PennantPark Floating Rate Capital Ltd. (PFLT) 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

+920.2%

$71.06

vs $6.97 price

Levered DCF

-$11.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.38

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	12.35×	8.26×	13.84×	114.15×	8.76×	17.96×	40×	15.06×
P/B	0.77×	0.87×	0.83×	0.75×	1.01×	0.69×	0.89×	0.94×
P/S	4.8×	4.53×	6.75×	9.53×	5.93×	6.57×	10.59×	7.84×
EV / EBITDA	36.69×	19.23×	23.93×	120.59×	19.3×	49.06×	21.97×	11.61×
Gross margin	45.6%	64.7%	52.5%	28.1%	74.1%	45.6%	46.9%	77.6%
Operating margin	39.4%	55.4%	47.0%	20.4%	68.1%	37.8%	26.9%	53.6%
Net margin	38.7%	54.7%	48.9%	8.3%	67.6%	37.0%	26.9%	52.3%
Current ratio	2.94×	2.78×	5.4×	5.07×	3.93×	5.54×	0.24×	0.19×
Debt / equity	1.65×	1.34×	0.76×	1.28×	1.33×	1.37×	0.71×	0.25×
Interest coverage	0.72×	1.57×	0.99×	0.28×	2.63×	0.69×	0.51×	2.39×
Dividend yield	13.6%	10.4%	10.8%	11.7%	8.9%	13.5%	9.8%	8.6%
Payout ratio	168.1%	85.8%	149.6%	1334.1%	78.2%	240.0%	387.2%	128.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	10.5%	6.0%	0.7%	11.5%	3.9%	2.3%	6.3%
Return on invested capital	2.3%	4.4%	3.3%	0.3%	4.9%	1.6%	1.3%	5.0%
Return on assets	2.3%	4.4%	3.3%	0.3%	4.8%	1.6%	1.0%	3.1%
Free cash flow yield	11.6%	-105.4%	25.9%	-11.8%	10.0%	-1.5%	-27.0%	-41.5%
Earnings yield	8.1%	12.1%	7.2%	0.9%	11.4%	5.6%	2.5%	6.7%
Enterprise value	$2.5B	$1.8B	$936.8M	$1B	$1.1B	$922.9M	$746M	$565M
Net debt / EBITDA	24.51×	11.22×	10.09×	73.78×	10.59×	31.66×	8.72×	1.3×
Cash conversion cycle (days)	-148	-249	-149	-56	-210	-122	-248	-1,659