Pennantpark Floating Rate Cap Financials

PFLT

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE September

This page shows Pennantpark Floating Rate Cap (PFLT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PFLT FY2025 2026-05-07

Balance-sheet growth has been funded mainly by new liabilities and new equity, not by internally generated cash.

Between FY2023 and FY2025, total assets expanded from $1.18B to $2.91B, and leverage also increased. Return on assets fell from 3.3% to 2.3% even as operating cash flow stayed negative in each of the last two years, so the company got bigger without showing better earnings efficiency or internal funding capacity.

The balance sheet looks externally financed: liabilities rose to $1.84B and shares outstanding reached 99.2M, which means growth relied on both borrowing and fresh equity rather than retained earnings. Retained earnings stayed negative at -$145.1M, making the structure more dependent on continued market access than on profits kept inside the business.

Funding costs are taking a larger bite out of the asset base. Interest expense reached $93.2M versus net income of $66.4M. That helps explain why return on equity remained only 6.2% despite a much larger portfolio.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Pennantpark Floating Rate Cap's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Pennantpark Floating Rate Cap carries a low D/E ratio of 1.71, meaning only $1.71 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.

Returns

Pennantpark Floating Rate Cap generates a 6.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is down from 10.5% the prior year.

Piotroski F-Score Weak

1/9

Pennantpark Floating Rate Cap passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

-10.86x

For every $1 of reported earnings, Pennantpark Floating Rate Cap generates $-10.86 in operating cash flow (-$720.6M OCF vs $66.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$66.4M

YoY-27.7%

5Y CAGR+29.2%

Pennantpark Floating Rate Cap reported $66.4M in net income in fiscal year 2025. This represents a decrease of 27.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$122.7M

YoY+9.5%

Pennantpark Floating Rate Cap held $122.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

99M

YoY+27.9%

5Y CAGR+20.7%

Pennantpark Floating Rate Cap had 99M shares outstanding in fiscal year 2025. This represents an increase of 27.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

6.2%

YoY-4.3pp

Pennantpark Floating Rate Cap's ROE was 6.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

PFLT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.8M+29.6%	$2.2M+116.3%	$999K+73.7%	$575K-36.1%	$900K-35.7%	$1.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$93.2M+57.4%	$59.2M+55.2%	$38.2M+28.3%	$29.8M+37.4%	$21.6M-20.1%	$27.1M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$66.4M-27.7%	$91.8M+133.9%	$39.3M+1037.0%	$3.5M-93.9%	$56.5M+206.9%	$18.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.2M0.0%	$1.2M	N/A	$1.2M0.0%	$1.2M0.0%	$1.2M	N/A	$1.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$24.1M-11.1%	$27.2M	N/A	$22.5M+0.1%	$22.5M+0.8%	$22.4M	N/A	$16.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$28.7M+903.2%	-$3.6M	N/A	$19.3M+1475.3%	$1.2M-95.7%	$28.3M	N/A	$16.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PFLT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.9B+38.2%	$2.1B+78.8%	$1.2B-3.9%	$1.2B+4.8%	$1.2B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$122.7M+9.5%	$112.0M+11.4%	$100.6M+95.3%	$51.5M+3.3%	$49.8M	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.8B+49.3%	$1.2B+134.1%	$526.0M-24.9%	$700.4M+3.0%	$680.2M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B+22.5%	$877.3M+34.2%	$653.6M+24.0%	$527.1M+7.4%	$490.6M	N/A
Retained Earnings	-$145.1M-45.8%	-$99.5M+10.8%	-$111.6M-22.7%	-$91.0M-88.6%	-$48.2M+20.8%	-$60.9M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$2.7B+1.2%	$2.7B-6.8%	$2.9B+15.5%	$2.5B+2.0%	$2.5B+5.4%	$2.3B+11.2%	$2.1B+20.0%	$1.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$121.9M+121.1%	$55.1M-55.1%	$122.7M+19.4%	$102.7M-7.7%	$111.4M+8.9%	$102.3M-8.7%	$112.0M+32.5%	$84.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.7B+2.0%	$1.7B-8.9%	$1.8B+28.2%	$1.4B+2.1%	$1.4B+1.7%	$1.4B+12.2%	$1.2B+31.0%	$940.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.0B-0.2%	$1.0B-3.2%	$1.1B-1.2%	$1.1B+1.9%	$1.1B+10.9%	$962.7M+9.7%	$877.3M+7.4%	$816.7M
Retained Earnings	-$180.9M-1.0%	-$179.2M-23.5%	-$145.1M-8.2%	-$134.1M-9.1%	-$122.9M-27.5%	-$96.4M+3.2%	-$99.5M-0.5%	-$99.0M

PFLT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$720.6M+10.1%	-$801.4M-670.1%	$140.6M+401.8%	-$46.6M-193.5%	$49.8M+1107.8%	-$4.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$731.2M-10.0%	$812.9M+988.1%	-$91.5M-291.9%	$47.7M+184.7%	-$56.3M-6095.0%	-$909K
Dividends Paid	$111.6M+41.6%	$78.8M+34.2%	$58.7M+27.5%	$46.1M+4.2%	$44.2M0.0%	$44.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$24.3M-83.7%	$148.6M+144.4%	-$334.5M-848.6%	-$35.3M+70.1%	-$118.1M+49.2%	-$232.7M+20.2%	-$291.7M-88.1%	-$155.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$2.3M+101.3%	-$176.0M-149.7%	$354.5M+1231.4%	$26.6M-79.1%	$127.2M-42.9%	$222.9M-30.2%	$319.2M+178.9%	$114.4M
Dividends Paid	$30.5M0.0%	$30.5M0.0%	$30.5M+1.8%	$30.0M+11.9%	$26.8M+10.1%	$24.3M+9.1%	$22.3M+10.8%	$20.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PFLT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	6.2%-4.3pp	10.5%+4.5pp	6.0%+5.3pp	0.7%-10.9pp	11.5%	N/A
Return on Assets	2.3%-2.1pp	4.3%+1.0pp	3.3%+3.1pp	0.3%-4.6pp	4.8%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.71+0.3	1.40+0.6	0.80-0.5	1.33-0.1	1.39	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	2.8%+3.1pp	-0.3%	N/A	1.8%+1.7pp	0.1%-2.8pp	2.9%	N/A	2.1%
Return on Assets	1.1%+1.2pp	-0.1%	N/A	0.8%+0.7pp	0.1%-1.2pp	1.2%	N/A	1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.65+0.0	1.61-0.1	1.71+0.4	1.320.0	1.32-0.1	1.44+0.0	1.40+0.3	1.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Pennantpark Floating Rate Cap profitable?

Yes, Pennantpark Floating Rate Cap (PFLT) reported a net income of $66.4M in fiscal year 2025.

What is Pennantpark Floating Rate Cap's return on equity (ROE)?

Pennantpark Floating Rate Cap (PFLT) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pennantpark Floating Rate Cap's operating cash flow?

Pennantpark Floating Rate Cap (PFLT) generated -$720.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pennantpark Floating Rate Cap's total assets?

Pennantpark Floating Rate Cap (PFLT) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Pennantpark Floating Rate Cap have outstanding?

Pennantpark Floating Rate Cap (PFLT) had 99M shares outstanding as of fiscal year 2025.

What is Pennantpark Floating Rate Cap's debt-to-equity ratio?

Pennantpark Floating Rate Cap (PFLT) had a debt-to-equity ratio of 1.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pennantpark Floating Rate Cap's return on assets (ROA)?

Pennantpark Floating Rate Cap (PFLT) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pennantpark Floating Rate Cap's cash runway?

Based on fiscal year 2025 data, Pennantpark Floating Rate Cap (PFLT) had $122.7M in cash against an annual operating cash burn of $720.6M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Pennantpark Floating Rate Cap's Piotroski F-Score?

Pennantpark Floating Rate Cap (PFLT) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pennantpark Floating Rate Cap's earnings high quality?

Pennantpark Floating Rate Cap (PFLT) has an earnings quality ratio of -10.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pennantpark Floating Rate Cap?

Pennantpark Floating Rate Cap (PFLT) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.