| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 85 | 1.1x | 17.4x | Top tier | |
Growth | 100 | — | 7.1% | Top tier | |
Quality | 100 | — | — | Top tier | |
Safety | 86 | — | — | Top tier | |
Capital Return | 98 | 6.11% | 0.18% | Top tier | |
Momentum | — | — | 1.3% | N/A | |
Sentiment | 95 | — | 3 | Top tier |
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Neostellar Capital Corp. is a listed business development company that gives public-market investors exposure to high-growth, venture-backed private companies. Its value-creation mechanism is based on selectively investing in private stakes, then benefiting from increases in their fair values, exits, and distributions when liquidity events occur; therefore, net asset value and investment returns reflect its performance more clearly than revenue alone. During the May 5, 2026 call, management explained that its investment focus includes artificial intelligence and data infrastructure, alongside healthcare and consumer services.
In Q1 fiscal 2026, net asset value increased 76% quarter over quarter, from $8.09 to $14.24 per share, reaching $361.6 million as of March 31, 2026. The increase was driven primarily by a $6.25-per-share increase in net unrealized appreciation on investments, in addition to $0.04 from net realized gains and $0.02 from stock-based compensation, offset by a negative $0.16 impact from net investment loss. Liquid assets totaled $46 million, comprising $43.3 million in cash and $2.7 million in unrestricted public securities, with an additional $15.9 million in public securities subject to sale restrictions.
The portfolio mix as of March 31, 2026 was highly concentrated: WHOOP, OpenAI, VAST Data, Blink Health, and CW Opportunity 2 LP represented approximately 72% of fair value, while the ten largest positions accounted for 88%. By sector, consumer goods and services represented 43%, technology 29%, software as a service 12%, education technology 6%, financial technology and services 5%, logistics and supply chains 4%, and SuRo Sports 2%. On an annual basis, revenue declined from $4.7 million in fiscal 2024 to $1.7 million in fiscal 2025, while net income shifted from a loss of $38.1 million to a profit of $48.8 million, and earnings per share increased from negative $1.60 to positive $1.78; the provided data did not include a gross profit margin.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $16, and both the highest and lowest targets matching at $16; this target is approximately 6.8% above the 52-week range high of $14.98, while the range low is $8.46. No price-to-earnings ratio is available, despite earnings per share of $1.78 in fiscal 2025, making net asset value, the quality of portfolio valuations, and the extent to which unrealized gains convert into liquidity more useful anchors; the identical analyst targets also do not provide a broad range for assessing differences in estimates.
Figures in the text are as of 2026-09-10; the live price is shown at the top of the page.
NSLR provides exposure to a portfolio of venture-backed private companies rather than a traditional operating business with recurring sales. As of March 31, 2026, the largest positions were WHOOP, OpenAI, VAST Data, Blink Health, and CW Opportunity 2 LP, which together represented approximately 72% of the portfolio's fair value. The ten largest positions also accounted for 88%, so returns are heavily tied to the valuations of these companies and their ability to execute funding rounds or liquidity events.
Net asset value increased from $8.09 to $14.24 per share, or approximately 76% quarter over quarter, reaching a total of $361.6 million as of March 31, 2026. The largest factor was a $6.25-per-share net increase in unrealized appreciation on investments, while net realized gains added $0.04 and stock-based compensation added $0.02. This was offset by a $0.16-per-share decrease due to net investment loss, meaning that most of the increase came from portfolio revaluation rather than current income.
WHOOP, OpenAI, and VAST Data were among the five largest positions as of March 31, 2026, so their funding rounds had an important impact on the assessment of the portfolio's fair value. WHOOP raised $575 million at a $10.1 billion valuation and reported 2.5 million members and 103% bookings growth during 2025, while OpenAI closed financing at a post-investment valuation of $852 billion. VAST Data's Series F round valued it at approximately $30 billion, more than three times its $9.1 billion valuation in 2023.
On January 2, 2026, the company funded $5 million of a commitment of up to $20 million in a Magnetar vehicle invested in TensorWave. Funding of up to an additional $15 million is subject to conditions that include company-level operating milestones, linking increased exposure to execution. After quarter-end, it invested $9.5 million excluding fees in ClickHouse on April 22, 2026, and management said during the May 5 call that ClickHouse's business was growing 250% annually and served real-time data analytics and artificial intelligence applications.
On April 2, 2026, the board of directors unanimously approved a proposal to transition from internal management to an advisory agreement with Neostellar Advisors LLC, jointly owned by members of the current team and Magnetar. According to the May 5, 2026 call, the proposal was subject to a shareholder vote scheduled for June 10, 2026, and management was targeting its effectiveness and the rebranding on July 1, 2026 following approval. The proposed agreement excludes legacy investments from incentive fee calculations, includes an expected $20 million investment from a Magnetar affiliate and expected annual expense savings, with Mark Klein and Allison Green continuing in their current positions according to the text.
No price-to-earnings ratio is available for the stock, although the company recorded net income of $48.8 million and earnings per share of $1.78 in fiscal 2025, compared with a loss of $38.1 million in fiscal 2024. Revenue also fell from $6.6 million in fiscal 2023 to $1.7 million in fiscal 2025, showing that net profit may fluctuate with investment gains and valuations. The concentration of 72% of the portfolio in five positions, together with the Q1 fiscal 2026 increase's reliance on $6.25 per share of unrealized appreciation, increases the value's sensitivity to any reduction in private-company valuations.
