Start here if you're new
what it is
FDUS lends to lower-middle-market companies and gets paid through interest, fees, and small ownership stakes.
how it gets paid
Last year Fidus Investment made $146M in revenue. senior secured and unitranche debt was the main engine at $0.07B, or 48% of sales.
what just happened
FDUS posted $0.53 EPS, down 4% vs. prior year, and still leaned on borrower payments.
At a glance
B+ balance sheet — decent shape, but not bulletproof
65/100 earnings predictability — reasonably predictable
8.2x trailing p/e — the market's not buying it — or you found a deal
12.1% dividend yield — cash in your pocket every quarter
8.0% return on capital — nothing to write home about
xvary composite: 55/100 — below average
What they do
FDUS lends to lower-middle-market companies and gets paid through interest, fees, and small ownership stakes.
FDUS lends across 4 debt layers: senior secured, unitranche, second lien, and subordinated debt. It also uses 2 equity layers: preferred equity and warrants. That gives you more ways to get paid than a plain loan book.
How they make money
$146M
annual revenue
senior secured and unitranche debt
$0.07B
second lien and subordinated debt
$0.04B
mezzanine lending
$0.02B
preferred equity
$0.01B
warrants and other equity
$0.01B
The products that matter
senior secured lending
Debt Investments
85.4% of portfolio
they make up 85.4% of the portfolio and generate the interest income that produced $134.7M last year.
income engine
minority upside participation
Equity Investments
1.9% average ownership
equity is present in 85.4% of portfolio companies, but the average stake is just 1.9%, so this is upside optionality, not the core business.
small kicker
Key numbers
$2.29
fy2024 eps est
$146M
fy2024 rev est
8.2x
trailing p/e
12.1%
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 95 / 100
- long-term debt $534M (44% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FDUS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
FDUS posted $0.53 EPS, down 4% vs. prior year, and still leaned on borrower payments.
This is a lending business, not a store chain. The quarter tracks the loans, the rate environment, and the dividend math.
$0.53
eps
4%
vs. last year
$2.29
fy2024 eps est
the number that mattered
The $0.53 EPS print mattered because it says the loan book still funds the payout better than panic suggests.
source: latest quarter report, 2026
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What could go wrong
the top risk is dividend coverage pressure from a leveraged lower middle-market loan book.
high
leverage leaves less room for error
FDUS carries $534M of long-term debt, equal to 44% of capital, with debt-to-equity at 86.81%.
if funding costs rise or asset yields soften, dividend coverage gets tight fast.
med
credit losses hit the core business directly
85.4% of the portfolio is debt investments and 92.3% of revenue comes from interest income.
that means there is no side business to hide in if portfolio companies stop paying.
med
the atm program can dilute you
$134.8M remains available under the at-the-market equity program.
new shares can support growth, but they also spread the economics across more owners.
med
the supplemental dividend is the easiest piece to lose
the declared q1 2026 payout is $0.52, made up of a $0.43 base dividend and a $0.09 supplemental.
if earnings cool, the extra $0.09 is the part most likely to disappear first.
when 92.3% of revenue is interest income, even a modest credit wobble or funding squeeze can pressure both earnings and the dividend.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
scheduled for april 30, 2026. you want to see whether earnings still cover the payout cleanly.
dividend
q1 2026 dividend mix
$0.52 total per share, including a $0.09 supplemental. the split matters as much as the headline yield.
originations
deal flow after the $213.7M quarter
management expects decent deal activity in 2026. if originations fade, income growth usually follows.
dilution
atm program usage
$134.8M remains available. if management uses it heavily, your yield may stay high while your ownership gets thinner.
Analyst rankings
earnings predictability
65 / 100
a middling score. in human-speak, analysts think the numbers are usable, but this is still a lender where credit outcomes can change the quarter fast.
source: institutional data
Institutional activity
institutional ownership data for FDUS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$20
current price
n/a
target midpoint · n/a from current
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