Detailed financial statements for FS KKR Capital Corp. (FSK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Trailing-twelve-month margins: gross margin 60.5%, operating margin -0.3%, net margin -39.6%. Free cash flow grew at -3.6% CAGR over 5 years.
At $11.03 (closing price, October 30, 2026), FSK has negative trailing earnings (P/E not meaningful) and an ROE of -6.65%. Market capitalisation stands at $3.0B.
Balance sheet quality for FSK: debt-to-equity ratio of 1.23, current ratio of 0.00 over the last 12 months, net debt of $7.45B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $592.0M represents 5382% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $387.0M | $274.0M | $669.0M | $443.0M | -$203.0M | $1.76B | $463.0M | $1.23B | $1.11B | $1.17B |
| Cost of Revenue | $70.0M | $74.0M | $78.0M | $164.0M | $158.0M | $222.0M | $351.0M | $451.0M | $446.0M | $356.0M |
| Gross Profit | $317.0M | $200.0M | $591.0M | $279.0M | -$361.0M | $1.54B | $112.0M | $779.0M | $664.0M | $815.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $13.0M | $11.0M | $12.0M | $20.0M | $22.0M | $34.0M | $42.0M | $42.0M | $37.0M | 0 |
| Operating Expenses | $17.0M | $13.0M | $15.0M | $26.0M | $34.0M | $16.0M | -$4.0M | $58.0M | $56.0M | $235.0M |
| Operating Income | $300.0M | $187.0M | $576.0M | $253.0M | -$395.0M | $1.53B | $116.0M | $721.0M | $608.0M | $580.0M |
| EBITDA | $300.0M | $187.0M | $576.0M | $253.0M | -$395.0M | $1.53B | $116.0M | $721.0M | $608.0M | $511.0M |
| Interest Expense | $70.0M | $74.0M | $78.0M | $164.0M | $158.0M | $222.0M | $351.0M | $451.0M | $446.0M | $464.0M |
| Pre-tax Income | $300.0M | $187.0M | $576.0M | $253.0M | -$395.0M | $1.53B | $116.0M | $721.0M | $608.0M | $23.0M |
| Income Tax | $6.0M | $5.0M | $7.0M | $7.0M | $10.0M | $12.0M | $24.0M | $25.0M | $23.0M | $12.0M |
| Net Income | $294.0M | $182.0M | $569.0M | $246.0M | -$405.0M | $1.51B | $92.0M | $696.0M | $585.0M | $11.0M |
| EPS | $4.84 | $2.96 | $9.05 | $1.90 | -$3.26 | $7.16 | $0.32 | $2.48 | $2.09 | $0.04 |
| EPS (Diluted) | $4.84 | $2.96 | $9.05 | $1.90 | -$3.26 | $7.16 | $0.32 | $2.48 | $2.09 | $0.04 |
| Shares Outstanding (Diluted) | 60.9 M | 61.3 M | 62.8 M | 129.7 M | 124.3 M | 211.7 M | 283.5 M | 280.3 M | 280.1 M | 280.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $344.0M | $209.0M | $105.0M | $290.0M |
| Gross Profit | $228.0M | $128.0M | $29.0M | $189.0M |
| Operating Income | $218.0M | $2.0M | -$345.0M | $122.0M |
| EBITDA | $218.0M | $5.0M | -$336.0M | $71.0M |
| Net Income | $214.0M | -$114.0M | -$441.0M | -$34.0M |
| EPS | $0.76 | -$0.41 | -$1.57 | -$0.13 |
| EPS (Diluted) | $0.76 | -$0.41 | -$1.57 | -$0.13 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $264.6M | $138.7M | $104.0M | $106.0M | $191.0M | $377.0M | $251.0M | $231.0M | $296.0M | $181.0M |
| Short-term Investments | -$4,000 | -$3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $112.0M | $34.0M | $204.0M | $739.0M | $245.0M | $720.0M | $439.0M | $536.0M | $373.0M | $411.0M |
| Inventory | 0 | 0 | -$1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $377.4M | $175.0M | $312.0M | $848.0M | $440.0M | $1.10B | $699.0M | $775.0M | $669.0M | $181.0M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.11B | $4.10B | $7.71B | $8.22B | $7.24B | $17.23B | $16.12B | $15.47B | $14.22B | $13.73B |
| Accounts Payable | $80.3M | $72.0M | $6.0M | $134.0M | $99.0M | $248.0M | $296.0M | $294.0M | $110.0M | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.07B | $1.07B | $148.0M | $134.0M | $99.0M | $248.0M | $296.0M | $294.0M | $110.0M | 0 |
| Long-term Debt | $1.69B | $1.71B | $3.39B | $4.17B | $4.00B | $9.14B | $8.69B | $8.19B | $7.35B | $7.63B |
| Total Liabilities | $1.81B | $1.82B | $3.54B | $4.35B | $4.14B | $9.50B | $9.11B | $8.62B | $7.60B | $7.88B |
| Retained Earnings | $148.0M | -$101.2M | -$70.0M | -$176.0M | -$770.0M | -$1.93B | -$2.60B | -$2.59B | -$2.66B | -$3.35B |
| Total Equity | $2.30B | $2.28B | $4.17B | $3.87B | $3.10B | $7.73B | $7.01B | $6.85B | $6.62B | $5.85B |
| Total Debt | $1.69B | $1.71B | $3.39B | $4.17B | $4.00B | $9.14B | $8.69B | $8.19B | $7.35B | $7.63B |
| Net Debt | $1.43B | $1.58B | $3.29B | $4.07B | $3.81B | $8.77B | $8.44B | $7.96B | $7.05B | $7.45B |
| Working Capital | -$693.3M | -$898.4M | $164.0M | $714.0M | $341.0M | $854.0M | $403.0M | $481.0M | $559.0M | $181.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $155.0M | $181.0M | $124.0M | $107.0M |
| Total Assets | $13.91B | $13.73B | $12.82B | $11.99B |
| Total Liabilities | $7.75B | $7.88B | $7.55B | $6.73B |
| Total Equity | $6.16B | $5.85B | $5.27B | $5.27B |
| Total Debt | $7.32B | $7.63B | $7.27B | $6.47B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $294.0M | $182.0M | $569.0M | $246.0M | -$405.0M | $1.51B | $92.0M | $696.0M | $585.0M | $11.0M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $24.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$74.9M | $73.0M | -$142.0M | -$543.0M | $478.0M | -$78.0M | $323.0M | -$88.0M | $78.0M | -$50.0M |
| Operating Cash Flow | $526.0M | $66.4M | $280.0M | -$203.0M | $710.0M | $385.0M | $1.01B | $631.0M | $1.90B | $592.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$50.0M | -$153.0M | -$47.0M | -$12.0M | -$56.0M | -$32.0M | 0 | 0 |
| Dividends Paid | -$217.0M | -$218.0M | -$207.0M | -$342.0M | -$340.0M | -$502.0M | -$738.0M | -$823.0M | -$1.01B | -$784.0M |
| Free Cash Flow | $526.0M | $66.4M | $280.0M | -$203.0M | $710.0M | $385.0M | $1.01B | $631.0M | $1.90B | $592.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $366.0M | $195.0M | -$10.0M | $776.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $366.0M | $195.0M | -$10.0M | $776.0M |
| Dividends Paid | -$196.0M | -$392.0M | 0 | -$134.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -29.2% | +144.2% | -33.8% | -145.8% | +969.5% | -73.8% | +165.7% | -9.8% | +5.5% | |
| Net Income Growth (YoY) | -38.1% | +212.6% | -56.8% | -264.6% | +474.1% | -93.9% | +656.5% | -15.9% | -98.1% | |
| EPS Growth (YoY) | -38.8% | +205.7% | -79.0% | -271.6% | +319.6% | -95.5% | +675.0% | -15.7% | -98.1% | |
| Shares Change (YoY) | +0.7% | +2.5% | +106.4% | -4.2% | +70.3% | +33.9% | -1.1% | -0.1% | +0.0% | |
| FCF Growth (YoY) | -87.4% | +321.8% | -172.5% | +449.8% | -45.8% | +161.8% | -37.4% | +201.3% | -68.9% | |
| Gross Margin | 81.9% | 73.0% | 88.3% | 63.0% | 177.8% | 87.4% | 24.2% | 63.3% | 59.8% | 69.6% |
| Operating Margin | 77.5% | 68.2% | 86.1% | 57.1% | 194.6% | 86.5% | 25.1% | 58.6% | 54.8% | 49.5% |
| EBITDA Margin | 77.5% | 68.2% | 86.1% | 57.1% | 194.6% | 86.5% | 25.1% | 58.6% | 54.8% | 43.6% |
| Net Margin | 76.0% | 66.4% | 85.1% | 55.5% | 199.5% | 85.8% | 19.9% | 56.6% | 52.7% | 0.9% |
| FCF Margin | 135.9% | 24.2% | 41.9% | -45.8% | -349.8% | 21.8% | 217.7% | 51.3% | 171.3% | 50.6% |
| Effective Tax Rate | 2.0% | 2.7% | 1.2% | 2.8% | -2.5% | 0.8% | 20.7% | 3.5% | 3.8% | 52.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.64 | $1.08 | $4.46 | -$1.56 | $5.71 | $1.82 | $3.56 | $2.25 | $6.79 | $2.11 |
| Dividends Per Share | $3.57 | $3.56 | $3.29 | $2.64 | $2.74 | $2.37 | $2.60 | $2.94 | $3.60 | $2.80 |
| Shares Outstanding (Basic) | 60.9 M | 61.3 M | 62.8 M | 129.7 M | 124.3 M | 211.7 M | 283.5 M | 280.3 M | 280.1 M | 280.1 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -6.65% |
| Return on Invested Capital | -0.03% |
| Return on Assets | -3.13% |
| Gross Margin | 60.55% |
| Operating Margin | -0.32% |
| Net Margin | -39.56% |
Financial Health
| Debt / Equity | 1.23 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.21 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 8.51 | 9.93 | 2.29 | 12.91 | -5.08 | 2.92 | 54.69 | 8.05 | 10.39 | 376.84 |
| P/B | 1.09 | 0.79 | 0.31 | 0.82 | 0.66 | 0.57 | 0.71 | 0.82 | 0.92 | 0.71 |
| P/S | 6.48 | 6.58 | 1.95 | 7.18 | -10.14 | 2.51 | 10.72 | 4.55 | 5.48 | 3.54 |
| Gross Margin | 81.9% | 73.0% | 88.3% | 63.0% | 177.8% | 87.4% | 24.2% | 63.3% | 59.8% | 69.6% |
| Operating Margin | 77.5% | 68.2% | 86.1% | 57.1% | 194.6% | 86.5% | 25.1% | 58.6% | 54.8% | 49.5% |
| Net Margin | 76.0% | 66.4% | 85.1% | 55.5% | 199.5% | 85.8% | 19.9% | 56.6% | 52.7% | 0.9% |
Related companies: ARCC · GBDC · MAIN · HTGC
Explore sector: Financial Services · Asset Management
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