MeritValue

FIDUS INVESTMENT Corp

FDUSdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

FIDUS INVESTMENT Corp earns about 8% on equity, but has diluted owners by 45% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $22.86 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$95.2M1−$10.5M1$12.1M1$78.3M2$82.4M2
Operating cash flow−$105.5M3−$105.5M4−$29.5M5−$55.3M5−$147M5
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$419.9M6$475.9M7$483.7M8$658.4M9
Cash & equivalents$169.4M10$62.4M11$119.1M12$57.2M12$70M12
Diluted shares24.4M24.5M26.4M32.6M35.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$209.05
your share of equity
Profit it earned you last year
$23.22
Free cash flow it threw off
—
Debt you’d be carrying
$185.51

10 shares is a claim on $209.05 of net worth that earned you $23.22 last year, against $185.51 of debt.

iii. Is this a good business?
Moat signal · return on equity
8% avg · 5y
FY21 20%FY22 -2%FY23 2%FY24 12%FY25 11%

It earned an average 8% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+45% shares · 5y

Share count is up 45% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 57% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$22.86
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$78.3M
  • growthAssumed0.0%
Graham Number
$31.28
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023065 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-076572 (ProfitLoss)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-25-034612 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-023065 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001193125-26-076572 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-23-005823 (LongTermDebt)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-24-023065 (LongTermDebt)
  8. 10-K · period ending 2024-12-31 · accession 0000950170-25-034612 (LongTermDebt)
  9. 10-K · period ending 2025-12-31 · accession 0001193125-26-076572 (LongTermDebt)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-005823 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-023065 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-076572 (CashAndCashEquivalentsAtCarryingValue)