Detailed financial statements for PennantPark Floating Rate Capital Ltd. (PFLT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
PennantPark Floating Rate Capital Ltd. functions as a business development company (BDC). It pursues a diverse investment strategy, engaging in direct secondary market acquisitions, various debt and equity instruments, and loan investments. The fund principally allocates capital through floating rate loans to middle-market companies, which may be privately held, publicly traded with low liquidity, or publicly listed with modest market capitalization.
Analysis Summary
PennantPark Floating Rate Capital Ltd. reported revenue of $171.5M in the most recent fiscal year, growing at a 5-year CAGR of 28.1%. Net income reached $66.4M, with a 29.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 55.2%, operating margin 56.8%, net margin 28.3%.
At the current price of $7.02, PFLT trades at a P/E of 13.66 and an ROE of 4.82%. Market capitalisation stands at $697M.
Balance sheet quality for PFLT: current ratio of 2.9, net debt of $1.65B. 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 $95.0M represents 143% 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 | $42.6M | $49.3M | $64.0M | $42.5M | $49.8M | $83.6M | $41.4M | $80.3M | $167.8M | $171.5M |
| Cost of Revenue | $4.9M | $8.3M | $14.4M | $22.5M | $27.1M | $21.6M | $29.8M | $38.2M | $59.2M | $93.2M |
| Gross Profit | $37.7M | $40.9M | $49.6M | $19.9M | $22.7M | $61.9M | $11.6M | $42.2M | $108.6M | $78.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $3.3M | $4.2M | $4.5M | $4.0M | $3.9M | $2.1M | $3.2M | $4.4M | $6.7M | $7.5M |
| Operating Expenses | $4.2M | $4.3M | $15.3M | $8.5M | $3.9M | $5.0M | $3.2M | $4.4M | $15.7M | $10.8M |
| Operating Income | $33.5M | $36.6M | $34.3M | $11.4M | $18.8M | $56.9M | $8.4M | $37.7M | $92.9M | $67.5M |
| EBITDA | $38.4M | $45.0M | $48.7M | $34.0M | $18.8M | $56.9M | $8.4M | $39.1M | $92.9M | $67.5M |
| Interest Expense | $4.9M | $8.3M | $14.4M | $22.5M | $27.1M | $21.6M | $29.8M | $38.2M | $59.2M | $93.2M |
| Pre-tax Income | $33.5M | $36.6M | $34.3M | $11.4M | $18.8M | $56.9M | $8.4M | $37.7M | $92.9M | $67.5M |
| Income Tax | 0 | $300000 | $800000 | 0 | $400000 | $400000 | $5.0M | -$1.5M | $1.1M | $1.1M |
| Net Income | $33.5M | $36.3M | $33.5M | $11.4M | $18.4M | $56.5M | $3.5M | $39.3M | $91.8M | $66.4M |
| EPS | $1.25 | $1.20 | $0.87 | $0.29 | $0.47 | $1.46 | $0.08 | $0.77 | $1.40 | $0.72 |
| EPS (Diluted) | $1.25 | $1.20 | $0.87 | $0.29 | $0.47 | $1.46 | $0.08 | $0.77 | $1.40 | $0.72 |
| Shares Outstanding (Diluted) | $26.7M | $30.3M | $38.3M | $38.8M | $38.8M | $38.8M | $41.1M | $50.8M | $65.7M | $92.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $46.6M | $25.8M | $58.4M | $46.8M |
| Gross Profit | $20.8M | -$1.4M | $44.7M | $34.0M |
| Operating Income | $18.8M | -$4.0M | $54.3M | $31.7M |
| EBITDA | $18.8M | -$4.0M | $52.9M | $31.7M |
| Net Income | $17.5M | -$3.6M | $28.7M | $7.6M |
| EPS | $0.18 | $-0.04 | $0.29 | $0.08 |
| EPS (Diluted) | $0.18 | $-0.04 | $0.29 | $0.08 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.9M | $18.9M | $72.2M | $63.3M | $57.5M | $49.8M | $51.5M | $100.6M | $112.0M | $122.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.5M | $16.7M | $2.8M | $6.9M | $3.7M | $39.4M | $11.0M | $11.0M | $13.1M | $15.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $32.5M | $36.8M | $75.8M | $70.7M | $61.4M | $89.2M | $63.2M | $112.4M | $125.3M | $136.5M |
| 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 | $631.4M | $747.3M | $1.08B | $1.15B | $1.15B | $1.17B | $1.23B | $1.18B | $2.11B | $2.91B |
| Accounts Payable | $18.0M | $25.5M | $65.9M | $19.0M | $11.1M | $22.7M | $12.5M | $20.8M | $45.0M | $46.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $255.5M | $289.4M | $405.1M | $289.8M | $11.1M | $22.7M | $12.5M | $20.8M | $45.0M | $46.4M |
| Long-term Debt | 0 | 0 | $135.5M | $359.6M | $653.2M | $652.6M | $672.8M | $495.4M | $1.18B | $1.78B |
| Total Liabilities | $255.5M | $289.4M | $540.6M | $649.3M | $671.0M | $680.2M | $700.4M | $526.0M | $1.23B | $1.84B |
| Retained Earnings | $3.2M | $7.5M | -$3.7M | -$35.6M | -$60.9M | -$48.2M | -$91.0M | -$111.6M | -$99.5M | -$145.1M |
| Total Equity | $375.9M | $457.9M | $535.8M | $503.1M | $477.3M | $490.6M | $527.1M | $653.6M | $877.3M | $1.07B |
| Total Debt | 0 | 0 | $135.5M | $359.6M | $653.2M | $652.6M | $672.8M | $495.4M | $1.18B | $1.78B |
| Net Debt | -$28.9M | -$18.9M | $63.3M | $296.2M | $595.7M | $602.8M | $621.3M | $394.9M | $1.06B | $1.65B |
| Working Capital | -$223.0M | -$252.6M | -$329.3M | -$219.1M | $50.3M | $66.5M | $50.7M | $91.6M | $80.3M | $90.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $122.7M | $95.3M | $121.9M | $50.7M |
| Total Assets | $2.91B | $2.72B | $2.75B | $2.63B |
| Total Liabilities | $1.84B | $1.68B | $1.71B | $1.62B |
| Total Equity | $1.07B | $1.04B | $1.04B | $1.02B |
| Total Debt | $1.78B | $1.63B | $1.67B | $1.57B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $33.5M | $36.3M | $33.5M | $11.4M | $18.4M | $56.5M | $3.5M | $39.3M | $91.8M | $66.4M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.4M | -$19.1M | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $9.3M | -$5.4M | $54.1M | -$50.9M | -$4.9M | -$25.5M | $18.9M | $1.1M | $20.7M | $1.0M |
| Operating Cash Flow | -$165.5M | -$76.7M | -$208.3M | -$121.4M | -$4.9M | $49.8M | -$46.6M | $140.6M | -$801.4M | $95.0M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$30.5M | -$34.3M | -$43.0M | -$44.2M | -$44.2M | -$44.2M | -$46.1M | -$58.7M | -$78.8M | -$111.6M |
| Free Cash Flow | -$165.5M | -$76.7M | -$208.3M | -$121.4M | -$4.9M | $49.8M | -$46.6M | $140.6M | -$801.4M | $95.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $42.2M | $148.6M | -$8.9M | $135.6M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $42.2M | $148.6M | -$8.9M | $135.6M |
| Dividends Paid | -$30.5M | -$30.5M | -$30.5M | -$61.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.5% | +29.9% | -33.6% | +17.2% | +67.8% | -50.5% | +94.2% | +108.9% | +2.2% | |
| Net Income Growth (YoY) | +8.5% | -7.8% | -65.9% | +61.3% | +206.9% | -93.9% | +1037.0% | +133.9% | -27.7% | |
| EPS Growth (YoY) | -4.0% | -27.5% | -66.7% | +62.1% | +210.6% | -94.2% | +815.6% | +81.8% | -48.6% | |
| Shares Change (YoY) | +13.3% | +26.5% | +1.2% | +0.0% | -0.0% | +5.9% | +23.8% | +29.3% | +40.8% | |
| FCF Growth (YoY) | +53.6% | -171.5% | +41.7% | +95.9% | +1107.8% | -193.5% | +401.8% | -670.1% | +111.9% | |
| Gross Margin | 88.5% | 83.1% | 77.6% | 46.9% | 45.6% | 74.1% | 28.1% | 52.5% | 64.7% | 45.6% |
| Operating Margin | 78.5% | 74.4% | 53.6% | 26.9% | 37.8% | 68.1% | 20.4% | 47.0% | 55.4% | 39.4% |
| EBITDA Margin | 90.1% | 91.3% | 76.0% | 79.9% | 37.8% | 68.1% | 20.4% | 48.7% | 55.4% | 39.4% |
| Net Margin | 78.5% | 73.7% | 52.3% | 26.9% | 37.0% | 67.6% | 8.3% | 48.9% | 54.7% | 38.7% |
| FCF Margin | -388.0% | -155.7% | -325.5% | -285.8% | -9.9% | 59.6% | -112.6% | 175.0% | -477.5% | 55.4% |
| Effective Tax Rate | 0.0% | 0.8% | 2.3% | 0.0% | 2.1% | 0.7% | 59.0% | -4.0% | 1.2% | 1.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-6.19 | $-2.53 | $-5.44 | $-3.13 | $-0.13 | $1.28 | $-1.13 | $2.77 | $-12.19 | $1.03 |
| Dividends Per Share | $1.14 | $1.13 | $1.12 | $1.14 | $1.14 | $1.14 | $1.12 | $1.16 | $1.20 | $1.21 |
| Shares Outstanding (Basic) | $26.7M | $30.3M | $38.3M | $38.8M | $38.8M | $38.8M | $41.1M | $50.8M | $65.7M | $92.5M |
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 | 4.82% |
| Return on Invested Capital | 3.89% |
| Return on Assets | 1.91% |
| Gross Margin | 55.20% |
| Operating Margin | 56.75% |
| Net Margin | 28.29% |
Financial Health
| Debt / Equity | 1.55 |
| Current Ratio | 3.04 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 10.58 | 12.07 | 15.06 | 40.00 | 17.96 | 8.76 | 114.15 | 13.84 | 8.26 | 12.35 |
| P/B | 0.94 | 0.96 | 0.94 | 0.89 | 0.69 | 1.01 | 0.75 | 0.83 | 0.87 | 0.77 |
| P/S | 8.29 | 8.90 | 7.84 | 10.59 | 6.57 | 5.93 | 9.53 | 6.75 | 4.53 | 4.80 |
| Gross Margin | 88.5% | 83.1% | 77.6% | 46.9% | 45.6% | 74.1% | 28.1% | 52.5% | 64.7% | 45.6% |
| Operating Margin | 78.5% | 74.4% | 53.6% | 26.9% | 37.8% | 68.1% | 20.4% | 47.0% | 55.4% | 39.4% |
| Net Margin | 78.5% | 73.7% | 52.3% | 26.9% | 37.0% | 67.6% | 8.3% | 48.9% | 54.7% | 38.7% |
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Explore sector: Financial Services · Asset Management
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