PENNANTPARK INVESTMENT CORP

PNNT
About the company

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments.

Country: United StatesPrice: $3.14Market Cap: $205.0M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

4 / 11

NEUTRAL / FAIL

Median fair value

$4.38

+39.5% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

PNNT undervalued: all 2 models price fair value above $3.14 (median $4.38)

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILFAILFAILFAILFAILFAILNEUTRALFAILNEUTRALFAILNEUTRALNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/A+16.3%+37.3%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2025-11-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-11-24

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-11-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-11-24

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2025-11-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-06-30

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2025-11-24

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2025-11-24

Score computed: 2026-11-14

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-11-24

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-08-10

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 2▾

    PNNT undervalued: all 2 models price fair value above $3.14 (median $4.38)

    Pabrai fair value$3.75
    ✓Pabrai+16.3% margin vs $3.14
    Akre fair value$5.01
    ✓Akre+37.3% margin vs $3.14

Where It Falls Short

  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency3/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✗ 11▾

    All 8 investors flag PNNT's efficiency

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Profitability6% pass✓ 4✗ 31▾

    15 of 16 flag PNNT's profitability — Graham, Buffett, Lynch +12 more

    Net income / market capitalization+4.94%; #1704/6340 (top 26.9%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)0/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)3/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)6.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE2.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets2.42%
    ✓PiotroskiROA > 0
    ROA Change YoY3.52% -> 2.42% (delta: -1.09%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=7.76%, ROA=2.42%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity2.4%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.4x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity3.4% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency3/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity2.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+2.37%; #2725/5226 (top 52.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0560; #2717/5884 (top 46.2%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 10✗ 18▾

    12 of 13 flag PNNT's valuation — Graham, Lynch, Greenblatt +9 more

    Net income / market capitalization+4.94%; #1704/6340 (top 26.9%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.4x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=None, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)2.0x
    ✓Dreman< 8x
    Price / Book Value per Share0.4x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.4x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low104% of trailing low ($3.02)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+2.0877; #651/6449 (top 10.1%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.44x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-9.4%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-29.60%; #4409/6202 (top 71.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts8% pass✓ 1✗ 11▾

    Split decision: 11 FAIL · 4 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow20% pass✓ 3✗ 9▾

    8 of 10 flag PNNT's cash flow — Buffett, Lynch, Pabrai +5 more

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing
    ✗LynchPositive and growing
    Operating Cash Flow$104.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=7.76%, ROA=2.42%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)2.0x
    ✓Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency3/6 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Debt & Leverage25% pass✓ 5✗ 10▾

    9 of 12 flag PNNT's debt & leverage — Graham, Buffett, Lynch +6 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.92, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.72
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.72
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.72
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.72
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.7237; #2882/4210 (top 68.5%)
    ✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Size: Micro Cap($205.0M)
Revenue: N/A
Net Income: $32.7M-33.0% YoY

Financial Snapshot

Operating Margin--
Return on Equity7.1%
Debt / Equity0.92
Current Ratio--
Shares Retired0.0% / −0.1% 2y

Similar Companies

No peer companies found in this industry.

Shareholder Return

Fiscal 2025

Retired 0.0% of shares last year, 0.1% issued over two.

Buybacks
—
Dividends
$67.9M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-06-30

2025-07-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: net income, operating cash flow, dividends paid.

Q3 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid.

Q2 FY 2026

2026-01-01 – 2026-03-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid.

Q1 · 2025-12-31

2025-10-01 – 2025-12-31

Sources
FY 2025
Sources
  • 10-K · 2025-11-24
FY 2024
Sources
  • 10-K · 2024-11-26
FY 2023
Sources
  • 10-K · 2023-12-08
FY 2022
Sources
  • 10-K · 2022-11-17
FY 2021
Sources
  • 10-K · 2022-11-17
Market Cap$205.0Mcurrent------$363.6Mest.$384.6Mest.$334.4Mest.$247.1Mest.$273.4Mest.
Revenue------------------
Operating Income------------------
Net Income$10.1M↓81%$4.5M↓45%-$2.3M↓125%$9.0M↓44%$32.7M↓33%$48.9M↑244%-$33.8M↓37%-$24.7M↓115%$166.6M
EPS (Diluted)------------------
Gross Margin—————————
Operating Margin—————————
ROE2.4%↓78%———7.1%↓29%9.9%↑247%-6.7%↓59%-4.2%↓117%25.2%
Total Debt$309.8M↓2%$309.8M↓2%$199.5M↓36%$295.5M↓36%$425.5M↓8%$460.4M↑122%$206.9M↓45%$376.7M↑20%$314.8M
Shareholders' Equity$428.0M↓11%$428.0M↓11%$439.2M↓10%$457.2M↓8%$463.9M↓6%$493.9M↓2%$502.2M↓14%$585.6M↓11%$660.1M
Current Ratio—————————
Debt / Equity0.72↑10%0.72↑10%0.45↓29%0.65↓31%0.92↓2%0.93↑126%0.41↓36%0.64↑35%0.48
Operating Cash Flow$113.2M↓46%$50.1M↓3%$36.4M↓74%$134.5M↑618%$104.8M↑161%-$172.4M↓177%$222.9M↑1389%-$17.3M↓319%$7.9M
Free Cash Flow------------------

Score history

Historical Score Timeline