholders through $5.2 million of fourth-quarter stock buybacks and a $0.36 per share base distribution in December 2025, followed by declared monthly base distributions of $0.10 per share for the first quarter of 2026 and additional baby bond issuance in February 2026 that further extends its unsecured funding profile.

The most recent analyst rating on (CION) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on CION Investment Corp stock, see the CION Stock Forecast page.

CION Investment Corp Announces Investor Relations Leadership Change

On February 24, 2026, CĪON Investment Corporation announced that Charlie Arestia resigned from his role as Managing Director and Head of Investor Relations, as well as from his corresponding position at CION Investment Management, LLC. The departure, attributed to his pursuit of other career opportunities, marks a leadership change in the company’s investor relations function that may affect how CĪON engages and communicates with its investor base.

The most recent analyst rating on (CION) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on CION Investment Corp stock, see the CION Stock Forecast page.

CION Investment Corp Completes $125 Million Notes Offering

On February 9, 2026, CION Investment Corporation closed a registered public offering of $125 million aggregate principal amount of 7.50% unsecured notes due March 31, 2031, issued under a supplemental indenture with U.S. Bank Trust Company as trustee. The notes carry quarterly interest payments starting March 30, 2026, rank pari passu with CION’s other unsecured, unsubordinated debt, are structurally subordinated to subsidiary obligations, and are redeemable at the company’s option on or after March 31, 2028 at $25 per note plus accrued interest.

The indenture includes leverage and reporting-related covenants tied to provisions of the Investment Company Act of 1940 and the Exchange Act, subject to specified limitations and any SEC exemptive relief. Net proceeds from the offering are earmarked to pay down borrowings under CION’s senior secured credit facilities, effectively terming out a portion of its capital structure and potentially improving liquidity and funding flexibility for its middle-market lending activities.

The most recent analyst rating on (CION) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on CION Investment Corp stock, see the CION Stock Forecast page.

CION Investment Corp Prices New 7.50% Notes Offering

On February 2, 2026, CION Investment Corporation entered into an underwriting agreement with its adviser, CION Investment Management, and Keefe, Bruyette & Woods, as representative of the underwriters, for the issuance and sale of $125 million aggregate principal amount of 7.50% notes due 2031, with closing expected on February 9, 2026, subject to customary conditions. The company also granted the underwriters a 30-day option to purchase up to an additional $18.75 million of these notes to cover overallotments, a move that, if fully exercised, would further increase CION’s access to fixed-rate, long-term capital and potentially enhance its funding flexibility for investment activities.

The most recent analyst rating on (CION) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on CION Investment Corp stock, see the CION Stock Forecast page.

CION Investment Sets Date for Q4 and 2025 Results

On January 21, 2026, CION Investment Corporation announced plans to release its financial results for the fourth quarter and full year ended December 31, 2025, on March 12, 2026, before U.S. markets open, followed by an earnings conference call at 11:00 a.m. ET the same day. The company will provide a webcast and a slide presentation for investors, underscoring its emphasis on transparent communication with shareholders and other stakeholders as it reports on performance in its middle-market lending portfolio and overall asset base.

The most recent analyst rating on (CION) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on CION Investment Corp stock, see the CION Stock Forecast page.

CION Investment Declares First-Quarter 2026 Cash Distributions

On January 7, 2026, CION Investment Corporation announced that its board had declared base cash distributions totaling $0.30 per share for the first quarter of 2026, comprising monthly payments of $0.10 per share scheduled for January 30, February 27 and March 27 to shareholders of record on January 16, February 13 and March 13, respectively. The move underscores CION’s continued focus on delivering regular income to shareholders from its portfolio of senior secured loans to U.S. middle‑market borrowers and helps signal stability in its distribution policy heading into 2026, a key consideration for income-focused investors in the business development company space.

The most recent analyst rating on (CION) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on CION Investment Corp stock, see the CION Stock Forecast page.

CION Investment Corp completes private placement of senior notes

On December 16, 2025, CION Investment Corporation entered into a note purchase agreement with institutional investors and subsequently closed, on December 18, 2025, a private placement of $172.5 million in senior unsecured notes, split between $125 million due 2029 and $47.5 million due 2027, both carrying fixed interest rates of 7.70% and 7.41%, respectively, and rated investment grade. The general unsecured notes, which rank pari passu with CION’s other unsecured debt and are subject to financial covenants and customary events of default, are expected to be used primarily to refinance its $125 million notes maturing in February 2026, fund new portfolio investments, and support working capital and general corporate needs, thereby extending CION’s debt maturities and reinforcing its capital structure in the middle‑market lending sector.

The most recent analyst rating on (CION) stock is a Sell with a $8.50 price target. To see the full list of analyst forecasts on CION Investment Corp stock, see the CION Stock Forecast page.