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Nuveen Churchill Direct Lending Corp.(NCDL)Earnings, Financials & Key Ratios
NCDL•NYSE•Banking & Credit
$14.63
$723M mkt cap·11.3× P/E·Price updated May 6, 2026
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$118M-11.4%
- Total Revenue$202M+8.5%
- Net Income$66M-43.6%
- Return on Equity7.11%-47.5%
- Net Interest Margin5.74%-7.6%
- Efficiency Ratio13.69%+604.1%
- ROA3.13%-47.9%
- Equity / Assets42.6%-5.9%
- Book Value per Share17.40-2.9%
- Tangible BV/Share17.40-2.9%
- Debt/Equity1.27+11.6%
NCDL Key Insights
Nuveen Churchill Direct Lending Corp. (NCDL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 98.2%
- ✓Strong NIM of 5.7%
- ✓Efficient operations: 13.7% efficiency ratio
- ✓Well capitalized: 42.6% equity/assets
- ✓Share count reduced 7.1% through buybacks
- ✓Trading at only 0.8x book value
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
NCDL Price & Volume
Nuveen Churchill Direct Lending Corp. (NCDL) stock price & volume — 10-year historical chart
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NCDL Growth Metrics
Nuveen Churchill Direct Lending Corp. (NCDL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years87.5%
3 Years62.76%
TTM-
Profit CAGR
10 Years-
5 Years98.2%
3 Years55.99%
TTM-32.94%
EPS CAGR
10 Years-
5 Years24.77%
3 Years20.66%
TTM-27.91%
Return on Capital
10 Years4.9%
5 Years4.99%
3 Years6.09%
Last Year6.84%
NCDL Recent Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (33%)●Beat Revenue 2/12 qtrs (22%)
Q1 2026Latest
Feb 26, 2026EPS
$0.44
Est $0.43
+2.3%
Revenue
$50M
Est $50M
+0.9%
Q4 2025
Nov 4, 2025EPS
$0.43
Est $0.46
-6.5%
Revenue
$40M
Est $52M
-23.2%
Q3 2025
Aug 6, 2025EPS
$0.46
Est $0.46
+0.0%
Revenue
$42M
Est $50M
-15.3%
Q2 2025
May 8, 2025EPS
$0.53
Est $0.57
-7.0%
Revenue
$54M
Est $56M
-4.3%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 26, 2026 | $0.44vs $0.43+2.3% | $50Mvs $50M+0.9% |
| Q4 2025 | Nov 4, 2025 | $0.43vs $0.46-6.5% | $40Mvs $52M-23.2% |
| Q3 2025 | Aug 6, 2025 | $0.46vs $0.46+0.0% | $42Mvs $50M-15.3% |
| Q2 2025 | May 8, 2025 | $0.53vs $0.57-7.0% | $54Mvs $56M-4.3% |
Based on last 12 quarters of dataView full earnings history →
NCDL Peer Comparison
Nuveen Churchill Direct Lending Corp. (NCDL) competitors in Private credit and BDC lenders — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 ARCC | 13.76B | 19.16 | 10.30 | 32.87% | 8.11% | 1.12 | ||
 FSCO | 1.04B | 5.23 | 5.51 | -17.44% | 13.47% | 0.32 | ||
 GBDC | 3.47B | 13.31 | 9.37 | 42.5% | 5.24% | 1.23 | ||
 OBDC | 5.84B | 11.76 | 9.48 | 52.55% | 7.29% | 1.26 | ||
 TPVG | 225.54M | 5.57 | 4.57 | 36.55% | 13.09% | 1.33 | ||
 CGBD | 866.09M | 11.88 | 7.52 | -2.92% | 6.2% | 1.07 | ||
 FSK | 3.2B | 11.42 | 290.59 | 5.5% | 0.18% | 1.31 | ||
 MFIC | 1.11B | 12.07 | 17.75 | 21.25% | 2.51% | 1.53 |
Compare NCDL vs Peers
Nuveen Churchill Direct Lending Corp. (NCDL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NCDL Income Statement
Nuveen Churchill Direct Lending Corp. (NCDL) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 0 | 0 | 8.56M | 25.19M | 54.96M | 99.31M | 133.22M | 118M |
| NII Growth % | - | - | - | 194.25% | 118.21% | 80.68% | 34.15% | -11.43% |
| Net Interest Margin % | 0% | 0% | 2.42% | 3.07% | 4.38% | 5.74% | 6.21% | 5.74% |
| Interest Income | 0 | 0 | 13.05M | 35.02M | 80.66M | 160.51M | 213.1M | 195.9M |
| Interest Expense | 0 | 0 | 4.49M | 9.83M | 25.7M | 61.21M | 79.88M | 77.9M |
| Loan Loss Provision | 502K | 1.96M | 0 | 0 | -2.27M | -3.23M | -5.3M | -47.36M |
| Non-Interest Income | 4.58M | 15.89M | -4.33M | 4.24M | -33.84M | -16.5M | -27.1M | 5.95M |
| Non-Interest Income % | 100% | 100% | -49.76% | 10.8% | -72.29% | -11.46% | -14.57% | 2.95% |
| Total Revenue | 4.58M▲ 0% | 15.89M▲ 246.6% | 8.71M▼ 45.2% | 39.25M▲ 350.6% | 46.81M▲ 19.3% | 144.01M▲ 207.6% | 186M▲ 29.2% | 201.84M▲ 8.5% |
| Revenue Growth % | - | 246.63% | -45.17% | 350.63% | 19.26% | 207.61% | 29.16% | 8.52% |
| Non-Interest Expense | -2.2M | -6.75M | 2.08M | 2.16M | 6.08M | 9.26M | -5.05M | 27.64M |
| Efficiency Ratio | -48.05% | -42.47% | 23.88% | 5.51% | 12.99% | 6.43% | -2.72% | 13.69% |
| Operating Income | 3.08M▲ 0% | 17.25M▲ 459.6% | 2.15M▼ 87.6% | 27.27M▲ 1171.1% | 17.31M▼ 36.5% | 76.77M▲ 343.5% | 116.48M▲ 51.7% | 143.66M▲ 23.3% |
| Operating Margin % | 67.26% | 108.59% | 24.62% | 69.46% | 36.98% | 53.31% | 62.62% | 71.18% |
| Operating Income Growth % | - | 459.64% | -87.57% | 1171.14% | -36.51% | 343.49% | 51.73% | 23.34% |
| Pretax Income | 3.64M▲ 0% | 14.03M▲ 285.8% | 2.15M▼ 84.7% | 27.27M▲ 1171.1% | 17.31M▼ 36.5% | 76.77M▲ 343.5% | 116.48M▲ 51.7% | 65.76M▼ 43.5% |
| Pretax Margin % | 79.36% | 88.32% | 24.62% | 69.46% | 36.98% | 53.31% | 62.62% | 32.58% |
| Income Tax | 3.64M | 14.03M | 0 | 0 | 24K | 830K | 154K | 149K |
| Effective Tax Rate % | 100% | 100% | 0% | 0% | 0.14% | 1.08% | 0.13% | 0.23% |
| Net Income | 1.44M▲ 0% | 7.29M▲ 407.7% | 2.15M▼ 70.6% | 27.27M▲ 1171.1% | 17.29M▼ 36.6% | 75.94M▲ 339.3% | 116.32M▲ 53.2% | 65.61M▼ 43.6% |
| Net Margin % | 31.31% | 45.86% | 24.62% | 69.46% | 36.92% | 52.73% | 62.54% | 32.51% |
| Net Income Growth % | - | 407.67% | -70.56% | 1171.14% | -36.6% | 339.3% | 53.18% | -43.59% |
| Net Income (Continuing) | 1.44M | 7.29M | 2.15M | 27.27M | 17.29M | 75.94M | 116.32M | 65.61M |
| EPS (Diluted) | 0.35▲ 0% | 1.79▲ 411.4% | 0.43▼ 76.0% | 2.12▲ 393.0% | 0.74▼ 65.1% | 2.27▲ 206.8% | 2.15▼ 5.3% | 1.30▼ 39.5% |
| EPS Growth % | - | 411.43% | -75.98% | 393.02% | -65.09% | 206.76% | -5.29% | -39.53% |
| EPS (Basic) | 0.35 | 1.79 | 0.43 | 2.12 | 0.74 | 2.27 | 2.15 | 1.30 |
| Diluted Shares Outstanding | 4.07M | 4.07M | 4.96M | 12.85M | 23.28M | 33.39M | 54.12M | 50.29M |
NCDL Balance Sheet
Nuveen Churchill Direct Lending Corp. (NCDL) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 2.24M | 3.42M | 12.61M | 35.19M | 39.27M | 67.39M | 43.25M | 8.55M |
| Cash & Due from Banks | 2.24M | 3.42M | 12.61M | 35.19M | 39.27M | 67.39M | 43.25M | 8.55M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.98B |
| Investments Growth % | - | - | - | - | - | - | - | - |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.98B |
| Accounts Receivables | 0 | 0 | 0 | 12.61M | 14.22M | 21.59M | 19M | 13.73M |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | -164.67M | 0 | 0 | 773.06M | 1.2B | 1.64B | 2.08B | -1.98B |
| Total Current Assets | 167.46M | 0 | 0 | 47.86M | 53.53M | 89M | 62.3M | 22.28M |
| Total Non-Current Assets | 164.67M | 0 | 0 | 773.06M | 1.2B | 1.64B | 2.08B | 0 |
| Total Assets | 86.91M▲ 0% | 188.37M▲ 116.7% | 353.46M▲ 87.6% | 820.92M▲ 132.3% | 1.25B▲ 52.8% | 1.73B▲ 38.0% | 2.14B▲ 23.9% | 2.05B▼ 4.2% |
| Asset Growth % | - | 116.74% | 87.64% | 132.25% | 52.75% | 38.03% | 23.85% | -4.16% |
| Return on Assets (ROA) | 1.65% | 5.29% | 0.79% | 4.64% | 1.67% | 5.09% | 6% | 3.13% |
| Accounts Payable | 0 | 0 | 0 | 36.38M | 25.78M | 35.31M | 61.06M | 0 |
| Total Debt | 0 | 118.35M | 188.28M | 406.37M | 699.77M | 943.94M | 1.11B | 1.12B |
| Net Debt | -2.24M | 114.93M | 175.67M | 371.18M | 660.5M | 876.54M | 1.07B | 1.11B |
| Long-Term Debt | 0 | 118.35M | 188.28M | 406.37M | 699.77M | 943.94M | 1.11B | 1.12B |
| Short-Term Debt | 86.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | -2.79M | -118.35M | -188.28M | 4.12M | 3.45M | 3.73M | 4.08M | 64.24M |
| Total Current Liabilities | 180.82M | 0 | 0 | 36.38M | 25.78M | 35.31M | 61.06M | 0 |
| Total Non-Current Liabilities | 91.12M | 0 | 0 | 410.49M | 703.23M | 947.67M | 1.11B | 1.18B |
| Total Liabilities | 271.94M | 122.16M | 195.82M | 446.87M | 729M | 982.98M | 1.17B | 1.18B |
| Total Equity | 249.34M▲ 0% | 66.21M▼ 73.4% | 157.64M▲ 138.1% | 374.05M▲ 137.3% | 524.96M▲ 40.3% | 747.88M▲ 42.5% | 970.32M▲ 29.7% | 875.18M▼ 9.8% |
| Equity Growth % | - | -73.45% | 138.09% | 137.28% | 40.34% | 42.47% | 29.74% | -9.8% |
| Equity / Assets (Capital Ratio) | 286.89% | 35.15% | 44.6% | 45.56% | 41.86% | 43.21% | 45.26% | 42.6% |
| Return on Equity (ROE) | 0.58% | 4.62% | 1.92% | 10.26% | 3.85% | 11.93% | 13.54% | 7.11% |
| Book Value per Share | 61.33 | 16.29 | 31.75 | 29.11 | 22.55 | 22.40 | 17.93 | 17.40 |
| Tangible BV per Share | 61.33 | 16.29 | 31.75 | 29.11 | 22.55 | 22.40 | 17.93 | 17.40 |
| Common Stock | 0 | 33K | 84K | 193K | 287K | 412K | 534K | 494K |
| Additional Paid-in Capital | 0 | 63.97M | 161M | 370.43M | 548.6M | 776.72M | 996.29M | 930.39M |
| Retained Earnings | 70.75M | 2.21M | -3.45M | 3.43M | -23.93M | -29.25M | -26.5M | -55.71M |
| Accumulated OCI | 70.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 553K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NCDL Cash Flow Statement
Nuveen Churchill Direct Lending Corp. (NCDL) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 8.27M | -1.62M | 7.52M | 41.32M | 25.14M | 73.05M | 136.42M | 88.69M |
| Operating CF Growth % | - | -119.59% | 564.55% | 449.34% | -39.15% | 190.54% | 86.76% | -34.98% |
| Net Income | 1.44M | 7.29M | 2.15M | 27.27M | 17.29M | 75.94M | 116.32M | 65.61M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.06M | -149K | 3.42M | -6.5M | 26.95M | 3.46M | -1.91M | 12.28M |
| Working Capital Changes | 6.45M | -8.76M | 1.95M | 20.55M | -19.09M | -6.35M | 22.01M | 10.8M |
| Cash from Investing | -162.05M | -15.85M | -159.25M | -429.62M | -452.99M | -442.57M | -433.62M | 105.46M |
| Purchase of Investments | -173.51M | -107.12M | -211.2M | -610.69M | -502.25M | -589M | -863.57M | -350.74M |
| Sale/Maturity of Investments | 11.46M | 91.27M | 51.94M | 181.07M | 49.26M | 0 | 429.95M | 456.2M |
| Net Investment Activity | -162.05M | -15.85M | -159.25M | -429.62M | -452.99M | -589M | -433.62M | 105.46M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 146.43M | 0 | 0 |
| Cash from Financing | 156.13M | 19.17M | 161.33M | 411.7M | 431.93M | 397.65M | 273.06M | -174.98M |
| Dividends Paid | -882K | -5.63M | -3.28M | -14.71M | -34.66M | -63.19M | -95.23M | -102.25M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -33.53M | -65.75M |
| Stock Issued | 70.2M | -6.2M | 95M | 209.21M | 174.59M | 218.9M | 241.66M | 0 |
| Net Stock Activity | 70.2M | -6.2M | 95M | 209.21M | 174.59M | 218.9M | 208.13M | -65.75M |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 0 | 0 | 0 | 0 | 0 | -4.48M | 0 | 0 |
| Net Change in Cash | 2.34M▲ 0% | 1.19M▼ 49.4% | 9.19M▲ 675.3% | 22.58M▲ 145.8% | 4.13M▼ 81.7% | 28.13M▲ 580.3% | -24.14M▼ 185.8% | 19.18M▲ 179.4% |
| Exchange Rate Effect | 0 | -515K | -409K | -819K | 50K | 0 | 0 | 0 |
| Cash at Beginning | -104K | 2.24M | 3.42M | 12.61M | 35.19M | 39.32M | 67.44M | 43.3M |
| Cash at End | 2.24M | 3.42M | 12.61M | 35.19M | 39.32M | 67.44M | 43.3M | 62.48M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 8.27M▲ 0% | -1.62M▼ 119.6% | 7.52M▲ 564.5% | 41.32M▲ 449.3% | 25.14M▼ 39.1% | 73.05M▲ 190.5% | 136.42M▲ 86.8% | 88.69M▼ 35.0% |
| FCF Growth % | - | -119.59% | 564.55% | 449.34% | -39.15% | 190.54% | 86.76% | -34.98% |
NCDL Banking Ratios
Nuveen Churchill Direct Lending Corp. (NCDL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 0.58% | 4.62% | 1.92% | 10.26% | 3.85% | 11.93% | 13.54% | 7.11% |
| Return on Assets (ROA) | 1.65% | 5.29% | 0.79% | 4.64% | 1.67% | 5.09% | 6% | 3.13% |
| Net Interest Margin | 0% | 0% | 2.42% | 3.07% | 4.38% | 5.74% | 6.21% | 5.74% |
| Efficiency Ratio | -48.05% | -42.47% | 23.88% | 5.51% | 12.99% | 6.43% | -2.72% | 13.69% |
| Equity / Assets | 286.89% | 35.15% | 44.6% | 45.56% | 41.86% | 43.21% | 45.26% | 42.6% |
| Book Value / Share | 61.33 | 16.29 | 31.75 | 29.11 | 22.55 | 22.4 | 17.93 | 17.4 |
| NII Growth | - | - | - | 194.25% | 118.21% | 80.68% | 34.15% | -11.43% |
| Dividend Payout | 61.46% | - | - | - | - | 83.22% | - | - |
NCDL SEC Filings & Documents
Nuveen Churchill Direct Lending Corp. (NCDL) SEC filings — annual & quarterly reports (10-K, 10-Q)
NCDL Frequently Asked Questions
Nuveen Churchill Direct Lending Corp. (NCDL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Nuveen Churchill Direct Lending Corp. (NCDL) grew revenue by 8.5% over the past year. This is steady growth.
Yes, Nuveen Churchill Direct Lending Corp. (NCDL) is profitable, generating $78.0M in net income for fiscal year 2025 (32.5% net margin).
Dividend & Returns
Yes, Nuveen Churchill Direct Lending Corp. (NCDL) pays a dividend with a yield of 13.90%. This makes it attractive for income-focused investors.
Nuveen Churchill Direct Lending Corp. (NCDL) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.
Industry Metrics
Nuveen Churchill Direct Lending Corp. (NCDL) has a net interest margin (NIM) of 5.7%. This indicates healthy earnings from lending activities.
Nuveen Churchill Direct Lending Corp. (NCDL) has an efficiency ratio of 13.7%. This is excellent, indicating strong cost control.
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Nuveen Churchill Direct Lending Corp. (NCDL) financial analysis — history, returns, DCA and operating performance tools
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