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PNNT

PennantPark Investment Corporation

PNNT

PennantPark Investment Corporation • NYSE
$6.07 ▲ 0.17% (+0.01)
Market Cap $396.35 M
52w High $7.53
52w Low $5.72
Dividend Yield 0.96%
P/E 12.14
Volume 659.38K
Outstanding Shares 65.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $6.319M ▼ $-3.68M ▼ $-964K ▼ -15.256% ▼ $-0.015 ▼ $41.295M ▲
Q3-2025 $29.555M ▼ $1.5M ▼ $8.15M ▼ 27.576% ▼ $0.12 ▲ $8.821M ▼
Q2-2025 $30.663M ▼ $1.924M ▲ $9.456M ▼ 30.838% ▼ $-0.15 ▼ $10.018M ▼
Q1-2025 $34.207M ▼ $1.75M ▼ $16.084M ▼ 47.02% ▼ $0.25 ▼ $16.821M ▼
Q4-2024 $36.5M $1.751M $18.367M 50.321% $0.28 $18.704M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $51.783M ▼ $1.35B ▲ $885.604M ▲ $463.95M ▼
Q3-2025 $70.546M ▲ $1.253B ▼ $772.303M ▲ $480.585M ▼
Q2-2025 $32.587M ▼ $1.258B ▼ $769.673M ▼ $488.106M ▼
Q1-2025 $55.851M ▲ $1.412B ▲ $917.77M ▲ $494.321M ▲
Q4-2024 $49.861M $1.389B $895.178M $493.908M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-964K ▼ $17.269M ▼ $-125.055M ▼ $89.106M ▲ $-18.763M ▼ $17.269M ▼
Q3-2025 $8.15M ▲ $51.456M ▼ $44.377M ▲ $-13.672M ▲ $37.959M ▲ $51.456M ▼
Q2-2025 $-16.084M ▼ $142.361M ▲ $0 $-165.671M ▼ $-23.264M ▼ $142.361M ▲
Q1-2025 $16.084M ▼ $18.745M ▲ $0 $-12.671M ▼ $5.99M ▲ $18.745M ▲
Q4-2024 $18.367M $-4.657M $0 $-4.682M $-9.291M $-4.657M

Five-Year Company Overview

Income Statement

Income Statement PennantPark’s earnings profile has been uneven but shows clear improvement in the most recent year. After two weak years with losses, profitability has recovered, with both operating results and bottom-line earnings turning firmly positive again. Margins look healthier than in the recent past, and the business appears to be benefiting from a more favorable interest-rate environment and portfolio repositioning. That said, the pattern over four years suggests this is a business whose earnings can swing with credit conditions and portfolio performance, rather than delivering perfectly steady results year after year.

Balance Sheet

Balance Sheet The balance sheet shows a modestly growing asset base funded by a mix of debt and equity, with leverage moving higher over time. Debt levels have climbed while shareholders’ equity has edged down from earlier years, indicating greater use of borrowing to support the portfolio. Cash on hand is relatively small but has been reasonably stable, which is typical for a lender that prefers to keep capital deployed. Overall, the company is operating with a more levered capital structure than a few years ago, which can amplify both returns and risk in changing credit environments.

Cash Flow

Cash Flow Cash generation has been choppy. PennantPark produced solid positive operating and free cash flow in the prior year, but that swung to a notable outflow most recently, with earlier years hovering around breakeven. Capital spending is essentially negligible, so swings in cash flow mainly reflect portfolio activity, repayments, and funding decisions rather than physical investment. This kind of volatility is not unusual for an investment company, but it does mean that cash flow should be viewed over multiple years rather than relying on any single period.

Competitive Edge

Competitive Edge PennantPark competes in the middle-market lending space with a traditional but focused model. Its edge comes less from technology and more from experience, relationships, and specialization. The firm targets core middle-market borrowers that are often overlooked by large banks, giving it room to negotiate stronger terms. Long-standing ties with private equity sponsors provide a steady flow of deals and potential co-investments. A disciplined, credit-focused culture and industry-specific expertise support its underwriting. However, this is still a crowded field, so maintaining strong relationships and credit standards is crucial to preserving its position.

Innovation and R&D

Innovation and R&D The company is not an innovation leader in the sense of heavy research and development or proprietary technology. Instead, its “innovation” is mostly financial and strategic: tailoring flexible capital solutions, using joint ventures to extend its reach, and actively shifting the portfolio mix from equity into income-producing debt. It likely uses standard financial tools and analytics rather than unique platforms. Future differentiation will depend more on how well management refines its deal structures, manages risk, and scales joint ventures than on any breakthrough technology.

Summary

PennantPark is a relationship-driven lender focused on the core middle market, with earnings and cash flows that naturally move with credit cycles and portfolio performance. Recent results show a rebound in profitability after two softer years, supported by a more income-oriented portfolio. The balance sheet has become more leveraged, which can boost returns but adds sensitivity to credit and funding conditions. Cash flows remain lumpy, reflecting the nature of its business rather than heavy investment spending. Strategically, the firm relies on experience, niche focus, and partnerships—particularly joint ventures—rather than technological disruption. The key ongoing questions are how well it maintains credit quality, executes its shift toward more debt investments, and manages leverage through changing market conditions.

NEWS

November 24, 2025 · 4:05 PM UTC

PennantPark Investment Corporation Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2025

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November 4, 2025 · 4:05 PM UTC

PennantPark Investment Corporation Announces Monthly Distribution of $0.08 per Share

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October 3, 2025 · 4:05 PM UTC

PennantPark Investment Corporation Schedules Earnings Release of Fourth Fiscal Quarter 2025 Results

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October 2, 2025 · 4:05 PM UTC

PennantPark Investment Corporation Announces Monthly Distribution of $0.08 per Share

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September 3, 2025 · 4:05 PM UTC

PennantPark Investment Corporation Announces Monthly Distribution of $0.08 per Share

Read more