Fidus Investment Corporation (FDUS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+536.0%

$123.90

vs $19.48 price

Levered DCF

-$13.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.16

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.32×	8.76×	6.72×	13.03×	3.79×	10.23×	7.49×	5.79×
P/B	0.92×	1.04×	0.88×	0.97×	0.9×	0.78×	0.88×	0.71×
P/S	4.3×	6.03×	4.78×	6.5×	3×	5.58×	5.11×	5.03×
EV / EBITDA	10.22×	13.41×	10.86×	0.01×	5.26×	16.29×	14.31×	7.9×
Gross margin	72.6%	80.4%	81.0%	76.9%	88.4%	69.7%	78.6%	114.4%
Operating margin	76.1%	72.3%	73.5%	66.5%	81.1%	56.9%	69.1%	85.2%
Net margin	51.7%	68.9%	71.0%	50.0%	79.3%	54.4%	68.3%	87.0%
Current ratio	1.81×	2.15×	3.81×	15.93×	38.15×	37.96×	6.43×	2.56×
Debt / equity	0.87×	0.72×	0.79×	0.85×	0.75×	1.08×	0.86×	0.67×
Interest coverage	4.2×	3.69×	3.87×	2.88×	7×	1.88×	3.23×	4.29×
Dividend yield	11.0%	11.4%	15.1%	10.5%	8.9%	10.2%	10.8%	13.7%
Payout ratio	91.6%	100.1%	101.5%	136.9%	33.7%	104.1%	80.8%	79.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	11.9%	13.1%	7.5%	23.8%	7.6%	11.8%	12.3%
Return on invested capital	8.1%	6.9%	7.3%	3.8%	13.0%	3.6%	6.2%	7.0%
Return on assets	5.8%	6.7%	7.1%	3.8%	12.9%	3.6%	6.1%	7.1%
Free cash flow yield	-21.5%	9.1%	9.3%	-22.7%	38.2%	17.5%	-18.9%	2.8%
Earnings yield	12.0%	11.4%	14.9%	7.7%	26.4%	9.8%	13.4%	17.3%
Enterprise value	$1.3B	$1.1B	$866.5M	$813.4M	$636M	$639.1M	$702.6M	$515.6M
Net debt / EBITDA	4.66×	5.08×	4.35×	0.01×	1.63×	8.13×	6.92×	3.52×
Cash conversion cycle (days)	-62	-46	-78	-44	-80	-25	-52	43