Revenue remains highly inconsistent, fluctuating between $0.4M and $28.9M over the last ten quarters, while gross margins have swung wildly from -39.2% to 82.8%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 60.21M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 44.82M | 28.34M | -98K | 18.05M | -11.66M | 38.75M | 37.46M | 607K | 304.42K | 17.09M | 7.73M | -8.57M | 25.33M | 16.84M | 33.64M | 28.01M | 29.35M | 33.9M | 49.21M | 38.48M | 1.15M |
| Gross Margin % | 74.43% | 71.34% | -0.47% | 41.63% | -193.11% | 73.96% | 78.46% | 6.84% | 3.95% | 69.05% | 45.91% | -271.75% | 68.7% | 62.47% | 82.83% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 29013.27% | -100.54% | 254.76% | -130.1% | 3.44% | 6071.5% | 99.39% | -98.22% | 121.01% | 190.21% | -133.85% | 50.43% | -49.95% | 20.13% | -4.59% | -13.4% | -31.12% | 27.89% | 3240.47% | - |
| Operating Expenses | 32.73M | -4.12M | 6.69M | 7.08M | 8.55M | 11.28M | 5.89M | 13.11M | 9.88M | 13.71M | 8.77M | 10.06M | 10.29M | 9.73M | 7.52M | 7.4M | 10.37M | 15.57M | 18.51M | 15.72M | 641.28K |
| OpEx % of Revenue | - | -10.38% | 32.34% | 16.33% | 141.55% | 21.53% | 12.33% | 147.81% | 128.13% | 55.36% | 52.09% | 318.93% | 27.92% | 36.1% | 18.51% | 26.42% | 35.32% | 45.92% | 37.61% | 40.85% | 55.67% |
| Selling, General & Admin | 4.95M | 3.49M | 6.04M | 6.72M | 8.55M | 9.45M | 6.6M | 8.34M | 5.67M | 5.01M | 4.5M | 5.77M | 4.59M | 4.56M | 4.34M | 7.4M | 10.37M | 6.26M | 7.58M | 8.49M | 41.65K |
| SG&A % of Revenue | - | 8.78% | 29.18% | 15.5% | 141.55% | 18.03% | 13.82% | 94.08% | 73.51% | 20.25% | 26.69% | 182.97% | 12.46% | 16.93% | 10.7% | 26.42% | 35.32% | 18.48% | 15.4% | 22.07% | 3.62% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 12.09M | 32.46M | -6.79M | 10.97M | -20.21M | 27.47M | 31.57M | -12.5M | -9.57M | 3.39M | -1.04M | -18.63M | 15.03M | 28.96M | 26.13M | 16.02M | 11.9M | 18.33M | 30.71M | 22.76M | 510.63K |
| Operating Margin % | 20.08% | 81.72% | -32.82% | 25.3% | -334.66% | 52.43% | 66.13% | -140.97% | -124.18% | 13.69% | -6.17% | -590.67% | 40.78% | 107.43% | 64.32% | 57.2% | 40.53% | 54.08% | 62.39% | 59.15% | 44.33% |
| Operating Income Growth % | - | 578.14% | -161.89% | 154.27% | -173.58% | -13% | 352.56% | -30.61% | -382.51% | 425.86% | 94.42% | -223.95% | -48.08% | 10.83% | 63.09% | 34.65% | -35.1% | -40.3% | 34.92% | 4357.08% | - |
| EBITDA | 11.73M | 32.09M | -6.79M | 10.97M | -20.21M | 27.47M | 31.57M | -12.67M | -9.57M | 3.39M | -1.04M | -18.63M | 15.03M | 28.96M | 26.13M | 12.24M | -7.2M | 18.33M | 30.71M | 22.76M | 510.63K |
| EBITDA Margin % | 19.47% | 80.81% | -32.82% | 25.3% | -334.66% | 52.43% | 66.13% | -142.83% | -124.18% | 13.69% | -6.17% | -590.67% | 40.78% | 107.43% | 64.32% | 43.7% | -24.53% | 54.08% | 62.39% | 59.15% | 44.33% |
| EBITDA Growth % | 211.14% | 572.8% | -161.89% | 154.27% | -173.58% | -13% | 349.27% | -32.33% | -382.51% | 425.86% | 94.42% | -223.95% | -48.08% | 10.83% | 113.48% | 269.96% | -139.28% | -40.3% | 34.92% | 4357.08% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -165K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.78M | -19.1M | 0 | 0 | 0 | 0 |
| EBIT | 11.73M | 32.09M | -6.79M | 10.97M | -20.21M | 27.47M | 31.57M | -12.5M | -9.57M | 3.39M | -1.04M | -18.63M | 15.03M | 28.96M | 26.13M | 0 | 0 | 0 | 0 | 0 | 510.63K |
| Net Interest Income | 41M | 40.06M | 26.11M | 33.1M | 36.54M | 51.37M | 21.48M | -8.18M | 8.68M | 7.47M | 11.75M | 12.38M | 9.85M | -10.12M | 5.53M | -4.59M | 7.34M | 0 | 0 | 0 | 0 |
| Interest Income | 63.14M | 60.66M | 46.9M | 58.4M | 54.24M | 65.01M | 31.77M | 79K | 16.08M | 15.14M | 20.86M | 24.11M | 21.39M | 0 | 12.51M | 0 | 7.09M | 9.28M | 10.93M | 7.23M | 0 |
| Interest Expense | 22.14M | 20.6M | 20.78M | 25.31M | 17.7M | 13.64M | 10.28M | 8.26M | 7.4M | 7.66M | 9.11M | 11.73M | 11.54M | 10.12M | 6.98M | 4.59M | 7.09M | 9.28M | 10.93M | 7.23M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -671K | 11.49M | -6.79M | 10.97M | -20.21M | 27.47M | 31.57M | -12.5M | -9.57M | 3.39M | -1.04M | -18.63M | 15.03M | 17.22M | 26.13M | 7.65M | -14.29M | 18.33M | 30.71M | 22.76M | 0 |
| Pretax Margin % | -1.11% | 28.94% | -32.82% | 25.3% | -334.66% | 52.43% | 66.13% | -140.97% | -124.18% | 13.69% | -6.17% | -590.67% | 40.78% | 63.9% | 64.32% | 27.31% | -48.68% | 54.08% | 62.39% | 59.15% | - |
| Income Tax | -2.07M | 0 | -853K | -414K | 786K | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.07M | 93.99M | -3.38M | -4.67M |
| Effective Tax Rate % | 308.79% | 0% | 12.57% | -3.77% | -3.89% | 5.25% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -87.68% | 306.1% | -14.86% | - |
| Net Income | 1.4M | 11.49M | -5.93M | 11.38M | -21M | 26.03M | 31.57M | -12.5M | -9.57M | 3.39M | -1.04M | -18.63M | 15.03M | 17.22M | 26.13M | 7.65M | -14.29M | 34.4M | -63.28M | 26.14M | 4.67M |
| Net Margin % | 2.33% | 28.94% | -28.69% | 26.25% | -347.67% | 49.67% | 66.13% | -140.96% | -124.18% | 13.69% | -6.17% | -590.67% | 40.78% | 63.9% | 64.32% | 27.31% | -48.68% | 101.49% | -128.59% | 67.94% | 405.46% |
| Net Income Growth % | 113.34% | 293.63% | -152.15% | 154.21% | -180.67% | -17.57% | 352.58% | -30.6% | -382.51% | 425.86% | 94.42% | -223.95% | -12.71% | -34.08% | 241.53% | 153.54% | -141.53% | 154.36% | -342.08% | 459.72% | - |
| Net Income (Continuing) | 1.4M | 11.49M | -5.93M | 11.38M | -21M | 26.03M | 31.57M | -12.5M | -9.57M | 3.39M | -1.04M | -18.63M | 15.03M | 17.22M | 26.13M | 7.65M | -14.29M | 34.4M | -63.28M | 26.14M | 4.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.32M | 22.08M | 137.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.11 | 1.04 | -0.64 | 1.20 | -2.18 | 3.05 | 6.32 | -3.32 | -2.56 | 0.90 | -0.28 | -5.04 | 4.30 | 5.30 | 9.50 | 3.30 | -6.32 | 15.60 | -4.68 | 14.50 | 2.60 |
| EPS Growth % | 95.61% | 262.5% | -153.33% | 155.05% | -171.48% | -51.74% | 290.36% | -29.69% | -384.44% | 421.43% | 94.44% | -217.21% | -18.87% | -44.21% | 187.88% | 152.22% | -140.51% | 433.33% | -132.28% | 457.69% | - |
| EPS (Basic) | - | 1.04 | -0.64 | 1.20 | -2.18 | 3.05 | 6.32 | -3.32 | -2.56 | 0.90 | -0.28 | -5.04 | 4.40 | 5.30 | 10.00 | 3.30 | -6.32 | 15.60 | -4.68 | 14.50 | 2.60 |
| Diluted Shares Outstanding | 12.44M | 11.1M | 9.27M | 9.51M | 9.63M | 8.54M | 5M | 3.76M | 3.74M | 3.72M | 3.71M | 3.7M | 3.43M | 3.23M | 3.34M | 2.29M | 2.26M | 2.21M | 2.05M | 1.8M | 1.79M |
| Basic Shares Outstanding | 12.44M | 11M | 9.27M | 9.51M | 9.63M | 8.54M | 5M | 3.76M | 3.74M | 3.72M | 3.71M | 3.7M | 3.42M | 3.23M | 2.6M | 2.29M | 2.26M | 2.21M | 2.05M | 1.8M | 1.79M |
| Dividend Payout Ratio | - | 188.33% | - | - | - | 75.49% | 33.41% | - | - | 513.9% | - | - | 221.55% | 194.6% | 80.1% | 190.27% | - | 56.54% | - | 65.21% | - |
High Portfolio Valuation Volatility
As evidenced by the quarterly income statement data, BCIC's revenue trajectory remains highly inconsistent, with figures fluctuating between $0.4M and $28.9M over the last ten quarters, suggesting that the firm's capital deployment strategy is currently driven by lumpy, non-recurring transactional events rather than steady-state interest income.
The extreme variance in top-line performance indicates that the company has yet to achieve a stable, recurring revenue base typical of mature BDCs. Investors should monitor whether this volatility reflects a deliberate strategy of opportunistic deal-making or an inability to maintain a consistent pipeline of interest-bearing assets.
Based on reported financial statements, BCIC's gross margins have swung wildly from negative territory to as high as 82.8%, indicating that the firm's underlying investment portfolio is subject to significant fair-value adjustments that frequently obscure the core profitability of its lending operations.
The wide discrepancy between gross and net margins suggests that non-operating items and valuation swings are heavily impacting the bottom line. This lack of margin stability implies that the firm's earnings power is currently more sensitive to market-to-market accounting than to the actual interest income generated from its loan book.
According to the provided income statement data, BCIC's operating margins have demonstrated extreme sensitivity to revenue fluctuations, frequently dipping into negative territory, which suggests that the firm's fixed cost structure is not yet sufficiently scaled to absorb the inherent volatility of its investment-led business model.
While SG&A expenses appear relatively contained, the inability to consistently convert gross profit into operating income highlights a lack of operational leverage. This suggests that the firm's current cost base may be misaligned with its actual revenue-generating capacity, requiring further investigation into the sustainability of its overhead.
As reported in recent filings, the significant gap between operating and net margins, combined with the historical prevalence of negative net income quarters, suggests that BCIC's current profitability profile may be unsustainable and potentially reliant on favorable, yet non-repeatable, valuation marks on its private assets.
Short-term performance spikes appear to be driven by factors other than core interest income, which raises concerns regarding the long-term quality of earnings. Investors should be wary of the potential for future margin compression if the firm's portfolio valuation adjustments turn negative in a less favorable credit environment.
Quick answers to the most common questions about buying BCIC stock.
BCP Investment Corporation (BCIC) is profitable, generating $11.5M in net income for the fiscal year ending 2025 with a net profit margin of 28.9%.
BCP Investment Corporation (BCIC) reported an operating income of $32.5M, resulting in an operating profit margin of 81.7%. This margin reflects the operational efficiency of the business before interest and taxes.
BCP Investment Corporation (BCIC) generated $28.3M in gross profit for the year, representing a gross profit margin of 71.3%. This demonstrates the company's core pricing power and production efficiency.