FS KKR Capital Corp (FSK) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of FS KKR Capital Corp stock $12.94, price $11.88, upside +8.9%, quality 61 out of 100. Rating: fairly valued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range $8.90 – $18.18 · fair‑value band $12.17 – $25.58 · the $11.88 price screens below the $12.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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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.
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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.
Stock analysis
FS KKR Capital Corp (FSK) currently trades at $11.88, while our model-based Fair Value estimate is $12.94, so the stock looks roughly fairly valued today (gap 8.2%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of $70.33 per share, and 6 of the 10 models we run sit above the $11.88 price.
Bear case: the Earnings-Based group reads lowest at $1.43, and 4 of the 10 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $12.17 (bear) to $25.58 (bull), the price of $11.88 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
FS KKR Capital Corp reported revenue of $1.2B in FY2025 versus $1.1B in FY2021, a compound +2.0%/yr. Reported net income was $11.0M in FY2025, compounding −70.8%/yr from FY2021.
Key figures
Market cap $3.3B Mid · P/S ratio 2.43 · EPS (TTM) $−1.86 · Net margin 0.9% · Return on equity −6.6% · Return on assets (EBIT) 4.5% (5-year average) · Operating margin 73.1% · Revenue (TTM) $1.3B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 9%, FSK screens cheaper than that median.
Fair Value models
Bear$12.17Fair Value $12.94Bull$25.58
Price $11.88 · Upside +8.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors bought shares worth $23,240, most recently on Aug 31, 2026. Buying cluster
BuyJerel A HopkinsDirector2× since Dec 5, 2025: 1,250 shares, avg. $13.54$16,927Aug 31, 2026
BuyJames H KroppDirector2× since Feb 27, 2026: 2,766 shares, avg. $11.53$31,881Aug 11, 2026
BuyDaniel PietrzakPresident and CIO, Director5,000 shares at $11.25$56,250Feb 27, 2026
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.88/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
Start year 2020 (pandemic). Over 10 years: +24.3% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
−14.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−61.3% vs −35.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−62% → 50%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.1% a year for the price and −6.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (79 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: The business draws strength from ongoing share repurchases below net asset value with direct KKR advisor participation yet faces a limited durable moat, thin margins and high leverage typical of BDCs.
Main risk: Ongoing typical sector pressures on the private credit book risk further trimming net asset value and compressing already thin returns on equity.
FS KKR has been repurchasing shares below net asset value under a large program that includes direct participation from its KKR advisor. At the same time the private credit book faces typical sector pressures that have already trimmed net asset value. Our models see it as undervalued. Will the capital returns from buybacks and distributions outpace any further portfolio adjustments?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 633 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+8.9% · Above median
Profitability
Return on assets0.1% · Below median
Net margin (12 months)−28.5% · Bottom 25%
Operating margin (12 months)73.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−27.1% · Bottom 25%
Dividend yield (12 months)18.1% · Top 25%
Balance sheet
Debt / equity1.31× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "FS KKR Capital Corp Fair Value". https://www.fairvalue-calculator.com/stock/FSK
Frequently asked questions
Is FS KKR Capital Corp (FSK) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of $12.94 versus a price of $11.88, about +9% upside (fairly valued).
What is the fair value of FSK?
Our model-based fair value for FS KKR Capital Corp is $12.94 (as of Nov 11, 2026), built from audited fundamentals. The current price: $11.88.
What is the quality score of FSK?
FS KKR Capital Corp has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FS KKR Capital Corp (FSK)?
Our model-based price target is the fair value of $12.94 (as of Nov 11, 2026) from 11 valuation models. Cautious scenario $12.17, optimistic scenario $25.58. It is a calculation from audited fundamentals, not an analyst target.
What is the FS KKR Capital Corp stock forecast for 2026?
Our models put fair value at $12.94, about +9% upside versus a price of $11.88 (fairly valued). Cautious scenario $12.17, optimistic scenario $25.58. The calculation is refreshed regularly with new filings.
What is the revenue of FS KKR Capital Corp (FSK)?
FS KKR Capital Corp reported trailing-twelve-month revenue of about $1.3B (latest available figure, as of Nov 11, 2026).
What growth is priced into FS KKR Capital Corp (FSK)?
For today's price to be fair in a discounted-cash-flow model, FS KKR Capital Corp would have to grow free cash flow by +7.6 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of FSK use?
Our models discount FS KKR Capital Corp at 9.6 %: a base by market capitalisation (mid), damped by beta 0.94, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For FS KKR Capital Corp that is +7.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has FS KKR Capital Corp (FSK) delivered so far?
Over the past 5 years revenue at FS KKR Capital Corp grew +12.9 % a year. The price currently implies free-cash-flow growth of +7.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of FS KKR Capital Corp (FSK) growing?
The median revenue growth in the sector is +8.9 % a year. That is the yardstick for the growth priced into FS KKR Capital Corp (+7.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of FS KKR Capital Corp (FSK)?
The free-cash-flow yield on the price is 17.78 %: that much free cash flow FS KKR Capital Corp produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of FS KKR Capital Corp (FSK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FS KKR Capital Corp it is $12.94 per share (as of Nov 11, 2026), against a price of $11.88. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is FS KKR Capital Corp stock overvalued or undervalued in 2026?
As of Nov 11, 2026, FSK trades below its calculated fair value: price $11.88, fair value $12.94, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FSK?
No. The price is what the market pays today ($11.88); the fair value is what the company's own numbers justify ($12.94). For FS KKR Capital Corp the two are $1.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is FS KKR Capital Corp worth?
The market values FS KKR Capital Corp at about $3.3B (market capitalisation, as of Nov 11, 2026). Per share that is $11.88; our models calculate a fair value of $12.94 per share.
What do the bullish and bearish scenarios say about FSK?
Our models span a range for FS KKR Capital Corp: cautious scenario $12.17, base $12.94, optimistic $25.58 per share (as of Nov 11, 2026, price $11.88). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of FSK?
The PEG ratio of FS KKR Capital Corp is 3.27 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of FS KKR Capital Corp (FSK)?
Balance-sheet figures for FS KKR Capital Corp (as of Nov 11, 2026): return on equity −6.6%, debt of 1.31 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is FSK from its 52-week high?
FS KKR Capital Corp trades at $11.88, about 15% below its 52-week high of $13.90 and 33% above the low of $8.90 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of $12.94 is for.
Which stocks are comparable to FS KKR Capital Corp?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FS KKR Capital Corp stock attractive at the current price?
The data as of Nov 11, 2026: price $11.88, calculated fair value $12.94 (+9%), Quality Score 61/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FSK calculated?
We run FS KKR Capital Corp through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $12.94 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. FS KKR Capital Corp currently trades 8% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FS KKR Capital Corp (FSK)?
The closing price on Nov 11, 2026 was $11.88. Our model-based fair value is $12.94, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FS KKR Capital Corp right now?
The price is below even our cautious bear case ($12.17). The market is more pessimistic than our downside scenario. The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($12.17 to $25.58) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of FS KKR Capital Corp (FSK) come from?
Earnings per share at FS KKR Capital Corp grew −6.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.5 %, EBIT margin −2.4 %, tax rate −0.1 %, residual (interest, one-offs) −3.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of FS KKR Capital Corp
How large is the market capitalisation of FS KKR Capital Corp (FSK)?
The market capitalisation of FS KKR Capital Corp is $3.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FS KKR Capital Corp (FSK)?
The price-to-sales ratio of FS KKR Capital Corp is 2.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FS KKR Capital Corp (FSK)?
Earnings per share at FS KKR Capital Corp are $−1.86. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of FS KKR Capital Corp (FSK)?
The net margin of FS KKR Capital Corp is 0.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FS KKR Capital Corp (FSK)?
The return on equity (ROE) of FS KKR Capital Corp is −6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FS KKR Capital Corp (FSK)?
On an EBIT basis the return on assets of FS KKR Capital Corp is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FS KKR Capital Corp (FSK)?
The operating margin of FS KKR Capital Corp is 73.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FS KKR Capital Corp (FSK)?
Revenue at FS KKR Capital Corp is growing −27.1% versus a year earlier (3y avg +36.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at FS KKR Capital Corp (FSK)?
Earnings per share at FS KKR Capital Corp are growing +33.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does FS KKR Capital Corp (FSK) carry?
The net debt of FS KKR Capital Corp is $7.5B (fiscal year 2025, ≈ 12.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 11, 2026