PennantPark Investment Corporation (PNNT) 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

-498.2%

-$12.31

vs $3.09 price

Levered DCF

-$10.04

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.26

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	13.42×	9.32×	-12.65×	-14.37×	2.61×	-13.29×	26.13×	11.01×
P/B	0.94×	0.92×	0.85×	0.61×	0.66×	0.41×	0.73×	0.84×
P/S	5.27×	4.4×	22.23×	14.96×	2.24×	9.59×	7.07×	7.18×
EV / EBITDA	30.37×	22.68×	-34.66×	-59.66×	6.11×	-51.21×	61.24×	21.26×
Gross margin	50.3%	56.4%	-104.8%	-20.8%	88.4%	-44.2%	48.2%	69.0%
Operating margin	42.5%	50.1%	-135.8%	-70.8%	86.3%	-66.2%	28.5%	64.7%
Net margin	39.4%	47.1%	-175.7%	-103.9%	86.0%	-71.6%	26.5%	64.7%
Current ratio	0.35×	0.53×	0.52×	4.16×	1.86×	2.1×	4.44×	1.47×
Debt / equity	1.59×	1.56×	1.03×	1.2×	0.92×	1.08×	1.18×	0.8×
Interest coverage	0.85×	1.15×	-0.66×	-0.59×	7.43×	-0.46×	0.55×	2.09×
Dividend yield	15.5%	14.5%	10.7%	9.8%	7.4%	20.7%	11.5%	9.6%
Payout ratio	207.5%	134.9%	-135.1%	-140.9%	19.3%	-277.1%	306.5%	106.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	9.9%	-6.7%	-4.2%	25.2%	-3.0%	2.7%	7.6%
Return on invested capital	2.7%	3.8%	-2.5%	-1.3%	13.1%	-1.3%	1.3%	4.2%
Return on assets	2.4%	3.5%	-2.9%	-1.9%	12.9%	-1.4%	1.2%	4.1%
Free cash flow yield	15.1%	-37.8%	52.1%	-4.9%	1.8%	-60.6%	-19.1%	12.6%
Earnings yield	7.5%	10.7%	-7.9%	-6.9%	38.3%	-7.5%	3.8%	9.0%
Enterprise value	$1.1B	$1.2B	$905.8M	$1B	$1B	$756.4M	$1B	$1B
Net debt / EBITDA	18.55×	13.9×	-18.29×	-38.53×	3.51×	-36.73×	36.45×	10.16×
Cash conversion cycle (days)	-1,242	-897	-705	257	-310	-72	-138	-266