PennantPark Investment Corporation PNNT

FinancialsCollective InvestmentsUnited States of America

Last close 3.10 USD on Nov 2, 2026, −36.7% year to date

Quant rating

Quant rating B Rank 305 of 799 in Financials

Growth B 163 of 799
Valuation B 208 of 799
Quality B 138 of 799
Revisions B 147 of 799
Momentum D 751 of 799

Wall Street consensus Hold (3.00)Average target 4.90 USD +58.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 202M
Enterprise value: 980M
52-week range: 2.79 – 6.58
3-year range: 2.79 – 7.89
Dividend yield: 15.89%
Beta (5 years): 0.80
Shares outstanding: 65.3M
Next earnings: Nov 23, 2026

About the company

PennantPark Investment Corporation is a closed-end, externally managed, non-diversified investment company. The Company's objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. Its portfolio consists of illiquid securities, including debt and equity investments. Its investment activity depends on factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments it makes. It invests in sectors, including media, telecommunications, education, electronics, aerospace and defense, and others. Its investment adviser is PennantPark Investment Advisers, LLC.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	122	144	145	105	81.6	–
Revenue growth	−14.9%	−1.1%	38.5%	28.7%	−18.6%	4.1%
EPS (basic, normalized)	0.71	0.92	1.00	0.66	0.54	–
EPS growth	−22.8%	−8.0%	51.5%	22.2%	–	–
Gross margin	45.0%	48.1%	51.9%	51.2%	50.5%	49.4%
Net margin	26.7%	34.0%	−23.3%	−23.6%	204.2%	43.6%
ROE	6.8%	9.8%	−6.2%	−4.0%	28.1%	6.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	39.3
Current ratio	–
Long-term debt (mil)	817
Net debt (mil)	778
Total equity (mil)	428
Net debt / equity	1.82x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	122	−14.9%	8.0x	–	–	–	0.71	−22.8%	4.4x
2026	102	−16.6%	9.6x	–	–	–	0.54	−24.6%	5.8x
2027	100	−1.8%	9.8x	16.2	–	60.5x	0.56	+4.8%	5.5x
2028	87.3	−12.8%	11.2x	–	–	–	0.42	−25.1%	7.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	102	0.0%	−1.7%	−5.7%	0.54	+0.2%	−1.4%	−4.2%
2027	100	0.0%	−2.5%	−5.7%	0.56	+0.2%	−0.5%	−0.8%
2028	87.3	0.0%	0.0%	–	0.42	+2.4%	0.0%	−10.6%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	36.0	25.0	36.5	34.2	30.7	29.6	28.0	27.3	24.9	24.8
Sales mean (mil)	36.3	36.7	36.1	35.2	33.1	30.7	29.4	29.2	27.0	25.6
Surprise	−1.0%	−31.8%	+1.0%	−2.9%	−7.5%	−3.6%	−4.9%	−6.7%	−7.8%	−3.4%
EPS reported	0.22	0.25	0.22	0.20	0.18	0.18	0.15	0.11	0.14	0.14
EPS mean	0.24	0.23	0.22	0.21	0.19	0.18	0.17	0.16	0.15	0.14
Surprise	−8.3%	+9.8%	+0.1%	−5.4%	−6.0%	−1.4%	−13.9%	−30.0%	−5.0%	+0.5%

Peer comparison Collective Investments

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PNNT PennantPark Investment Corporation	202M	–	26.7%	0.47x	5.8x	5.5x	–	60.5x
FSK FS KKR Capital Corp.	3.2B	–	0.7%	0.63x	7.0x	7.6x	–	–
TSLX Sixth Street Specialty Lending, Inc.	1.7B	–	38.0%	1.12x	10.4x	9.9x	–	–
OCSL Oaktree Specialty Lending Corp	1.1B	–	10.7%	0.79x	8.3x	9.1x	–	–
BBDC Barings BDC Inc	920M	–	36.5%	0.80x	8.5x	8.7x	–	–
FDUS Fidus Investment Corp	775M	–	52.9%	1.00x	9.1x	9.9x	–	–
Mean		–	27.6%	0.80x	8.2x	8.5x	–	60.5x
Median		–	31.6%	0.80x	8.4x	8.9x	–	60.5x

Technical analysis

1M−2.2%
3M+1.0%
1Y−40.7%
3Y−20.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PennantPark Investment Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	122	144	145	105	81.6	100
Cost of revenue	67.3	74.6	69.9	51.2	40.4	55.4
Gross profit	55.1	69.2	75.5	53.7	41.2	44.8
Selling, general & administrative expenses	6.2	6.6	5.7	3.9	4.1	4.6
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	2.2
Unusual expense (income)	–	0	0.3	2.9	–	–
Other operating expenses	0	0	0	0	0	−1.9
Operating income	49.0	62.7	69.5	46.9	37.1	39.9
Net interest income (expense)	−13.3	−11.2	−99.1	−65.8	130	−54.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.3	0	0	−5.1	0	0
Net income before taxes	35.3	51.5	−29.5	−23.9	167	−14.8
Provision for taxes	2.6	2.6	4.3	0.8	0.6	1.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	32.7	48.9	−33.8	−24.7	167	−16.0
Extraordinary items	–	–	–	–	–	–
Net income	32.7	48.9	−33.8	−24.7	167	−16.0
EBIT, normalized	49.0	62.7	69.8	49.8	37.1	42.1
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	0.71	0.92	1.00	0.66	0.54	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PennantPark Investment Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	51.8	49.9	38.8	52.7	20.4	25.8
Receivables	10.1	10.9	11.9	35.5	19.4	6.4
Total inventory	–	–	–	–	–	–
Prepaid expenses	0.4	0.3	4.7	4.0	0	0.4
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	1,287	1,328	1,102	1,226	1,255	1,082
Note receivable	–	–	–	–	–	–
Other long-term assets	62.3	61.0	55.3	92.2	39.8	32.6
Total assets	1,350	1,389	1,157	1,319	1,295	1,114
Liabilities
Accounts payable	–	0	4.1	0	8.4	5.5
Payable/accrued	4.3	4.1	6.8	6.6	1.1	0.4
Accrued expenses	6.3	6.4	6.2	6.3	4.9	2.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	869	872	617	705	607	568
Minority interest	–	–	–	–	–	–
Other liabilities	16.7	23.1	38.0	28.4	27.6	20.3
Total liabilities	886	895	655	733	635	589
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	741	744	746	748	787	788
Retained earnings (accumulated deficit)	−277	−250	−244	−163	−127	−262
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	464	494	502	586	660	526
Total liabilities & shareholders' equity	1,350	1,389	1,157	1,319	1,295	1,114

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PennantPark Investment Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	32.7	48.9	−33.8	−24.7	167	−16.0
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	0	−0.9	0.9	–	–
Non-cash items	3.9	−0.5	86.5	48.8	−146	39.4
Changes in working capital	68.1	−221	171	−42.3	−12.3	−153
Cash from operations	105	−172	223	−17.3	7.9	−130
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	0	−0.2	–	–	–	–
Cash dividends paid	−67.9	−65.9	−45.7	−34.9	−32.2	−44.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−35.0	250	−194	86.9	18.8	140
Cash from financing	−103	183	−239	52.0	−13.4	95.8
Foreign exchange effects	0.1	0	0.2	−0.3	0.1	0.1
Net change in cash	1.9	11.1	−16.0	34.4	−5.4	−33.7
Free cash flow	105	−172	223	−17.3	7.9	−130

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.