Stock fact sheet · data as of
CION Investment Corporation (CION): fair value, margin of safety and Wheel Score
Ticker symbol CION · Financial Services · Asset Management · United States · Blend Income
Is CION undervalued?
At 7.05 (close of 5 Nov 2026), CION trades 47% below the GLS average fair value of 13.24. That average comes from 9 models run on the latest filings, and 6 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns CION Investment Corporation the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between Lynch (1.04) and DCF (29.13). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for CION, so the nightly engine files it under Blend (value score 61, growth score 77, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for CION
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 29.13 | +313% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 8.88 | +26% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 4.21 | -40% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 1.04 | -85% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 9.60 | +36% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 21.53 | +205% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 21.89 | +211% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 20.01 | +184% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 2.90 | -59% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -20.15 | -386% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 6.50 | -8% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
CION Investment Corporation scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. A GLS Moat score of 4.9/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC -1.1%, ROE -2.9%, ROA -1.1% - with debt at 1.59 times equity and a free-cash-flow yield of 15.4%.
The dividend yield is high at 19.29% (payout ratio 520%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 4/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | -1.1% |
|---|---|---|---|
| GLS Moat | 4.9 / 10 | ROE | -2.9% |
| Debt / equity | 1.59 | ROA | -1.1% |
| Free-cash-flow yield | 15.4% | Payout ratio | 520% |
| Institutions | 4 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 48: Weak
With a Wheel Score of 48 CION Investment Corporation sits in the Weak band. It fails filter 8, big enough - market cap $347M (under $1.0B); Option trading (weak) is its weakest part.
Implied volatility is 46% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 2,015 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 353k shares a day on a market cap of $347M, with a beta of 1.13; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $347M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 47% below fair value | |
| Premium | Strong | implied volatility 46% | |
| Moat | Fair | moat 4.9/10 | |
| Health | Strong | Piotroski 8/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Weak | 113 contracts a day, 2,015 open interest | |
| Stability | Fair | beta 1.13, $347M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
CION Investment Corporation reports earnings on 5 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk. The shares go ex-dividend on 13 Nov 2026 (0.1000 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to CION Investment Corporation by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| PFL PIMCO Income Strategy Fund | 6.97 | 11.47 | +39% | 26No options | $347M |
| FOF Cohen & Steers Closed-End Opportunity Fund, Inc. | 12.50 | 57.72 | +78% | 26No options | $347M |
| ACUSX Advisors Capital Total Return – Equity | 15.66 | 41.62 | +62% | 25No options | $348M |
| ECC Eagle Point Credit Company Inc. | 2.63 | 14.09 | +81% | 30No options | $350M |
| FNORX Fidelity Investment Trust - Fidelity Nordic Fund | 71.41 | 8,897.78 | +99% | 29No options | $344M |
| WPOIX Weitz Partners III Opportunity Fund | 12.88 | 140.82 | +91% | 26No options | $350M |
| ECCU Eagle Point Credit Company Inc. | 25.03 | 14.09 | -78% | 12No options | $350M |
| ECCV Eagle Point Credit Company Inc. | 24.20 | 14.09 | -72% | 12No options | $351M |
| ACCNX American Century Core Plus Fd Investor Cl | 8.92 | 10.67 | +16% | 19No options | $352M |
| GECCI Great Elm Capital Corp. 8.50% Notes DUE 2029 | 25.19 | 57.50 | +56% | 26No options | $353M |
| BCSSX Brown Capital Management Small Company Fund | 29.26 | 699.42 | +96% | 28No options | $341M |
| MCI Barings Corporate Investors | 17.20 | 38.52 | +55% | 31No options | $354M |
⚖ Compare CION with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about CION
Is CION undervalued right now?
By the GLS models, yes: at 7.05 the stock is 47% below the average fair value of 13.24 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CION and what does it mean?
CION scores 48 out of 100 (Weak) - it fails Wheel Trade Filter 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for CION?
13.24 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does CION Investment Corporation report earnings next?
The next earnings report is due on 5 Nov 2026 (before the open), 0 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does CION have listed options, and how liquid are they?
Yes. The nightly snapshot found 8 listed contracts with 2,015 open interest across all expiries and implied volatility of 46% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.