Stock fact sheet · data as of
FS KKR Capital Corp. (FSK): fair value, margin of safety and Wheel Score
Ticker symbol FSK · Financial Services · Asset Management · United States · Speculative Income
Is FSK undervalued?
At 11.46 (close of 5 Nov 2026), FSK trades 77% below the GLS average fair value of 49.95. That average comes from 3 models run on the latest filings, and 3 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 FS KKR Capital Corp. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
Only 3 of the nine models produced a value (DCF, 10 Cap, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files FSK under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan. It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for FSK
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 | 24.20 | +111% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 95.63 | +735% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 30.02 | +162% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -27.86 | -343% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 11.75 | +3% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - FSK passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 4.8 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC 0.1%, ROE 0.2%, ROA 0.1% - with debt at 1.31 times equity and a free-cash-flow yield of 41.9%.
The dividend yield is high at 17.80% (payout ratio -193%). 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 5/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 0.1% |
|---|---|---|---|
| GLS Moat | 4.8 / 10 | ROE | 0.2% |
| Debt / equity | 1.31 | ROA | 0.1% |
| Free-cash-flow yield | 41.9% | Payout ratio | -193% |
| Institutions | 5 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 47: Weak
FSK scores 47 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 6, no serious red flags - Red Flags score 50 (under 60), and the parts are thin too - value strong, premium strong, moat fair, health fair, red flags weak, option trading good, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 49% 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 30,971 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 2.4M shares a day on a market cap of $3.2B, with a beta of 0.94; 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 | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 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 | Fails | Red Flags score 50 (under 60) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 77% below fair value | |
| Premium | Strong | implied volatility 49% | |
| Moat | Fair | moat 4.8/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Weak | Red Flags score 50/100 | |
| Option trading | Good | 3,093 contracts a day, 30,971 open interest | |
| Stability | Fair | beta 0.94, $3.2B 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
FS KKR Capital Corp. 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 1 Dec 2026 (0.2000 per share), so a covered call sold before then carries a small early-assignment risk around that date.
No analyst upgrades or downgrades were recorded in the last 30 days.
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 FS KKR Capital Corp. 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 |
|---|---|---|---|---|---|
| HCXY Hercules Capital Inc | 24.35 | 40.93 | +41% | 33No options | $3.2B |
| HTGC Hercules Capital, Inc. | 16.63 | 32.54 | +49% | 53Fair | $3.2B |
| CSQ Calamos Strategic Total Return Fund | 19.89 | 158.12 | +87% | 25No options | $3.2B |
| ADX Adams Diversified Equity Fund, Inc. | 25.56 | 118.39 | +78% | 26No options | $3.2B |
| UTG Reaves Utility Income Fund | 34.21 | 254.00 | +87% | 25No options | $3.1B |
| YAFIX AMG Yacktman Focused I | 24.55 | 29.22 | +16% | 20No options | $3.1B |
| AB AllianceBernstein Holding L.P. | 35.30 | 46.57 | +24% | 40Weak | $3.2B |
| AAMI Acadian Asset Management | 91.62 | 66.58 | -38% | 39Weak | $3.3B |
| HFMSX The Hartford MidCap Fund Class R4 | 25.45 | 376.00 | +93% | 28No options | $3.1B |
| HFMIX The Hartford MidCap Fund | 20.71 | 313.49 | +93% | 28No options | $3.1B |
| FCAMX Franklin California High Yield Municipal Fund Class A1 | 9.36 | 6.19 | -51% | 12No options | $3.1B |
| VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | 11.03 | 3.04 | -262% | 12No options | $3.0B |
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Start free See the Sunday ScanQuestions about FSK
Is FSK undervalued right now?
By the GLS models, yes: at 11.46 the stock is 77% below the average fair value of 49.95 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of FSK and what does it mean?
FSK scores 47 out of 100 (Weak) - it fails Wheel Trade Filters 2, 4, 6. 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 FSK?
49.95 per share as of 5 Nov 2026 - the simple average of the 3 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 FS KKR Capital Corp. 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 FSK have listed options, and how liquid are they?
Yes. The nightly snapshot found 24 listed contracts with 30,971 open interest across all expiries and implied volatility of 49% 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.