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CION Investment Corporation

CION Financial Asset Management

CION Investment Corporation’s revenue for fiscal 2025 (year ended December 2025) was $240.8 million, down 4.60% from fiscal 2024.

Revenue
−38.6%
EPS
−110.1%
Free cash flow
+591.3%

Quarter to September 2026, against a year earlier

6.38 0.22 −3.33%
Market cap
$324.7M
P/E
0.0×
Fwd P/E
9.1×
Dividend yield
20.6%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.92%

Capital & Financial Ratios $m

Size
Market Cap 324.74
Revenue ttm 201.43
Net income ttm (36.72)
Free cash flow ttm 306.73
Net debt Q (20.56)
Valuation
P/E 0.00
Forward P/E 9.14
Price / sales 1.61
Forward P/S Powerpack
Price / FCF 1.06
Price / book 0.50
Financial health
Current ratio Q 0.04
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q −38.63% (below 0%: shrinking)
Operating income growth Q −68.19% (below 0%: shrinking)
EPS, this year −36.52% (below 0%: weak)
EPS, next year A +1.33%
Revenue, next year A −19.61% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −18.32% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 10.17%
10-year low 10-year high
P/B against its own 10 years 3.83%
10-year low 10-year high

Dividends

Yield
20.6%
Annual rate
1.36
Payout ratio
2,600.0%
Growth, 2021–26
+18.2%/yr
  1. 0.52 ’21
  2. 1.18 ’22 +127
  3. 1.41 ’23 +19
  4. 1.42 ’24 +1
  5. 1.44 ’25 +1
  6. 1.20 ’26 −17
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8 8 8 21
Receivables 37 45 28 30
Inventory — — — —
Other — — — —
46 54 38 —
2023 2024 2025 Q'26
Payables 1 1 1 1
ST’ Debt — — — —
Other 1,082 1,099 1,126 884
1,098 1,109 1,135 —

Compound Annual Growth %

10y 5y 3y
Sales — 8.01% 7.31%
Cash Flow — (17.31%) 29.62%
Earnings — 0.00% 0.00%
Book Value — (4.23%) (7.14%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.27 Actual 0.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.35 0.74 Beat by 0.39
Q4 FY25 0.39 0.35 Miss by 0.04
Q1 FY26 0.27 0.25 Miss by 0.02
Q2 FY26 0.27 0.29 Beat by 0.02
Q3 FY26 0.30 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.45) 0.62 (0.07) — —
’25 (0.80) 0.52 0.69 (0.80) (0.39)
’24 0.12 0.42 (0.01) 0.10 0.63
’23 (0.56) 0.51 0.87 0.94 1.74
’22 0.14 (0.02) 0.60 0.17 0.89
’21 0.88 0.49 0.44 0.28 2.09
’20 — 0.29 0.55 0.83 (0.19)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 50 50 48 — —
’25 56 52 79 54 241
’24 74 61 60 58 252
’23 65 58 68 60 251
’22 42 44 54 56 195
’21 36 38 43 40 157
’20 — 25 39 31 164
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) 22 307 — —
’25 6 43 44 (17) 77
’24 96 (17) 52 (43) 88
’23 0 (36) (7) (55) (97)
’22 (15) (30) 15 65 35
’21 1 (64) 11 3 (49)
’20 — (9) 147 52 199
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) 22 307 — —
’25 6 43 44 (17) 77
’24 96 (17) 52 (43) 88
’23 0 (36) (7) (55) (97)
’22 (15) (30) 15 65 35
’21 1 (64) 11 3 (49)
’20 — (9) 147 52 199
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 111 126 183 201 164 157 195 251 252 241 201 +8.9% 194 181 155 (13.7%)
Gross margin, % 0.00 0.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT 120 86 31 87 79 75 89 105 96 93 58 (2.8%)
EBT margin, % 107.36 68.17 17.16 43.42 48.21 47.44 45.45 41.82 38.02 38.60 28.63 (68.8) pt
Net income 120 0 31 52 (11) 119 50 95 34 (21) (37) n/m
Per share, $
Per share, $ Revenue 2.10 2.25 3.20 3.54 2.88 2.77 3.45 4.59 4.71 4.60 4.09 +9.1%
Earnings 2.26 1.54 0.54 0.91 (0.19) 2.09 0.89 1.74 0.63 (0.39) (0.70) n/m
Cash flow 1.56 3.47 1.33 2.22 3.50 (0.87) 0.62 (1.78) 1.65 1.47 6.23 (0.7%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 1.56 3.47 1.33 2.22 3.50 (0.87) 0.62 (1.78) 1.65 1.47 6.23 (0.7%)
Book value 18.88 18.87 17.15 0.00 15.46 16.38 15.62 16.08 15.32 13.52 13.20 (3.6%)
Shares, m 53 56 57 57 57 57 57 55 54 52 51 (0.1%)
Valuation, ×
Valuation, × P/E 4.51 4.51 4.51 4.51 4.51 6.26 11.20 6.34 18.01 0.00 0.00 6.4
P/S 4.54 4.54 4.54 4.54 4.54 4.72 2.89 2.43 2.42 2.10 1.61 3.7
P/B 0.71 0.71 0.71 0.71 0.71 0.80 0.64 0.69 0.74 0.72 0.50 0.7
EV/Sales 4.53 4.53 4.53 4.53 4.53 4.69 2.47 2.40 2.39 2.07 — 3.7
EV/FCF (1,464.22) (1,464.22) (1,464.22) (1,464.22) (1,464.22) (15.00) 13.64 (6.19) 6.84 6.48 — (731.5)
Cash, $m
Cash, $m Operating cash flow 83 195 76 126 199 (49) 35 (97) 88 77 307 (0.8%)
Capex — — — — — — — — — — — —
Free cash flow 83 195 76 126 199 (49) 35 (97) 88 77 307 (0.8%)
Balance, $m
Balance, $m Working capital — — — — (684) (814) (850) (1,051) (1,055) (1,097) (1,124) +9.9%
Net debt (10) 442 863 (36) (20) (4) (83) (8) (8) (8) (21) (2.2%)
Shareholders’ equity 1,000 1,059 979 — 878 931 884 880 821 708 649 (3.8%)
Returns, %
Returns, % ROA 7.78 13.62 1.98 5.44 (0.63) 6.99 2.74 4.92 1.72 (1.09) (2.14) (8.9) pt
ROIC 0.00 0.00 0.00 0.00 5.75 5.03 6.91 7.53 7.38 8.31 5.73 +8.3 pt
ROE 11.62 8.34 3.07 5.37 (1.20) 13.13 5.53 10.81 3.99 (2.70) (5.16) (14.3) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

CION Investment Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GLAD Gladstone Capital Corporation $436.7M 9.0× 9.6× +13.10% (above 0%: growing) +78.79% (above 0%: growing) −280.73% (below 0%: shrinking) 100.00% 71.30% Compare
ALTI AlTi Global, Inc. $371.1M — (loss-making) 23.3× +10.78% (above 0%: growing) n/m +84.23% (above 0%: growing) 100.00% (18.70%) Compare
TCPC BLACKROCK TCP CAPITAL CORP. $358.3M — (loss-making) — (loss-making) −22.23% (below 0%: shrinking) n/m +181.35% (above 0%: growing) 100.00% 82.80% Compare
CCAP Crescent Capital BDC, Inc. $348.2M — (loss-making) 45.6× −15.51% (below 0%: shrinking) n/m −72.97% (below 0%: shrinking) 59.08% 37.45% Compare
CION CION Investment Corporation $324.7M — (loss-making) 9.1× −38.63% (below 0%: shrinking) n/m +591.27% (above 0%: growing) 100.00% 25.33%
PSBD Palmer Square Capital BDC Inc. $303.1M — (loss-making) — (loss-making) −13.83% (below 0%: shrinking) +360.00% (above 0%: growing) +227.26% (above 0%: growing) 100.00% 83.11% Compare
CYPH Cypherpunk Technologies Inc. $266.2M — (loss-making) — (loss-making) 0.00% n/m +15.53% (above 0%: growing) 0.00% 0.00% Compare
HRZN Horizon Technology Finance Corporation $265.5M — (loss-making) — (loss-making) +2.14% (above 0%: growing) n/m −97.72% (below 0%: shrinking) 100.00% 93.70% Compare
RWAY Runway Growth Finance Corp. $256.5M 41.1× 16.6× +10.39% (above 0%: growing) +18.18% (above 0%: growing) +62.58% (above 0%: growing) 100.00% 71.90% Compare
Median of peers $325.7M — 20.0× +1.07% +78.79% +39.06% 100.00% 71.60%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

CION Investment Corporation (CION) Latest News

6 Nov

Impact 3 · · MarketBeat
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · Business Wire

29 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · wwd.com

29 Sep

Impact 4 · · Business Wire

7 Aug

Impact 3 · · MarketBeat
Impact 3 ·

6 Aug

Impact 3 · · Moby transcript
Impact 3 ·

13 May

Impact 3 · · Zacks

9 May

Impact 3 · · MarketBeat

8 May

Impact 3 · · Zacks

7 May

Impact 4 · · Moby
Impact 3 · · Zacks
Impact 3 · · Business Wire

4 May

Impact 4 · · Zacks
Impact 3 · · Zacks

18 Mar

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 3 · · Zacks

13 Mar

Impact 4 · · Zacks

12 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 4 · · Business Wire

9 Mar

Impact 3 · · Zacks
stockrow.com/CION · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com