Fidus Investment (FDUS)
NASDAQ:FDUS
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Fidus Investment
(NASDAQ:FDUS)
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Rating:66Neutral
Price Target:
$19.00
â–¼(-0.26% Downside)
Action:ReiteratedDate:03/03/26
The score is driven primarily by solid fundamentals (profitability and improved leverage) but is meaningfully constrained by the sharp negative swing in 2025 operating/free cash flow. Valuation is a key positive (low P/E and high yield), while technicals are weak with bearish trend signals despite oversold readings; earnings call commentary was broadly constructive with near-term origination moderation expected.
Positive Factors
Stronger Balance Sheet / Lower Leverage
Material leverage reduction and a larger equity base provide durable financial flexibility. Lower debt-to-equity reduces refinancing and covenant risk, supports continued originations and NAV growth, and gives management capacity to deploy capital selectively during market dislocations.
Negative Factors
Sharp Operating Cash Flow Deterioration
A large swing to operating cash outflows in 2025 weakens earnings quality and increases reliance on external funding or asset sales if persistent. For a BDC that pays regular dividends, sustained negative cash generation raises structural risk to distributions and heightens capital-raising or leverage needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger Balance Sheet / Lower Leverage
Material leverage reduction and a larger equity base provide durable financial flexibility. Lower debt-to-equity reduces refinancing and covenant risk, supports continued originations and NAV growth, and gives management capacity to deploy capital selectively during market dislocations.
Read all positive factors
Fidus Investment (FDUS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$680.14M
Dividend Yield11.47%
Average Volume (3M)343.17K
Price to Earnings (P/E)9.7
Beta (1Y)0.54
Revenue Growth-12.17%
EPS Growth-14.93%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.52
Shares Outstanding37,954,365
10 Day Avg. Volume369,301
30 Day Avg. Volume343,166
Financial Highlights & Ratios
PEG Ratio-2.49
Price to Book (P/B)0.92
Price to Sales (P/S)4.30
P/FCF Ratio-4.66
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue6.17
Enterprise Value/Gross Profit7.27
Enterprise Value/Ebitda6.99
Forecast
1Y Price Target
$20.00Price Target Upside4.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.01
Revenue Forecast (FY)$176.59M
Fidus Investment Business Overview & Revenue Model
Company Description
Fidus Investment Corporation is a business development company. It specializing in leveraged buyouts, refinancings, change of ownership transactions, recapitalizations, strategic acquisitions, mezzanine, growth capital, business expansion, lower m...
How the Company Makes Money
Fidus Investment generates revenue primarily through interest income from its debt investments and dividends from equity investments in portfolio companies. The company typically invests in senior secured loans, subordinated debt, and equity secur...
Fidus Investment Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call highlights strong operating performance: record quarterly originations, meaningful portfolio growth to $1.3B, NAV up 13.2%, robust liquidity, low nonaccruals, high first‑lien concentration and solid recurring yields. Offsets were modest: a small decline in adjusted NII per share year‑over‑year, slight yield compression, higher Q4 expenses driven by taxes and interest, and an isolated realized loss. Management expressed confidence in the software/tech portfolio and expects deal activity to pick up over 2026 after a more modest Q1.Positive Updates
Record Quarterly Originations
Originations in Q4 2025 were $213,700,000—the highest amount of capital invested in a single quarter in company history; full-year 2025 investments totaled $498,200,000 (higher than 2024) with net originations of $210,200,000.
Negative Updates
Per-Share Adjusted NII Slightly Lower Year-Over-Year
Adjusted NII per share was $0.52 in Q4 2025 compared to $0.54 in Q4 2024 (a modest decline), reflecting share count and/or mix changes despite aggregate adjusted NII growth of 5.1%.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly Originations
Originations in Q4 2025 were $213,700,000—the highest amount of capital invested in a single quarter in company history; full-year 2025 investments totaled $498,200,000 (higher than 2024) with net originations of $210,200,000.
Read all positive updates
Company Guidance
Management's guidance was that Q1 2026 activity should be more modest than the record Q4 (Q4 originations $213.7M—the highest quarter), but deal flow and originations are expected to pick up through 2026 and repayments are expected to be less than originations in the near term; they will continue to deploy capital selectively into niche lower‑middle‑market, sponsor‑backed first‑lien loans (Q4: $206.5M or 97% of investments; first‑lien = 86% of the debt portfolio) and software/tech (portfolio $464M, 92% first‑lien, 4% junior debt, 4% equity, 28 names, avg exposure ~$17M, weighted LTV ~30–37%, avg contractual duration ~2.5 years, ~22% of the software portfolio are ARR loans = 7.5% of total), while staying focused on growing NAV and generating attractive risk‑adjusted returns; financial positioning cited includes Q4 adjusted NII of $19.4M (up 5.1%) and $0.52 per share (NII $0.53/share), NAV up 13.2% to $741.9M ($19.55/share), total portfolio fair value $1.3B (102% of cost), nonaccruals <1% of fair value, liquidity ~ $304.8M (cash $79.6M, $141.2M LOC availability, $84M SBA availability), debt outstanding $658.3M, net debt/equity 0.8x, weighted avg debt rate 5.2% and weighted average effective yield on debt 12.6%.Fidus Investment Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 159.25M | 113.68M | 108.60M | 71.62M | 146.41M |
| Gross Profit | 115.62M | 91.39M | 88.00M | 55.05M | 129.47M |
| EBITDA | 120.30M | 82.21M | 79.83M | 47.64M | 118.67M |
| Net Income | 82.40M | 78.29M | 77.13M | 35.82M | 116.10M |
Balance Sheet | |||||
| Total Assets | 1.43B | 1.16B | 1.09B | 935.96M | 897.18M |
| Cash, Cash Equivalents and Short-Term Investments | 70.00M | 57.16M | 119.13M | 62.35M | 169.42M |
| Total Debt | 230.56M | 474.89M | 466.51M | 410.10M | 366.04M |
| Total Liabilities | 684.64M | 508.45M | 501.42M | 455.62M | 409.42M |
| Stockholders Equity | 741.90M | 655.67M | 589.47M | 480.34M | 487.76M |
Cash Flow | |||||
| Free Cash Flow | -147.00M | 62.37M | 48.41M | -105.54M | 167.90M |
| Operating Cash Flow | -147.00M | 62.37M | 48.41M | -105.54M | 167.90M |
| Investing Cash Flow | -210.16M | -117.67M | -77.87M | -139.87B | 126.05B |
| Financing Cash Flow | 169.45M | -6.67M | 86.24M | -1.53M | -122.79M |
Fidus Investment Technical Analysis
Neutral
19.05
Price Trends
17.93
Negative
18.35
Negative
18.83
Negative
Market Momentum
-0.14
Negative
52.87
Neutral
61.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FDUS, the sentiment is Neutral. The current price of 19.05 is above the 20-day moving average (MA) of 17.41, above the 50-day MA of 17.93, and above the 200-day MA of 18.83, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 52.87 is Neutral, neither overbought nor oversold. The STOCH value of 61.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $667.23M | 21.23 | 15.08% | 4.56% | 81.45% | -26.75% | |
69 Neutral | $651.91M | 10.35 | 8.75% | 14.71% | -8.32% | -33.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $680.14M | 9.74 | 11.68% | 11.47% | -12.17% | -14.93% | |
58 Neutral | $803.04M | 9.11 | 9.32% | 10.80% | -6.30% | -6.92% | |
58 Neutral | $461.16M | 15.08 | 4.81% | 13.20% | -20.18% | -61.90% | |
53 Neutral | $316.24M | -5.23 | -12.44% | 21.13% | -91.81% | 78.46% |
* Financial Sector Average
FDUS
Fidus Investment
17.92
2.39
15.40%
SLRC
SLR Investment Corp.
14.72
1.94
15.18%
TCPC
BlackRock TCP Capital
3.75
-1.70
-31.14%
CCAP
Crescent Capital BDC
12.49
>-0.01
>-0.01%
VINP
Vinci Partners Investments
10.55
2.22
26.70%
NCDL
Nuveen Churchill Direct Lending Corp.
13.20
0.23
1.77%
Fidus Investment Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Fidus Investment Expands At-The-Market Equity Offering Capacity
Positive
Mar 2, 2026
Fidus Investment Corporation has expanded its at-the-market equity offering program, originally established on November 10, 2022, which allows it to sell common shares from time to time through appointed sales agents. Effective March 2, 2026, the ...
Dividends
Fidus Investment Declares First-Quarter 2026 Dividends and DRIP
Positive
Feb 17, 2026
On February 17, 2026, Fidus Investment Corporation announced that its board declared a first-quarter 2026 base dividend of $0.43 per share and a supplemental dividend of $0.09 per share. The dividends are scheduled to be paid on March 30, 2026 to ...
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.