Forensic Analysis · General / Diversified · as of Nov 11, 2026

Cion Investment Corp (CION)

A forensic read on Cion Investment Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Clean

Earnings quality

Forensic signals

-2.7%

ROE

-4.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cion Investment Corp earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.63×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.63× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

124% of OCF

FY2025

Shareholder returns. Returned $95M to shareholders (buybacks + dividends) in FY2025 — 124% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout; returns exceed even operating cash, so the extra is coming from debt or reserves.

-11%

FY2024→FY2025

Dividend — cut. The payout was CUT ~11% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$240.8M

Revenue Growth YoY-4.6%

Revenue CAGR (2yr)-2.1%

Net Margin-8.6%

Return on Equity-2.7%

Debt / Equity1.59x

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.