FIDUS INVESTMENT Corp FDUS
Fidus Investment Corporation, a Maryland Corporation, operates as an externally managed business development company ("BDC") under the Investment Company Act of 1940, as amended ("1940 Act"). FIC completed its initial public offering, or IPO, in June 2011. In addition, FIC has elected, and intends to qualify annually, to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As of December 31, 2025, our shares were listed on the NASDAQ Global Select Market under the symbol "FDUS."
FIC may make investments directly or through its two wholly-owned investment company subsidiaries, Fidus Mezzanine Capital III, L.P. ("Fund III") and Fidus Mezzanine Capital IV, L.P. ("Fund IV" and together with Fund III, the "SBIC Funds"). Fidus Investment GP, LLC, the general partner of the SBIC Funds, is also a wholly owned subsidiary of FIC. The SBIC Funds are licensed by the U.S. Small Business Administration (the "SBA") to operate as small business investment companies ("SBICs"). The SBIC Funds utilize the proceeds of the issuance of SBA-guaranteed debentures to enhance returns to our stockholders. Fidus Mezzanine Capital, L.P. ("Fund I") and Fidus Mezzanine Capital II, L.P. ("Fund II") have both completed their wind-down plans, can no longer issue additional SBA-guaranteed debentures, and relinquished their SBIC licenses on March 20, 2020 and March 7, 2024, respectively. We believe that utilizing both FIC and the SBIC Funds as investment vehicles provides us with access to a broader array of investment opportunities. Given our access to lower cost capital through the SBA's SBIC debenture program, we expect that we will continue to make investments through the SBIC Funds during the investment period until the SBIC Funds reach their borrowing limit under the program. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total operating expenses | — | $69.3M | $64.3M | $46.5M | $65.0M | $45.0M | — | — | — | — |
| Interest expense | $28.8M | $22.3M | $20.6M | $16.6M | $16.9M | $17.4M | — | — | — | — |
| Pre-tax income | — | $80.7M | $78.2M | $37.2M | $36.3M | $32.1M | — | — | — | — |
| Income tax | — | $2.4M | $1.0M | $1.4M | $509.0K | $862.0K | — | — | — | — |
| Net income | $82.4M | $78.3M | $77.1M | $35.8M | $35.8M | $31.2M | — | — | — | — |
| EPS, basic | 2.08 | 2.29 | 2.47 | 1.90 | 1.03 | 1.62 | — | — | — | — |
| EPS, diluted | 2.08 | 2.29 | 2.47 | 1.90 | 1.03 | 1.62 | — | — | — | — |
| Shares, diluted (wtd. avg.) | 35.5M | 32.6M | 26.4M | 24.5M | 24.4M | 24.4M | 24.5M | 24.5M | 23.5M | 18.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $70.0M | $57.2M | $119.1M | $62.4M | $169.4M | — | — | — | — | — |
| Total assets | $1.43B | $1.16B | $1.09B | $936.0M | $897.2M | — | — | — | — | — |
| Long-term debt | $658.4M | $483.7M | $475.9M | $419.9M | — | — | — | — | — | — |
| Total liabilities | $684.6M | $508.4M | $501.4M | $455.6M | $409.4M | — | — | — | — | — |
| Retained earnings | $100.5M | $88.5M | $85.4M | $84.4M | $125.9M | — | — | — | — | — |
| Total equity | $741.9M | $655.7M | $589.5M | $480.3M | $487.8M | $410.8M | $412.3M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$147.0M | -$55.3M | -$29.5M | -$105.5M | -$105.5M | $56.0M | — | — | — | — |
| Financing cash flow | $169.5M | -$6.7M | $86.2M | -$1.5M | -$1.5M | $53.3M | — | — | — | — |
| Buybacks | — | — | — | — | — | $268.0K | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-076572.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | — | — | — | — | $31.2M | $35.8M | $35.8M | $77.1M | $78.3M | $82.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.