FDUS

MKT CAP:$701M

Fidus Investment Corporation

Market Cap

$701M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$18.92-$0.61 (-3.12%)

Apr 17, 2026

Company Details

Fidus Investment Corporation is a business development company. It specializing in leveraged buyouts, refinancings, change of ownership transactions, recapitalizations, strategic acquisitions, mezzanine, growth capital, business expansion, ...

CEO

Edward H. Ross

IPO Date

Jun 21, 2011

Website

www.fdus.com

Key Metrics TTM

Revenue

$123M

+0.9% YoY

Net Income

$82M

EPS (Diluted)

$2.31

Free Cash Flow

$59M

Revenue / Share

$3.44

Gross Margin

78.9%

Operating Margin

70.3%

Net Margin

66.6%

FCF Margin

48.5%

P/S

5.7x

P/E

8.6x

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 6, 2025

$30M+21.4%EPS $0.54

Q2 2025

Aug 7, 2025

$35M+5.3%EPS $0.72

Q1 2025

May 8, 2025

$30M+7.1%EPS $0.53

FY 2024

Mar 6, 2025

$114M+4.7%EPS $2.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$60M	$56M	$53M
Q1 22	$17M	$14M	$12M
Q2 22	$14M	$10M	$8M
Q3 22	$17M	$13M	$11M
Q4 22	$23M	$19M	$16M
Q1 23	$22M	$17M	$16M
Q2 23	$20M	$14M	$12M
Q3 23	$32M	$26M	$24M
Q4 23	$35M	$30M	$27M
Q1 24	$28M	$23M	$20M
Q2 24	$34M	$28M	$26M
Q3 24	$25M	$19M	$17M
Q4 24	$27M	$21M	$19M
Q1 25	$30M	$24M	$22M
Q2 25	$35M	$28M	$25M
Q3 25	$30M	$23M	$20M

Valuation

Quarter	P/S	P/E
Q4 21	4.8x	6.0x
Q1 22	4.9x	6.0x
Q2 22	5.6x	7.1x
Q3 22	6.4x	8.6x
Q4 22	9.8x	19.6x
Q1 23	9.2x	17.7x
Q2 23	8.6x	16.5x
Q3 23	7.3x	12.6x
Q4 23	6.5x	9.1x
Q1 24	6.1x	8.6x
Q2 24	5.4x	7.4x
Q3 24	5.8x	8.0x
Q4 24	6.2x	9.0x
Q1 25	6.1x	9.0x
Q2 25	6.0x	8.9x
Q3 25	5.7x	8.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$69M	$69M
Q1 22	-$91M	-$91M
Q2 22	-$2M	-$2M
Q3 22	-$24M	-$24M
Q4 22	$12M	$12M
Q1 23	-$6M	-$6M
Q2 23	-$17M	-$17M
Q3 23	$25M	$25M
Q4 23	$24M	$24M
Q1 24	$8M	$8M
Q2 24	$17M	$17M
Q3 24	$20M	$20M
Q4 24	$21M	$21M
Q1 25	$8M	$8M
Q2 25	$25M	$25M
Q3 25	$6M	$6M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+67.2%	+17.1%
Q1 22	-13.0%	-31.9%
Q2 22	-55.5%	+3.9%
Q3 22	-50.2%	-6.9%
Q4 22	-61.9%	-11.7%
Q1 23	+27.4%	+15.4%
Q2 23	+38.9%	+19.5%
Q3 23	+84.3%	+27.5%
Q4 23	+53.3%	+18.1%
Q1 24	+27.3%	+23.0%
Q2 24	+72.7%	+12.2%
Q3 24	-22.7%	+1.5%
Q4 24	-22.7%	+2.6%
Q1 25	+7.1%	+6.8%
Q2 25	+5.3%	+27.3%
Q3 25	+21.4%	+31.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$1M
Q1 22	$1M
Q2 22	$1M
Q3 22	$1M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$86M	$0	$86M
Q2 22	$72M	$0	$72M
Q3 22	$40M	$0	$40M
Q4 22	$62M	$0	$62M
Q1 23	$36M	$0	$36M
Q2 23	$38M	$0	$38M
Q3 23	$80M	$0	$80M
Q4 23	$119M	$0	$119M
Q1 24	$27M	$0	$27M
Q2 24	$48M	$0	$48M
Q3 24	$54M	$0	$54M
Q4 24	$57M	$0	$57M
Q1 25	$67M	$0	$67M
Q2 25	$91M	$0	$91M
Q3 25	$62M	$0	$62M
Q4 25	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	24M	0.0%	0.0%
Q1 22	24M	0.0%	0.0%
Q2 22	24M	0.0%	0.0%
Q3 22	24M	0.0%	0.0%
Q4 22	25M	+0.5%	+0.5%
Q1 23	25M	+1.0%	+1.5%
Q2 23	25M	+0.9%	+2.4%
Q3 23	27M	+6.4%	+8.9%
Q4 23	30M	+14.4%	+23.9%
Q1 24	31M	+1.1%	+24.1%
Q2 24	32M	+4.8%	+28.8%
Q3 24	33M	+3.5%	+25.4%
Q4 24	34M	+1.6%	+11.4%
Q1 25	34M	+0.5%	+10.7%
Q2 25	35M	+3.2%	+9.0%
Q3 25	36M	+1.6%	+7.0%

Shares Outstanding