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Nuveen Churchill Direct Lending Corp. (NCDL) 10-Year Financial Performance & Capital Metrics

NCDL • • Banking & Credit
Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders
AboutNuveen Churchill Direct Lending Corp. (the “Company”) is business development company and was formed on March 13, 2018, as a limited liability company under the laws of the State of Delaware and was converted into a Maryland corporation on June 18, 2019 prior to the commencement of operations. The Company is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company's investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which the Company defines as companies with approximately $10.0 million to $100.0 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company will focus on privately originated debt to performing U.S. middle market companies, with a portfolio expected to comprise primarily of first-lien senior secured debt and unitranche loans (other than last-out positions in unitranche loans) (collectively “Senior Loans”). The Company will also opportunistically invest in junior capital opportunities (second-lien loans, subordinated debt, last-out positions in unitranche loans and equity-related securities) (collectively “Junior Capital Investments”).Show more
  • Net Interest Income $133M +34.1%
  • Total Revenue $186M +29.2%
  • Net Income $116M +53.2%
  • Return on Equity 13.54% +13.5%
  • Net Interest Margin 6.21% +8.3%
  • Efficiency Ratio -2.72% -142.2%
  • ROA 6% +18.0%
  • Equity / Assets 45.26% +4.8%
  • Book Value per Share 17.93 -20.0%
  • Tangible BV/Share 17.93 -20.0%
  • Debt/Equity 1.14 -9.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 74.0%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Strong NIM of 6.2%
  • ✓Efficient operations: -2.7% efficiency ratio
  • ✓Well capitalized: 45.3% equity/assets
  • ✓Trading at only 0.8x book value

✗Weaknesses

  • ✗Shares diluted 62.1% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y63.57%
3Y67.96%
TTM-

Profit (Net Income) CAGR

10Y-
5Y74.04%
3Y62.19%
TTM-20.84%

EPS CAGR

10Y-
5Y3.73%
3Y0.47%
TTM-23.38%

ROCE

10Y Avg4.62%
5Y Avg3.78%
3Y Avg4.38%
Latest6.17%

Peer Comparison

Middle Market Lenders
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
GSBDGoldman Sachs BDC, Inc.1.08B9.4317.15-57.7%32.67%9.15%18.68%1.23
CSWCCapital Southwest Corporation1.36B23.7216.147.67%43.07%9.13%1.08
HCXYHercules Capital, Inc.2.36B25.1815.64-9.71%62.54%14.13%0.90
TRINITrinity Capital Inc. 7.875% Notes Due 20291.91B25.4112.1029.68%50.98%15.22%4.92%1.08
HTGCHercules Capital, Inc.3.45B18.9711.78-12.79%61.03%14.17%0.90
TSLXSixth Street Specialty Lending, Inc.2.12B22.4011.03-2.72%51.86%11.83%8.85%1.18
MAINMain Street Capital Corporation5.75B64.2010.9718.32%70.11%18.28%0.76
GBDCGolub Capital BDC, Inc.3.68B13.959.8280.52%46.2%9.4%

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Net Interest Income+008.56M25.19M54.96M99.31M133.22M
NII Growth %---1.94%1.18%0.81%0.34%
Net Interest Margin %-------
Interest Income0013.05M35.02M80.66M160.51M213.1M
Interest Expense004.49M9.83M25.7M61.21M79.88M
Loan Loss Provision502K1.96M00-2.27M-3.23M-5.3M
Non-Interest Income+4.58M15.89M-4.33M4.24M-33.84M-16.5M-27.1M
Non-Interest Income %-------
Total Revenue+4.58M15.89M8.71M39.25M46.81M144.01M186M
Revenue Growth %-2.47%-0.45%3.51%0.19%2.08%0.29%
Non-Interest Expense-2.2M-6.75M2.08M2.16M6.08M9.26M-5.05M
Efficiency Ratio-------
Operating Income+3.08M17.25M2.15M27.27M17.31M76.77M116.48M
Operating Margin %-------
Operating Income Growth %-4.6%-0.88%11.71%-0.37%3.43%0.52%
Pretax Income+3.64M14.03M2.15M27.27M17.31M76.77M116.48M
Pretax Margin %-------
Income Tax+3.64M14.03M0024K830K154K
Effective Tax Rate %-------
Net Income+1.44M7.29M2.15M27.27M17.29M75.94M116.32M
Net Margin %-------
Net Income Growth %-4.08%-0.71%11.71%-0.37%3.39%0.53%
Net Income (Continuing)1.44M7.29M2.15M27.27M17.29M75.94M116.32M
EPS (Diluted)+0.351.790.432.120.742.272.15
EPS Growth %-4.11%-0.76%3.93%-0.65%2.07%-0.05%
EPS (Basic)0.351.790.432.120.742.272.15
Diluted Shares Outstanding4.07M4.07M4.96M12.85M23.28M33.39M54.12M

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash & Short Term Investments+1000K1000K1000K1000K1000K1000K1000K
Cash & Due from Banks2.24M3.42M12.61M35.19M39.27M67.39M43.25M
Short Term Investments0000000
Total Investments+0000000
Investments Growth %-------
Long-Term Investments0000000
Accounts Receivables0001000K1000K1000K1000K
Goodwill & Intangibles+-------
Goodwill0000000
Intangible Assets0000000
PP&E (Net)0000000
Other Assets-164.67M00773.06M1.2B1.64B2.08B
Total Current Assets167.46M0047.86M53.53M89M62.3M
Total Non-Current Assets164.67M00773.06M1.2B1.64B2.08B
Total Assets+86.91M188.37M353.46M820.92M1.25B1.73B2.14B
Asset Growth %-1.17%0.88%1.32%0.53%0.38%0.24%
Return on Assets (ROA)0.02%0.05%0.01%0.05%0.02%0.05%0.06%
Accounts Payable00036.38M25.78M35.31M61.06M
Total Debt+0118.35M188.28M406.37M699.77M943.94M1.11B
Net Debt-2.24M114.93M175.67M371.18M660.5M876.54M1.07B
Long-Term Debt0118.35M188.28M406.37M699.77M943.94M1.11B
Short-Term Debt86.91M000000
Other Liabilities-2.79M-118.35M-188.28M4.12M3.45M3.73M4.08M
Total Current Liabilities180.82M0036.38M25.78M35.31M61.06M
Total Non-Current Liabilities91.12M00410.49M703.23M947.67M1.11B
Total Liabilities271.94M122.16M195.82M446.87M729M982.98M1.17B
Total Equity+249.34M66.21M157.64M374.05M524.96M747.88M970.32M
Equity Growth %--0.73%1.38%1.37%0.4%0.42%0.3%
Equity / Assets (Capital Ratio)-------
Return on Equity (ROE)0.01%0.05%0.02%0.1%0.04%0.12%0.14%
Book Value per Share61.3316.2931.7529.1122.5522.4017.93
Tangible BV per Share-------
Common Stock033K84K193K287K412K534K
Additional Paid-in Capital063.97M161M370.43M548.6M776.72M996.29M
Retained Earnings70.75M2.21M-3.45M3.43M-23.93M-29.25M-26.5M
Accumulated OCI70.75M000000
Treasury Stock0000000
Preferred Stock553K000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+8.27M-1.62M7.52M41.32M25.14M73.05M136.42M
Operating CF Growth %--1.2%5.65%4.49%-0.39%1.91%0.87%
Net Income1.44M7.29M2.15M27.27M17.29M75.94M116.32M
Depreciation & Amortization0000000
Deferred Taxes0000000
Other Non-Cash Items-6.06M-149K3.42M-6.5M26.95M3.46M-1.91M
Working Capital Changes6.45M-8.76M1.95M20.55M-19.09M-6.35M22.01M
Cash from Investing+-162.05M-15.85M-159.25M-429.62M-452.99M-442.57M-433.62M
Purchase of Investments-173.51M-107.12M-211.2M-610.69M-502.25M-589M-863.57M
Sale/Maturity of Investments1000K1000K1000K1000K1000K01000K
Net Investment Activity-------
Acquisitions0000000
Other Investing00000146.43M0
Cash from Financing+156.13M19.17M161.33M411.7M431.93M397.65M273.06M
Dividends Paid-882K-5.63M-3.28M-14.71M-34.66M-63.19M-95.23M
Share Repurchases000000-33.53M
Stock Issued70.2M-6.2M95M209.21M174.59M218.9M241.66M
Net Stock Activity-------
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K1000K
Other Financing00000-4.48M0
Net Change in Cash+2.34M1.19M9.19M22.58M4.13M28.13M-24.14M
Exchange Rate Effect0-515K-409K-819K50K00
Cash at Beginning-104K2.24M3.42M12.61M35.19M39.32M67.44M
Cash at End2.24M3.42M12.61M35.19M39.32M67.44M43.3M
Interest Paid0000000
Income Taxes Paid0000000
Free Cash Flow+8.27M-1.62M7.52M41.32M25.14M73.05M136.42M
FCF Growth %--1.2%5.65%4.49%-0.39%1.91%0.87%

Banking Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)0.58%4.62%1.92%10.26%3.85%11.93%13.54%
Return on Assets (ROA)1.65%5.29%0.79%4.64%1.67%5.09%6%
Net Interest Margin0%0%2.42%3.07%4.38%5.74%6.21%
Efficiency Ratio-48.05%-42.47%23.88%5.51%12.99%6.43%-2.72%
Equity / Assets286.89%35.15%44.6%45.56%41.86%43.21%45.26%
Book Value / Share61.3316.2931.7529.1122.5522.417.93
NII Growth---194.25%118.21%80.68%34.15%
Dividend Payout61.46%----83.22%-

Frequently Asked Questions

Valuation & Price

Nuveen Churchill Direct Lending Corp. (NCDL) has a price-to-earnings (P/E) ratio of 6.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Nuveen Churchill Direct Lending Corp. (NCDL) grew revenue by 29.2% over the past year. This is strong growth.

Yes, Nuveen Churchill Direct Lending Corp. (NCDL) is profitable, generating $91.5M in net income for fiscal year 2024 (62.5% net margin).

Dividend & Returns

Yes, Nuveen Churchill Direct Lending Corp. (NCDL) pays a dividend with a yield of 12.71%. This makes it attractive for income-focused investors.

Nuveen Churchill Direct Lending Corp. (NCDL) has a return on equity (ROE) of 13.5%. This is reasonable for most industries.

Industry Metrics

Nuveen Churchill Direct Lending Corp. (NCDL) has a net interest margin (NIM) of 6.2%. This indicates healthy earnings from lending activities.

Nuveen Churchill Direct Lending Corp. (NCDL) has an efficiency ratio of -2.7%. This is excellent, indicating strong cost control.

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