FSK

MKT CAP:$3B

FS KKR Capital Corp.

Market Cap

$3B

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

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$10.52-$4.41 (-29.54%)

Apr 24, 2026

Company Details

FS KKR Capital Corp. is a business development company specializing in investments in debt securities. It provides customized credit solutions to private middle market U.S. companies. It invest primarily in the senior secured debt and, to a...

CEO

Michael Craig Forman

IPO Date

Apr 16, 2014

Website

www.fskkradvisor.com

Key Metrics TTM

Revenue

$736M

-33.7% YoY

Net Income

$11M

EPS (Diluted)

$0.03

Free Cash Flow

$1M

Revenue / Share

$2.63

Gross Margin

41.6%

Operating Margin

19.3%

Net Margin

1.5%

FCF Margin

0.1%

P/S

4.0x

P/E

268.4x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$1.2B+5.5%EPS $0.04

Q4 2025

Feb 25, 2026

$209M-29.2%EPS -$0.41

Q3 2025

Nov 5, 2025

$344M+19.4%EPS $0.76

Q2 2025

Aug 6, 2025

-$59M-125.7%EPS -$0.75

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$299M	$225M	$225M
Q2 22	$6M	-$77M	-$70M
Q3 22	-$33M	-$129M	-$126M
Q4 22	$191M	$85M	$87M
Q1 23	$322M	$212M	$199M
Q2 23	$272M	$154M	$142M
Q3 23	$393M	$276M	$265M
Q4 23	$243M	$129M	$115M
Q1 24	$297M	$185M	$173M
Q2 24	$230M	$115M	$105M
Q3 24	$288M	$170M	$160M
Q4 24	$295M	$184M	$170M
Q1 25	$242M	$134M	$120M
Q2 25	-$59M	-$184M	-$198M
Q3 25	$344M	$228M	$218M
Q4 25	$209M	$128M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	1.6x	1.9x
Q2 22	3.3x	4.9x
Q3 22	5.5x	14.3x
Q4 22	6.4x	32.1x
Q1 23	6.1x	44.7x
Q2 23	3.9x	10.5x
Q3 23	2.5x	4.4x
Q4 23	2.4x	4.2x
Q1 24	2.4x	4.4x
Q2 24	2.5x	4.7x
Q3 24	2.8x	5.6x
Q4 24	2.7x	5.0x
Q1 25	2.8x	5.5x
Q2 25	3.9x	13.5x
Q3 25	3.6x	10.9x
Q4 25	4.0x	268.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$125M	-$125M
Q2 22	$503M	$503M
Q3 22	$282M	$282M
Q4 22	$348M	$348M
Q1 23	$131M	$131M
Q2 23	$279M	$279M
Q3 23	$242M	$242M
Q4 23	$150M	$150M
Q1 24	$466M	$466M
Q2 24	$376M	$376M
Q3 24	$81M	$81M
Q4 24	$978M	$978M
Q1 25	-$418M	-$418M
Q2 25	-$142M	-$142M
Q3 25	$366M	$366M
Q4 25	$195M	$195M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.1%	+54.2%
Q2 22	-99.3%	+46.2%
Q3 22	-109.8%	+40.9%
Q4 22	-27.9%	+44.4%
Q1 23	+7.7%	+66.2%
Q2 23	+4433.3%	+71.1%
Q3 23	+1290.9%	+37.6%
Q4 23	+27.2%	+23.1%
Q1 24	-7.8%	+0.8%
Q2 24	-15.4%	-3.8%
Q3 24	-26.7%	+0.0%
Q4 24	+21.4%	-2.3%
Q1 25	-18.5%	-1.6%
Q2 25	-125.7%	+11.2%
Q3 25	+19.4%	-1.6%
Q4 25	-29.2%	+65.6%

Stock-Based Compensation

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

OpEx Breakdown

Quarter	G&A
Q1 22	$12M
Q2 22	$8M
Q3 22	$12M
Q4 22	$10M
Q1 23	$9M
Q2 23	$12M
Q3 23	$11M
Q4 23	$10M
Q1 24	$8M
Q2 24	$10M
Q3 24	$10M
Q4 24	$9M
Q1 25	$9M
Q2 25	$11M
Q3 25	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$369M	$0	$369M
Q2 22	$269M	$0	$269M
Q3 22	$266M	$0	$266M
Q4 22	$251M	$0	$251M
Q1 23	$250M	$0	$250M
Q2 23	$274M	$0	$274M
Q3 23	$176M	$0	$176M
Q4 23	$231M	$0	$231M
Q1 24	$242M	$0	$242M
Q2 24	$433M	$0	$433M
Q3 24	$371M	$0	$371M
Q4 24	$296M	$0	$296M
Q1 25	$472M	$0	$472M
Q2 25	$312M	$0	$312M
Q3 25	$155M	$0	$155M
Q4 25	$181M	$0	$181M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	284M	-0.2%	+129.7%
Q2 22	284M	-0.2%	+88.8%
Q3 22	283M	-0.2%	-0.7%
Q4 22	283M	-0.2%	-0.8%
Q1 23	281M	-0.6%	-1.2%
Q2 23	280M	-0.3%	-1.3%
Q3 23	280M	0.0%	-1.1%
Q4 23	280M	-0.0%	-0.9%
Q1 24	280M	+0.0%	-0.3%
Q2 24	280M	0.0%	0.0%
Q3 24	280M	0.0%	0.0%
Q4 24	280M	0.0%	+0.0%
Q1 25	280M	0.0%	0.0%
Q2 25	280M	+0.0%	+0.0%
Q3 25	280M	0.0%	+0.0%
Q4 25	280M	0.0%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$598.0K	500
Q2 22	$12.0K	500
Q3 22	-$66.0K	500
Q4 22	$382.0K	500
Q1 23	$644.0K	500
Q2 23	$544.0K	500
Q3 23	$786.0K	500
Q4 23	$486.0K	500
Q1 24	$594.0K	500
Q2 24	$460.0K	500
Q3 24	$576.0K	500
Q4 24	$590.0K	500
Q1 25	$484.0K	500
Q2 25	-$118.0K	500
Q3 25	$688.0K	500
Q4 25	$418.0K	500

Revenue / Employee