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Fidus Investment CorporationNasdaqGS:FDUS Voorraadrapport

Marktkapitalisatie US$688.1m
Prijs aandeel
n/a
1Y-7.2%
7D0.2%
1D1.4%
Portefeuillewaarde
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Fidus Investment Corporation

NasdaqGS:FDUS Voorraadrapport

Marktkapitalisatie: US$688.1m

Fidus Investment (FDUS) Aandelenoverzicht

Fidus Investment Corporation is een bedrijf voor bedrijfsontwikkeling. Meer informatie

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Prijsgeschiedenis en prestaties

Overzicht van hoogtepunten, dieptepunten en veranderingen in de aandelenkoersen voor Fidus Investment
Historische aandelenkoersen
Huidige aandelenkoersUS$18.39
52 Week HoogtepuntUS$22.09
52 Week LaagUS$16.87
Bèta0.73
1 maand verandering-2.34%
3 maanden verandering8.69%
1 Jaar Verandering-7.17%
3 jaar verandering-6.74%
5 jaar verandering6.06%
Verandering sinds IPO22.60%

Recent nieuws en updates

Seeking Alpha • Jun 23

Fidus Investment: I'm Buying This 12% Yield With A Margin Of Safety (Upgrade)

Summary Fidus Investment offers a 12% dividend yield and trades at a 0.92 price-to-book, near the low end of its 5-year range. FDUS maintains a conservatively managed portfolio, with 80% in first lien debt and strong NAV per share stability since 2011. Q1 2026 results showed robust NII-to-dividend coverage, active origination, and only one small nonaccrual investment, supporting portfolio health. I’m upgrading FDUS to "Strong Buy" due to its yield, margin of safety, and prudent underwriting in an expensive market. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jun 23

Fidus Investment: I'm Buying This 12% Yield With A Margin Of Safety (Upgrade)

Summary Fidus Investment offers a 12% dividend yield and trades at a 0.92 price-to-book, near the low end of its 5-year range. FDUS maintains a conservatively managed portfolio, with 80% in first lien debt and strong NAV per share stability since 2011. Q1 2026 results showed robust NII-to-dividend coverage, active origination, and only one small nonaccrual investment, supporting portfolio health. I’m upgrading FDUS to "Strong Buy" due to its yield, margin of safety, and prudent underwriting in an expensive market. Read the full article on Seeking Alpha
Seeking Alpha • Apr 23

Fidus Investment: Irresistible Buying Opportunity

Summary I upgraded Fidus Investment Corporation to 'Strong Buy' due to its well-covered dividends and substantial valuation haircut, with robust net investment activity and potential lower interest rates. Fidus Investment's portfolio value increased 14% YoY, driven by strong demand for investment capital, leading to a 10% YoY rise in net investment income. The BDC's low 75% dividend payout ratio and 4% discount to net asset value make it a compelling passive income investment. Fidus Investment is poised for a rebound, with potential for record portfolio values and continued supplemental dividends in 2025. Read the full article on Seeking Alpha
Seeking Alpha • Apr 12

Fidus Investment: Discounted And A Quality 10%+ Dividend, It Is A Buy

Summary Fidus Investment has suffered just as hard as most of its BDC peers. Since March 2025, FDUS's P/NAV has dropped from 1.21x to 0.91x now. The base dividend yield has increased accordingly, reaching ~10%. While I do not expect a strong price performance from FDUS any time soon, I remain bullish on its dividend investment case. In this article, I discuss why I have decided to keep FDUS in my portfolio. Read the full article on Seeking Alpha
Seeking Alpha • Mar 22

Fidus Investment: Good Results, But Wait For Better Entry Point

Summary Fidus Investment delivered a 2.8% total NAV return in Q4, outperforming other BDCs in our coverage. Q4 adjusted net income fell to $0.54 due to a drop in SOFR, temporary income dilution from share issuance, and an excise tax charge. FDUS declared a total dividend of $0.54 for Q3, with a managed dividend policy causing potential volatility in total dividends quarter-to-quarter. Given a large valuation run-up we recommend waiting for a better entry point. Read the full article on Seeking Alpha
Seeking Alpha • Mar 10

Fidus Investment: Strong Dividend Coverage But Lacks Growth (Rating Downgrade)

Summary Fidus Investment offers a strong dividend yield of 10.5%, supported by robust earnings and low non-accrual rates, making it attractive for income-focused investors. Despite recent price growth, FDUS trades at a slight premium to NAV, but NAV growth has been weak, raising concerns about overvaluation. The portfolio is diversified but heavily weighted towards Information Technology and Business Services, with a significant portion in secured debt, providing a defensive investment structure. I am downgrading FDUS to a hold due to the lack of NAV growth and the need to monitor PIK income and earnings performance in the coming quarters. Read the full article on Seeking Alpha
Seeking Alpha • Jan 21

FIDUS Investment: Turning To Hold With Positive Outlook On Dividend Safety (Rating Downgrade)

Summary Fidus Investment is one of my favorite BDCs, focusing on debt and equity financing solutions with a diversified portfolio of 85 companies. FDUS targets lower middle-market businesses, emphasizing niche market leaders, diversified customer bases, strong cash flows, and robust management teams. The portfolio is concentrated in IT Services and Business Services, making up 35.4% and 11.9% respectively. Since my last bullish article, FDUS stock rose 11.6%, with a total return of 14.9%. However, I'm turning to hold due to a less prominent margin of safety. Read the full article on Seeking Alpha
Seeking Alpha • Jan 10

Fidus Investment: Resilient Portfolio Strategy And Health Dividend Coverage

Summary Fidus Investment offers a high dividend yield of 11.5%, supported by a well-structured portfolio of secured debt investments and consistent earnings. Despite trading at a slight premium to NAV, FDUS remains fairly valued compared to peers. The portfolio's overall credit quality remains solid, as non-accruals fall within a similar range as prior quarters. Income investors will be pleased to know that the dividend is covered by earnings at a rate of 141%. Read the full article on Seeking Alpha
Seeking Alpha • Dec 20

Fidus Investment: Who's Buying This 8.4% Yielding BDC?

Summary Fidus Investment offers an attractive 8.4% forward yield with supplemental dividends, making it a solid choice for income-focused investors despite lacking upside catalysts. The BDC's portfolio value crossed $1 billion, showing impressive growth and strong first-lien debt exposure, ensuring portfolio quality and safety. FDUS has maintained dividend safety with lower leverage, ample liquidity, and spillover income, despite a challenging economic backdrop and declining interest rates. We rate Fidus Investment a hold due to limited upside potential and suggest waiting for a better entry price below NAV before upgrading to a buy. Read the full article on Seeking Alpha
Seeking Alpha • Nov 20

Fidus Investment: A Solid Q3 With An Efficient Income Profile

Summary We provide a Q3 update of the business development company Fidus Investment. Fidus Investment trades at a 12.2% dividend yield and shows consistent outperformance at a modest valuation. Q3 adjusted net income rose by 7% to $0.61, driven by higher dividends and fees, with a total Q3 dividend of $0.61. FDUS maintains low leverage and interest expenses, enhancing net income efficiency, and has a positive outlook for Q4 income due to potential M&A activity. Despite a slight NAV decline, FDUS's portfolio quality remains strong with low non-accruals and a growing first-lien allocation, positioning it well for future performance. Read the full article on Seeking Alpha
Seeking Alpha • Nov 14

Fidus Investment: A High-Yield BDC With Dividend Coverage And Growth

Summary Fidus Investment offers a compelling investment with a high dividend yield of 8.6%, comfortably covered by net investment income and strong liquidity. The company's net asset value has shown substantial growth, indicating robust investment performance and dividend stability, with a YoY increase of 11.8%. Fidus' diversified portfolio, primarily in First-Lien Debts, and a fair value of $1.1 billion, support its financial health and investment potential. Despite risks like floating-rate debts and lower-middle market exposure, Fidus' excess interest income and spillover income provide a cushion for future dividend growth. Read the full article on Seeking Alpha
Seeking Alpha • Nov 04

Let's Examine The Safety Of Fidus Investment Dividends

Summary Fidus Investment is a business development company, which tends to be sensitive to changes in the interest rate environment. FDUS portfolio is well-diversified and oriented around mostly debt investments in the US. I've examined the safety of FDUS distributions, which led me to believe there will be more specials along the way. Read the full article on Seeking Alpha
Seeking Alpha • Oct 17

9%-Yielding Fidus Investment: 133% Dividend Coverage And Low Leverage

Summary Fidus Investment offers a well-covered 8.8% regular dividend yield (13% TTM yield), special dividends, and a disciplined focus on the lower middle market, making it an attractive high-yielding investment. FDUS's strong balance sheet and proven track record of NAV preservation and shareholder returns further strengthen its appeal. With a +$1 billion investment portfolio primarily in secured debt and a high weighted average debt yield, FDUS remains a solid pick at virtually no premium to NAV. Read the full article on Seeking Alpha
Seeking Alpha • Sep 17

Fidus Investment: Is Mr Market Sleeping On This ~13% Yield?

Summary Fidus Investment is well-prepared for upcoming market volatility with a defensive portfolio and a higher proportion of fixed-rate debt investments. FDUS's dividend coverage is solid, with potential for growth and additional distributions, offering an attractive yield even in a worst-case scenario. The company's valuation is compelling, though it tends to trade at a discount to NAV, which could limit its growth prospects but presents an attractive entry point. Key risks include interest rate uncertainty, rising non-accruals, and challenges related to the cost of equity, but FDUS remains a solid risk-to-reward investment. Read the full article on Seeking Alpha
Seeking Alpha • Sep 09

Fidus Investment: 12% Yield, Solid Coverage, Low NAV Premium

Summary Fidus Investment easily covered its base dividend with adjusted net investment income in Q2, ensuring sustainability even amid recession fears. The BDC focuses on First Lien debt, offering a compelling investment for passive income investors with a high-quality portfolio and competitive dividend yield. Fidus Investment's low payout ratio and excess portfolio income enable substantial supplemental dividends, enhancing the effective yield to approximately 11.8%. Despite economic uncertainties, Fidus Investment remains a solid 'Hold' due to its robust dividend coverage and minimal premium to net asset value. Read the full article on Seeking Alpha
Seeking Alpha • Aug 14

Fidus Investment: Another Strong Quarter For This 11.8%-Yielding BDC

Summary We provide a Q2 update of the business development company Fidus Investment. Q1 adjusted net income fell. However, the company continues to deliver strong results. Fidus Investment offers a low valuation compared to its performance and is a good opportunity for diversification in the BDC market. Fidus has a generous dividend policy, with a dividend yield of 11.8%, above the sector average. Read the full article on Seeking Alpha
Seeking Alpha • Aug 02

Fidus Investment: Q2 Earnings Reinforces Strong Cash Generation To Support Distribution (Rating Upgrade)

Summary Fidus Investment operates as a BDC focusing on lower middle market companies, offering a high dividend yield of 14.2% that is well-supported. Portfolio strategy emphasizes risk management, with diverse investments and strong underwriting leading to improved non-accrual rates. Net investment income covers the base distribution by a large 132%. As a result, a supplemental distribution of $0.14 per share has been issued. Future interest rate cuts may actually cause the portfolio to grow, as management may see an increase in borrowers to capitalize on. Read the full article on Seeking Alpha
Seeking Alpha • Jun 17

Fidus Investment: The Case Has Become More Attractive After Q1 2024

Summary On a YTD basis, Fidus Investment has delivered positive total returns, but slightly underperformed the BDC index. This is mostly related to the FDUS ETF's defensive characteristics, which decrease the beta profile, thus making it less sensitive to systematic price surges in the BDC space. Looking at the Q1 2024 earnings dynamics, we will notice mixed dynamics. However, peeling back the onion, we will quickly realize that the underlying fundamentals exhibit positive momentum and are supportive of the bullish investment case. Read the full article on Seeking Alpha
Seeking Alpha • May 25

Fidus Investment: 9% Covered Yield, Growth And Special Dividend Potential

Summary Fidus Investment Corporation has a reputation for distributing large special dividends to shareholders. The company's core dividend pay-out ratio in Q1 was below 100% and its net asset value remained stable. Fidus Investment's equity portfolio is performing well, making it a compelling value proposition for passive income investors. Read the full article on Seeking Alpha
Seeking Alpha • May 18

Fidus Investment: A Good Entry Point For This 11.9%-Yielding Top BDC Performer (Rating Upgrade)

Summary We provide a Q1 update of the BDC Fidus Investment Corp. Q1 adjusted net income fell for the second consecutive quarter, but the company continues to deliver strong results. FDUS offers a low valuation compared to its performance and is a good opportunity for diversification in the BDC market. FDUS has a generous dividend policy, with a dividend yield of NAV of 12.2%, well above the sector median. Read the full article on Seeking Alpha
Seeking Alpha • May 04

Fidus Investment: Dividend Is Covered With Large Margin Of Safety

Summary Fidus Investment is a strong performing Business Development Company (BDC) with high income and price appreciation. FDUS has outperformed many industry peers in terms of total return, likely due to its vulnerability to interest rates. I worry that once rates go down, FDUS will as well. FDUS focuses on lower middle market companies and has a diversified portfolio, with a majority of investments in 1st lien senior secured debt. The current dividend yield of 8.4% is well covered from the current NII. Read the full article on Seeking Alpha
Seeking Alpha • Mar 24

Fidus Investment: Improving Across The Board, It Is A Buy Now

Summary Fidus Investment has underperformed the benchmark by 230 basis points since the publication of my relatively conservative article back in December last year. Yet, now after assessing the Q4 results and factoring in the improvements within the key fundamental metrics, I have decided to assign buy for FDUS. In this article, I synthesize Q4 results and justify why I am upgrading the rating from hold to buy. Read the full article on Seeking Alpha
Seeking Alpha • Mar 12

Fidus Investment: This 13.4%-Yielding BDC Remains A High Performance Outlier

Summary Fidus Investment offers a strong opportunity for investors looking to diversify away from popular upper middle-market BDCs. Fidus Investment reported a decrease in adjusted net income in Q4 as a result of seasonal tax impact and share issuance, however its total investment income rose. Portfolio quality remained steady, with a low level of non-accruals. Fidus continues to deliver a high level of outperformance, yet its valuation is trading below the sector average. Read the full article on Seeking Alpha
Seeking Alpha • Sep 07

Fidus Investment goes ex-dividend tomorrow

Fidus Investment (NASDAQ:FDUS) had declared $0.36/share quarterly dividend, in line with previous. Payable Sept. 23; for shareholders of record Sept. 9; ex-div Sept. 8. See FDUS Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 16

Fidus Investment: Q2 Update - Positive Quarterly Return With Likely Dividend Upside

We discuss Q2 results from Fidus Investment and highlight key income dynamics of the portfolio. FDUS had a good quarter with one of the strongest total NAV returns. NAV fell half a percent while adjusted net income was flat. The company continues its historic pattern of booking realized gains from equity investments and rotating them into income-producing assets. FDUS carries a large spillover which has potential upside implications for its dividend later in the year. This article was first released to Systematic Income subscribers and free trials on Aug 8. In this article, we catch up on Q2 results from the Business Development Company, Fidus Investment (FDUS). FDUS is currently trading at a total dividend yield of 10.5% and a valuation of 101%. The company continued its track record of strong and consistent performance. Despite an equity-overweight portfolio its NAV has held up much better than the sector average. Given its income tailwinds as well as a large spillover we wouldn't be surprised by an additional dividend sometime later this year (whether through a base increase or a special). We continue to hold FDUS in our High Income Portfolio. Quarter Update The NAV fell about half a percent which is among the best of BDCs that have reported so far. Systematic Income FDUS delivered a total return of around +1.5% over the quarter - on the higher end of BDCs that had reported up to its announcement. Systematic Income Adjusted net income which excludes capital gains incentive fees (red bars) was flat to Q1. Systematic Income BDC Tool Overall investment income rose, partially offset by lower fees. Systematic Income BDC Tool The company continued to realize gains in its equity portfolio with a $18.2m of net gains across 4 positions. It has also already booked significant realized gains in Q3 via a number of exits. FDUS declared the same base dividend of $0.36 and supplemental $0.07 for Q3 that they paid out in Q2. However, there is upside potential to this number which the company will provide on the next earnings call in November. Specifically, the company's very large spillover of $2.37 per share (the additional net gains realized so far in Q3 will increase this number further) could very well result in either an increase in the base dividend or a special dividend later this year. Income Dynamics The company continues to rotate its equity securities into secured loan / income-producing assets. The portfolio allocation chart below shows that the proportion of secured loans has been growing at the expense of equity. Systematic Income BDC Tool The company's allocation to equity by cost is only 8%, however it has ballooned to 17.3% due to unrealized gains. Fidus The company has been realizing those gains steadily and allocating the capital into income-generating securities. Systematic Income BDC Tool This dynamic explains in large part why the company's interest income in Q2 stands at the highest level in two years. Systematic Income BDC Tool As FDUS continues this reallocation it will add a significant level of investment income over the medium term. Subsequent to the end of Q2 the company realized an additional $38 of net gains which speaks to this theme. Net investments were pretty flat after a strong Q1 as new investments almost exactly offset prepayments and sales. Systematic Income BDC Tool Although FDUS has a below-average level of floating-rate investments at 58% (vs. 91% sector average) it has no floating-rate liabilities (vs. 41% sector average). The result is a wash with its income beta to short-term rates in line with the sector average. Net income should continue to rise with rising short-term rates, all else equal. 3-month Libor is already 0.58% above its Q2-end level and will continue to rise further. Systematic Income BDC Tool The company's high proportion of fixed-rate debt means its cost of debt has not moved in recent quarters unlike the rest of the sector. Earlier, over 2021, its cost of debt moved lower from refinancings. Specifically, the company refinanced most of its debt in 2020 and 2021, taking advantage of a very low credit yield environment. Its earliest refinancing is a small SBA debenture in 2025 with the rest in 2026 and beyond. This fixed-rate and long-term financing profile gives FDUS a terrific advantage over the rest of the sector. Although FDUS would not normally be able to match the borrowing cost of the investment-grade BDCs like [[ARCC]] or [[GBDC]] it will soon match their debt interest expense (red bars below) for the simple fact that it was able to fully lock in cheap borrowing costs and has no floating-rate debt. Systematic Income BDC Tool The company's leverage of 0.8x is well below the sector average of 1.1x, giving it significant income upside potential. Systematic Income BDC Tool Portfolio Quality This quarter FDUS placed two holdings on non-accrual with the fair-value of about 1% of its portfolio. This was the second quarterly rise and bears watching. The current level of non-accruals is in line with the sector median. Systematic Income BDC Tool PIK income keeps moving lower and is now well below the sector average of 5.2%. Systematic Income BDC Tool Internal portfolio quality ratings worsened slightly (i.e. blue bars in the right-hand chart rose). This is not out of line with the trend in the sector. Systematic Income BDC Tool Return And Valuation Profile There are a number of other BDCs that have the high returns of FDUS; however, in our view, what sets FDUS apart is the consistency of its performance. Over the last 8 quarters, FDUS has outperformed the sector in 7 of those quarters. Systematic Income BDC Tool We like to compare returns and valuation together on the same chart as the two are obviously not independent. The chart below plots the 5Y total NAV return (y-axis) against the valuation i.e. price / NAV ratio (x-axis). The pattern is not exact but there is a clear relationship where BDCs with stronger historic returns tend to also boast a higher valuation. Systematic Income BDC Tool In the chart we highlight the set of BDCs that feature returns of around 15-17% per annum over the last 5 years in total NAV terms. What the chart clearly shows is that FDUS remains the lowest-valuation BDC in this group and by this metric it's fairly cheap.
Seeking Alpha • Aug 03

Fidus Investment: An Interesting ~7.6% Yielding BDC

Based on the regular quarterly distribution of $0.36, we arrive at around a 7.63% distribution yield. This BDC has paid out quite a few supplemental dividends along the way. Despite the attractiveness of this BDC, the current discount isn't screaming a strong buy, as it is about in-line with its historical range. Written by Real-Time Retired Guy, co-produced by Nick Ackerman. This article was originally published to members of Cash Builder Opportunities on July 27th, 2022. According to their website, “Fidus Investment Corporation invests debt and equity capital primarily in lower middle market companies located in the United States.” They are an externally-managed, closed-end, non-diversified management investment company. We know them better as a business development company ("BDC"). Fidus Investment Corporation (FDUS) has as its primary investment objective the generation of current income from their debt investments (primarily floating rate/senior loans) and capital appreciation from their equity investments. Investment Strategy FDUS utilizes a value-focused approach, investing primarily in mezzanine debt, senior secured debt and equity securities of companies having revenues in the range of $10 - $150 million. At the close of the calendar year 2021, FDUS had debt or equity investments in over 70 companies with an aggregate value of over $719 million. As of July 22, 2022 (according to data found on cefdata.com), FDUS’ portfolio was weighted as follows: First Lien Senior Secured Debt - 54.4 percent Second Lien Senior Subordinated Debt - 20.4 percent Common Stocks - 18.3 percent Unsecured/Subordinated Debt - 4.9 percent Preferred Stock - 1.2 percent Warrants/Options - 0.4 percent. FDUS’ investment mix has performed quite well, with a ten-year total return of 13.4 percent, a five-year total return of 14.1 percent, a three-year total return of 17.4 percent, and a year-to-date total return of 9.1 percent. These are excellent returns considering the COVID market impact and the 2022 bear market. Current Investment Portfolio FDUS’ industry exposure is well-diversified among 13 sectors. The following is a current summary of their holdings as prepared by CefData: IT Software - 25.8% Healthcare and Pharma - 14.4% Manufacturing - 10.3% Business Services - 8.1% Consumer Products - 7.8% Energy - 4.8% Defense - 4.1% Transportation - 4.1% Media - 3.5% Investment Funds - 3.2% Industrial/Capital Equipment - 2.9% Environmental Services - 2.7% Other Products/Services - 8.3% Annual portfolio turnover is about 12%. Financial Data In order to provide a realistic assessment of the outlook for FDUS going forward, we shall look at specific financial information including: earnings and revenues trends and estimates, net asset values ((NAV)), dividends and dividend coverage, and price/NAV history. Fortunately, there are a number of websites that now offer extensive coverage of the BDC sector. These include: cefdata.com, bdcinvestor.com, and a weekly BDC insight provided by Raymond James. Net Asset Values At a market price of $18.64 and with a present NAV of $19.91, FDUS currently trades at a discount to NAV of 6.4 percent. Over the past ten years, the discount has fluctuated from 65 percent (during the COVID inflection) and a premium of 39 percent in 2014. The average discount ranges from about two percent to 18 percent, so the current level of six percent is not a great bargain. FDUS Premium/Discount History (Fidus Investment) Since 3/31/2015, FDUS’ NAV has steadily increased from $15.18 to its present level of $19.91 (I have excluded the drop experienced in early 2020 due to the COVID impact on all stocks. This indicates that not only have they been covering their distribution to investors, but shows they've been able to grow on top of that. Recent Earnings and Income Trends Since 2018 earnings per share ((EPS)) have generally been increasing. (excluding 2019). The following represents their diluted annual EPS for these five years: 2018 - $1.54 2019 - $1.44 2020 - $1.55 2021 - $1.77 Source: CNN Business During this period, revenues have shown a similar increase: 2018 - $76.4 million 2019 - $77.1 million 2020 - $85.1 million 2021 - $90.4 million Source: CNN Business Total investment income ((TII)), adjusted net investment income ((NII)), and NII/share (arguably the most important numbers when evaluating BDC’s) for FDUS during this same period was as follows: 2018 - TII = $76.4 million, NII = $37.7 million, NII/Sh = $1.42 2019 - TII = $77.1 million, NII = $35.3 million, NII/Sh = $1.31 2020 - TII = $85.1 million, NII = $38.0 million, NII/Sh = $1.62 2021 - TII = $90.4 million, NII = $43.3 million, NII/Sh = $1.77 Source: FDUS Annual Reports Dividends and Dividend Coverage Investors generally purchase shares in BDCs to harvest the dividends, which, on a yield basis, are quite high in comparison to other stock sectors. Since 9/30/2011, FDUS’ dividends paid have increased from $.32/Q to the current level of $.36/Q, excluding special dividends, which, over the past four quarters, have been fairly substantial ($.04 in 9/21, $.05 in 12/21, $.17 in 2/22, and most recently $.07 in 5/22). So, over the past 12 months, FDUS has paid a total of $1.79/share. Their annualized regular dividend is currently $1.44/share. FDUS NAV Growth and Cumulative Dividends (Fidus Investment) The dividend coverage is measured by the net investment income ((NII))/dividend paid. We present the quarterly dividend coverage (post-COVID) for FDUS as follows: Q4 2020 NII = $.25 (Adjusted $.44), Div = $.38, Div Coverage = 116% Q1 2021 NII = $.46, Div = $.39, Div Coverage = 118% Q2 2021 NII = $.42, Div = $.38, Div Coverage = 111% Q3 2021 NII = $.40, Div = $.36, Div Coverage = 111% Q4 2021 NII = $.49, Div = $.36, DIV Coverage = 136% Q1 2022 NII = $.43, Div = $.36, Div Coverage = 119%
Seeking Alpha • Jul 07

Fidus Investment: This High Yield Packs A Punch

Fidus Investment Corp. is a BDC that offers attractive risk-adjusted returns. It has a diversified portfolio across defensive industries in the fragmented lower middle market space. It continues its strong track record of generating healthy gains on its equity investments. Most investors in their working and retirement years have likely heard about the 4% rule, in which a retiree should target drawing 4% from their investment balance each year. The question remains, however, on what types of investments one should target in the first place. For one thing, the S&P 500 (SPY) still yields just 1.6%, hardly enough to fulfill the 4% rule without one having to touch their principal, and we all know that selling the principal can be detrimental to a portfolio when the market is having a down year, as we find ourselves in so far. This brings me to Fidus Investment (FDUS), which is a well-run BDC that throws off a high yield that one can use to fund living expenses. This article highlights what makes the recent sell-off a good opportunity to layer into this name, so let's get started. Why FDUS? Fidus Investment is an externally-managed BDC that invests primarily in lower middle-market, as defined by U.S. companies with annual revenues between $10M and $150M. It was founded in 2007 as a Small Business Investment Company and went IPO as a BDC in 2011. Fidus targets companies in niche markets with defensible market positionings, diversified customer and supplier bases, and strong free cash flows with significant equity cushions. Like a few of its bigger peers such as Main Street Capital (MAIN), FDUS invests primarily in the lower middle market space, which is highly fragmented with more than 100,000 companies and offers attractive risk-adjusted returns. At present, it has a diversified portfolio totaling $812 million spread across 74 companies. 84% of Fidus's investments are in the form of secured debt (59% first lien, 25% second lien), with the remainder comprised of higher yielding subordinated debt (7%) and equity (8.8%) for a growth kicker. As shown below, the portfolio is mostly defensive in nature, with IT, Business Services, Component Manufacturing, and Specialty distribution comprising 62% of the portfolio. FDUS Portfolio Mix (Investor Presentation) Fidus maintains equity investments in 82% of its portfolio companies. This strategy has worked out well for Fidus, as equity represents 19.8% of the portfolio fair value, comparing favorably to the aforementioned 8.8% portfolio cost. Since IPO, FDUS has an impressive track record of $183 million in realized net cumulative capital gains. As shown below, FDUS had equity gains every year since 2011 except for 2013. FDUS Equity Gains (Investor Presentation) FDUS has continued to demonstrate strong underlying fundamentals, with NAV per share growing by $0.48 YoY to $19.91 in the first quarter. While NII per share was down by $0.03 YoY $0.42, it amply covers the regular dividend of $0.36 per quarter with a 1.17x dividend coverage ratio. Investments on non-accrual remain low, at just 0.3% of portfolio fair value. Looking forward to Q2 results and beyond, would expect for NII per share to improve as Fidus maintains a very strong balance sheet, with a regulatory debt to equity ratio of just 0.6x, sitting well below the 2.0x statutory limit. Risks to FDUS include potential conflicts of interest due to external management, and a slowdown in economic activity. Management, however, noted record levels of private capital sitting on the sidelines as being a potential backstop, as noted during the recent conference call: So the market today seems to be primarily focused on companies that that have not been meaningfully impacted by COVID-19 or the supply chain issues and overall inflation dynamics that obviously many companies are experiencing and facing. And, in fact, what we're, we're continuing to see a premium paid for those businesses that are operating without meaningful incident or concern of those issues. There's obviously a fair bit of pent up demand and a lot of liquidity designed to invest in high quality assets. In fact, I would say private equity and private debt, war chest for lack of a better word, are near record levels today. So, as I would, as I sit here today, I would suggest activity levels are still reasonably solid in the lower middle market, but obviously, nowhere near last year.
Seeking Alpha • Apr 24

Fidus: My Top Pick For The High-Yield BDC Sector In 2022

Interest rates are rising and this article discusses the BDC sector currently yielding between 6% and 11% that will benefit. This article discusses FDUS currently yielding 9% and will continue to outperform the others. FDUS is well positioned for higher interest rates with 100% fixed-rate borrowings and portfolio companies with "cash interest coverage being 3.00x, which is very high." I'm expecting additional dividend increases plus quarterly supplemental and likely a large special dividend in Q4 announced before Oct. 15, as discussed below. Previously, FDUS was paying 50% of excess earnings but recently changed to 100%. Also, there's $1.56 of spillover that needs to be paid out in 2022.
Seeking Alpha • Mar 15

Fidus Investment: A Great Q4 Adds To A Strong Track Record For This 10.63% Yield BDC

We catch up on Q4 results of FDUS. The company delivered strong sector-beating increases in both net investment income and NAV. FDUS is well-positioned to grow its income given its low leverage and underinvested stance, its falling debt cost, expected rotation into first-lien loans, and more.
Seeking Alpha • Jan 30

Fidus Investment: 9.1% Yield, Build Back America And Get Paid

Fidus Investment is a well-run BDC that focuses on the fragmented lower middle market, and has a strong track record of shareholder returns. It maintains equity exposure to most of its portfolio companies, giving it more upside potential for NAV/share. It has plenty of liquidity on hand and maintains a strong balance sheet. It also has plenty of spillover income to fund its special dividends.
Seeking Alpha • Sep 05

Fidus: An Excellent Dividend Growth Stock Currently Yielding 8.6%

This is part of a series of articles discussing 'Level 1' dividend coverage BDCs with higher potential for dividend growth and/or supplemental and special dividends. Fidus Investment remains a 'Level 1' for the reasons discussed in this article. So far in 2021, there have been at least 10 BDCs that have announced dividend increases and/or supplemental dividends most of which were considered 'Level 1'. Upcoming articles will discuss additional 'Level 1' BDCs as the fundamentals for the sector remain strong thanks to rebuilt balance sheets during the pandemic.

Rendement voor aandeelhouders

FDUSUS Capital MarketsUS Markt
7D0.2%-4.4%-2.7%
1Y-7.2%1.8%18.6%

Rendement versus industrie: FDUS presteerde slechter dan de US Capital Markets -sector, die het afgelopen jaar een rendement van 1.8 % opleverde.

Rendement versus markt: FDUS presteerde slechter dan US Market, dat het afgelopen jaar een rendement van 18.6 % opleverde.

Prijsvolatiliteit

Is FDUS's price volatile compared to industry and market?
FDUS volatility
FDUS Average Weekly Movement3.9%
Capital Markets Industry Average Movement3.8%
Market Average Movement7.2%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market3.1%

Stabiele aandelenkoers: FDUS heeft de afgelopen 3 maanden geen significante prijsvolatiliteit gekend vergeleken met de US markt.

Volatiliteit in de loop van de tijd: De wekelijkse volatiliteit ( 4% ) van FDUS is het afgelopen jaar stabiel geweest.

Over het bedrijf

OpgerichtWerknemersCEOWebsite
2011n/aEd Rosswww.fdus.com

Fidus Investment Corporation is een bedrijfsontwikkelingsmaatschappij. Het is gespecialiseerd in leveraged buyouts, herfinancieringen, verandering van eigenaar transacties, herkapitalisaties, strategische overnames, mezzanine, groeikapitaal, bedrijfsuitbreiding, lagere middenmarkt investeringen, schuldinvesteringen, achtergestelde en second lien leningen, senior secured en unitranche schuld, preferent aandelenkapitaal, warrants, achtergestelde schuld, senior achtergestelde obligaties, junior secured leningen en unitranche leningen. Het investeert niet in turnarounds of noodsituaties.

Fidus Investment Corporation Samenvatting

Hoe verhouden de winst en inkomsten van Fidus Investment zich tot de beurswaarde?
FDUS fundamentele statistieken
MarktkapitalisatieUS$688.11m
Inkomsten(TTM)US$82.63m
Inkomsten(TTM)US$166.90m
8.4x
Koers/Winstverhouding
4.2x
P/S-verhouding

Is FDUS overgewaardeerd?

Zie Reële waarde en waarderingsanalyse

Inkomsten en omzet

Belangrijkste winstgevendheidsstatistieken uit het laatste winstverslag (TTM)
FDUS resultatenrekening (TTM)
InkomstenUS$166.90m
Kosten van inkomstenUS$0
BrutowinstUS$166.90m
Overige uitgavenUS$84.27m
InkomstenUS$82.63m

Laatst gerapporteerde inkomsten

Mar 31, 2026

Volgende inkomensdatum

n.v.t.

Winst per aandeel (EPS)2.18
Brutomarge100.00%
Nettowinstmarge49.51%
Schuld/Eigen Vermogen Verhouding90.0%

Hoe presteerde FDUS op de lange termijn?

Bekijk historische prestaties en vergelijking

Dividenden

12.0%
Huidig dividendrendement
76%
Uitbetalingsratio

Betaalt FDUS een betrouwbaar dividend?

Zie FDUS dividendgeschiedenis en benchmarks
Wanneer moet je FDUS kopen om een aanstaand dividend te ontvangen?
Fidus Investment dividenddata
Ex Dividend DatumJun 16 2026
Betaaldatum dividendJun 29 2026
Dagen tot Ex-dividend10 days
Dagen tot dividendbetaaldatum3 days

Betaalt FDUS een betrouwbaar dividend?

Zie FDUS dividendgeschiedenis en benchmarks

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2026/06/25 06:53
Aandelenkoers aan het einde van de dag2026/06/25 00:00
Inkomsten2026/03/31
Jaarlijkse inkomsten2025/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina, we hebben ook handleidingen over hoe u onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

Fidus Investment Corporation wordt gevolgd door 8 analisten. 5 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

AnalistInstelling
Bryce RoweBaird
Mitchel PennBrean Capital Historical (Janney Montgomery)
Sean-Paul AdamsB. Riley Securities, Inc.