CION Investment Corp (CION) AI Stock Analysis

• Market Cap: $496.04M
• Dividend Yield: 15.77%
• Average Volume (3M): 392.94K
• Price to Earnings (P/E): 18.6
• Beta (1Y): 0.60
• Revenue Growth: -11.01%
• EPS Growth: -65.56%
• Country: US
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.74
• Shares Outstanding: 51,670,948
• 10 Day Avg. Volume: 410,627
• 30 Day Avg. Volume: 392,942
• PEG Ratio: -0.28
• Price to Book (P/B): 0.74
• Price to Sales (P/S): 4.28
• P/FCF Ratio: 6.92
• Enterprise Value/Market Cap: 2.37
• Enterprise Value/Revenue: 8.96
• Enterprise Value/Gross Profit: 31.21
• Enterprise Value/Ebitda: 45.26
• 1Y Price Target: $8.50
• Price Target Upside: -9.67% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: $10.50 ▲(11.58% Upside)

The score is driven primarily by mixed financial quality (solid growth/cash flow but meaningful leverage and comparability risk) and only neutral technical momentum. A very high dividend yield and a generally positive earnings update (NII/NAV strength and buybacks) support the rating, partially offset by rising nonaccruals and expense pressure.

Positive Factors

Cash generation

Consistent operating cash flow roughly matching net income indicates durable cash generation capacity. For a BDC, stable OCF supports recurring base distributions, buybacks and new originations without immediate capital raises, improving long-term funding resilience despite cycle volatility.

Solid NII, NAV expansion and buybacks

Quarterly net investment income and a rising NAV demonstrate portfolio valuation gains and income-producing performance. Share repurchases were accretive, reducing share count and supporting per-share metrics, which sustainably bolster shareholder returns and dividend coverage over multiple quarters.

Extended maturities and liquidity

Issuing longer-dated senior notes and maintaining over $100M in cash/short-term investments extends maturities and strengthens liquidity. This reduces near-term refinancing risk and provides durable capital for lending and opportunistic investments in the middle‑market lending cycle.

Negative Factors

Elevated leverage

Meaningful leverage is inherent to the BDC model but raises balance‑sheet risk: higher borrowing amplifies losses, increases interest expense sensitivity, and limits flexibility to raise capital or sustain distributions during credit stress, constraining long‑term resilience.

Rising nonaccruals / credit stress

An uptick in nonaccruals and new troubled credits signals deteriorating portfolio credit quality. Persistent increases can erode net investment income and NAV, forcing write‑downs and reducing distributable earnings, which is a durable headwind for a credit‑focused BDC.

Expense pressure and weakening returns

Rising operating costs alongside a material decline in ROE reflect reduced efficiency converting investment income into shareholder returns. If expenses remain elevated and ROE stays depressed, dividend sustainability and ability to reinvest profitably will be structurally impaired.

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 Investment Corp generates revenue primarily through the interest income and fees earned on the loans it provides to middle-market companies. As a business development company, CION is required to distribute at least 90% of its taxable income to shareholders in the form of dividends, which means it focuses on generating consistent and high-interest income from its loan portfolio. The company may also earn money through capital gains on the sale of investments, though this is a secondary objective. CION's earnings are influenced by factors such as the credit quality of its borrowers, interest rate fluctuations, and overall economic conditions. The company may also engage in strategic partnerships or co-investments to enhance its investment opportunities and returns.

CION Investment Corp Financial Statement Overview

Summary

CION Investment Corp demonstrates strong revenue growth and efficient cost management, but faces challenges with high leverage and inconsistent cash flows. While profitability metrics show potential, the reliance on debt financing and cash flow volatility may pose risks to long-term stability.

Income Statement

CION Investment Corp has shown strong revenue growth with a significant increase from 2022 to 2023. The gross profit margin remains high at 100%, demonstrating efficient cost management. However, the net profit margin has shown inconsistency over the years, indicating volatility in net income relative to revenue. Despite this, EBIT margins are solid, pointing to effective operational management.

Balance Sheet

The company shows a relatively high debt-to-equity ratio in recent years, indicating a higher reliance on debt financing, which could pose a financial risk. The equity ratio has decreased, reflecting a lower proportion of assets financed by equity. ROE has been positive, suggesting profitability from equity, but the high liabilities could be a concern for financial stability.

Cash Flow

Operating cash flow has seen fluctuations, with significant negative cash flow in 2023, which may indicate operational challenges. Free cash flow has improved in the latest year, but historical volatility presents concerns. The operating cash flow to net income ratio suggests that cash flow generation is inconsistent compared to reported earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	131.21M	142.82M	192.17M	110.76M	163.79M	34.63M
Gross Profit	37.68M	45.95M	106.61M	61.14M	131.98M	-2.20M
EBITDA	25.98M	34.01M	95.26M	50.51M	119.11M	-10.75M
Net Income	25.95M	33.90M	95.31M	50.14M	118.76M	-11.02M
Balance Sheet
Total Assets	60.38M	1.95B	2.00B	1.87B	1.78B	1.61B
Cash, Cash Equivalents and Short-Term Investments	29.00K	7.67M	8.41M	82.74M	3.77M	19.91M
Total Debt	0.00	1.10B	1.08B	951.32M	822.37M	719.96M
Total Liabilities	39.09M	1.12B	1.12B	988.78M	852.17M	736.54M
Stockholders Equity	21.30M	820.81M	879.56M	883.63M	930.51M	878.26M
Cash Flow
Free Cash Flow	60.71M	88.19M	55.38M	35.28M	-49.25M	198.73M
Operating Cash Flow	60.71M	88.19M	55.38M	35.28M	-49.25M	198.73M
Investing Cash Flow	38.73M	0.00	-49.95M	-487.95M	-660.99M	-282.00M
Financing Cash Flow	-76.37M	-88.94M	22.83M	43.69M	33.11M	-184.95M

CION Investment Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.41
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 9.41 is below the 20-day moving average (MA) of 9.69, below the 50-day MA of 9.62, and above the 200-day MA of 9.22, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 41.83 is Neutral, neither overbought nor oversold. The STOCH value of 33.22 is Neutral, 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
GLAD	70 Outperform	$474.91M	8.21	11.86%	9.31%	41.12%	-40.68%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GAIN	67 Neutral	$551.88M	5.57	18.68%	11.02%	-45.46%	134.73%
CION	63 Neutral	$496.04M	18.60	3.22%	15.77%	-11.01%	-65.56%
CCAP	63 Neutral	$534.54M	14.82	4.92%	13.20%	-20.18%	-61.90%
PNNT	57 Neutral	$396.35M	12.03	6.83%	16.61%	-3.09%	200.66%
TCPC	50 Neutral	$477.66M	-52.39	-1.15%	21.13%	-91.81%	78.46%

CION Investment Corp Corporate Events

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.

CION Investment Corp Announces Shift to Monthly Distributions

CION Investment Corporation reported strong financial results for the third quarter of 2025, with net investment income and earnings per share of $0.74 and $0.69, respectively. The company announced a shift from quarterly to monthly base distributions starting in January 2026, aiming to better align with shareholder interests. The net asset value per share increased to $14.86, and the company maintained a diversified investment portfolio valued at $1.74 billion. Despite a net decrease in the funded portfolio, CION’s robust transaction activity and strategic repurchases of common stock contributed to its financial performance.

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.