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FSK

FS KKR Capital Corp.

FSK

FS KKR Capital Corp. • NYSE
$16.10 ▼ -0.19% (-0.03)
Market Cap $4.51 B
52w High $24.10
52w Low $14.05
Dividend Yield 2.80%
P/E 16.43
Volume 1.72M
Outstanding Shares 280.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $344M ▲ $10M ▼ $214M ▲ 62.209% ▼ $0.76 ▲ $218M ▲
Q2-2025 $-59M ▼ $14M $-209M ▼ 354.237% ▲ $-0.75 ▼ $-198M ▼
Q1-2025 $242M ▼ $14M $120M ▼ 49.587% ▼ $0.43 ▼ $120M ▼
Q4-2024 $295M ▲ $14M ▲ $147M ▼ 49.831% ▼ $0.52 ▼ $170M ▲
Q3-2024 $288M $10M $160M 55.556% $0.57 $160M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $155M ▼ $13.909B ▼ $7.75B ▼ $6.159B ▲
Q2-2025 $312M ▼ $14.593B ▼ $8.452B ▲ $6.141B ▼
Q1-2025 $472M ▲ $14.915B ▲ $8.369B ▲ $6.546B ▼
Q4-2024 $296M ▼ $14.219B ▼ $7.597B ▼ $6.622B ▼
Q3-2024 $371M $15.149B $8.478B $6.671B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $214M ▲ $366M ▲ $341M ▲ $-864M ▼ $-157M ▲ $366M ▲
Q2-2025 $-209M ▼ $-142M ▲ $250M ▲ $-268M ▼ $-160M ▼ $-142M ▲
Q1-2025 $120M ▼ $-418M ▼ $0 $594M ▲ $176M ▲ $-418M ▼
Q4-2024 $147M ▼ $978M ▲ $0 $-1.053B ▼ $-75M ▼ $978M ▲
Q3-2024 $160M $81M $0 $-143M $-62M $81M

Five-Year Company Overview

Income Statement

Income Statement FS KKR Capital’s earnings history shows that this is a credit business with ups and downs rather than a smooth growth story. Revenue and profits surged a few years ago, then eased back more recently, but the company is still clearly profitable. The pattern suggests a shift from a period of rapid portfolio expansion and big one‑off gains toward more normal, recurring income. The main watchpoints are how credit losses, valuation marks, and fee costs affect the consistency of profits over time.

Balance Sheet

Balance Sheet The balance sheet reflects a large, mostly debt‑funded investment portfolio, which is typical for a business development company. Assets and debt both jumped earlier in the period and have been gradually drifting down, suggesting some portfolio shrinkage and a slow reduction in leverage. Equity has edged lower as well, likely reflecting a mix of distributions to shareholders and market value hits on some investments. Overall, the structure is still leveraged but appears to be trending slightly more conservative than a few years ago.

Cash Flow

Cash Flow Cash generation has improved meaningfully over time, moving from a weak patch into solid, positive operating cash flow in recent years. Because the business does not require heavy spending on physical assets, most of this cash flow is effectively free to support debt service, distributions, and portfolio repositioning. The combination of decent earnings and strong cash conversion is a key strength, but it depends on the continued health and payment behavior of the underlying borrowers.

Competitive Edge

Competitive Edge FSK’s biggest competitive edge is its deep partnership with KKR, which brings institutional‑grade deal sourcing, credit analysis, and structuring capabilities that many rivals cannot match. Its large scale and focus on upper middle‑market borrowers give it access to bigger, more complex financings and a more diversified book of loans. The portfolio is tilted toward senior secured positions, which is more defensive than many peers, but the company is still exposed to credit cycles, rising non‑accruals, and intense competition in private credit. Dependence on an external manager and the broader economic environment remain key structural risks.

Innovation and R&D

Innovation and R&D Innovation here is about investment process and structure rather than traditional research and development. FSK benefits from KKR’s data‑driven credit tools, extensive industry research, and sophisticated risk systems, which can improve underwriting and ongoing monitoring. The firm has also used creative structures, like joint ventures and asset‑based finance platforms, to widen its opportunity set and diversify earnings. Future “innovation” will likely be seen in how it rotates the portfolio toward more resilient sectors, refines its capital structure, and uses analytics to manage rising credit stress rather than in new products or technologies.

Summary

FS KKR Capital today looks like a large, mature private credit vehicle anchored by a powerful partnership with KKR, producing solid cash flow but with a history of uneven earnings. Financially, leverage is meaningful but slowly edging down, while cash generation has become a clear strength. Strategically, its scale, senior‑secured tilt, and KKR ecosystem provide a real moat, yet the business remains sensitive to credit quality, interest rates, and the overall health of middle‑market borrowers. The key questions going forward are whether management can keep credit issues and non‑accruals contained, protect net asset value, and maintain attractive, sustainable income across the credit cycle.

NEWS

November 5, 2025 · 4:15 PM UTC

FS KKR Capital Corp. Announces Third Quarter 2025 Results

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October 8, 2025 · 4:15 PM UTC

FSK Announces Earnings Release and Conference Call Schedule for Third Quarter 2025; Declares Fourth Quarter 2025 Distribution of $0.70 per share

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September 25, 2025 · 4:30 PM UTC

FSK Completes Public Offering of $400,000,000 6.125% Unsecured Notes Due 2031

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September 19, 2025 · 10:53 AM UTC

KBRA Assigns Rating to FS KKR Capital Corp.'s $400 Million Senior Unsecured Notes due January 15, 2031

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September 19, 2025 · 8:00 AM UTC

FSK Prices Public Offering of $400,000,000 6.125% Unsecured Notes Due 2031

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