CION Investment Corporation Common Stock (CION)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I come to CION as a Graham-style value investor: price first, but only with a margin of safety. This is a small BDC, market cap $334.6M at the 2026-10-13 close of $6.80. It lends to middle-market companies—senior secured, unitranche, second lien, mezzanine—so results depend on credit underwriting and the cost of leverage. The record is uneven. In fiscal Q2 2026, the quarter ended 2026-06-30, net income was $31.0M; that followed a loss of $23.0M in fiscal Q1 2026 and a loss of $41.1M in fiscal Q4 2025. For FY2025, net income was -$20.6M, after +$33.9M in FY2024 and +$95.3M in FY2023. The Lynch category is TURNAROUND: a loss in the latest year after earlier profits. FairStock's calculations show a P/E of 113.33 on EPS of $0.06, P/B of 0.50, ROE of 0.38%, ROCE 5.94%, D/E 1.74, and a FairStock Score of 53/100. The 16.83% dividend yield is tempting, but a yield that high often signals credit or payout risk. The Graham Number is $4.28, so at $6.80 the margin of safety is -58.88%—no bargain by that test. FCF yield of 13.2% and Piotroski 5/9 are not enough to offset Altman Z of -0.05. The business has no obvious wide moat; scale and underwriting discipline matter. A true turnaround needs sustainable net income, stable book value, and safer leverage. At 0.50 times book it may attract asset-value buyers, but I would demand evidence that the latest quarter is not another swing in a volatile series. Until then, this is a speculative, not a comfortable, value case.

In plain English: CION lends to and invests in middle-market businesses. Its results have swung between profits and losses, and the latest full year was a loss, though the quarter ended June 30, 2026, showed net income of $31.0 million. At $6.80, the shares look cheap compared with the company's accounting value but expensive compared with its earnings, so the price looks fair to risky rather than clearly cheap.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer