Fidus Investment (FDUS)
NASDAQ:FDUS
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Fidus Investment
(NASDAQ:FDUS)
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Rating:73Outperform
Price Target:
$22.00
â–²(15.49% Upside)
Action:Reiterated
Date:05/09/26
The score reflects strong valuation (low P/E and high dividend yield) and supportive earnings-call fundamentals (NII covering the dividend and generally healthy portfolio metrics), reinforced by positive technical trend signals. The key limiter is financial quality risk from recent negative operating and free cash flow, which tempers confidence in distributable cash durability despite strong reported profitability and improving leverage.
Positive Factors
Adjusted NII Growth
Sustained growth in adjusted net investment income indicates durable core earnings power from the lending book. For a BDC, rising NII that covers the base dividend supports predictable cash returns, underpins reinvestment capacity, and signals effective underwriting and yield management over the next several quarters.
Negative Factors
Weak Cash Generation
Negative operating and free cash flow despite reported profitability is a durable risk for a BDC because distributable cash depends on cash conversion. Persistent negative cash flow can force reliance on credit lines, equity issuance, or cutting payouts, reducing predictability of shareholder distributions over the medium term.
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Positive Factors
Negative Factors
Adjusted NII Growth
Sustained growth in adjusted net investment income indicates durable core earnings power from the lending book. For a BDC, rising NII that covers the base dividend supports predictable cash returns, underpins reinvestment capacity, and signals effective underwriting and yield management over the next several quarters.
Read all positive factors
Fidus Investment (FDUS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$708.23M
Dividend Yield11.47%
Average Volume (3M)254.56K
Price to Earnings (P/E)8.3
Beta (1Y)0.61
Revenue Growth-15.44%
EPS Growth-2.66%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)2.28
Shares Outstanding37,954,365
10 Day Avg. Volume339,278
30 Day Avg. Volume254,565
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 Cap1.29
Enterprise Value/Revenue6.85
Enterprise Value/Gross Profit9.22
Enterprise Value/Ebitda9.42
Forecast
1Y Price Target
$19.50Price Target Upside2.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.11
Revenue Forecast (FY)$177.51M
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 makes money primarily from investment income generated by its portfolio. Its largest recurring revenue stream is interest income earned on debt investments (e.g., secured loans) made to portfolio companies; this includes contractual cash int...
Fidus Investment Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and income-story: meaningful growth in adjusted NII and NII per share, a higher dividend (including a supplemental payout), stable NAV, portfolio fair value above cost, a high proportion of first-lien investments, low non-accrual exposure, and conservative leverage and liquidity. Offsetting items included net realized losses on a specific credit exit, a one-time large refinancing fee that boosted fee income, modest deal activity due to geopolitical and macro uncertainty, a slight tick down in portfolio yields, and modest expense increases. On balance the positives (strong income generation, dividend support, portfolio health and liquidity) outweigh the negatives tied mainly to one-offs and market uncertainty.Positive Updates
Adjusted NII and NII Per Share Growth
Adjusted NII grew 14.8% to $23.7 million and was $0.62 per share in Q1 2026 (versus $0.52 in Q4 2025). Net investment income (NII) was $0.65 per share versus $0.53 in Q4.
Negative Updates
Net Realized Losses and Specific Credit Exit
The quarter included approximately $12.2 million of net realized losses related to a $15.8 million realized loss on the exit of a debt investment (named in the call as Pseudo/Student Connector in different places), which partially offset realized gains.
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Q1-2026 Updates
Positive
Negative
Adjusted NII and NII Per Share Growth
Adjusted NII grew 14.8% to $23.7 million and was $0.62 per share in Q1 2026 (versus $0.52 in Q4 2025). Net investment income (NII) was $0.65 per share versus $0.53 in Q4.
Read all positive updates
Company Guidance
Management's guidance was that Fidus expects adjusted net investment income to continue to exceed the base dividend and, given a "decent" pipeline, to see an "okay-to-decent" origination quarter with lighter repayments (i.e., modest growth in the portfolio), while continuing to prioritize capital preservation and attractive risk‑adjusted returns; the Board declared a Q2 dividend of $0.62 per share (base $0.43 + supplemental $0.19) payable 06/29/2026 to holders of record 06/16/2026. The outlook is supported by Q1 results including adjusted NII of $0.62/share (adjusted NII up 14.8% to $23.7 million; NII $0.65/share), NAV $742 million ($19.55/share), portfolio fair value $1.4 billion (102.5% of cost) with $682.2 million of debt outstanding (SBA debentures $260.5M, unsecured notes $325M, line $85.2M, secured borrowings $11.6M), net debt‑to‑equity 0.9x (statutory leverage ex‑SBA 0.6x), weighted average debt cost 5.2% and weighted average effective yield on debt 12.5%; Q1 originations were $118.7M, proceeds from repayments/realizations $73.1M, net portfolio growth +$46M, realized gains $3.9M and net realized losses ~$12.2M (including a $15.8M loss), an equity portfolio of $149.6M, software/IT exposure ~32% of the portfolio (software equity $16.1M, ≈11% of equity), first‑lien 87% of the debt book, software loan‑to‑value ~42% (total portfolio ~45% cost), contractual duration in software 2.2 years, and total liquidity of about $244.2M (cash $50.4M, line availability ~$139.9M, available SBA debentures $54.0M).Fidus Investment Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 133.26M | 159.25M | 113.68M | 108.60M | 71.62M | 146.41M |
| Gross Profit | 99.09M | 115.62M | 91.39M | 88.00M | 55.05M | 129.47M |
| EBITDA | 96.95M | 120.30M | 82.21M | 79.83M | 47.64M | 118.67M |
| Net Income | 82.63M | 82.40M | 78.29M | 77.13M | 35.82M | 116.10M |
Balance Sheet | ||||||
| Total Assets | 1.44B | 1.43B | 1.16B | 1.09B | 935.96M | 897.18M |
| Cash, Cash Equivalents and Short-Term Investments | 49.68M | 70.00M | 57.16M | 119.13M | 62.35M | 169.42M |
| Total Debt | 253.18M | 644.08M | 474.89M | 466.51M | 410.10M | 366.04M |
| Total Liabilities | 702.16M | 684.64M | 508.45M | 501.42M | 455.62M | 409.42M |
| Stockholders Equity | 742.05M | 741.90M | 655.67M | 589.47M | 480.34M | 487.76M |
Cash Flow | ||||||
| Free Cash Flow | -83.81M | -147.00M | 62.37M | 48.41M | -105.54M | 167.90M |
| Operating Cash Flow | -83.81M | -147.00M | 62.37M | 48.41M | -105.54M | 167.90M |
| Investing Cash Flow | -45.59M | 0.00 | -117.67M | -77.87M | -139.87B | 126.05B |
| Financing Cash Flow | 112.33M | 169.45M | -6.67M | 86.24M | -1.53M | -122.79M |
Fidus Investment Technical Analysis
Negative
19.05
Price Trends
18.16
Positive
18.34
Positive
18.74
Negative
Market Momentum
0.12
Positive
47.88
Neutral
30.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FDUS, the sentiment is Negative. The current price of 19.05 is above the 20-day moving average (MA) of 18.77, above the 50-day MA of 18.16, and above the 200-day MA of 18.74, indicating a neutral trend. The MACD of 0.12 indicates Positive momentum. The RSI at 47.88 is Neutral, neither overbought nor oversold. The STOCH value of 30.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $650.79M | 21.23 | 22.87% | 4.56% | 59.28% | 44.87% | |
73 Outperform | $708.23M | 8.31 | 11.45% | 11.47% | -15.44% | -2.66% | |
69 Neutral | $637.59M | 18.08 | 6.76% | 14.71% | -12.61% | -36.66% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $408.25M | -7.23 | 2.14% | 13.20% | -18.56% | -69.62% | |
56 Neutral | $717.39M | 11.40 | 9.04% | 10.80% | -3.59% | 2.19% | |
54 Neutral | $328.06M | -4.67 | -19.08% | 21.13% | -153.69% | -168.78% |
* Financial Sector Average
FDUS
Fidus Investment
18.70
0.79
4.39%
SLRC
SLR Investment Corp.
13.11
-1.62
-10.97%
TCPC
BlackRock TCP Capital
3.88
-2.53
-39.43%
CCAP
Crescent Capital BDC
11.21
-2.38
-17.51%
VINP
Vinci Partners Investments
10.05
0.86
9.32%
NCDL
Nuveen Churchill Direct Lending Corp.
12.84
-1.05
-7.56%
Fidus Investment Corporate Events
DividendsFinancial Disclosures
Fidus Investment Posts Strong Q1 2026 Results, Hikes Dividend
Positive
May 7, 2026
On May 7, 2026, Fidus Investment reported first-quarter 2026 results showing total investment income of $47.5 million and net investment income of $24.6 million, or $0.65 per share, driven by a 13.1% rise in interest income and sharply higher fee ...
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.