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Chicago Atlantic BDC, Inc. (LIEN) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Chicago Atlantic BDC, Inc. $13.85, price $10.31, upside +34.3%, quality 55 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 US8281741020

CA Chicago Atlantic BDC, Inc. logo Broad data Sep 24, 2026

Chicago Atlantic BDC, Inc.

LIEN · US

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value $13.85 · Undervalued (+34%)
!Quality 55/100
!Expensive Growth (revenue 3y +137.6 %/yr)
✓Highly profitable · 52.8% net margin (TTM)
!negative free cash flow
·13.19% dividend yield
✓Ranks above peers (10/12)
✓Wide moat 71/100
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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

$10.62 $4.99 Fair Value $13.85 Feb 2022 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

56‑month range $4.99 – $10.62 · fair‑value band $11.30 – $18.87 · the $10.31 price screens below the $13.85 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

Silver Spike Investment Corp., is a a business development company. It is a specialty finance company, focuses on investing across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies.

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Silver Spike Investment Corp., is a a business development company. It is a specialty finance company, focuses on investing across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies. It intends to partner with private equity firms, entrepreneurs, business owners, and management teams to provide credit and equity financing alternatives to support buyouts, recapitalizations, growth initiatives, refinancings, and acquisitions across cannabis companies, including cannabis-enabling technology companies, cannabis-related health and wellness companies, and hemp and CBD distribution companies. The company was founded in 2021 and is based in New York, New York.

Stock analysis

Chicago Atlantic BDC, Inc. (LIEN) currently trades at $10.31, while our model-based Fair Value estimate is $13.85, implying the stock looks roughly 25.6% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of $51.04 per share, and 7 of the 8 models we run sit above the $10.31 price.

Bear case: the Asset-Based group reads lowest at $8.91, and 1 of the 8 models stay below the price. Evidence for this calculation is high.

Scenario range: $11.30 (bear) to $18.87 (bull), the price of $10.31 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 55/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Chicago Atlantic BDC, Inc. reported revenue of $54.3M in FY2025 versus $10.1K in FY2021, a compound +756.9%/yr. Reported net income was $33.3M in FY2025.

Key figures

Market cap $235M · P/E ratio 7.4 · P/S ratio 4.55 · EPS (TTM) $1.39 · Dividend yield 13.2% · Net margin 61.3% · Return on equity 10.5% · Return on assets (EBIT) 4.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades at its 52-week high and 18% 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 34%, LIEN screens cheaper than that median.

Fair Value models

Bear $11.30 Fair Value $13.85 Bull $18.87
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.0220 per share) are deliberately not added. 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
Residual Income $10.90 $11.86 $13.53 71
Gordon GGM $7.10 $11.90 $15.44 64
DDM Multi-Stage $7.10 $11.29 $12.80 63
All 8 models by family
Earnings-Based
Graham-Dodd $9.92 $69.16 $97.05 59
Lynch FV $35.73 $51.04 $66.35 57
Dividend Discount
Gordon GGM $7.10 $11.90 $15.44 64
DDM Multi-Stage $7.10 $11.29 $12.80 63
Multiples
P/E Multiple $14.22 $18.96 $23.70 63
P/B Multiple $13.96 $18.61 $23.27 55
Asset-Based
NCAV (Graham) $6.65 $8.91 $13.30 51
Economic Profit
Residual Income $10.90 $11.86 $13.53 71

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Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 67

Profitability 47
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 40
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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+202.2%
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.
+137.6%
What shareholders gained per year (last 3 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 3 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: adjusted.
+35.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.7%
Dividend (yield on the price)13.2%
Profit margin 2021 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.−5,593% → 64%

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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 · 656 stocks

Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside +34% · Above median
Profitability
Return on equity (TTM) 10% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 53% · Above median
Operating margin (TTM) 62% · Above median
Growth and dividend
Revenue growth 7% · Above median
Dividend yield (TTM) 13.2% · Top 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 7.4× · Cheaper than median
P/B 0.78× · Cheaper than median
P/S (TTM) 3.92× · Pricier than median
EV/EBITDA 6.7× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)79 · sector 56
FUTURE (revenue growth)34 · sector 21
PAST (return on equity)42 · sector 22
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)100 · sector 81

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 $117.21 $52.29 −55%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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Chicago Atlantic BDC, Inc. · Fair Value
$13.85 +26%Fair Value
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Cite: Fair Value Calculator (2026). "Chicago Atlantic BDC, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/LIEN

Frequently asked questions

Is Chicago Atlantic BDC, Inc. (LIEN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $13.85 versus a price of $10.31, about +34% upside (undervalued).
What is the fair value of LIEN?
Our model-based fair value for Chicago Atlantic BDC, Inc. is $13.85 (as of Sep 24, 2026), built from audited fundamentals. The current price: $10.31.
What is the quality score of LIEN?
Chicago Atlantic BDC, Inc. has a Quality Score of 55/100. 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 Chicago Atlantic BDC, Inc. (LIEN)?
Our model-based price target is the fair value of $13.85 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario $11.30, optimistic scenario $18.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Chicago Atlantic BDC, Inc. stock forecast for 2026?
Our models put fair value at $13.85, about +34% upside versus a price of $10.31 (undervalued). Cautious scenario $11.30, optimistic scenario $18.87. The calculation is refreshed regularly with new filings.
What is the revenue of Chicago Atlantic BDC, Inc. (LIEN)?
Chicago Atlantic BDC, Inc. reported trailing-twelve-month revenue of about $60.0M (latest available figure, as of Sep 24, 2026).
Does Chicago Atlantic BDC, Inc. pay a dividend?
Chicago Atlantic BDC, Inc. currently shows a dividend yield of about 13.19% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Chicago Atlantic BDC, Inc. (LIEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chicago Atlantic BDC, Inc. it is $13.85 per share (as of Sep 24, 2026), against a price of $10.31. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Chicago Atlantic BDC, Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, LIEN trades below its calculated fair value: price $10.31, fair value $13.85, a gap of about +34% (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 LIEN?
No. The price is what the market pays today ($10.31); the fair value is what the company's own numbers justify ($13.85). For Chicago Atlantic BDC, Inc. the two are $3.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Chicago Atlantic BDC, Inc. worth?
The market values Chicago Atlantic BDC, Inc. at about $235M (market capitalisation, as of Sep 24, 2026). Per share that is $10.31; our models calculate a fair value of $13.85 per share.
What do the bullish and bearish scenarios say about LIEN?
Our models span a range for Chicago Atlantic BDC, Inc.: cautious scenario $11.30, base $13.85, optimistic $18.87 per share (as of Sep 24, 2026, price $10.31). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LIEN?
Chicago Atlantic BDC, Inc. trades at a price-to-earnings ratio of 7.4 (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 $13.85 is built from several models across several years. Other multiples: P/B 0.8, P/S 3.9, EV/EBITDA 6.7.
How solid is the balance sheet of Chicago Atlantic BDC, Inc. (LIEN)?
Balance-sheet figures for Chicago Atlantic BDC, Inc. (as of Sep 24, 2026): return on equity 10.5%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is LIEN from its 52-week high?
Chicago Atlantic BDC, Inc. trades at $10.31, at its 52-week high of $10.35 and 18% above the low of $8.72 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $13.85 is for.
Which stocks are comparable to Chicago Atlantic BDC, Inc.?
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 Chicago Atlantic BDC, Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price $10.31, calculated fair value $13.85 (+34%), Quality Score 55/100, from 8 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 LIEN calculated?
We run Chicago Atlantic BDC, Inc. through 8 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 $13.85, 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. Chicago Atlantic BDC, Inc. currently trades 34 % 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 Chicago Atlantic BDC, Inc. (LIEN)?
The closing price on Sep 24, 2026 was $10.31. Our model-based fair value is $13.85, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chicago Atlantic BDC, Inc. right now?
The price is below even our cautious bear case ($11.30). The market is more pessimistic than our downside scenario. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Chicago Atlantic BDC, Inc.

How large is the market capitalisation of Chicago Atlantic BDC, Inc. (LIEN)?
The market capitalisation of Chicago Atlantic BDC, Inc. is $235M. 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 Chicago Atlantic BDC, Inc. (LIEN)?
The price-to-sales ratio of Chicago Atlantic BDC, Inc. is 4.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Chicago Atlantic BDC, Inc. (LIEN)?
Earnings per share at Chicago Atlantic BDC, Inc. are $1.39 (price ÷ EPS = P/E 7.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chicago Atlantic BDC, Inc. (LIEN)?
The dividend yield of Chicago Atlantic BDC, Inc. is 13.2% (payout 97.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Chicago Atlantic BDC, Inc. (LIEN)?
The net margin of Chicago Atlantic BDC, Inc. is 61.3% (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 Chicago Atlantic BDC, Inc. (LIEN)?
The return on equity (ROE) of Chicago Atlantic BDC, Inc. is 10.5% (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 Chicago Atlantic BDC, Inc. (LIEN)?
On an EBIT basis the return on assets of Chicago Atlantic BDC, Inc. is 4.6% (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 Chicago Atlantic BDC, Inc. (LIEN)?
The operating margin of Chicago Atlantic BDC, Inc. is 62.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chicago Atlantic BDC, Inc. (LIEN)?
Revenue at Chicago Atlantic BDC, Inc. is growing +6.8% versus a year earlier (3y avg +138%). 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 Chicago Atlantic BDC, Inc. (LIEN)?
Earnings per share at Chicago Atlantic BDC, Inc. are growing −29.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Chicago Atlantic BDC, Inc. (LIEN) generate?
The free cash flow of Chicago Atlantic BDC, Inc. is −$20.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Chicago Atlantic BDC, Inc. (LIEN) carry?
The net debt of Chicago Atlantic BDC, Inc. is $22.1M (fiscal year 2025). 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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