Fidus Investment Corporation (FDUS) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, FDUS scores 39 out of 100, earning a D- grade and the verdict "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are:

• Fundamental Cash Engine (5 / 20): ROIC of 0% and an FCF yield of -19.92%. This is the weakest pillar and indicates the company is not currently converting capital into returns, which limits the upside case from a cash-generation standpoint.
• Whale 13F Flow (11 / 20): Reflects institutional accumulation and options positioning. This is the strongest pillar and suggests some institutional interest, though the source does not itemize specific holders.
• Insider Conviction (5 / 20): Reflects SEC Form 4 and Congressional PTR cluster flow. A low score here indicates insider activity does not provide a strong confidence signal.
• Macro Regime Fit (8 / 20): Beta of 1.0 and sector sensitivity. The stock moves in line with the broader market, offering neither defensive nor amplified exposure.
• Forensic Balance Sheet (10 / 20): Altman Z of 2.5, Piotroski F-Score of 1/9, and Debt/Equity of 0.5. The Piotroski reading is weak, while the Altman and leverage readings are moderate.

For a prospective investor evaluating the stock today, the rating points to a weak cash-generation profile and a low-quality financial-health signal, partially offset by institutional interest. Valuation support cannot be assessed from the source data because P/E and EV/EBITDA are not available. Upside drivers would need to come from a turnaround in cash flow, which the current data does not show.

Per the SEC financials, reported revenue and operating income are $0.0M across the three periods, with net income of $12.1M appearing only in FY 2023. Free cash flow is negative in each period, and cash declined from $70.0M in FY 2025 to $57.2M in FY 2024 per the same data set. Per the market data and Roarable RQD rating, gross, operating, and net margins are each 0%, ROIC is 0%, and the Altman Z-Score is 2.5 with a Piotroski F-Score of 1/9 and Debt/Equity of 0.5. Debt values are not available in source data.

Per the recent news and catalysts feed, the headlines are dominated by a scheduled third-quarter 2026 earnings release and conference call, which is a YELLOW-light market wire item. A GREEN-light catalyst is a Seeking Alpha piece titled as a rating upgrade citing a Fed pivot and solid net investment income, which is the most positive item in the feed. Other items reference upcoming deal activity, rotational strategy timing, and a projected quarterly earnings announcement. Risk watch items include the absence of reported profitability and negative free cash flow. Per the Butterfly Supply-Chain Graph, no proprietary signals are present.

Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies, sector correlations, and second-order bottlenecks are therefore not available in source data. The only sector context is the Financials classification and the Finance/Investors Services industry label.

• What are the company's reported revenue and net income figures, given that the financial data shows $0.0M revenue for multiple years?
• What drives the negative free cash flow, and when, if ever, is it expected to turn positive?
• What is the current debt level, since debt values are listed as N/A across all periods?
• What is the valuation basis, given that P/E, EV/EBITDA, and EPS are all unavailable?
• Who are the institutional and insider holders behind the whale and insider pillar scores?