Latest Ratios: P/E Ratio 9.8x · EV/EBITDA 12.1x · ROE 7.1%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $629M | $671M | $908M | — | — | — | — | — | — |
| Enterprise Value | $1.7B | $1.8B | $2.0B | — | — | — | — | — | — |
| P/E Ratio → | 9.80 | 10.26 | 7.80 | — | — | — | — | — | — |
| P/S Ratio | 3.12 | 3.32 | 4.88 | — | — | — | — | — | — |
| P/B Ratio | 0.73 | 0.77 | 0.94 | — | — | — | — | — | — |
| P/FCF | 3.24 | 3.46 | 6.66 | — | — | — | — | — | — |
| P/OCF | 3.24 | 3.46 | 6.66 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.81 | 10.61 | — | — | — | — | — | — |
| EV / EBITDA | 12.08 | 12.37 | 16.94 | — | — | — | — | — | — |
| EV / EBIT | 12.08 | 12.37 | 16.94 | — | — | — | — | — | — |
| EV / FCF | — | 9.15 | 14.46 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.9% | 84.9% | 59.9% | 59.7% | 50.0% | 75.0% | 48.5% | 87.7% | 89.0% |
| Operating Margin | 71.2% | 71.2% | 62.6% | 53.3% | 37.0% | 69.5% | 24.6% | 108.6% | 67.3% |
| Net Profit Margin | 32.5% | 32.5% | 62.5% | 52.7% | 36.9% | 69.5% | 24.6% | 45.9% | 31.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.1% | 7.1% | 13.5% | 11.9% | 3.8% | 10.3% | 1.9% | 4.6% | 0.6% |
| ROA | 3.1% | 3.1% | 6.0% | 5.1% | 1.7% | 4.6% | 0.8% | 5.3% | 1.7% |
| ROIC | 5.3% | 5.3% | 4.6% | 3.9% | 1.3% | 3.6% | 0.6% | 6.0% | 0.9% |
| ROCE | 6.8% | 6.8% | 6.2% | 5.3% | 1.7% | 5.0% | 0.8% | 12.5% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.27 | 1.27 | 1.14 | 1.26 | 1.33 | 1.09 | 1.19 | 1.79 | — |
| Debt / EBITDA | 7.76 | 7.76 | 9.51 | 12.30 | 40.43 | 14.90 | 87.77 | 6.19 | — |
| Net Debt / Equity | — | 1.26 | 1.10 | 1.17 | 1.26 | 0.99 | 1.11 | 1.74 | -0.01 |
| Net Debt / EBITDA | 7.70 | 7.70 | 9.14 | 11.42 | 38.16 | 13.61 | 81.90 | 6.02 | -0.56 |
| Debt / FCF | — | 5.70 | 7.81 | 12.00 | 26.27 | 8.98 | 23.36 | — | -0.27 |
| Interest Coverage | 1.84 | 1.84 | 1.46 | 1.25 | 0.67 | 2.77 | 0.48 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 1.02 | 2.52 | 2.08 | 1.32 | — | — | 0.93 |
| Quick Ratio | — | — | 1.02 | 2.52 | 2.08 | 1.32 | — | — | 0.93 |
| Cash Ratio | — | — | 0.71 | 1.91 | 1.52 | 0.97 | — | — | 0.01 |
| Asset Turnover | — | 0.10 | 0.09 | 0.08 | 0.04 | 0.05 | 0.02 | 0.08 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 16.0% | — | — | — | — | — | — | — | — |
| Payout Ratio | 155.8% | 155.8% | — | 83.2% | — | — | — | — | 61.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.2% | 9.7% | 12.8% | — | — | — | — | — | — |
| FCF Yield | 30.9% | 28.9% | 15.0% | — | — | — | — | — | — |
| Buyback Yield | 10.4% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 26.4% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $50M | $54M | $33M | $23M | $13M | $5M | $4M | $4M |
Middle-market credit quality deterioration
Based on current market data, NCDL trades at a P/B of 0.73, which, according to recent financial disclosures, suggests the market is pricing in significant potential for future portfolio write-downs relative to its peers like Ares Capital or Blue Owl.
The forward P/E of 8.06 implies that investors are skeptical of the company's ability to maintain current earnings levels, likely due to the observed volatility in net margins. This valuation discount relative to the broader BDC sector warrants further investigation into whether the market is correctly identifying structural risks or if the stock is currently mispriced.
As reported in quarterly filings, NCDL's ROE has trended downward from 4.1% in 2023Q4 to a mere 1.0% in 2026Q1, indicating that the firm is struggling to generate meaningful returns on its invested capital base.
The consistent decline in ROIC suggests that the company's underwriting discipline or portfolio yield may be failing to keep pace with its cost of capital. Investors should monitor whether this decay is a temporary byproduct of the recent IPO transition or a structural issue inherent to the current portfolio composition.
According to the provided financial data, NCDL's asset turnover remains stagnant at 0.02, which, when combined with fluctuating DSO figures, suggests that the company is facing significant friction in its ability to efficiently recycle capital through its lending cycle.
The lack of improvement in asset turnover implies that the firm is not effectively leveraging its balance sheet to drive incremental revenue. This inefficiency appears to be a drag on overall profitability and suggests that the company's operational model may be less scalable than initially anticipated.
Based on reported figures, NCDL's debt-to-equity ratio has increased from 0.82 in 2024Q1 to 1.32 in 2026Q1, signaling that the firm is increasingly reliant on debt to sustain its operations as its equity base continues to contract.
The rising leverage profile, coupled with an interest coverage ratio that has compressed to 1.50, suggests that the company's ability to service its debt is becoming less comfortable. This trend warrants close monitoring, as any further deterioration in interest coverage could limit the firm's financial flexibility.
Investors frequently prioritize NCDL's 16.0% dividend yield, yet as reported in financial statements, this metric obscures the reality that distributions are often not supported by recurring operational cash flow, which is a critical oversight for this business model.
The dividend yield is a misleading indicator of health for a BDC that is currently experiencing margin compression and negative retained earnings. Analysts should instead focus on the Net Investment Income (NII) coverage ratio and the trend in non-accrual loans to assess the true sustainability of shareholder payouts.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NCDL stock.
Nuveen Churchill Direct Lending Corp.'s current P/E ratio is 9.8x. The historical average is 9.0x. This places it at the 50th percentile of its historical range.
Nuveen Churchill Direct Lending Corp.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Nuveen Churchill Direct Lending Corp.'s return on equity (ROE) is 7.1%. The historical average is 6.7%.
Based on historical data, Nuveen Churchill Direct Lending Corp. is trading at a P/E of 9.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nuveen Churchill Direct Lending Corp.'s current dividend yield is 15.96% with a payout ratio of 155.8%.
Nuveen Churchill Direct Lending Corp. has 84.9% gross margin and 71.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Nuveen Churchill Direct Lending Corp.'s Debt/EBITDA ratio is 7.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.