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FS KKR Capital Corp (FSK)



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Upturn Advisory Summary
08/28/2025: FSK (2-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $18.65
1 Year Target Price $18.65
1 | Strong Buy |
0 | Buy |
8 | Hold |
0 | Sell |
1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 28.12% | Avg. Invested days 72 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 5.05B USD | Price to earnings Ratio 23.1 | 1Y Target Price 18.65 |
Price to earnings Ratio 23.1 | 1Y Target Price 18.65 | ||
Volume (30-day avg) 10 | Beta 0.99 | 52 Weeks Range 16.84 - 22.68 | Updated Date 08/27/2025 |
52 Weeks Range 16.84 - 22.68 | Updated Date 08/27/2025 | ||
Dividends yield (FY) 14.28% | Basic EPS (TTM) 0.78 |
Earnings Date
Report Date 2025-08-06 | When - | Estimate 0.63 | Actual 0.6 |
Profitability
Profit Margin 13.24% | Operating Margin (TTM) 74.87% |
Management Effectiveness
Return on Assets (TTM) 5.22% | Return on Equity (TTM) 3.39% |
Valuation
Trailing PE 23.1 | Forward PE 7.63 | Enterprise Value 12712797184 | Price to Sales(TTM) 3.07 |
Enterprise Value 12712797184 | Price to Sales(TTM) 3.07 | ||
Enterprise Value to Revenue 41.55 | Enterprise Value to EBITDA - | Shares Outstanding 280065984 | Shares Floating - |
Shares Outstanding 280065984 | Shares Floating - | ||
Percent Insiders 0.18 | Percent Institutions 31.53 |
Upturn AI SWOT
FS KKR Capital Corp

Company Overview
History and Background
FS KKR Capital Corp. (formerly FS Investment Corporation) was founded in 2007 and is a business development company (BDC). It provides financing to private middle market companies. It merged with FS Investment Corporation II, III, and IV between 2018 and 2021.
Core Business Areas
- Direct Lending: Providing senior secured loans, mezzanine debt, and other types of financing to private middle-market companies. This is their primary business focus.
- Equity Investments: Making equity and equity-related investments in portfolio companies, often in conjunction with debt financing.
- Investment Management: Externally managed by FS/KKR Advisor, LLC, a joint venture between FS Investments and KKR & Co. Inc.
Leadership and Structure
Michael J. Forman is the Chairman and Co-Chief Executive Officer. Daniel Pietrzak is the Co-Chief Executive Officer and Chief Investment Officer. The company is externally managed by FS/KKR Advisor, LLC.
Top Products and Market Share
Key Offerings
- Senior Secured Loans: Directly originating and investing in senior secured loans. BDCs compete in this market. Market share data is difficult to directly attribute to this product. Competitors include Ares Capital (ARCC), and Golub Capital BDC (GBDC).
- Mezzanine Debt: Offering mezzanine debt, which is subordinated to senior debt. BDCs compete in this market. Market share data is difficult to directly attribute to this product. Competitors include Ares Capital (ARCC), and Golub Capital BDC (GBDC).
- Equity Co-Investments: Participating in equity co-investments alongside private equity sponsors. BDCs compete in this market. Market share data is difficult to directly attribute to this product. Competitors include Ares Capital (ARCC), and Golub Capital BDC (GBDC).
Market Dynamics
Industry Overview
The BDC industry provides capital to middle-market companies that may not have access to traditional sources of financing. This is a competitive market with fluctuating interest rates impacting profitability.
Positioning
FS KKR Capital Corp. is a major player in the BDC industry, leveraging its relationship with KKR to source and manage investments. It focuses on direct lending, offering flexibility in deal structures and benefitting from KKR's industry expertise.
Total Addressable Market (TAM)
The TAM for private credit is estimated to be in the trillions of dollars. FSK leverages its scale and KKR partnership to capture a portion of this large market.
Upturn SWOT Analysis
Strengths
- Relationship with KKR
- Experienced management team
- Scale and access to capital
- Diversified investment portfolio
Weaknesses
- External management structure (potential conflicts of interest)
- Reliance on KKR for deal sourcing
- Sensitivity to interest rate changes
- Credit risk associated with lending to middle-market companies
Opportunities
- Growing demand for private credit
- Expansion into new investment strategies
- Increased regulatory scrutiny of traditional banks
- Consolidation within the BDC industry
Threats
- Economic downturn
- Increased competition from other BDCs and private credit funds
- Rising interest rates
- Regulatory changes
Competitors and Market Share
Key Competitors
- ARCC
- GBDC
- BXSL
- TPVG
- OCSL
Competitive Landscape
FS KKR Capital Corp. benefits from its affiliation with KKR, but faces competition from other large BDCs. It needs to maintain its investment discipline and manage its capital structure effectively.
Major Acquisitions
FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV
- Year: 2018
- Acquisition Price (USD millions):
- Strategic Rationale: Increased scale, diversification, and operating efficiencies.
Growth Trajectory and Initiatives
Historical Growth: FS KKR Capital Corp's growth has been driven by increased investment activity and acquisitions.
Future Projections: Future growth depends on the economic environment, interest rate conditions, and the company's ability to source attractive investment opportunities.
Recent Initiatives: Recent initiatives may include new investment strategies, portfolio optimization, and strategic partnerships.
Summary
FS KKR Capital Corp is a major BDC player leveraging the KKR brand. It has a diversified portfolio providing consistent dividend income. The company faces risks of interest rate volatility and economic downturn. However, their relationship with KKR offers potential for growth. The externally managed structure creates the need for vigilance on governance.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company SEC Filings, Investor Presentations, Financial News Outlets (e.g., Bloomberg, Reuters)
Disclaimers:
The information provided is for informational purposes only and does not constitute financial advice. Investment decisions should be based on thorough research and consultation with a qualified financial advisor. Market share percentages are estimates and may vary.
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 $2.5 billion. It focus on providing customized one-stop credit solutions to private upper middle market companies with annual EBITDA of $50 million to $100 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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