Financial Services · Asset Management
Price
$6.39
Market Cap
$318.2M
Employees
500
Beta
1.07
Avg Volume
679,882
CEO
Michael A. Reisner
Business Description
CION Investment Corporation operates as a Business Development Company (BDC) with a core focus on providing capital to middle-market businesses. It specializes in various debt instruments, including senior secured loans (such as unitranche, First Lien, and second lien loans), long-term subordinated loans, mezzanine debt, corporate bonds, and other debt securities. Additionally, the firm acquires equity interests, like warrants or options, in these target companies. CION supports diverse corporate initiatives, ranging from funding for growth and acquisitions to leveraged buyouts, market and product expansion, refinancing existing debt, and recapitalization efforts. Up to 30% of its assets may also be allocated to opportunistic investments, which can include securities issued by larger public corporations and foreign holdings. The company actively participates in the secondary loan market but explicitly avoids investing in start-up ventures, companies undergoing turnaround situations, or those with speculative business models. Its investment activities are predominantly focused within the United States. CION demonstrates a broad investment appetite across numerous sectors, including high technology, healthcare, pharmaceuticals, business services, media, chemicals, plastics, rubber, telecommunications, consumer services, advertising, printing and publishing, consumer goods (both durables and non-durables), diversified financials, homebuilding, restaurants, hospitality (beverage and tobacco bars), broadcasting, various distribution channels, food and beverage, energy (oil, gas, and consumables fuels), insurance, aerospace and defense, industrial machinery, paper and forest products, information technology, metals and mining, and real estate. Typically, the firm commits between $5 million and $50 million per investment to companies generating an EBITDA of $25 million to $75 million, with an average target hold size of $25 million. CION also acquires minority stakes, in the form of either common or preferred equity, within target companies. These equity investments are generally made in conjunction with its debt offerings or through co-investments alongside financial sponsors. Successful exits from its investments are usually achieved via an initial public offering (IPO), a merger, a direct sale, or other recapitalization events.
Business History
Price Overview
Price at report time · Jul 5, 4:04am (0m ago)
$6.39
Change · Jul 5
-0.12 (-1.84%)
Day Range
$6.39 – $6.60
52-Week Range
$5.97 – $10.93
50-Day MA
$6.90
200-Day MA
$8.42
Volume
546,832.00
Right now · live
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Real-time — the change above is the move since the report (over 0m).
Analyst Price Targets
Low
$6.50
Consensus
$6.50
High
$6.50
(3 analysts)
Share Structure
Outstanding
49,789,210.00
Float
49,338,767.00
Free Float
99.1%
High free float
— 99.1% of shares trade freely, ~0.9% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-16.38
Stock Price: $6.39
EPS (Diluted): -0.39
EPS (Diluted): -0.39
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.72
Stock Price: $6.39
Total Equity: $707.63M
Shares: 52,341,612
Total Equity: $707.63M
Shares: 52,341,612
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
53.93
Market Cap: $318.15M
Total Debt: $1.13B
Cash: $8.16M
EBITDA: $69.82M
Total Debt: $1.13B
Cash: $8.16M
EBITDA: $69.82M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$1.6B
Market Cap: $318.15M
Total Debt: $1.13B
Cash: $8.16M
Total Debt: $1.13B
Cash: $8.16M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
2.51
Stock Price: $6.39
Revenue: $201.25M
Shares: 52,341,612
Revenue: $201.25M
Shares: 52,341,612
EV/Sales (Total value vs revenue — works when P/E can't)
API8.07
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
74.4%
Gross Profit: $149.76M
Revenue: $201.25M
Revenue: $201.25M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
34.7%
Operating Income: $69.82M
Revenue: $201.25M
Revenue: $201.25M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-10.3%
Net Income: -$20.63M
Revenue: $201.25M
Revenue: $201.25M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-0.1%
Net Income: -$20.63M
Total Equity: $707.63M
Total Equity: $707.63M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
1.3%
Operating Income: $69.82M
Tax Rate: 0.4%
Equity: $707.63M
Total Debt: $1.13B
Cash: $8.16M
Tax Rate: 0.4%
Equity: $707.63M
Total Debt: $1.13B
Cash: $8.16M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
5,772.11
Current Assets: $155.85M
Current Liabilities: $27,000
Current Liabilities: $27,000
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.59
Short-Term Debt: $27,000
Long-Term Debt: $1.13B
Total Debt: $1.13B
Total Equity: $707.63M
Long-Term Debt: $1.13B
Total Debt: $1.13B
Total Equity: $707.63M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$3.84
Revenue: $201.25M
Shares: 52,341,612
Shares: 52,341,612
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$13.52
Total Equity: $707.63M
Shares: 52,341,612
Shares: 52,341,612
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.47
Operating CF: $76.83M
CapEx: $0.00
Shares: 52,341,612
CapEx: $0.00
Shares: 52,341,612
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
15.4%
Last Dividend: N/A
Stock Price: $6.39
Stock Price: $6.39
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$20.63M
Net Income: -$20.63M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CION against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 5, 2026 4:04am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $163.8M | $110.8M | $192.2M | $142.8M | $201.3M |
| Cost of Revenue | $31.8M | $49.6M | $85.6M | $96.9M | $51.5M |
| Gross Profit | $132.0M | $61.1M | $106.6M | $45.9M | $149.8M |
| Operating Expenses | $12.9M | $10.6M | $11.4M | $11.9M | $79.9M |
| Operating Income | $119.1M | $50.5M | $95.3M | $34.0M | $69.8M |
| Net Income | $118.8M | $50.1M | $95.3M | $33.9M | -$20.6M |
| EBITDA | $119.1M | $55.8M | $95.3M | $67.7M | $69.8M |
| EPS | $2.09 | $0.89 | $1.74 | $0.63 | $-0.39 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 5, 2026 4:04am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $3.8M | $82.7M | $8.4M | $7.7M | $8.2M |
| Total Current Assets | $28.6M | $112.4M | $47.5M | $55.8M | $155.8M |
| Total Assets | $1.8B | $1.9B | $2.0B | $1.9B | $1.9B |
| Current Liabilities | $17.6M | $23.8M | $26.8M | $13.0M | $27,000 |
| Long-Term Debt | $822.4M | $951.3M | $1.1B | $1.1B | $1.1B |
| Total Liabilities | $852.2M | $988.8M | $1.1B | $1.1B | $1.1B |
| Total Equity | $930.5M | $883.6M | $879.6M | $820.8M | $707.6M |
| Retained Earnings | -$129.5M | -$161.0M | -$153.5M | -$200.9M | -$296.9M |
Cash Flow (Annual)
Last updated: Jul 5, 2026 4:04am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$49.2M | $35.3M | $55.4M | $88.2M | $76.8M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | -$49.2M | $35.3M | $55.4M | $88.2M | $76.8M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$10.5M | -$15.4M | -$11.5M | -$11.3M | -$17.2M |
| Net Change in Cash | -$16.1M | $79.0M | -$74.3M | $-745,000 | $489,000 |
Analyst Estimates (Annual)
Last updated: Jul 5, 2026 4:04am (just now)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$238.8M $238.5M – $239.1M
|
$197.4M $197.2M – $197.6M
|
$195.7M $195.5M – $195.9M
|
$154.6M $154.6M – $154.6M
|
| EBITDA |
$121.7M $121.5M – $121.8M
|
$100.6M $100.5M – $100.7M
|
$99.7M $99.6M – $99.8M
|
$78.8M $78.8M – $78.8M
|
| Net Income |
$74.2M $74.0M – $74.3M
|
$54.4M $54.4M – $54.5M
|
$57.3M $57.2M – $57.4M
|
$50.8M $50.7M – $50.8M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 5, 2026 4:04am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -32.4% | +73.5% | -25.7% | +40.9% |
| Gross Profit Growth | -53.7% | +74.4% | -56.9% | +225.9% |
| Operating Income Growth | -57.6% | +88.6% | -64.3% | +105.3% |
| Net Income Growth | -57.8% | +90.1% | -64.4% | -160.9% |
| EBITDA Growth | -53.1% | +70.6% | -29.0% | +3.2% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2025-08-12 | Reisner Michael A | P-Purchase | 472.00 | $10.57 | $4,989 |
| 2025-05-27 | FINLAY PETER I. | P-Purchase | 200.00 | $9.66 | $1,932 |
| 2025-05-22 | ROMAN STEPHEN | P-Purchase | 600.00 | $9.48 | $5,688 |
| 2025-05-16 | Breakstone Robert A | P-Purchase | 500.00 | $9.72 | $4,860 |
| 2025-05-12 | Gatto Mark | P-Purchase | 2,070.00 | $9.66 | $19,996 |
| 2025-05-12 | Reisner Michael A | P-Purchase | 515.00 | $9.69 | $4,990 |
| 2025-04-01 | BRESNER GREGG A. | P-Purchase | 1,000.00 | $10.48 | $10,480 |
| 2025-03-31 | BRESNER GREGG A. | P-Purchase | 1,000.00 | $10.41 | $10,410 |
| 2025-03-28 | Reisner Michael A | P-Purchase | 490.00 | $10.45 | $5,121 |
| 2025-03-24 | Breakstone Robert A | P-Purchase | 500.00 | $10.75 | $5,375 |
| 2025-03-19 | BRESNER GREGG A. | P-Purchase | 1,000.00 | $10.98 | $10,980 |
| 2025-03-18 | BRESNER GREGG A. | P-Purchase | 2,000.00 | $10.72 | $21,440 |
| 2025-03-18 | FINLAY PETER I. | P-Purchase | 250.00 | $10.76 | $2,690 |
| 2025-03-17 | ROMAN STEPHEN | P-Purchase | 455.00 | $10.93 | $4,973 |
| 2025-03-17 | Breakstone Robert A | P-Purchase | 500.00 | $11.05 | $5,525 |
| 2025-03-18 | Pinero Eric A. | P-Purchase | 465.00 | $10.72 | $4,985 |
| 2024-11-21 | Reisner Michael A | P-Purchase | 437.00 | $11.44 | $4,999 |
| 2024-11-21 | ROMAN STEPHEN | P-Purchase | 435.00 | $11.53 | $5,016 |
| 2024-11-15 | Breakstone Robert A | P-Purchase | 1,000.00 | $11.34 | $11,340 |
| 2024-11-12 | BRESNER GREGG A. | P-Purchase | 2,000.00 | $11.41 | $22,820 |
Dividend History (Last 20)
Last updated: Jul 5, 2026 4:04am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-09-11 | $0.10 | 2026-05-04 | 2026-09-11 | 2026-09-25 |
| 2026-08-14 | $0.10 | 2026-05-04 | 2026-08-14 | 2026-08-28 |
| 2026-07-17 | $0.10 | 2026-05-04 | 2026-07-17 | 2026-07-31 |
| 2026-06-12 | $0.10 | 2026-03-09 | 2026-06-12 | 2026-06-26 |
| 2026-05-15 | $0.10 | 2026-03-09 | 2026-05-15 | 2026-05-29 |
| 2026-04-10 | $0.10 | 2026-03-09 | 2026-04-10 | 2026-04-24 |
| 2026-03-13 | $0.10 | 2026-01-06 | 2026-03-13 | 2026-03-27 |
| 2026-02-13 | $0.10 | 2026-01-06 | 2026-02-13 | 2026-02-27 |
| 2026-01-16 | $0.10 | 2026-01-06 | 2026-01-16 | 2026-01-30 |
| 2025-12-01 | $0.36 | 2025-11-03 | 2025-12-01 | 2025-12-15 |
| 2025-09-02 | $0.36 | 2025-08-04 | 2025-09-02 | 2025-09-16 |
| 2025-06-02 | $0.36 | 2025-05-05 | 2025-06-02 | 2025-06-16 |
| 2025-03-28 | $0.36 | 2025-03-10 | 2025-03-28 | 2025-04-11 |
| 2024-12-30 | $0.05 | 2024-12-23 | 2024-12-30 | 2025-01-27 |
| 2024-12-02 | $0.36 | 2024-11-04 | 2024-12-02 | 2024-12-16 |
| 2024-09-03 | $0.36 | 2024-08-05 | 2024-09-03 | 2024-09-17 |
| 2024-06-28 | $0.05 | 2024-06-12 | 2024-06-28 | 2024-07-12 |
| 2024-06-03 | $0.36 | 2024-05-06 | 2024-06-03 | 2024-06-17 |
| 2024-03-21 | $0.34 | 2024-03-11 | 2024-03-22 | 2024-03-28 |
| 2023-12-28 | $0.05 | 2023-08-07 | 2023-12-29 | 2024-01-15 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CION — it's generated by the pipeline (
market-narrative step).
No community reviews yet for CION.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.377 · 1648bd22 · 2026-07-04 14:36:23