PFLT

MKT CAP:$858M

PennantPark Floating Rate Capital Ltd.

Market Cap

$858M

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

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$8.63-$0.77 (-8.19%)

Apr 24, 2026

Company Details

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small marke...

CEO

Arthur Howard Penn

IPO Date

Apr 8, 2011

Website

pflt.pennantpark.com

Key Metrics TTM

Revenue

$182M

+8.2% YoY

Net Income

$66M

EPS (Diluted)

$0.78

Free Cash Flow

-$282M

Revenue / Share

$1.83

Gross Margin

48.7%

Operating Margin

35.6%

Net Margin

36.5%

FCF Margin

-155.0%

P/S

4.7x

P/E

12.9x

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Nov 24, 2025

$172M+2.2%EPS $0.72

Q4 2025

Nov 24, 2025

$47M-9.9%EPS $0.18

Q3 2025

Aug 11, 2025

$47M+34.7%EPS $0.24

Q2 2025

May 12, 2025

$26M-46.2%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$24M	$17M	$16M
Q2 22	$19M	$12M	$11M
Q3 22	$3M	-$4M	-$5M
Q4 22	-$4M	-$13M	-$14M
Q1 23	$10M	$489.0K	-$361.0K
Q2 23	$15M	$5M	$4M
Q3 23	$17M	$7M	$6M
Q4 23	$38M	$29M	$28M
Q1 24	$33M	$24M	$23M
Q2 24	$48M	$33M	$31M
Q3 24	$35M	$19M	$17M
Q4 24	$52M	$32M	$22M
Q1 25	$62M	$40M	$25M
Q2 25	$26M	$3M	$1M
Q3 25	$47M	$25M	$20M
Q4 25	$47M	$21M	$19M

Valuation

Quarter	P/S	P/E
Q1 22	11.5x	19.2x
Q2 22	11.3x	21.2x
Q3 22	14.7x	41.7x
Q4 22	20.7x	248.3x
Q1 23	30.4x	—
Q2 23	35.5x	—
Q3 23	22.4x	—
Q4 23	10.7x	21.9x
Q1 24	8.3x	13.5x
Q2 24	6.3x	9.8x
Q3 24	5.6x	8.7x
Q4 24	5.1x	9.3x
Q1 25	4.4x	8.8x
Q2 25	4.9x	12.7x
Q3 25	4.6x	12.2x
Q4 25	4.7x	12.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$82M	-$82M
Q2 22	-$20M	-$20M
Q3 22	-$10M	-$10M
Q4 22	$62M	$62M
Q1 23	$6M	$6M
Q2 23	$9M	$9M
Q3 23	$47M	$47M
Q4 23	$28M	$28M
Q1 24	-$182M	-$182M
Q2 24	-$173M	-$173M
Q3 24	-$155M	-$155M
Q4 24	-$292M	-$292M
Q1 25	-$233M	-$233M
Q2 25	-$118M	-$118M
Q3 25	$27M	$27M
Q4 25	$42M	$42M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-27.1%	+23.1%
Q2 22	+8.1%	+36.9%
Q3 22	-84.9%	+30.6%
Q4 22	-130.6%	+10.9%
Q1 23	-56.0%	+44.0%
Q2 23	-21.5%	+41.3%
Q3 23	+444.7%	+42.0%
Q4 23	+1056.9%	-1.6%
Q1 24	+220.7%	-1.4%
Q2 24	+227.6%	+55.9%
Q3 24	+101.9%	+54.3%
Q4 24	+36.0%	+209.1%
Q1 25	+87.0%	+250.9%
Q2 25	-46.2%	+50.2%
Q3 25	+34.7%	+52.9%
Q4 25	-9.9%	-7.2%

Stock-Based Compensation

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

OpEx Breakdown

Quarter	G&A
Q1 22	$799.0K
Q2 22	$799.0K
Q3 22	$799.0K
Q4 22	$798.0K
Q1 23	$850.0K
Q2 23	$849.0K
Q3 23	$2M
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$50M	$0	$50M
Q3 22	$41M	$0	$41M
Q4 22	$51M	$0	$51M
Q1 23	$53M	$0	$53M
Q2 23	$50M	$0	$50M
Q3 23	$59M	$0	$59M
Q4 23	$101M	$0	$101M
Q1 24	$76M	$0	$76M
Q2 24	$125M	$0	$125M
Q3 24	$85M	$0	$85M
Q4 24	$112M	$0	$112M
Q1 25	$102M	$0	$102M
Q2 25	$111M	$0	$111M
Q3 25	$103M	$0	$103M
Q4 25	$123M	$0	$123M
Q1 26	$95M	$0	$95M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	39M	+0.7%	+0.5%
Q2 22	40M	+1.5%	+2.0%
Q3 22	41M	+4.6%	+6.6%
Q4 22	39M	-6.5%	-0.2%
Q1 23	45M	+17.4%	+16.4%
Q2 23	48M	+6.4%	+22.2%
Q3 23	51M	+5.2%	+22.9%
Q4 23	58M	+15.0%	+51.2%
Q1 24	59M	+0.5%	+29.5%
Q2 24	61M	+4.1%	+26.6%
Q3 24	68M	+12.0%	+34.8%
Q4 24	74M	+7.6%	+26.1%
Q1 25	82M	+10.8%	+39.0%
Q2 25	82M	0.0%	+33.5%
Q3 25	82M	0.0%	+19.2%
Q4 25	99M	+21.5%	+34.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$12M	2
Q2 22	$9M	2
Q3 22	$2M	2
Q4 22	-$2M	2
Q1 23	$5M	2
Q2 23	$7M	2
Q3 23	$9M	2
Q4 23	$19M	2
Q1 24	$17M	2
Q2 24	$24M	2
Q3 24	$18M	2
Q4 24	$26M	2
Q1 25	$31M	2
Q2 25	$13M	2
Q3 25	$24M	2
Q4 25	$23M	2

Revenue / Employee