PhenixFIN Corporation 5.25% Notes due 2028 (PFXNZ)

Key Financials

AI Analysis

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

As a creditor first, not an owner, I start with PhenixFIN's ability to pay. The security is a 5.25% note due 2028, so the central question is repayment, not a P/E. The filed record is volatile. In fiscal 2023, the year ended 2023-09-30, net income was $26.9M and diluted EPS $12.87; in fiscal 2024, the year ended 2024-09-30, net income was $18.6M and EPS $9.13; in fiscal 2025, the year ended 2025-09-30, net income was $4.2M and EPS $2.06. That is a weakening annual record. Then fiscal Q1 2026 (quarter ended 2025-12-31) produced a net loss of $4.8M and diluted EPS -$2.38, followed by net income of $1.1M and EPS $0.57 in fiscal Q2 2026 (quarter ended 2026-03-31), and $4.2M and EPS $2.19 in fiscal Q3 2026 (quarter ended 2026-06-30). The latest two quarters are positive, and FairStock's Lynch category is TURNAROUND—returned to profit after a loss within the last three years—but the annual trend and Q1 loss keep me cautious. I cannot establish a competitive moat from these figures; revenue is n/a, and FairStock's P/E, P/B, ROE, ROCE and D/E are N/A. For a note, asset coverage and interest coverage would matter more, and those are not given. At $23.96 on 2026-10-16, inside a 52-week range of $23.35–$24.97, the price is not demanding, but without yield-to-maturity and balance-sheet data I cannot claim a margin of safety. Small market cap of $46.3M also argues for humility.

In plain English: PhenixFIN is a financial-services company; the investment discussed is its 5.25% note due 2028, which works like a bond rather than a share of stock. The filed record is uneven: annual net income fell from $26.9 million in fiscal 2023 to $4.2 million in fiscal 2025, and fiscal Q1 2026 had a $4.8 million loss, though fiscal Q2 and Q3 2026 were profitable. At $23.96, the price is near the low end of its one-year range of $23.35 to $24.97, so it looks fair-to-slightly-cheap for a short-dated note, but the record is too uneven to call it a bargain.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

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

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