PennantPark Investment Corporation
PNNT Financial Asset Management
PennantPark Investment Corporation’s revenue for fiscal 2025 (year ended September 2025) was $122.4 million, down 14.9% from fiscal 2024. In the quarter to June 2026, revenue fell 16.2%, EPS fell 41.7%, free cash flow fell 2.70% and total debt fell 12.9%, each against the same quarter a year earlier.
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PennantPark Investment Corporation (PNNT) Altman Z-score
PennantPark Investment Corporation's Altman Z-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Altman Z-score, annual
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.06) | — | −0.07 | |
| Retained earnings / total assets | (0.20) | — | −0.29 | |
| EBIT / total assets | 0.07 | — | 0.22 | |
| Market value of equity / total liabilities | 0.49 | — | 0.30 | |
| Sales / total assets | 0.09 | — | 0.09 | |
| Altman Z-score | n/a — not meaningful for banks, insurers and REITs | — | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SCM Stellus Capital Investment Corporation compare | — |
| SAR Saratoga Investment Corp compare | — |
| TPVG TriplePoint Venture Growth BDC Corp. compare | — |
| WHG Westwood Holdings Group Inc compare | — |
| NSLR Neostellar Capital Corp. compare | — |
| LIEN Chicago Atlantic BDC, Inc. compare | — |
| WHF WhiteHorse Finance, Inc. compare | — |
| RWAY Runway Growth Finance Corp. compare | — |
| PNNT PennantPark Investment Corporation | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets