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FDUS

Fidus Investment Corporation

FDUS

Fidus Investment Corporation • NASDAQ
$19.71 ▲ 0.05% (+0.01)
Market Cap $684.35 M
52w High $23.55
52w Low $16.70
Dividend Yield 2.26%
P/E 8.42
Volume 100.33K
Outstanding Shares 34.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $29.769M ▼ $2.872M ▼ $19.138M ▼ 64.288% ▼ $0.49 ▼ $19.958M ▼
Q2-2025 $35.489M ▲ $3.013M ▲ $25.284M ▲ 71.245% ▲ $0.72 ▲ $25.431M ▲
Q1-2025 $30.23M ▲ $2.538M ▲ $19.658M ▲ 65.028% ▲ $0.53 ▲ $21.509M ▲
Q4-2024 $27.224M ▲ $2.177M ▲ $17.593M ▲ 64.623% ▼ $0.52 ▲ $19.308M ▲
Q3-2024 $24.528M $1.974M $16.477M 67.176% $0.49 $17.045M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $62.324M ▼ $1.278B ▲ $566.714M ▲ $711.034M ▲
Q2-2025 $91.207M ▲ $1.257B ▲ $565.163M ▲ $692.297M ▲
Q1-2025 $67.478M ▲ $1.242B ▲ $564.052M ▲ $677.93M ▲
Q4-2024 $57.159M ▲ $1.164B ▲ $508.446M ▲ $655.666M ▼
Q3-2024 $54.443M $1.161B $502.292M $658.761M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $19.138M ▼ $5.836M ▼ $-37.76M ▼ $3.041M ▲ $-28.883M ▼ $5.836M ▼
Q2-2025 $25.284M ▲ $25.125M ▲ $14.811M ▲ $-16.207M ▼ $23.729M ▲ $25.125M ▲
Q1-2025 $19.658M ▲ $8.018M ▼ $-58.212M ▼ $60.513M ▲ $10.319M ▲ $8.018M ▼
Q4-2024 $17.593M ▲ $20.504M ▲ $0 ▲ $-17.788M ▼ $2.716M ▼ $20.504M ▲
Q3-2024 $16.477M $19.805M $-15.122M $1.44M $6.123M $19.805M

Five-Year Company Overview

Income Statement

Income Statement Earnings have been fairly steady, with a gentle upward trend in core profitability over the last several years. Revenue has held in a relatively narrow band, but the quality of earnings looks solid, as operating profit and net income have improved from earlier years. There have been some swings in per‑share results, which is typical for a business development company given mark‑to‑market movements and realized gains or losses. Overall, the company appears to generate healthy income from its lending portfolio, with reasonable operating efficiency for its business model.

Balance Sheet

Balance Sheet The balance sheet shows gradual growth in the investment portfolio and equity base over time, suggesting the company has been building scale. Debt levels have increased but appear to be kept in proportion to assets, which points to a measured use of leverage rather than aggressive borrowing. Cash levels move around from year to year, as is common for an investment company actively deploying capital, but there is no obvious sign of balance‑sheet strain in the data provided. The growing equity base gives the firm more capacity to support its lending activities.

Cash Flow

Cash Flow Reported operating and free cash flow have recently been negative after a period of positive figures, which may reflect increased capital deployment into new loans and investments rather than underlying weakness. For a lender like this, cash flow can look counterintuitive: putting money to work in new deals shows up as an outflow even if those investments are income‑producing. With essentially no traditional capital spending, the main cash‑flow story is about the timing of originations, repayments, and distributions. Still, a sustained pattern of outflows would be worth watching, as it increases reliance on credit lines and capital markets to fund growth and dividends.

Competitive Edge

Competitive Edge Fidus occupies a specialized niche in the lower middle market, lending to smaller U.S. companies that are often too small or too complex for large banks and traditional capital markets. Its edge comes less from technology and more from experience, relationships, and structuring skill. A seasoned management team, a long history in this segment, and deep sponsor and management relationships give it a steady pipeline of deals. The ability to offer flexible financing structures—ranging from senior debt to mezzanine and equity co‑investments—helps differentiate it from more rigid lenders. The main competitive risks are increasing competition from other private credit players, credit losses if the economy weakens, and concentration risk in a focused portfolio.

Innovation and R&D

Innovation and R&D There is little traditional R&D here; the “innovation” is strategic rather than technological. Fidus focuses on refining its underwriting process, tailoring deal structures, and actively supporting portfolio companies. Its advantage is in disciplined credit selection, hands‑on monitoring, and the willingness to craft bespoke capital solutions that banks often cannot or will not provide. The company has been leaning into sectors with more resilient, recurring revenues—such as healthcare services, compliance software, and tech‑enabled businesses—which suggests a thoughtful, forward‑looking tilt rather than a static approach. The moat is built on process, sector know‑how, and long‑term relationships rather than patents or proprietary platforms.

Summary

Fidus Investment Corporation looks like a disciplined, niche lender with reasonably steady earnings and a gradually strengthening balance sheet. Its core strengths lie in experience in the lower middle market, flexible deal structuring, and strong sponsor and management relationships that support deal flow and portfolio quality. The business model is income‑oriented and sensitive to credit cycles: performance will depend heavily on asset quality, recovery rates, and access to funding. Recent negative cash flows likely reflect active capital deployment but still merit monitoring over time. Overall, Fidus appears to be executing a focused, relationship‑driven strategy, with clear strengths in underwriting and sector selection, balanced against the usual credit and liquidity risks inherent in specialty finance and private lending.

NEWS

October 1, 2025 · 4:35 PM UTC

Fidus Investment Corporation Prices Public Offering of $100 Million of 6.750% Notes Due 2030

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