CION Investment Corp financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data CION Investment Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
General and administrative	6.09	9.81	7.28	7.38	7.16	6.33
Operating expenses	84.8	82.7	106	146	156	148
Interest expense	36.8	31.8	49.6	85.6
Net income	-11	119	50.1	95.3	33.9	-20.6
Shares, basic (weighted)	56,818	56,809	56,557	54.7	53.6	52.3
Shares, diluted (weighted)	56,818	56,809	56,557	54.7	53.6	52.3
Dividend per share	1.11	1.26	1.45	1.61	1.52	1.44

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	19.9	3.77	82.7	8.42	7.67	8.16
Short-term investments				113	113
Total assets		1,783	1,872	2,002	1,946	1,855
Total liabilities		852	989	1,122	1,125	1,147
Total debt		822	951	1,082	1,099	1,126
Paid-in capital		1,060	1,045	1,033	1,022	1,004
Retained earnings		-130	-161	-154	-201	-297
Shareholders' equity	878	931	884	880	821	708
Total equity	878	931	884	880	821	708
Total liabilities and equity		1,783	1,872	2,002	1,946	1,855
Shares outstanding	56.6	57	55.3	54.2	53.2	51.4

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-11	119	50.1	95.3	33.9	-20.6
Change in payables	-0.12	1.23	-0.91	0.02	-0	-0.25
Cash from operations	199	-49.2	35.3	-97.2	88.2	76.8
Debt issued	486	276	128	237	303	193
Debt repaid	-602	-171	0	-103	-278	-170
Share buybacks	-23.3	-10.5	-15.4	-11.5	-11.3	-17.2
Dividends paid	-40	-56	-66.6	-92	-89.5	-78
Cash from financing	-185	33.1	43.7	22.8	-88.9	-76.3
Net change in cash	13.8	-16.1	79	-74.3	-0.75	0.49
Interest paid	32.4	27.1	42.9	79	93.3	85.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	0.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-160.9%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-12.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-17.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-0.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-13.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-90.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-75.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	62.8%	Total debt / total assets.
Liabilities / assets	63.8%	Total liabilities / total assets.
Net debt	$1.15B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$667.8M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$0.89	Cash from operations / diluted weighted shares.
Book value per share	$13.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.57	Tangible book value / shares outstanding.
Cash per share	$0.16	(Cash + short-term investments) / shares outstanding.
Payout ratio	2,488.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$352.3M	Share price x shares outstanding.
Enterprise value	$1.50B	Market cap + total debt - cash - short-term investments.
P/E	130x	Market cap / net income. Only when net income is positive.
P/B	0.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.53x	Market cap / tangible book value, when positive.
P/OCF	7.95x	Market cap / cash from operations, when positive.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).
Dividend yield	19.1%	Dividends paid over the period / market cap.
Shareholder yield	26.6%	(Dividends paid + share buybacks) / market cap.

Was CION Investment Corp profitable in fiscal 2025?

No. It reported a net loss of $20.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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