FS KKR Capital Corp. (FSK) 股票分析

公司概述

FS KKR Capital Corp. operates as a business development company focused on the investment of debt securities, delivering customized credit solutions specifically to private middle market United States companies. The firm primarily targets senior secured debt, with additional exposure to subordinated debt within the private middle market sector. This entity functions within the broader Financial Services sector and the specialized Asset Management industry, positioning itself to generate returns through credit investments rather than equity ownership. The company currently maintains a market capitalization of $2.84B and generates annual revenue of $1.52B, though specific employee count data is unavailable in public records. These valuation and revenue figures indicate a significant operational scale within the business development company landscape, reflecting a substantial asset base managed to serve the capital needs of smaller private enterprises.

财务健康

The company reported trailing twelve-month revenue of $1.52B alongside net income of $11.00M, while EBITDA data is not disclosed in the current financial profile. The substantial disparity between the $1.52B revenue and the $11.00M net income highlights an extreme cost structure where operating expenses and interest obligations consume nearly 99.3% of top-line revenue. Despite the low profit margin, the firm maintains robust free cash flow of $373.50M, which provides significant financial flexibility for debt servicing and operational adjustments without relying on external equity issuance. The balance sheet reveals a high level of leverage with total debt of $7.63B against cash reserves of $208.00M, resulting in a debt-to-equity ratio of 130.52%. Liquidity remains strong with a current ratio of 2.80, indicating that the company holds sufficient short-term assets to cover its short-term liabilities more than twice over. Return on Equity stands at 0.2% while Return on Assets is 5.1%, metrics that suggest management is generating limited equity returns relative to the heavy capital structure and leverage employed in its business model.

估值评估

FS KKR Capital Corp. exhibits a trailing P/E ratio of 253.50 compared to a forward P/E of 6.19, a stark divergence implying that the market prices in significantly higher future earnings growth that has not yet materialized in the trailing twelve months. The price-to-book ratio is recorded at 0.49, indicating that the stock trades at a discount relative to its net asset value rather than a premium. Alternative valuation metrics include a price-to-sales ratio of 1.87, while the EV/EBITDA multiple is not applicable due to the lack of reported EBITDA figures in the available data. Regarding trading range, the 52-week high is $22.68 and the 52-week low is $9.72, meaning the current price sits significantly below the 52-week high and near the lower end of the historical volatility range. The beta value is 0.90, which suggests that the stock's price volatility moves in tandem with the broader market but with slightly less sensitivity to general market fluctuations.

Growth & Income

Revenue growth for the trailing twelve months is recorded at -14.5%, while earnings growth data is unavailable, preventing a direct comparison of earnings trajectory versus revenue performance in the current period. The company offers a dividend yield of 25.4%, but the payout ratio is listed at 7000.0%, a figure that mathematically exceeds the net income and indicates that the declared dividends are not sustainable based on the reported earnings of $11.00M. This unsustainable payout ratio suggests that the dividend is likely funded by cash reserves or other sources rather than current net income, given the net income is insufficient to cover the dividend obligations at the stated yield. The overall growth and income profile is characterized by a contraction in revenue and a high-yield dividend that is disconnected from the company's reported profitability.