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Cion Investment Corp (CION) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Cion Investment Corp $8.35, price $7.18, upside +16.3%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · US · ISIN US17259U2042

CI Cion Investment Corp logo Broad data Sep 24, 2026

Cion Investment Corp

CION · US

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value $8.35 · Undervalued (+16%)
✓Quality 66/100
!Mixed Growth (revenue 3y +48.8 %/yr)
!Thin margins · 1.2% net margin (TTM)
✓generates free cash flow
·18.38% dividend yield
✓Ranks above peers (9/13)
!Moderate moat 45/100
!Weak on past: 2 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$9.62 $4.21 Fair Value $8.35 Oct 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $4.21 – $9.62 · fair‑value band $4.98 – $13.63 · the $7.18 price screens below the $8.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies.

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CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies. The firm invests in growth capital, acquisitions, leveraged buyouts, market/product expansion, refinancing and recapitalization investments. The fund also invests up to 30 percent of their assets opportunistically in other types of investments, including the securities of larger public companies and foreign securities. It also makes investments in the secondary loan market. The fund does not invest in start-up companies, turnaround situations, or companies with speculative business plans. The fund prefers to invest in high tech industries, healthcare, pharmaceuticals, business services, media, chemicals, plastic, rubber, telecommunication, consumer services, advertising, printing and publishing, consumer goods, durables, diversified financials, and other industries. It also invests in homebuilding, restaurants, beverage and tobacco bars, broadcasting, distributors, Non-durable good distribution, food beverage and tobacco, energy, oil gas and consumables fuels, insurance, aerospace and defense, industrial machinery, paper and forest product machinery, information technology, metals and mining, and real estate. It primarily seeks to invest in the United States. The fund seeks to invest between $5 million and $50 million in companies with an EBITDA between $25 million and $75 million with average targeted hold of $30 million. It also purchases minority interests in the form of common or preferred equity in the target companies, typically in conjunction with its debt investments or through a co-investment with a financial sponsor. The fund seeks to exit its investments through an initial public offering of common stock, a merger, a sale, or other recapitalization.

Stock analysis

Cion Investment Corp (CION) currently trades at $7.18, while our model-based Fair Value estimate is $8.35, implying the stock looks roughly 14.0% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of $25.23 per share, and 5 of the 5 models we run sit above the $7.18 price.

Bear case: the Asset-Based group reads lowest at $9.64, and 0 of the 5 models stay below the price. Evidence for this calculation is high.

Scenario range: $4.98 (bear) to $13.63 (bull), the price of $7.18 sits inside 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 66/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Cion Investment Corp reported revenue of $201M in FY2025 versus $132M in FY2021, a compound +11.1%/yr. Reported net income was −$20.6M in FY2025.

Key figures

Market cap $357M · P/E ratio 119.7 · P/S ratio 1.51 · EPS (TTM) $0.0600 · Net margin −10.3% · Return on equity 0.4% · Return on assets (EBIT) 4.5% · Operating margin 76.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 25% 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 16%, CION screens cheaper than that median.

Fair Value models

Bear $4.98 Fair Value $8.35 Bull $13.63
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
Growth DCF $41.20 $71.09 $118.05 71
Rev-Margin DCF $17.85 $25.23 $40.61 67
Gordon GGM $12.32 $22.20 $30.56 66
All 5 models by family
Dividend Discount
Gordon GGM $12.32 $22.20 $30.56 66
DDM Multi-Stage $12.32 $20.28 $23.72 65
Asset-Based
NCAV (Graham) $7.19 $9.64 $14.38 51
Growth DCF
Growth DCF $41.20 $71.09 $118.05 71
Rev-Margin DCF $17.85 $25.23 $40.61 67

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Quality Score breakdown

Overall quality 66/100

Of which business quality 63 · Market factors (momentum, volatility) 47

Profitability 8
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+40.9%
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.
+48.8%
Revenue growth 13 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.
+104.0%
Profit margin (trend) ⓘ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.
87.1% (2019) → 34.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−22.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −24.0% a year for the price.

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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 · 659 stocks

Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 67 · Above median
Fair Value upside +16% · Above median
Profitability
Return on equity (TTM) 0% · Below median
Return on assets 6% · Above median
Net margin (TTM) 1% · Bottom 25%
Operating margin (TTM) 76% · Above median
Growth and dividend
Revenue growth −5% · Below median
Dividend yield (TTM) 18.4% · Top 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 119.7× · Priciest 25%
P/B 0.50× · Cheapest 25%
P/S (TTM) 1.54× · Cheaper than median
P/FCF 4.6× · Cheaper than median
EV/EBITDA 5.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)55 · sector 55
FUTURE (revenue growth)0 · sector 20
PAST (return on equity)2 · sector 22
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)100 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $98.44 $19.97 −80%
Apollo Global Management, Inc APO $124.15 $229.64 +85%
State Street Corporation STT $180.25 $138.33 −23%
Ameriprise Financial, Inc AMP $512.37 $579.51 +13%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $159.39 $312.27 +96%
T. Rowe Price Group TROW $104.17 $208.34 +100%

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Cite: Fair Value Calculator (2026). "Cion Investment Corp Fair Value". https://www.fairvalue-calculator.com/stock/CION

Frequently asked questions

Is Cion Investment Corp (CION) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $8.35 versus a price of $7.18, about +16% upside (undervalued).
What is the fair value of CION?
Our model-based fair value for Cion Investment Corp is $8.35 (as of Sep 24, 2026), built from audited fundamentals. The current price: $7.18.
What is the quality score of CION?
Cion Investment Corp has a Quality Score of 66/100. 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 Cion Investment Corp (CION)?
Our model-based price target is the fair value of $8.35 (as of Sep 24, 2026) from 5 valuation models. Cautious scenario $4.98, optimistic scenario $13.63. It is a calculation from audited fundamentals, not an analyst target.
What is the Cion Investment Corp stock forecast for 2026?
Our models put fair value at $8.35, about +16% upside versus a price of $7.18 (undervalued). Cautious scenario $4.98, optimistic scenario $13.63. The calculation is refreshed regularly with new filings.
What is the revenue of Cion Investment Corp (CION)?
Cion Investment Corp reported trailing-twelve-month revenue of about $232M (latest available figure, as of Sep 24, 2026).
What growth is priced into Cion Investment Corp (CION)?
For today's price to be fair in a discounted-cash-flow model, Cion Investment Corp would have to grow free cash flow by -22.2 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 6 years revenue grew +22.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CION use?
Our models discount Cion Investment Corp at 11.6 %: a base by market capitalisation (small), damped by beta 1.12, 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 Cion Investment Corp that is -22.2 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Cion Investment Corp (CION) delivered so far?
Over the past 6 years revenue at Cion Investment Corp grew +22.5 % a year. The price currently implies -22.2 % per year free-cash-flow growth a 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 Cion Investment Corp (CION) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Cion Investment Corp (-22.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cion Investment Corp (CION)?
The free-cash-flow yield on the price is 21.55 %: that much free cash flow Cion Investment Corp produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cion Investment Corp (CION)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cion Investment Corp it is $8.35 per share (as of Sep 24, 2026), against a price of $7.18. It is the blended result of 5 valuation models (cash flow, earnings, asset, dividend).
Is Cion Investment Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CION trades below its calculated fair value: price $7.18, fair value $8.35, a gap of about +16% (undervalued). 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 CION?
No. The price is what the market pays today ($7.18); the fair value is what the company's own numbers justify ($8.35). For Cion Investment Corp the two are $1.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cion Investment Corp worth?
The market values Cion Investment Corp at about $357M (market capitalisation, as of Sep 24, 2026). Per share that is $7.18; our models calculate a fair value of $8.35 per share.
What do the bullish and bearish scenarios say about CION?
Our models span a range for Cion Investment Corp: cautious scenario $4.98, base $8.35, optimistic $13.63 per share (as of Sep 24, 2026, price $7.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CION?
Cion Investment Corp trades at a price-to-earnings ratio of 119.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $8.35 is built from several models across several years. Other multiples: P/B 0.5, P/S 1.5, EV/EBITDA 5.0.
How solid is the balance sheet of Cion Investment Corp (CION)?
Balance-sheet figures for Cion Investment Corp (as of Sep 24, 2026): return on equity 0.4%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is CION from its 52-week high?
Cion Investment Corp trades at $7.18, about 20% below its 52-week high of $9.02 and 25% above the low of $5.75 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $8.35 is for.
Which stocks are comparable to Cion Investment Corp?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, 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 Cion Investment Corp stock attractive at the current price?
The data as of Sep 24, 2026: price $7.18, calculated fair value $8.35 (+16%), Quality Score 66/100, from 5 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 CION calculated?
We run Cion Investment Corp through 5 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $8.35, 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 14.1 % above its aggregate fair value. Cion Investment Corp currently trades 16 % 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 Cion Investment Corp (CION)?
The closing price on Sep 23, 2026 was $7.18. Our model-based fair value is $8.35, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cion Investment Corp right now?
The model range is unusually wide ($4.98 to $13.63). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 Cion Investment Corp (CION) come from?
Earnings per share at Cion Investment Corp grew −5.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.3 %, EBIT margin −9.5 %, tax rate +8.7 %, residual (interest, one-offs) −8.0 %. 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 Cion Investment Corp

How large is the market capitalisation of Cion Investment Corp (CION)?
The market capitalisation of Cion Investment Corp is $357M. 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 Cion Investment Corp (CION)?
The price-to-sales ratio of Cion Investment Corp is 1.51 (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 Cion Investment Corp (CION)?
Earnings per share at Cion Investment Corp are $0.0600 (price ÷ EPS = P/E 119.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Cion Investment Corp (CION)?
The net margin of Cion Investment Corp is −10.3% (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 Cion Investment Corp (CION)?
The return on equity (ROE) of Cion Investment Corp is 0.4% (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 Cion Investment Corp (CION)?
On an EBIT basis the return on assets of Cion Investment 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 Cion Investment Corp (CION)?
The operating margin of Cion Investment Corp is 76.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cion Investment Corp (CION)?
Revenue at Cion Investment Corp is growing −4.7% versus a year earlier (3y avg +48.8%). 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 Cion Investment Corp (CION)?
Earnings per share at Cion Investment Corp are growing +20.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cion Investment Corp (CION) carry?
The net debt of Cion Investment Corp is $1.1B (fiscal year 2025, ≈ 14.5 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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