CION Investment Corp (CION)
NYSE:CION
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CION Investment Corp
(NYSE:CION)
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Rating:53Neutral
Price Target:
$7.50
â–¼(-3.23% Downside)
Action:ReiteratedDate: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 and improving coverage
An 81% first‑lien focus combined with rising interest coverage (to 2.6x) and ~98% of the book risk‑rated 3+ materially improves credit protection. Senior secured positioning and stronger coverage reduce expected loss severity and support steadier cash income and lower default sensitivity over the medium term.
Negative Factors
Recent earnings and revenue deterioration
A ~40% TTM revenue decline, swing to net losses and an ~88% fall in free cash flow represent a material weakening of income generation. Reduced profitability erodes the equity cushion, limits distributable cash, increases sensitivity to mark swings, and constrains the company's ability to rebuild reserves absent sustained earnings recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
First‑lien heavy portfolio and improving coverage
An 81% first‑lien focus combined with rising interest coverage (to 2.6x) and ~98% of the book risk‑rated 3+ materially improves credit protection. Senior secured positioning and stronger coverage reduce expected loss severity and support steadier cash income and lower default sensitivity over the medium term.
Read all positive factors
CION Investment Corp (CION) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$379.73M
Dividend Yield15.77%
Average Volume (3M)755.20K
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue Growth-10.20%
EPS Growth-162.66%
CountryUS
Employees500
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.35
Shares Outstanding50,496,525
10 Day Avg. Volume640,671
30 Day Avg. Volume755,196
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 Cap3.94
Enterprise Value/Revenue9.90
Enterprise Value/Gross Profit10.00
Enterprise Value/Ebitda21.44
Forecast
1Y Price Target
$7.00Price Target Upside-9.68% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)1.32
Revenue Forecast (FY)$201.37M
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 su...
How the Company Makes Money
CION primarily makes money by earning investment income on its portfolio of private credit investments. The main revenue stream is interest income received from loans it holds (typically senior secured, first-lien and other middle-market debt inst...
CION Investment Corp Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents a mixed but cautiously constructive picture: core credit metrics are strong (81% first-lien focus, coverage up to 2.6x, low software exposure, high-quality PIK by design), liquidity and capital markets access are demonstrated by successful unsecured debt raises ($307.5M combined) and >$1B unencumbered assets. However, material near-term headwinds include a 7.4% NAV decline driven by volatile equity marks, a significant quarter-over-quarter drop in net investment income (~52%), and higher net leverage (1.44x). Management frames the NAV decline as unrealized and emphasizes portfolio credit health and planned deleveraging, so while risks and volatility are notable, the underlying credit profile and liquidity position provide offsetting positives.Positive Updates
Strong First-Lien and Portfolio Credit Profile
Core first-lien investments represent ~81% of the portfolio (fair value). Weighted average interest coverage increased QoQ from 1.94x to 2.6x (≈+34% relative increase), and approximately 98% of the portfolio is risk rated 3 or better, indicating resilient credit metrics and improving EBITDA trends across portfolio companies.
Negative Updates
NAV Decline Driven by Equity Marks
Net asset value fell 7.4% QoQ to $13.76 from $14.86 (decline of $1.10 per share). Management attributes the decline primarily to unrealized mark-to-market reductions in select equity positions (notably 4-wall Entertainment, David's Bridal, Avison Young and Juice Plus) rather than realized credit losses, but the marks introduced meaningful quarter-to-quarter volatility.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong First-Lien and Portfolio Credit Profile
Core first-lien investments represent ~81% of the portfolio (fair value). Weighted average interest coverage increased QoQ from 1.94x to 2.6x (≈+34% relative increase), and approximately 98% of the portfolio is risk rated 3 or better, indicating resilient credit metrics and improving EBITDA trends across portfolio companies.
Read all positive updates
Company Guidance
Management's forward guidance emphasized a resilient outlook for the remainder of 2026, pointing to a healthy, first‑lien‑heavy portfolio (~81% of investments) with weighted average interest coverage rising to 2.6x (from 1.94x), nonaccruals modest at 1.78% of fair value, ~98% of the portfolio risk‑rated 3+ (risk‑rated 4–5 ≈2.4%), and limited software exposure (~1.8% of portfolio); they said they are confident in the durability of the strategy and do not see broad private‑credit deterioration. On capital and cash‑flow guidance they expect to delever organically via scheduled and unscheduled repayments over the next few quarters and for PIK contribution to decline as several PIK‑heavy positions refinance over the next 12–18 months; they highlighted recent balance‑sheet actions and liquidity that support this plan — $172.5M of senior unsecured notes issued in Q4 plus a subsequent $135M 2031 baby bond (combined $307.5M), >$120M cash/short‑term investments plus $100M available on credit facilities (> $220M total available liquidity), >$1B unencumbered assets, net debt/equity 1.44x (from 1.28x), weighted average cost of debt ~7.35%, ~70% floating rate, 65% unsecured / 35% secured — and reiterated distribution policy changes (monthly payouts beginning Jan‑2026, Q2 base distribution $0.30 per share paid $0.10 monthly; FY2025 distributions totaled $1.44 per share).CION Investment Corp Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
55
Neutral
Cash Flow
60
Neutral
| 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 | 1.85B | 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 | 1.15B | 1.12B | 1.12B | 988.78M | 852.17M |
| Stockholders Equity | 707.63M | 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
Neutral
7.75
Price Trends
7.47
Positive
8.32
Negative
8.62
Negative
Market Momentum
0.04
Negative
65.54
Neutral
90.53
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CION, the sentiment is Neutral. The current price of 7.75 is above the 20-day moving average (MA) of 6.98, above the 50-day MA of 7.47, and below the 200-day MA of 8.62, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 65.54 is Neutral, neither overbought nor oversold. The STOCH value of 90.53 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
64 Neutral | $649.89M | 2.10 | 24.70% | 11.02% | -19.47% | 61.85% | |
58 Neutral | $300.36M | 10.64 | 5.42% | 16.61% | 84.11% | 56.99% | |
58 Neutral | $493.17M | 15.08 | 4.81% | 13.20% | -19.84% | -53.12% | |
56 Neutral | $415.94M | 19.71 | 7.50% | 9.31% | -43.48% | -65.43% | |
53 Neutral | $379.73M | -24.53 | -2.75% | 15.77% | -10.20% | -162.66% | |
53 Neutral | $351.24M | -5.23 | -12.44% | 21.13% | -139.70% | -46.02% |
* Financial Sector Average
CION
CION Investment Corp
7.76
-0.58
-7.00%
GLAD
Gladstone Capital
18.90
-3.84
-16.89%
GAIN
Gladstone Investment
16.61
4.33
35.30%
PNNT
Pennantpark Investment
4.70
-0.77
-14.05%
TCPC
BlackRock TCP Capital
4.32
-1.36
-23.97%
CCAP
Crescent Capital BDC
13.62
-0.20
-1.41%
CION Investment Corp Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
CION Investment streamlines board as independent director departs
Neutral
Apr 21, 2026
On April 17, 2026, CĪON Investment Corporation disclosed that Class II independent director Aron I. Schwartz will not stand for re‑election at the 2026 Annual Meeting of Shareholders and will depart the board and its committees effectiv...
Business Operations and StrategyFinancial Disclosures
CION Investment Sets Date for First-Quarter 2026 Results
Neutral
Apr 6, 2026
CION Investment Corporation said on April 6, 2026 that it plans to report financial results for the quarter ended March 31, 2026 before markets open on Thursday, May 7, 2026. Management will discuss the first‑quarter performance on an earnin...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresPrivate Placements and Financing
CION Investment Highlights 2025 Results and 2026 Outlook
Negative
Mar 12, 2026
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 hold...
Executive/Board Changes
CION Investment Corp Announces Investor Relations Leadership Change
Neutral
Feb 24, 2026
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 de...
Business Operations and StrategyPrivate Placements and Financing
CION Investment Corp Completes $125 Million Notes Offering
Positive
Feb 9, 2026
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 trus...
Private Placements and Financing
CION Investment Corp Prices New 7.50% Notes Offering
Positive
Feb 4, 2026
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 aggr...
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.