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FSK 
FS KKR Capital Corp (FSK)
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Upturn Advisory Summary
12/24/2025: FSK (2-star) is a SELL. SELL since 2 days. Simulated Profits (-6.29%). Updated daily EoD!
Upturn Star Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Number of Analysts
10 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $17.32
1 Year Target Price $17.32
| 1 | Strong Buy |
| 0 | Buy |
| 8 | Hold |
| 0 | Sell |
| 1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 19.36% | Avg. Invested days 63 | Today’s Advisory SELL |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/24/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 4.06B USD | Price to earnings Ratio 14.81 | 1Y Target Price 17.32 |
Price to earnings Ratio 14.81 | 1Y Target Price 17.32 | ||
Volume (30-day avg) 10 | Beta 0.85 | 52 Weeks Range 13.42 - 20.78 | Updated Date 12/25/2025 |
52 Weeks Range 13.42 - 20.78 | Updated Date 12/25/2025 | ||
Dividends yield (FY) 17.72% | Basic EPS (TTM) 0.98 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 17.24% | Operating Margin (TTM) 74.8% |
Management Effectiveness
Return on Assets (TTM) 5.11% | Return on Equity (TTM) 4.24% |
Valuation
Trailing PE 14.81 | Forward PE 6.84 | Enterprise Value 11227763712 | Price to Sales(TTM) 2.58 |
Enterprise Value 11227763712 | Price to Sales(TTM) 2.58 | ||
Enterprise Value to Revenue 30.52 | Enterprise Value to EBITDA - | Shares Outstanding 280066433 | Shares Floating - |
Shares Outstanding 280066433 | Shares Floating - | ||
Percent Insiders 0.18 | Percent Institutions 32.01 |
Upturn AI SWOT
FS KKR Capital Corp
Company Overview
History and Background
FS KKR Capital Corp. (FSK) was formed through the merger of FS Investment Corporation III and KKR Financial Holdings LLC, which closed in November 2020. It is a leading business development company (BDC) that provides financing solutions to middle-market companies. The company aims to generate current income and capital appreciation for its shareholders.
Core Business Areas
- Direct Lending: FSK directly originates and underwrites debt investments in middle-market companies. These investments often take the form of senior secured loans, unitranche facilities, and second lien loans. The company focuses on businesses with stable cash flows and strong market positions.
- Unitranche Facilities: FSK is a significant provider of unitranche financing, which combines senior and subordinated debt into a single facility, simplifying the capital structure for borrowers and offering a comprehensive lending solution.
- Secondary Market Investments: While primarily focused on direct origination, FSK may also engage in secondary market purchases of debt securities to deploy capital efficiently.
Leadership and Structure
FS KKR Capital Corp. is externally managed by KKR Credit Advisors (US) LLC, an affiliate of global investment firm KKR & Co. Inc. The management team is responsible for sourcing, evaluating, and managing the company's investment portfolio. The board of directors provides oversight and governance.
Top Products and Market Share
Key Offerings
- Description: These are the most senior debt obligations of a company, secured by specific assets. FSK offers these to middle-market companies seeking reliable financing. Competitors include other BDCs and traditional commercial banks.
- Product Name 1: Senior Secured Loans
- Description: A hybrid debt instrument combining senior and subordinated debt, offering a streamlined financing solution for middle-market borrowers. FSK is a prominent player in this market. Competitors include other BDCs with strong unitranche capabilities and specialized debt funds.
- Product Name 2: Unitranche Facilities
- Description: Debt that ranks below senior secured debt in the event of bankruptcy. FSK provides these to companies requiring additional leverage beyond senior debt. Competitors include other BDCs and private debt funds.
- Product Name 3: Second Lien Loans
Market Dynamics
Industry Overview
The business development company (BDC) sector operates within the broader private credit market, which has seen significant growth due to increased demand for financing from middle-market companies and a more cautious approach from traditional banks. The industry is characterized by its focus on providing debt and equity capital to companies that may not have access to public markets.
Positioning
FS KKR Capital Corp. is positioned as a leading BDC with a strong origination platform, leveraging KKR's extensive network and expertise in credit investing. Its focus on direct lending and unitranche facilities in the middle market allows it to capture attractive risk-adjusted returns. Its association with KKR provides a significant competitive advantage in deal sourcing and due diligence.
Total Addressable Market (TAM)
The total addressable market for middle-market financing is substantial and growing, estimated in the hundreds of billions of dollars globally. FSK is well-positioned to capture a portion of this market through its established origination capabilities and diversified investment strategies. Its focus on North American middle-market companies targets a significant segment of this TAM.
Upturn SWOT Analysis
Strengths
- Strong affiliation with KKR, providing access to deal flow, expertise, and capital.
- Experienced management team with a proven track record in credit investing.
- Diversified portfolio across various industries and borrowers.
- Focus on unitranche and senior secured loans, which are typically less risky.
- Significant scale of operations, enabling efficient deployment of capital.
Weaknesses
- Reliance on external management, which may lead to agency problems.
- Sensitivity to economic downturns affecting middle-market companies.
- Potential for interest rate risk on its floating-rate debt portfolio.
- Regulatory complexity inherent in the BDC structure.
Opportunities
- Continued growth in demand for private credit from middle-market companies.
- Potential for further market consolidation within the BDC space.
- Expansion into new geographies or asset classes.
- Leveraging KKR's global platform for cross-selling opportunities.
Threats
- Increased competition from other BDCs, private equity funds, and traditional lenders.
- Rising interest rates could increase borrowing costs for portfolio companies and FSK itself.
- Deterioration of credit quality in the middle market due to economic slowdown.
- Changes in regulatory landscape for BDCs.
Competitors and Market Share
Key Competitors
- Apollo Investment Corporation (AINV)
- BlackRock Capital Investment Corporation (BKCC)
- Golub Capital BDC, Inc. (GBDC)
Competitive Landscape
FSK competes in a fragmented but growing private credit market. Its competitive advantages lie in its scale, the backing of KKR, and its established direct lending platform. However, it faces intense competition from other well-capitalized BDCs and private debt funds that can offer similar financing solutions. Differentiation often comes from speed of execution, flexibility in deal structuring, and the depth of due diligence provided.
Growth Trajectory and Initiatives
Historical Growth: FSK's growth trajectory has been shaped by strategic mergers and acquisitions, as well as organic portfolio expansion through direct lending. The company has focused on building scale and diversifying its asset base to enhance returns and mitigate risk. Historical growth has been characterized by an increasing investment portfolio size and consistent income generation.
Future Projections: Future growth is projected to be driven by continued origination of debt investments in the middle market, potentially supplemented by opportunistic acquisitions. Analysts typically forecast FSK's NII and NAV per share growth based on expected portfolio deployment, credit quality trends, and interest rate environments. Projections often involve modest single-digit to low-double-digit growth depending on market conditions.
Recent Initiatives: Recent initiatives likely include efforts to optimize its capital structure, enhance operational efficiency through technology, and potentially explore new investment strategies to capitalize on evolving market opportunities. The company also focuses on maintaining strong relationships with its portfolio companies and financial sponsors.
Summary
FS KKR Capital Corp. is a well-established BDC with a strong foundation, benefiting from KKR's global reach and expertise in credit markets. Its core business of direct lending and unitranche facilities in the middle market is robust. The company exhibits stable financial performance and a commitment to shareholder returns through dividends. However, it faces increasing competition and economic sensitivities inherent to its market. Continued strategic focus on credit quality and efficient capital deployment will be crucial for sustained success.
Similar Stocks
Sources and Disclaimers
Data Sources:
- FS KKR Capital Corp. Investor Relations
- SEC Filings (10-K, 10-Q)
- Financial Data Providers (e.g., Bloomberg, Refinitiv)
- Industry Analysis Reports
Disclaimers:
This information is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investment decisions should be based on individual research, consultation with a qualified financial advisor, and review of the company's official filings.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About FS KKR Capital Corp
Exchange NYSE | Headquaters Philadelphia, PA, United States | ||
IPO Launch date 2014-04-16 | Chairman & CEO Mr. Michael Craig Forman J.D. | ||
Sector Financial Services | Industry Asset Management | Full time employees - | Website https://www.fskkradvisor.com |
Full time employees - | Website https://www.fskkradvisor.com | ||
FS KKR Capital Corp. is a business development company specializing in investments in debt securities. It provides customized credit solutions to private middle market U.S. companies. It invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market U.S. companies. It seeks to purchase interests in loans through secondary market transactions or directly from the target companies as primary market investments. It also seeks to invest in first lien senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans, or mezzanine loans. In connection with the debt investments, the firm also receives equity interests such as warrants or options as additional consideration. It also seek to purchase minority interests in the form of common or preferred equity in our target companies, either in conjunction with one of the debt investments or through a co-investment with a financial sponsor. Additionally, on an opportunistic basis, the fund may also invest in corporate bonds and similar debt securities. The fund does not seek to invest in start-up companies, turnaround situations, or companies with speculative business plans. It seeks to invest in small and middle-market companies based in United States. The fund seeks to invest in firms with annual revenue between $10 million to $2500 million. It focus on providing customized one-stop credit solutions to private upper middle market companies with annual EBITDA of $50 million to $150+ million at the time of investment. It seeks to exit from securities by selling them in a privately negotiated over- the- counter market. For any investments that are not able to be sold within the secondary market, the firm seeks to exit such investments through repayment, an initial public offering of equity securities, merger, sale or recapitalization.
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