NCDL vs OBDC

For growth investors, Blue Owl Capital Corporation (OBDC) is the stronger pick with 52.

6% revenue growth year-over-year, versus 8. 5% for Nuveen Churchill Direct Lending Corp. (NCDL). Blue Owl Capital Corporation (OBDC) offers the better valuation at 9. 2x trailing P/E (8. 3x forward), making it the more compelling value choice. Analysts rate Blue Owl Capital Corporation (OBDC) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Blue Owl Capital Corporation (OBDC) is the cheapest at 9.

2x versus Nuveen Churchill Direct Lending Corp. at 10. 8x. On forward P/E, Blue Owl Capital Corporation is actually cheaper at 8. 3x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Nuveen Churchill Direct Lending Corp. wins at 0. 34x versus Blue Owl Capital Corporation's 1. 89x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Blue Owl Capital Corporation (OBDC) delivered a total return of +32.

9%, compared to +3. 2% for Nuveen Churchill Direct Lending Corp. (NCDL). Over 10 years, the gap is even starker: OBDC returned +41. 1% versus NCDL's +3. 2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Nuveen Churchill Direct Lending Corp.

(NCDL) is the lower-risk stock at 0. 63β versus Blue Owl Capital Corporation's 0. 84β — meaning OBDC is approximately 33% more volatile than NCDL relative to the S&P 500. On balance sheet safety, Blue Owl Capital Corporation (OBDC) carries a lower debt/equity ratio of 126% versus 127% for Nuveen Churchill Direct Lending Corp. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Blue Owl Capital Corporation (OBDC) is pulling ahead at 52.

6% versus 8. 5% for Nuveen Churchill Direct Lending Corp. (NCDL). On earnings-per-share growth, the picture is similar: Blue Owl Capital Corporation grew EPS -19. 0% year-over-year, compared to -39. 5% for Nuveen Churchill Direct Lending Corp.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Blue Owl Capital Corporation (OBDC) is the more profitable company, earning 37.

4% net margin versus 32. 5% for Nuveen Churchill Direct Lending Corp. — meaning it keeps 37. 4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: OBDC leads at 73. 2% versus 71. 2% for NCDL. At the gross margin level — before operating expenses — NCDL leads at 84. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Nuveen Churchill Direct Lending Corp. (NCDL) is the more undervalued stock at a PEG of 0. 34x versus Blue Owl Capital Corporation's 1. 89x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Blue Owl Capital Corporation (OBDC) trades at 8. 3x forward P/E versus 8. 5x for Nuveen Churchill Direct Lending Corp. — 0. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for OBDC: 27. 1% to $14. 50.

All stocks in this comparison pay dividends.

Nuveen Churchill Direct Lending Corp. (NCDL) offers the highest yield at 14. 5%, versus 13. 0% for Blue Owl Capital Corporation (OBDC).

For long-horizon retirement investors, Nuveen Churchill Direct Lending Corp.

(NCDL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 63), 14. 5% yield). Both have compounded well over 10 years (NCDL: +3. 2%, OBDC: +41. 1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: NCDL is a small-cap deep-value stock; OBDC is a small-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.