Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -12.9%. (2009–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $272M | $465M | $694M | $667M | $748M | $780M | $652M | $826M | $767M | $871M | $861M |
| Enterprise Value | $1.2B | $1.4B | $1.7B | $1.5B | $1.6B | $1.8B | $1.5B | $1.7B | $1.5B | $1.5B | $1.4B |
| P/E Ratio → | -3.09 | — | — | 17.22 | — | 5.82 | 9.14 | 27.02 | 16.94 | 12.84 | 11.27 |
| P/S Ratio | — | — | 33.42 | 3.18 | 4.13 | 4.73 | 3.79 | 4.23 | 4.03 | 6.62 | 6.65 |
| P/B Ratio | 0.46 | 0.78 | 0.88 | 0.97 | 1.00 | 0.94 | 0.85 | 1.06 | 0.92 | 1.00 | 1.09 |
| P/FCF | 1.75 | 3.00 | 2.37 | 7.45 | 3.67 | — | 5.33 | 175.92 | — | — | — |
| P/OCF | 1.75 | 3.00 | 2.37 | 7.45 | 3.67 | — | 5.33 | 175.92 | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 82.86 | 7.35 | 8.89 | 10.74 | 8.61 | 8.65 | 8.11 | 11.48 | 10.66 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 1544232206.64 | 16.66 | 14.38 |
| EV / EBIT | — | — | — | 9.96 | 12.59 | 15.62 | 11.91 | 11.95 | 11.53 | 16.66 | 14.38 |
| EV / FCF | — | 9.29 | 5.87 | 17.21 | 7.89 | — | 12.11 | 359.79 | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 122.1% | 122.1% | -218.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 78.8% | 83.7% |
| Operating Margin | 29.9% | 29.9% | -301.5% | 73.9% | 70.6% | 68.8% | 72.3% | 72.4% | 70.3% | 68.9% | 74.1% |
| Net Profit Margin | 116.5% | 116.5% | -304.1% | 18.4% | -5.1% | 81.0% | 41.5% | 15.7% | 23.9% | 68.8% | 73.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.9% | -12.9% | -8.6% | 5.4% | -1.2% | 16.8% | 9.3% | 3.8% | 5.3% | 10.9% | 12.6% |
| ROA | -5.0% | -5.0% | -3.5% | 2.3% | -0.5% | 7.5% | 4.2% | 1.8% | 2.8% | 6.0% | 7.2% |
| ROIC | -1.0% | -1.0% | -2.6% | 6.9% | 5.4% | 4.9% | 5.7% | 6.4% | 6.2% | 4.6% | 5.6% |
| ROCE | -1.4% | -1.4% | -3.5% | 9.2% | 7.2% | 6.5% | 7.5% | 8.4% | 8.2% | 6.1% | 7.4% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.73 | 1.73 | 1.42 | 1.43 | 1.26 | 1.22 | 1.11 | 1.17 | 0.97 | 0.83 | 0.72 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 999999.00 | 8.00 | 5.96 |
| Net Debt / Equity | — | 1.63 | 1.31 | 1.27 | 1.15 | 1.20 | 1.08 | 1.11 | 0.94 | 0.73 | 0.66 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 777281790.00 | 7.05 | 5.40 |
| Debt / FCF | — | 6.29 | 3.50 | 9.76 | 4.22 | — | 6.79 | 183.87 | — | — | — |
| Interest Coverage | -0.35 | -0.35 | -0.95 | 3.52 | 3.60 | 3.18 | 3.41 | 3.39 | 3.31 | 3.25 | 4.55 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.25 | 0.25 | 14.52 | 5.40 | 7.54 | 1.21 | 0.87 | 2.81 | 4.97 | 4.24 | 3.45 |
| Quick Ratio | 0.25 | 0.25 | 14.52 | 5.40 | 7.54 | 1.21 | 0.87 | 2.81 | 4.97 | 4.24 | 3.45 |
| Cash Ratio | 0.19 | 0.19 | 10.90 | 4.32 | 5.85 | 0.49 | 0.46 | 1.88 | 2.42 | 3.29 | 2.68 |
| Asset Turnover | — | -0.05 | 0.01 | 0.12 | 0.11 | 0.09 | 0.10 | 0.11 | 0.11 | 0.08 | 0.09 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 34.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | 51.8% | 107.3% | 276.7% | 186.2% | 91.2% | 77.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 5.8% | — | 17.2% | 10.9% | 3.7% | 5.9% | 7.8% | 8.9% |
| FCF Yield | 57.0% | 33.3% | 42.2% | 13.4% | 27.3% | — | 18.8% | 0.6% | — | — | — |
| Buyback Yield | 1.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 35.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $85M | $80M | $58M | $58M | $58M | $58M | $59M | $59M | $57M | $51M |
Portfolio Valuation Volatility
As reported in financial statements, TCPC trades at a P/B ratio of 0.46, a significant discount to its institutional peers, which suggests that the market is pricing in substantial potential for further downward revisions to the company's net asset value following recent portfolio valuation adjustments.
The forward P/E of 4.01 appears to be a misleading indicator of value, as it likely fails to account for the recurring nature of non-cash valuation losses that have plagued recent earnings. Investors should monitor whether this deep discount to NAV represents a genuine value opportunity or a structural trap driven by the persistent erosion of the underlying loan portfolio.
Based on the provided quarterly data, TCPC's ROIC has trended into negative territory, reaching -0.0% in 2026Q1, which indicates that the firm is currently failing to generate positive returns on its invested capital compared to the historical performance observed in earlier periods.
The shift from positive ROIC to negative figures suggests that the cost of capital and the impact of portfolio mark-downs are currently outpacing the interest income generated by the debt book. This trend warrants further investigation into whether the current investment strategy can effectively pivot back to positive compounding without further diluting shareholder equity.
According to recent SEC filings, TCPC maintains a debt-to-equity ratio of 1.64 as of 2026Q1, which remains elevated relative to the company's shrinking asset base and suggests that the firm is operating with limited flexibility to absorb further credit-related shocks within its middle-market portfolio.
While the absolute debt levels may have fluctuated, the persistence of a high D/E ratio in the face of declining total assets indicates that the company is not deleveraging in proportion to its portfolio risk. This leverage profile may constrain the firm's ability to participate in new, higher-quality originations, potentially forcing a reliance on lower-quality legacy assets.
As reported in financial statements, the headline dividend yield of 34.6% is frequently misapplied by investors as a measure of income stability, whereas it actually serves as a signal of extreme market distress regarding the sustainability of future payouts given the company's recent negative revenue growth.
Relying on dividend yield for a BDC in this state obscures the reality that payouts may be funded by capital recycling or debt rather than sustainable net investment income. Analysts should instead focus on the PIK-to-Total Income ratio and NII coverage to determine if the dividend is supported by cash-generating assets or if it is merely a temporary distribution of remaining capital.
Includes 30+ ratios · 17 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 TCPC stock.
BlackRock TCP Capital Corp.'s current P/E ratio is -3.1x. The historical average is 13.8x.
BlackRock TCP Capital Corp.'s return on equity (ROE) is -12.9%. The historical average is 6.9%.
Based on historical data, BlackRock TCP Capital Corp. is trading at a P/E of -3.1x. Compare with industry peers and growth rates for a complete picture.
BlackRock TCP Capital Corp.'s current dividend yield is 34.56%.
BlackRock TCP Capital Corp. has 122.1% gross margin and 29.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.