Fidus Investment Corporation Financial Ratios — FDUS Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	7,139.68	4,323.16	1,469.64	248.47	197.15	353.02	273.62	168.28	117.43	67.13	134.43	34.05	90.84	90.05	87.18
Return on Assets (%)	7.77	6.66	7.76	4.85	5.67	7.79	7.13	7.38	6.53	3.75	13.1	3.91	7.61	6.94	6.36
Return on Capital (%)	20.86	20.54	23.29	15.62	16.26	22.27	21.79	21.84	13.68	7.01	23.65	7.26	14.74	14.04	12.6
Return on Invested Capital (%)	8.68	7.7	7.55	7.77	7.97	7.09	6.89	7.2	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	78.15	80.81	83.06	75.5	75.07	82.55	81.06	80.02	100	100	100	100	100	100	100
EBITDA Margin (%)	103.11	100.17	85.69	129.48	120	79.54	84.72	85.17	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	103.11	100.17	85.69	129.48	120	79.54	84.72	85.17	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	26.95	91.42	50.12	-65.15	83.09	7.68	140.51	89.71	4,489.06	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	93.22	87.95	89.95	82.6	87.01	89.22	89.72	89.56	87.99	81.72	91.66	86.54	90.71	89.96	89.28
Profit Margin (%)	93.07	87.93	87.57	80.94	85.85	87.89	85.03	86.96	86.87	78.12	89.68	65.07	87.65	85.67	82.96
Net Income to Common Margin (%)	93.07	87.93	87.57	80.94	85.85	87.89	85.03	86.96	86.87	78.12	89.68	65.07	87.65	85.67	82.96
Effective Tax Rate (%)	0.16	0.02	2.64	2.01	1.33	1.49	5.23	2.9	1.27	4.41	2.16	24.81	3.37	4.77	7.08
Dvd Payout Ratio (%)	39.21	76.01	92.41	122.6	96.42	71.83	83.71	79.18	80.76	104.11	33.68	136.93	101.55	100.1	91.59
Sustainable Growth Rate (%)	4,340.14	1,037.19	111.51	-56.16	7.05	99.45	44.56	35.03	22.59	-2.76	89.16	-12.58	-1.41	-0.09	7.34

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	106	144	144	184	224	219	238	272	355	443	366	410	467	475	644
ST Debt	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	104	144	144	184	224	219	238	272	355	443	366	410	467	475	644
Total Debt/EBITDA	6.23	6.53	5.43	5.89	6.17	5.83	5.43	5.61	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	3.94	4.18	3.42	4.95	5.43	4.32	4.48	4.74	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	6.23	6.53	5.43	5.89	6.17	5.83	5.43	5.61	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	3.94	4.18	3.42	4.95	5.43	4.32	4.48	4.74	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	3.11	3.44	3.76	4.15	3.85	3.55	4.43	3.74	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	3.11	3.44	3.76	4.15	3.85	3.55	4.43	3.74	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	3.11	3.44	3.76	4.15	3.85	3.55	4.43	3.74	- -	- -	- -	- -	- -	- -	- -
Interest Expense	5	6	7	8	9	11	10	13	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.17	0.14	0.88	2.86	2.89	1.64	3.48	5.23	5.86	5.34	14.04	9.02	7.83	7.6	7.05
Long-Term Debt/Equity (%)	74.03	78.92	68.44	75.43	90.61	62.03	60.48	67.37	86	107.91	75.04	85.38	79.14	72.43	86.81
Long-Term Debt/Capital (%)	97.57	99.68	97.81	93.65	94.16	95.79	91.37	88.21	88.46	90.45	74.4	82.93	84.53	84.29	86.5
Long-Term Debt/Total Assets (%)	41.83	43.28	39.35	42.13	46.63	37.4	36.8	39.13	44.92	50.61	40.8	43.82	42.76	40.79	45.15
Total Debt/Equity (%)	75.57	78.92	68.44	75.43	90.61	62.03	60.48	67.37	86	107.91	75.04	85.38	79.14	72.43	86.81
Total Debt/Capital (%)	99.6	99.68	97.81	93.65	94.16	95.79	91.37	88.21	88.46	90.45	74.4	82.93	84.53	84.29	86.5
Total Debt/Total Assets (%)	42.7	43.28	39.35	42.13	46.63	37.4	36.8	39.13	44.92	50.61	40.8	43.82	42.76	40.79	45.15
Net Debt to Equity	47.77	50.5	43.14	63.38	79.78	45.89	49.91	56.95	-3.64	-30.26	-34.73	-12.98	-20.21	-8.72	-9.43
Net Debt/Capital (%)	99.36	99.5	96.57	92.53	95.62	94.39	89.72	86.34	-3.89	-33.99	-52.52	-14.43	-27.53	-11.29	-10.38
EBITDA	17	22	27	31	36	38	44	48	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	17	22	27	31	36	38	44	48	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	17	22	27	31	36	38	44	48	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	9.39	8.32	4.59	3.32	3.45	4.22	2.74	2.17	- -	- -	- -	- -	- -	- -	- -
Current Ratio	9.9	9.52	4.91	4.45	4.07	4.61	3.3	2.56	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	9.79	8.84	4.8	3.83	3.94	4.55	3.23	2.56	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	-15.26	-9.51	-0.23	-6.97	-2.16	-2.96	-1.97	0.47	-7.09	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.17	0.14	0.88	2.86	2.89	1.64	3.48	5.23	5.86	5.34	14.04	9.02	7.83	7.6	7.05
Long-Term Debt/Equity (%)	74.03	78.92	68.44	75.43	90.61	62.03	60.48	67.37	86	107.91	75.04	85.38	79.14	72.43	86.81
Long-Term Debt/Capital (%)	97.57	99.68	97.81	93.65	94.16	95.79	91.37	88.21	88.46	90.45	74.4	82.93	84.53	84.29	86.5
Long-Term Debt/Total Assets (%)	41.83	43.28	39.35	42.13	46.63	37.4	36.8	39.13	44.92	50.61	40.8	43.82	42.76	40.79	45.15
Total Debt/Equity (%)	75.57	78.92	68.44	75.43	90.61	62.03	60.48	67.37	86	107.91	75.04	85.38	79.14	72.43	86.81
Total Debt/Capital (%)	99.6	99.68	97.81	93.65	94.16	95.79	91.37	88.21	88.46	90.45	74.4	82.93	84.53	84.29	86.5
Total Debt/Total Assets (%)	42.7	43.28	39.35	42.13	46.63	37.4	36.8	39.13	44.92	50.61	40.8	43.82	42.76	40.79	45.15
CFO/Total Liabilities	-42.56	-32.86	-1.34	-37.06	-8.34	-14.43	-11.15	2.8	-18.22	12.04	41.01	-23.16	-5.87	-10.88	-21.47
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.64	0.66	0.83	0.64	0.63	0.72	0.8	0.74	0.48	0.38	0.79	0.65	0.74	0.99	0.77

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	3.7	2.2	2.43	2.34	2.65	2.77	3.36	4.11	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	98.59	166.09	150.38	156.27	137.7	131.82	108.78	88.7	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	-98.59	-166.09	-150.38	-156.27	-137.7	-131.82	-108.78	-88.7	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	30	46	89	71	82	118	161	144	203	201	303	356	460	685	685
- Cash & Cash Equivalents	39	52	53	29	32	57	42	42	15	124	169	62	119	57	70
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	106	144	144	184	224	219	238	272	355	443	366	410	467	475	644
Enterprise Value	98	138	180	225	274	280	357	374	543	520	500	703	807	1,103	1,259
Total Capital	107	145	148	196	238	229	260	308	401	490	492	495	552	563	745
Total Debt/Capital (%)	99.6	99.68	97.81	93.65	94.16	95.79	91.37	88.21	88.46	90.45	74.4	82.93	84.53	84.29	86.5
Total Debt / EV	1.09	1.04	0.8	0.81	0.82	0.78	0.67	0.73	0.65	0.85	0.73	0.58	0.58	0.43	0.51
EV/Sales	5.9	6.27	5.8	9.35	9.06	5.92	6.91	6.57	9.73	13.02	3.86	12.77	9.17	12.07	12.68
EV/EBITDA	5.72	6.26	6.77	7.22	7.55	7.44	8.15	7.72	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	5.72	6.26	6.77	7.22	7.55	7.44	8.15	7.72	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	37.54	- -	- -	- -	- -	18.04	- -	9.3	2.98	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	37.54	- -	- -	- -	- -	18.04	- -	9.3	2.98	- -	- -	- -	- -
Diluted Market Cap	30	46	89	71	82	118	161	144	203	201	303	356	460	685	685
Diluted Enterprise Value	98	138	180	225	274	280	357	374	543	520	500	703	807	1,103	1,259
EV per Share	10.35	13.59	13.31	15.7	16.93	15.31	15.17	15.28	22.18	21.29	20.46	28.74	30.62	33.84	35.48
TTM Sales	17	22	31	24	30	47	52	57	56	40	129	55	88	91	99
TTM EBITDA	17	22	27	31	36	38	44	48	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	17	22	27	31	36	38	44	48	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-41	-43	5	-64	-10	-23	-19	21	-69	56	168	-106	-29	-55	-147
TTM Free Cash Flow to Firm	-41	-43	5	-64	-10	-23	-19	21	-69	56	168	-106	-29	-55	-147

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	-0.66	-0.93	-42.54	-1	-4.2	-3.5	-5.7	17.72	-2.95	3.6	1.81	-3.37	-15.61	-12.38	-4.66
EV/EBIT	5.72	6.26	6.77	7.22	7.55	7.44	8.15	7.72	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	98	138	180	225	274	280	357	374	543	520	500	703	807	1,103	1,259
Low Price	10.02	12.36	15.87	13.56	7.49	11.34	15.1	11.48	11.57	4.45	12.61	16.4	17.63	18.41	16.7
EV/Sales	5.9	6.27	5.8	9.35	9.06	5.92	6.91	6.57	9.73	13.02	3.86	12.77	9.17	12.07	12.68
EV/EBITDA	5.72	6.26	6.77	7.22	7.55	7.44	8.15	7.72	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	1.98	2.37	3.27	3.64	3.15	2.83	3.66	2.92	4.19	6.45	2.61	9.92	5.96	8.75	8.31
Price/Earnings Average	1.93	2.04	2.69	4.24	3.28	2.59	3.78	3.28	4.05	4.98	2.3	9.36	5.38	7.71	8.84
Price/Earnings High	9.8	8.95	11.14	16.57	10.88	7.52	9.75	7.79	8.33	12.25	3.97	14.51	7.27	9.02	10.14
Price/Earnings Low	6.14	6.49	7.89	9.98	4.67	4.99	8.08	5.68	5.84	3.48	2.65	11.2	6.03	7.66	7.19
Price/Book Value	70.65	98.37	27.51	5.7	5.88	12.19	7.15	3.98	4.39	4.31	2.41	4.21	5.39	7.74	6.81
Price/Book Value Average	68.73	84.79	22.66	6.64	6.14	11.17	7.39	4.47	4.24	3.32	2.12	3.97	4.86	6.82	7.25
Price/Book Value High	349.96	371.87	93.69	25.93	20.32	32.39	19.06	10.62	8.73	8.18	3.66	6.16	6.56	7.98	8.31
Price/Book Value Low	219.16	269.58	66.35	15.63	8.73	21.49	15.81	7.74	6.12	2.33	2.45	4.75	5.44	6.78	5.9
Price/Tangible Book Value	0.22	0.25	0.42	0.29	0.33	0.33	0.41	0.36	0.49	0.49	0.62	0.74	0.78	1.04	0.92
Price/Tangible Book Value Average	0.21	0.22	0.35	0.34	0.34	0.3	0.42	0.4	0.48	0.38	0.55	0.7	0.7	0.92	0.98
Price/Tangible Book Value High	1.07	0.95	1.44	1.33	1.14	0.88	1.09	0.96	0.98	0.93	0.95	1.08	0.95	1.08	1.13
Price/Tangible Book Value Low	0.67	0.69	1.02	0.8	0.49	0.59	0.9	0.7	0.69	0.26	0.63	0.84	0.79	0.91	0.8
Price/Sales	1.84	2.08	2.86	2.95	2.7	2.49	3.11	2.54	3.64	5.04	2.34	6.46	5.23	7.49	6.9
Price/Sales Average	1.79	1.79	2.36	3.43	2.82	2.28	3.21	2.85	3.52	3.89	2.06	6.09	4.71	6.61	7.33
Price/Sales High	9.12	7.87	9.76	13.41	9.34	6.61	8.29	6.78	7.24	9.57	3.56	9.44	6.37	7.73	8.41
Price/Sales Low	5.71	5.7	6.91	8.08	4.01	4.38	6.87	4.94	5.07	2.72	2.38	7.29	5.28	6.56	5.97
Price/Cash Flow	-0.66	-0.93	-42.54	-1	-4.2	-3.5	-5.7	17.72	-2.95	3.6	1.81	-3.37	-15.61	-12.38	-4.66
Price/Cash Flow Average	-0.64	-0.8	-35.04	-1.16	-4.38	-3.21	-5.89	19.91	-2.85	2.78	1.59	-3.18	-14.08	-10.91	-4.96
Price/Cash Flow High	-3.28	-3.51	-144.88	-4.53	-14.51	-9.29	-15.19	47.3	-5.87	6.84	2.75	-4.93	-19.03	-12.77	-5.69
Price/Cash Flow Low	-2.05	-2.54	-102.6	-2.73	-6.23	-6.17	-12.6	34.48	-4.12	1.94	1.84	-3.8	-15.78	-10.85	-4.03
Price/Free Cash Flow Average	-0.64	-0.8	-35.04	-1.16	-4.38	-3.21	-5.89	19.91	-2.85	2.78	1.59	-3.18	-14.08	-10.91	-4.96
Price/Free Cash Flow High	-3.28	-3.51	-144.88	-4.53	-14.51	-9.29	-15.19	47.3	-5.87	6.84	2.75	-4.93	-19.03	-12.77	-5.69
Price/Free Cash Flow Low	-2.05	-2.54	-102.6	-2.73	-6.23	-6.17	-12.6	34.48	-4.12	1.94	1.84	-3.8	-15.78	-10.85	-4.03
EV/Sales Average	5.85	5.98	5.29	9.84	9.18	5.71	7.01	6.89	9.6	11.87	3.58	12.41	8.66	11.18	13.11
EV/Sales High	13.18	12.06	12.69	19.81	15.7	10.04	12.09	10.81	13.32	17.55	5.08	15.76	10.32	12.3	14.19
EV/Sales Low	9.77	9.89	9.84	14.49	10.37	7.82	10.67	8.98	11.16	10.7	3.9	13.61	9.23	11.14	11.75
EV/EBITDA Average	5.67	5.97	6.18	7.6	7.65	7.18	8.28	8.09	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	12.79	12.03	14.81	15.3	13.08	12.62	14.27	12.7	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	9.48	9.87	11.49	11.19	8.64	9.83	12.59	10.54	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	5.67	5.97	6.18	7.6	7.65	7.18	8.28	8.09	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	12.79	12.03	14.81	15.3	13.08	12.62	14.27	12.7	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	9.48	9.87	11.49	11.19	8.64	9.83	12.59	10.54	- -	- -	- -	- -	- -	- -	- -
Last Price	3.23	4.51	6.58	4.95	5.05	6.43	6.83	5.9	8.3	8.24	12.41	14.53	17.44	21.02	19.3
High Price	16	17.05	22.41	22.5	17.44	17.09	18.21	15.75	16.5	15.65	18.87	21.25	21.26	21.68	23.55
Enterprise Value Average	97	132	164	237	278	270	362	392	536	474	464	683	762	1,021	1,303
Enterprise Value High	218	266	394	477	475	475	625	615	743	701	658	868	908	1,124	1,410
Enterprise Value Low	162	218	306	349	314	370	552	510	623	428	505	749	812	1,018	1,167

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	9	12	14	16	16	22	25	24	24	24	24	25	30	34	38
Diluted Weighted Avg Shares	9	10	14	14	16	18	24	24	24	24	24	24	26	33	35
Basic Weighted Avg Shares	9	10	14	14	16	18	24	24	24	24	24	24	26	33	35
Revenue per Share	1.75	2.17	2.3	1.68	1.87	2.59	2.2	2.32	2.28	1.64	5.3	2.25	3.34	2.8	2.8
EBITDA per Share	1.81	2.17	1.97	2.17	2.24	2.06	1.86	1.98	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.81	2.17	1.97	2.17	2.24	2.06	1.86	1.98	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.63	1.91	2.01	1.36	1.6	2.27	1.87	2.02	1.98	1.28	4.75	1.46	2.93	2.4	2.32
Basic EPS from Cont Ops	1.63	1.91	2.01	1.36	1.6	2.27	1.87	2.02	1.98	1.28	4.75	1.46	2.93	2.4	2.32
Diluted EPS, GAAP	1.63	1.91	2.01	1.36	1.6	2.27	1.87	2.02	1.98	1.28	4.75	1.46	2.93	2.4	2.32
Diluted EPS from Cont Ops	1.63	1.91	2.01	1.36	1.6	2.27	1.87	2.02	1.98	1.28	4.75	1.46	2.93	2.4	2.32
Dividend per Share	0.64	1.45	1.86	1.67	1.55	1.63	1.56	1.6	1.6	1.33	1.6	2	2.97	2.41	2.13
Cash Flow per Share	-4.88	-4.86	-0.15	-4.97	-1.2	-1.84	-1.2	0.33	-2.81	2.29	6.87	-4.31	-1.12	-1.7	-4.14
Free Cash Flow per Basic Share	-4.88	-4.86	-0.15	-4.97	-1.2	-1.84	-1.2	0.33	-2.81	2.29	6.87	-4.31	-1.12	-1.7	-4.14
Cash & Equivalents per Share	4.14	5.11	3.95	2.04	1.95	3.12	1.77	1.72	0.61	5.09	6.93	2.55	4.52	1.75	1.97
Book Value per Share	0.05	0.05	0.24	0.87	0.86	0.53	0.96	1.48	1.89	1.91	5.15	3.45	3.24	2.72	2.83
Tangible Book Value per Share	14.9	17.98	15.61	16.96	15.27	19.35	16.72	16.47	16.85	16.81	19.96	19.63	22.36	20.12	20.9

Fidus Investment Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)