Nuveen Churchill Direct Lending Corp. (NCDL) Financial Ratios
8 years of historical data (2018–2025) · Financial Services · Asset Management
EV/EBITDA
↓
12.53
↓-15% vs avg
5yr avg: 14.66
30Y Low12.4·High16.9
P/FCF
↑
7.81
+10% vs avg
5yr avg: 7.11
30Y Low6.7·High7.6
P/B Ratio
↓
0.81
-5% vs avg
5yr avg: 0.85
30Y Low0.8·High0.9
ROE
↓
7.1%
↑-24% vs avg
5yr avg: 9.3%
30Y Low1%·High14%
Debt/EBITDA
↓
7.76
↓-54% vs avg
5yr avg: 16.98
30Y Low6.2·High40.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NCDL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Nuveen Churchill Direct Lending Corp. trades at 10.8x earnings, 19% above its 5-year average of 9.0x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.1x, the stock trades at a discount of 18%. On a free-cash-flow basis, the stock trades at 7.8x P/FCF, 10% above the 5-year average of 7.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $693M | $671M | $908M | — | — | — | — | — | — |
| Enterprise Value | $1.8B | $1.8B | $2.0B | — | — | — | — | — | — |
| P/E Ratio → | 10.79 | 10.26 | 7.80 | — | — | — | — | — | — |
| P/S Ratio | 3.43 | 3.32 | 4.88 | — | — | — | — | — | — |
| P/B Ratio | 0.81 | 0.77 | 0.94 | — | — | — | — | — | — |
| P/FCF | 7.81 | 7.56 | 6.66 | — | — | — | — | — | — |
| P/OCF | 7.81 | 7.56 | 6.66 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
NCDL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Nuveen Churchill Direct Lending Corp.'s enterprise value stands at 12.5x EBITDA, 15% below its 5-year average of 14.7x. The Financial Services sector median is 11.5x, placing the stock at a 9% premium on an enterprise-value basis.
| 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 | 12.53 | 12.37 | 16.94 | — | — | — | — | — | — |
| EV / EBIT | 12.53 | 12.37 | 16.94 | — | — | — | — | — | — |
| EV / FCF | — | 20.04 | 14.46 | — | — | — | — | — | — |
NCDL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Nuveen Churchill Direct Lending Corp. earns an operating margin of 71.2%, significantly above the Financial Services sector average of 21.6%. Operating margins have expanded from 53.3% to 71.2% over the past 3 years, signaling improving operational efficiency. ROE of 7.1% is modest, trailing the sector median of 9.4%. ROIC of 5.3% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
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% |
Return on Capital
| 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% | — |
NCDL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Nuveen Churchill Direct Lending Corp. carries a Debt/EBITDA ratio of 7.8x, which is highly leveraged (87% above the sector average of 4.1x). Net debt stands at $1.1B ($1.1B total debt minus $9M cash). Interest coverage of just 1.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | — | 12.48 | 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 | — | — |
NCDL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio has declined from 2.52x to 1.02x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — |
NCDL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Nuveen Churchill Direct Lending Corp. returns 24.0% to shareholders annually — split between a 14.5% dividend yield and 9.5% buyback yield. The earnings yield of 9.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 14.5% | 15.2% | 10.5% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | 83.2% | — | — | — | — | 61.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 9.7% | 12.8% | — | — | — | — | — | — |
| FCF Yield | 12.8% | 13.2% | 15.0% | — | — | — | — | — | — |
| Buyback Yield | 9.5% | 9.8% | 3.7% | — | — | — | — | — | — |
| Total Shareholder Yield | 24.0% | 25.0% | 14.2% | — | — | — | — | — | — |
| Shares Outstanding | — | $50M | $54M | $33M | $23M | $13M | $5M | $4M | $4M |
Peer Comparison
Compare NCDL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NCDLYou | $693M | 10.8 | 12.5 | 7.8 | 84.9% | 71.2% | 7.1% | 5.3% | 7.8 |
 ARCC | $14B | 10.2 | 13.1 | 11.9 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 FSCO | $1B | 5.4 | 6.5 | 15.2 | 81.3% | 77.5% | 13.5% | 8.1% | 2.3 |
 GBDC | $3B | 9.3 | 12.1 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 OBDC | $6B | 9.2 | 12.1 | 3.3 | 75.3% | 73.2% | 9.4% | 6.1% | 7.5 |
 TPVG | $243M | 4.9 | 9.1 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 CGBD | $859M | 7.5 | 19.6 | 8.2 | 59.2% | 54.7% | 9.8% | 3.7% | 10.6 |
 FSK | $3B | 278.4 | 13.9 | 5.2 | 69.6% | 49.5% | 0.2% | 3.2% | 10.1 |
 MFIC | $1B | 17.4 | 15.7 | 10.8 | 83.4% | 71.6% | 4.7% | 4.6% | 10.5 |
 PFLT | $888M | 12.4 | 37.7 | 9.3 | 45.6% | 39.4% | 6.8% | 2.1% | 26.3 |
 SLRC | $745M | 8.0 | 11.5 | — | 73.3% | 72.9% | 9.3% | 5.8% | 7.0 |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 8 years · Updated daily
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Start ComparisonNCDL — Frequently Asked Questions
Quick answers to the most common questions about buying NCDL stock.
What is Nuveen Churchill Direct Lending Corp.'s P/E ratio?
Nuveen Churchill Direct Lending Corp.'s current P/E ratio is 10.8x. The historical average is 9.0x. This places it at the 100th percentile of its historical range.
What is Nuveen Churchill Direct Lending Corp.'s EV/EBITDA?
Nuveen Churchill Direct Lending Corp.'s current EV/EBITDA is 12.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
What is Nuveen Churchill Direct Lending Corp.'s ROE?
Nuveen Churchill Direct Lending Corp.'s return on equity (ROE) is 7.1%. The historical average is 6.7%.
Is NCDL stock overvalued?
Based on historical data, Nuveen Churchill Direct Lending Corp. is trading at a P/E of 10.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Nuveen Churchill Direct Lending Corp.'s dividend yield?
Nuveen Churchill Direct Lending Corp.'s current dividend yield is 14.49%.
What are Nuveen Churchill Direct Lending Corp.'s profit margins?
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.
How much debt does Nuveen Churchill Direct Lending Corp. have?
Nuveen Churchill Direct Lending Corp.'s Debt/EBITDA ratio is 7.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.