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Earnings transcript
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FSK
FS KKR Capital Corp.
$10.87
0.23
(2.16%)
| Exchange: | NYSE |
| Market Cap: | 3.044B |
| Shares Outstanding: | 100.183M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Asset Management | |||||
| CEO: | Michael Craig Forman | |||||
| Full Time Employees: | 1383 | |||||
| Address: |
| |||||
| Website: | https://www.fskkradvisor.com |
FS KKR Capital Corp. operates as a Business Development Company (BDC) with a primary investment focus on debt instruments. The firm delivers bespoke financing options specifically tailored for privately held, mid-sized American enterprises. Its investment portfolio predominantly comprises senior secured debt, though it also allocates a smaller portion to subordinated debt issued by these same private U.S. middle-market firms. The company acquires stakes in these loans either by participating in secondary market transactions or by directly providing capital to target companies as primary market investments. Its debt investment spectrum further includes first-lien and second-lien senior secured loans, alongside, to a lesser degree, subordinated or mezzanine loans. As part of its debt financing arrangements, the firm frequently obtains equity participation, such as warrants or options, serving as supplementary compensation. Beyond debt, FS KKR may also acquire non-controlling stakes in common or preferred equity of its target companies, either alongside a debt investment or through co-investment partnerships with financial sponsors. Furthermore, when opportunities arise, the fund is open to investing in corporate bonds and comparable fixed-income instruments. The fund explicitly avoids investments in nascent start-ups, companies undergoing turnaround situations, or those presenting speculative business models. Its focus remains squarely on established small to mid-sized enterprises located within the United States, specifically targeting firms with annual revenues ranging from $10 million to $2.5 billion. For private upper middle-market companies, FS KKR emphasizes comprehensive “one-stop” credit solutions, targeting those with annual EBITDA between $50 million and $100 million at the time of investment. When divesting from its securities, the company typically utilizes privately negotiated over-the-counter sales. For less liquid or illiquid holdings, alternative exit strategies include debt repayment, an initial public offering (IPO) of the underlying company, a merger, an outright sale, or a recapitalization event.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1,230,000 | 1,110,000 | 1,171,000 |
| Gross Profit | 779,000 | 664,000 | 815,000 |
| EBITDA | 721,000 | 608,000 | 665,000 |
| Operating Income | 721,000 | 608,000 | 580,000 |
| Net Income | 696,000 | 585,000 | 11,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 15,469,000 | 14,219,000 | 13,729,000 |
| Total Liabilities | 8,620,000 | 7,597,000 | 7,880,000 |
| Total Stockholders Equity | 6,849,000 | 6,622,000 | 5,849,000 |
| Total Debt | 8,187,000 | 7,351,000 | 0 |
| Cash and Cash Equivalents | 231,000 | 296,000 | 181,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,384,000 | 1,901,000 | 592,000 |
| Capital Expenditure | 0 | 0 | 0 |
| Free Cash Flow | 1,384,000 | 1,901,000 | 592,000 |
| Net Income | 696,000 | 0 | 0 |
| Net Change in Cash | -20,000 | 65,000 | -88,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 983,902.025 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 983,906.074 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 983,904.050 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 554,431.362 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 554,433.643 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 554,432.503 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 402,480.671 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 420,914.644 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 411,697.658 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 34,919.838 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 34,919.982 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 34,919.910 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 1.470 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 1.500 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 1.440 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 2 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates FSK intrinsic value between $49.99 – $99.88 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about FSK valuation
Is FS KKR Capital Corp. (FSK) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for FS KKR Capital Corp. (FSK) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is FSK a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether FSK trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is FSK’s P/E ratio?
You can see FSK’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for FSK?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is FSK a good long-term investment?
Whether FSK fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
FSK
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Daily snapshot
2.16
Trading Metrics:
| Open: | 10.69 | Previous Close: | 10.64 | |
| Day Low: | 10.66 | Day High: | 10.87 | |
| Year Low: | 9.72 | Year High: | 22.68 | |
| Price Avg 50: | 10.78 | Price Avg 200: | 13.59 | |
| Volume: | 2.514M | Average Volume: | 3.702M |
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