FS KKR Capital Corp.

FSK

$12.33

+0.65%

2026-09-03 16:00:03 EDT+$0.08

Financial Services

Asset Management

NYSE

Active Trading

FS KKR Capital Corp. operates as a Business Development Company (BDC) with a primary investment focus on debt instruments. The firm delivers ...

Price Action of FSK

$12.33

+0.65%+$0.08

High—

Low—

52W High-19.3%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

FS KKR Capital Corp. (FSK) is a publicly traded business development company (BDC) externally managed and regulated under the Investment Company Act of 1940. It focuses on providing tailored credit solutions to privately held, mid-sized American enterprises. The company's investment portfolio predominantly consists of senior secured debt, including first-lien and ...FS KKR Capital Corp. (FSK) is a publicly traded business development company (BDC) externally managed and regulated under the Investment Company Act of 1940. It focuses on providing tailored credit solutions to privately held, mid-sized American enterprises. The company's investment portfolio predominantly consists of senior secured debt, including first-lien and second-lien loans, with a smaller allocation to subordinated or mezzanine debt. It may also acquire equity participation through warrants or options, and occasionally non-controlling equity stakes, alongside debt investments or through co-investments with financial sponsors. FS KKR targets established small to mid-sized companies with annual revenues between $10 million and $2.5 billion, and for upper middle-market firms, emphasizes 'one-stop' credit solutions for those with EBITDA between $50 million and $100 million. The fund avoids startups, turnaround situations, and speculative ventures. It invests in both primary and secondary markets, and exits via negotiated sales, debt repayment, IPOs, mergers, or recapitalizations. The company is headquartered in Philadelphia, PA, and listed on the NYSE since April 16, 2014. As of the latest data, it has a market cap of approximately $3.48 billion, a dividend yield of 18.5%, and an enterprise value of $9.85 billion. Financially, FSK has shown negative profitability margins in the trailing twelve months (net profit margin -39.6%), with a return on equity of -6.6%. The CEO is Michael Craig Forman, who has led the company since its founding in 2007. The company employs around 1,500 people (categorized as 1001-2000). FS KKR Capital Corp. is part of a larger partnership between FS Investments and KKR Credit, contributing to a strong backing. The company's strategy aims to generate current income and capital appreciation through a diversified portfolio of debt investments, while managing risks through rigorous underwriting and active portfolio management.ExpandCollapse

Founded

2007

Employees

1383

CEO

Michael Craig Forman

Full Name

FS KKR Capital Corp.

Sector

Financial Services

Industry

Asset Management

ROE

-6.65%

Market Cap

$3.45B

WACC

6.22%

ROIC

-9.50%

Contact Information

https://www.fskkrcapitalcorp.com

215 220 6651

3025 JFK Boulevard, Philadelphia, PA 19104

Key Metrics of FSK

Snapshot

Latest / TTM · 6 periods

Market Cap

$3.45B

ROCE

-0.0%

EV / EBITDA

233.74x

-4.2% YoY

FCF Yield

45.8%

+31.5% YoY

Cash Conversion Cycle

153.6d

Current Ratio

0.00

Quick take

TTM —

Current ratio below 1.0

Positive CCC

Financial Highlights of FSK

Profitability trend

Latest / TTM · 6 periods

Gross Margin

60.5%

Net Margin

-39.6%

P/E Ratio

-9.13x

n/a

Debt / Equity

1.23

n/a

Current Ratio

0.00

Dividend Yield

18.7%

Understanding

TTM —

Current ratio below 1.0

Interest coverage is weak

Calendar of FSK

Upcoming

Sep 16, 2026In 12 days
Ex-dividend date
$2.15 per share
Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.40 · Revenue $275.03M · 7 analysts
Oct 2, 2026In 28 days
Dividend payment
$2.15 per share
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.38 · Revenue $272.48M · 7 analysts

Recent history

Aug 6, 2026
Q2 FY2026 · Results reported
EPS $-0.13 · Revenue $290.00M
View filing
May 11, 2026
Q1 FY2026 · Results reported
EPS $-1.57 · Revenue $105.00M
View filing
Feb 25, 2026
FY2025 · Annual results
EPS $0.04 · Revenue $1.17B
View filing
Sep 30, 2025
Q3 FY2025 · Results reported
EPS $0.76 · Revenue $344.00M
Jun 30, 2025
Q2 FY2025 · Results reported
EPS $-0.75 · Revenue $-59.00M
Mar 31, 2025
Q1 FY2025 · Results reported
EPS $0.43 · Revenue $242.00M

Financial Statements of FSK

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$1.2B	+5.5%	+176.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$11.0M	-98.1%	+92.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+69.6%	+16.3%	+136.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+49.5%	-9.6%	+112.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+0.9%	-98.2%	+97.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$592.0M	-68.9%	+10410.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+50.6%	-70.5%	+3832.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	130.5%	+17.6%	-10.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	—	—	—
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$13.7B	-3.4%	-6.5%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	0.04 vs 2.36	-98.3%	-0.13 vs 0.40	-132.2%
Revenue Surprise	$1.2B vs $1.5B	-23.5%	$290.0M vs $275.0M	+5.4%

Insider Transactions of FSK

Acquisitions (A)

Since May 29, 2025

Disposals (D)

Since May 29, 2025

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 31, 2026	Hopkins Jerel A	director	Common Stock	A	800	$12.44
Aug 11, 2026	KROPP JAMES H	director	Common Stock	A	1,100	$12.07
Feb 27, 2026	KROPP JAMES H	director	Common Stock	A	1,666	$11.16
Feb 27, 2026	Pietrzak Daniel	director, officer: President and CIO	Common Stock	A	5,000	$11.25
Dec 5, 2025	Hopkins Jerel A	director	Common Stock	A	450	$15.49

Earnings Call Transcript of FSK

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Good morning, ladies and gentlemen. Welcome to FS KKR Capital Corp.'s Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded. At this time, Anna Kleinhenn, Head of Investor Relations, will proceed with the introduction. Ms. Kleinhenn, you may begin. Anna Kleinhenn: Thank you. Good morning, and welcome to FS KKR Capital Corp.'s Second Quarter 2026 Earnings Conference Call. Please note that FS KKR Capital Corp. may be referred to as FSK, the fund or the company throughout the call. Today's conference call is being recorded, and an audio replay of the call will be available for 30 days. Replay information is included in a press release that FSK issued this morning. In addition, FSK has posted on its website a presentation containing supplemental financial information with respect to its portfolio and financial performance for the quarter ended June 30, 2026. A link to today's webcast and the presentation is available on the For Investors section of the company's website under Events and Presentations. Please note that this call is the property of FSK. Any unauthorized rebroadcast of this call in any form is strictly prohibited. Today's conference call includes forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or future performance or financial conditions, statements regarding share repurchase activity, distribution levels and frequency, expectations for net investment income levels in future quarters and the financial position, business strategy and plans and objectives of management for FSK's future operations. Words such as anticipate, believe, expect, intend, project and future or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are not guarantees of performance or events and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause our actual results or future events to differ materially from those expressed or forecasted in these forward-looking statements for any reason. We ask that you refer to FSK's most recent filings with the SEC for important factors and risks that could cause actual results or future events to differ materially from these statements. The forward-looking statements included on this call are based on information available to FSK today and current expectations, forecasts and assumptions and involve a number of judgments, risks and uncertainties. Except as required by the federal securities laws, FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, this call will include certain non-GAAP financial measures that have not been prepared in accordance with U.S. generally accepted …

Leadership Team of FSK

12 executives

Name	Title	Gender	Year Born	Status
Michael Forman	Chairman & Chief Executive Officer	Male	1961	Active
Anna Kleinhenn	Head of Investor Relations	Female	—	Active
William Balke Goebel	Chief Accounting Officer	Male	1975	Active
James Francis Volk	Chief Compliance Officer	Male	1963	Active
Zach Chalfant	Treasurer	Male	1985	Active
Michael John Kelly	President & Chief Investment Officer of FS Investments	Male	1970	Active
Robert Paun	Director of Investor Relations	Male	—	Active
Drew O'Toole	Co-Chief Operating Officer	Male	1988	Active
Stephen S. Sypherd	General Counsel & Secretary	Male	1977	Active
Steven C. Lilly	Chief Financial Officer	Male	1969	Active
Daniel Ryan Pietrzak	President, Chief Investment Officer & Director	Male	1976	Active
Ryan Wilson	Co-Chief Operating Officer	Male	—	Active

Recent News of FSK

24/7 Wall Street8/25/2026Neutral

3 Big Yield Credit Plays Explained: FS KKR, BlackRock TCP and Oxford Lane

High-yield credit vehicles look easy on the surface: Buy the ticker, collect the check, repeat.

Defense World8/16/2026Neutral

Bullish (NYSE:BLSH) & FS KKR Capital (NYSE:FSK) Head-To-Head Contrast

Bullish (NYSE: BLSH - Get Free Report) and FS KKR Capital (NYSE: FSK - Get Free Report) are both mid-cap finance companies, but which is the better investment? We will compare the two businesses based on the strength of their dividends, risk, analyst recommendations, profitability, institutional ownership, valuation and earnings. Insider and Institutional Ownership 36.3% of FS

Seeking Alpha8/10/2026Neutral

Dividend Harvesting Portfolio Week 284: $28,400 Allocated, $3,219.84 In Projected Dividends

The Dividend Harvesting Portfolio has achieved a 46.73% ROI with $3,219.84 forward annualized dividend income and a 7.81% yield. Recent additions include Starwood Property Trust (STWD) and FS KKR Capital Corp (FSK), both offering double-digit yields and trading at significant discounts. I expect continued outperformance as AI-driven productivity boosts big tech and the broader market, with dividend income on track to surpass $5,000 annually.

Seeking Alpha8/9/2026Neutral

FS KKR Capital: Risk Of Another Dividend Reset In 2026

FS KKR Capital faces valuation pressure after two consecutive dividend cuts in Q4'25 and Q1'26 and persistent asset quality concerns. FSK's non-accrual ratio remains elevated at 3.8%, and dividend coverage is just 100%, signaling ongoing payout risk. I maintain a 'Hold' rating with a slightly negative outlook, citing potential for a dividend reset if loan quality does not improve and coverage drops below 100%.

Seeking Alpha8/9/2026Neutral

12%+ Yields At 30%+ Discounts: Top 2 Undervalued BDCs

So far, the Q2 earnings season has been positive for BDCs. Some BDCs have appreciated by double-digit figures. Among these BDCs are my two tactical trade ideas.

Historical Employee Count of FSK

Current

Minimum

Maximum

Recent Filings

Report Date	Form Type	Filing Date	SEC Filing
Dec 31, 2025	10-K	Feb 25, 2026	View
Dec 31, 2024	10-K	Feb 26, 2025	View
Dec 31, 2023	10-K	Feb 26, 2024	View
Dec 31, 2022	10-K	Feb 27, 2023	View
Dec 31, 2021	10-K	Feb 28, 2022	View

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FS KKR Capital Corp.