FS KKR Capital Corp.
NYSE•FSK
CEO: Mr. Michael Craig Forman J.D.
Sector: Financial Services
Industry: Asset Management
Listing Date: 2014-04-16
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 lesser extent, the subordinated debt of private middle market U.S. companies. It seeks to purchase interests in loans through secondary market transactions or directly from the target companies as primary market investments. It also seeks to invest in first lien senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans, or mezzanine loans. In connection with the debt investments, the firm also receives equity interests such as warrants or options as additional consideration. It also seek to purchase minority interests in the form of common or preferred equity in our target companies, either in conjunction with one of the debt investments or through a co-investment with a financial sponsor. Additionally, on an opportunistic basis, the fund may also invest in corporate bonds and similar debt securities. The fund does not seek to invest in start-up companies, turnaround situations, or companies with speculative business plans. It seeks to invest in small and middle-market companies based in United States. The fund seeks to invest in firms with annual revenue between $10 million to $2.5 billion. It focus on providing customized one-stop credit solutions to private upper middle market companies with annual EBITDA of $50 million to $100 million at the time of investment. It seeks to exit from securities by selling them in a privately negotiated over- the- counter market. For any investments that are not able to be sold within the secondary market, the firm seeks to exit such investments through repayment, an initial public offering of equity securities, merger, sale or recapitalization.
Contact Information
Market Cap
$4.33B
P/E (TTM)
15.9
0
Dividend Yield
18.1%
52W High
$24.10
52W Low
$14.05
52W Range
Rank50Top 56.1%
3.5
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024
Financial Dashboard
Q3 2025 Data
Revenue
$344.00M+19.44%
4-Quarter Trend
EPS
$0.76+33.33%
4-Quarter Trend
FCF
$366.00M+351.85%
4-Quarter Trend
2025 Q3 Earnings Highlights
Key Highlights
Quarterly Earnings Per Share Up Q3 EPS $0.76 USD, showing strong increase from $0.57 USD reported in Q3 2024 period.
Nine Month Net Investment Income Net Investment Income for nine months fell to $519M USD in 2025, down from $642M USD reported in the prior year period.
Net Asset Value Per Share Period-end NAV per share decreased to $21.99 USD as of September 30, 2025, compared to $23.64 USD at December 31, 2024.
Significant Unrealized Loss Total net realized and unrealized gain/loss for nine months was $(380)M USD, reflecting significant negative investment performance.
Risk Factors
Investment Valuation Declines Nine month net realized/unrealized loss totaled $(380)M USD, driven by valuation depreciation across investment tiers.
Variable Rate Debt Exposure 63.8% of portfolio fair value is in variable rate debt investments, increasing interest expense risk if rates rise further.
Tight Asset Coverage Ratio Asset coverage per unit stands at 1.84x as of September 30, 2025, near regulatory minimum thresholds.
Expense Ratios Remain Elevated Ratio of total operating expenses to average net assets was 13.43% for the nine months, slightly up from 13.06%.
Outlook
New At-the-Market Offering Entered $750M 'at the market' equity offering program to issue and sell common stock as needed.
Senior Revolving Credit Facility Update Entered Third Amended Credit Facility providing up to $4,700M in borrowings, maturing July 16, 2030.
Regular Quarterly Distributions Maintained Declared regular quarterly distribution of $0.70 per share for October 2025 payment, maintaining cash distribution policy.
Derivative Instruments Active Use Utilizes interest rate swaps and foreign currency forwards to manage interest rate and FX exposure risks effectively.
Peer Comparison
Revenue (TTM)
ARCC$2.23B
$822.00M
$700.63M
Gross Margin (Latest Quarter)
248.1%
176.7%
100.0%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| ARCC | $15.04B | 11.5 | 9.4% | 0.0% |
| MAIN | $5.44B | 15.5 | 12.2% | 0.0% |
| FSK | $4.33B | 15.9 | 4.3% | 52.9% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
5.3%
Steady Growth
4Q Net Income CAGR
13.3%
Profitability Improving
Cash Flow Stability
50%
Cash Flow Needs Attention
Research & Insights
Next earnings:Feb 25, 2026
EPS:$0.55
|Revenue:-
Reports
All Years
Form 10-Q - Q3 2025
Period End: Sep 30, 2025|Filed: Nov 5, 2025|Revenue: $344.00M+19.4%|EPS: $0.76+33.3%MeetForm 10-Q - Q2 2025
Period End: Jun 30, 2025|Filed: Aug 6, 2025|Revenue: -$59.00M-125.7%|EPS: $-0.75-302.7%MissForm 10-Q - Q1 2025
Period End: Mar 31, 2025|Filed: May 7, 2025|Revenue: $242.00M-18.5%|EPS: $0.43-30.6%MissForm 10-K - FY 2024
Period End: Dec 31, 2024|Filed: Feb 26, 2025|Revenue: $1.11B+2.0%|EPS: $2.09-15.7%BeatForm 10-Q - Q3 2024
Period End: Sep 30, 2024|Filed: Nov 6, 2024|Revenue: $288.00M-26.7%|EPS: $0.57-40.0%MissForm 10-Q - Q2 2024
Period End: Jun 30, 2024|Filed: Aug 6, 2024|Revenue: $230.00M-50.2%|EPS: $0.37-27.5%MissForm 10-Q - Q1 2024
Period End: Mar 31, 2024|Filed: May 8, 2024|Revenue: $297.00M-7.8%|EPS: $0.62-12.7%MissForm 10-K - FY 2023
Period End: Dec 31, 2023|Filed: Feb 26, 2024|Revenue: $1.23B-24.8%|EPS: $2.48+675.0%Beat