Investcorp Credit Management BDC, Inc. (ICMB) 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

-1273.3%

-$7.80

vs $0.67 price

Levered DCF

-$7.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-1.37

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-4.43×	3.61×	4.02×	16.45×	23.56×	-31.76×	-1.95×	-7.06×
P/B	0.63×	0.56×	0.63×	0.59×	0.65×	0.78×	0.44×	0.72×
P/S	11.7×	1.88×	2.09×	1.95×	2.48×	2.81×	1.39×	2.99×
EV / EBITDA	-18.75×	10.91×	11.25×	9.48×	11.91×	11.32×	4.11×	-18.29×
Gross margin	-130.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	-28.1%
Operating margin	-252.4%	65.0%	65.0%	70.8%	67.6%	66.9%	69.6%	-16.0%
Net margin	-265.8%	52.0%	52.0%	12.1%	10.6%	-8.7%	-71.5%	-42.3%
Current ratio	1.51×	2.05×	2.05×	1.36×	0.52×	3.7×	5.83×	0.89×
Debt / equity	2.01×	1.57×	1.57×	1.54×	1.57×	1.72×	1.69×	1.16×
Interest coverage	-1.09×	0×	1.76×	2.06×	2.46×	2.42×	2.51×	-0.62×
Dividend yield	23.4%	18.7%	23.0%	16.5%	14.0%	13.1%	28.2%	13.2%
Payout ratio	-103.0%	67.6%	92.6%	266.2%	328.8%	-426.4%	-54.8%	-93.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-14.4%	15.6%	15.6%	3.7%	2.8%	-2.4%	-22.8%	-10.2%
Return on invested capital	-4.5%	7.2%	7.2%	7.8%	6.1%	6.8%	8.3%	-1.8%
Return on assets	-4.7%	5.8%	5.8%	1.4%	1.0%	-0.9%	-8.3%	-4.3%
Free cash flow yield	29.9%	-31.0%	15.0%	39.8%	35.0%	26.9%	-22.0%	-13.6%
Earnings yield	-22.7%	27.7%	24.8%	6.2%	4.3%	-3.1%	-51.4%	-14.1%
Enterprise value	$157.5M	$164.9M	$169.9M	$186.5M	$204.9M	$234.7M	$215.4M	$248.7M
Net debt / EBITDA	-14.11×	8.03×	8.03×	6.83×	8.38×	7.7×	3.19×	-10.72×
Cash conversion cycle (days)	-90	37	37	30	47	115	59	-177