CION Investment Corp (CION) stock analysis
Close on Nov 12, 2026Market cap $302.10MP/E –Yield 23.45%
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed11 of 30 checks passed
CION Investment passes 11 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 0/6
- Past performance
- 0/6
- Financial health
- 4/6
- Dividend
- 4/6
What stands out
Margin of safety over 20%
The price is 35.3% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $6.37 is below our fair value estimate of $9.84.
No debt
CION Investment has no borrowings on its latest balance sheet.
Interest well covered
No meaningful interest expense to cover.
What to watch
Return on equity under 15%
Return on equity was -5.2% over the last twelve months and averaged 6.2% over five years; we look for 15% on both.
Elevated bankruptcy risk
The Altman Z-score is -0.10; above 3 is the safe zone and below 1.8 the distress zone.
Return on equity below the industry
CION Investment's return on equity of -5.2% is below the US market median of 3.5%.
Valuation3/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
CION Investment's price-to-book of 0.48 is below the US market median of 1.92.
Trading below fair value
The share price of $6.37 is below our fair value estimate of $9.84.
Margin of safety over 20%
The price is 35.3% below fair value, more than the 20% cushion we look for.
Growth0/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance0/6
Return on equity under 15%
Return on equity was -5.2% over the last twelve months and averaged 6.2% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
CION Investment's return on equity of -5.2% is below the US market median of 3.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health4/6
No debt
CION Investment has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is -0.10; above 3 is the safe zone and below 1.8 the distress zone.
Dividend4/6
Pays a dividend
CION Investment paid dividends worth 21.4% of the share price over the last twelve months.
Yield above Treasuries
The 21.4% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; CION Investment yields 21.4%.
Dividend not cut
The dividend per share has not fallen by more than 10% in any of the last 6 fiscal years.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$9.84
The share price is 35% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/B | 1.3× | 0.7× | 1.9× | $17.46 | 40% |
| Earnings power | 9.6% cost of equity | – | – | $4.77 | 60% |
| Fair value | $9.84 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 11.2
- US market median 19.5
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $2.55M
- Value traded per 1% price move
- $1.88M
Downside
Medium risk
- Typical loss in a bad month
- 20.4%
- Volatility (annualized)
- 37%
- Sharpe ratio, 1 year
- -1.04
- Beta to the S&P 500 (5Y)
- 0.95
Typical bad-month loss, week by week
Margins need revenue and profit figures
This company does not report the lines needed to calculate margins.
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Dividend per share | -5.3% | -0.2% | +5.3% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -1.2% | -2.7% | |
| Return on assets | – | – | -1.1% | |
| Diluted shares | – | 56.82B | 52M |
Cash use needs five years of cash flow figures
CION Investment does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$20.63M
- Cash generatingOperating cash flow above zero$76.83M
- Return on assets improvedROA up on the prior year1.7% → -1.1%
- Earnings backed by cashOperating cash flow above net income$76.83M vs -$20.63M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise54M → 52M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –
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