FS KKR Capital Corp. (FSK) 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

+116.3%

$24.69

vs $11.42 price

Levered DCF

$48.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.08

Distress zone

Rating

Overall 2 / 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	376.84×	10.39×	8.05×	54.69×	2.92×	-5.08×	12.91×	2.29×
P/B	0.71×	0.92×	0.82×	0.71×	0.57×	0.66×	0.82×	0.31×
P/S	3.54×	5.48×	4.55×	10.72×	2.51×	-10.14×	7.18×	1.95×
EV / EBITDA	22.7×	21.61×	18.8×	115.56×	8.64×	-14.85×	28.65×	7.97×
Gross margin	69.6%	59.8%	63.3%	24.2%	87.4%	177.8%	63.0%	88.3%
Operating margin	49.5%	54.8%	58.6%	25.1%	86.5%	194.6%	57.1%	86.1%
Net margin	0.9%	52.7%	56.6%	19.9%	85.8%	199.5%	55.5%	85.1%
Current ratio	0×	6.08×	2.64×	2.36×	4.44×	4.44×	6.33×	2.11×
Debt / equity	1.31×	1.11×	1.2×	1.24×	1.18×	1.29×	1.08×	0.81×
Interest coverage	1.25×	1.36×	1.6×	0.33×	6.88×	-2.5×	1.54×	7.38×
Dividend yield	18.9%	16.6%	14.7%	14.9%	11.3%	16.5%	10.8%	15.9%
Payout ratio	7127.3%	172.3%	118.2%	802.2%	33.1%	-84.0%	139.0%	36.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.2%	8.8%	10.2%	1.3%	19.6%	-13.1%	6.4%	13.7%
Return on invested capital	2.0%	4.1%	4.6%	0.6%	8.9%	-5.5%	3.0%	7.3%
Return on assets	0.1%	4.1%	4.5%	0.6%	8.8%	-5.6%	3.0%	7.4%
Free cash flow yield	14.3%	31.3%	11.3%	20.3%	8.7%	34.5%	-6.4%	21.5%
Earnings yield	0.3%	9.6%	12.4%	1.9%	34.2%	-19.7%	7.7%	43.7%
Enterprise value	$11.6B	$13.1B	$13.6B	$13.4B	$13.2B	$5.9B	$7.2B	$4.6B
Net debt / EBITDA	14.59×	11.6×	11.03×	72.78×	5.74×	-9.64×	16.08×	5.71×
Cash conversion cycle (days)	128	33	-79	38	-259	-669	311	79