(TCPC) BlackRock TCP Capital - Overview

Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 348m USD | Total Return: -36.9% in 12m

Senior Secured Loans, Junior Loans, Mezzanine Debt, Equity Investments
Total Rating 17
Safety 40
Buy Signal -0.63
Asset Management
Industry Rotation: +5.0
Market Cap: 348M
Avg Turnover: 2.23M
Risk 3d forecast
Volatility35.4%
VaR 5th Pctl6.03%
VaR vs Median3.36%
Reward TTM
Sharpe Ratio-1.39
Rel. Str. IBD9.4
Rel. Str. Peer Group8.2
Character TTM
Beta1.173
Beta Downside1.558
Hurst Exponent0.577
Drawdowns 3y
Max DD61.03%
CAGR/Max DD-0.27
CAGR/Mean DD-0.74
EPS (Earnings per Share) EPS (Earnings per Share) of TCPC over the last years for every Quarter: "2021-03": 0.32, "2021-06": 0.31, "2021-09": 0.32, "2021-12": 0.31, "2022-03": 0.34, "2022-06": 0.37, "2022-09": 0.42, "2022-12": 0.39, "2023-03": 0.43, "2023-06": 0.48, "2023-09": 0.49, "2023-12": 0.44, "2024-03": 0.45, "2024-06": 0.42, "2024-09": 0.36, "2024-12": 0.4, "2025-03": 0.36, "2025-06": -0.19, "2025-09": 0.32, "2025-12": 0.28, "2026-03": 0.22,
EPS CAGR: -12.95%
EPS Trend: -51.3%
Last SUE: -0.07
Qual. Beats: 0
Revenue Revenue of TCPC over the last years for every Quarter: 2021-03: 41.163902, 2021-06: 41.644683, 2021-09: 42.716078, 2021-12: 39.581045, 2022-03: 42.150909, 2022-06: 43.955385, 2022-09: 48.206329, 2022-12: 46.689837, 2023-03: 50.30835, 2023-06: 53.960838, 2023-09: 54.210941, 2023-12: 50.848754, 2024-03: 20.825294, 2024-06: -28.954685, 2024-09: 45.962495, 2024-12: -17.068119, 2025-03: 39.09699, 2025-06: 2.50262, 2025-09: 42.059289, 2025-12: -29.964151, 2026-03: 9.85223,
Rev. CAGR: -32.89%
Rev. Trend: -44.9%
Last SUE: -0.28
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

No distinct edge detected

Description: TCPC BlackRock TCP Capital

BlackRock TCP Capital Corp. (TCPC) is a Business Development Company (BDC) that provides financing solutions to middle-market firms in the United States. The fund specializes in direct lending and equity participation, targeting companies with enterprise values ranging from $100 million to $1.5 billion. Its portfolio is diversified across numerous sectors, including healthcare, technology, energy, and communication services.

As a BDC, the company typically structures its investments as senior secured loans to prioritize capital preservation while generating income through interest payments. This business model relies on the yield spread between the cost of borrowing and the interest rates charged to portfolio companies. BDCs are legally required to distribute at least 90% of their taxable income to shareholders annually to maintain their tax-advantaged status.

Investors can further evaluate these yield structures and portfolio health by reviewing the detailed metrics available on ValueRay. The fund’s investment strategy often focuses on complex financial situations where traditional bank lending may be unavailable.

Headlines to Watch Out For
  • Net interest margin fluctuates with Federal Reserve benchmark interest rate movements
  • Credit quality of middle-market portfolio companies impacts net asset value stability
  • Merger with BlackRock Capital Investment Corporation alters scale and expense ratios
  • Senior secured loan concentration determines recovery rates during economic downturns
  • Dividend coverage levels depend on consistent interest income from debt investments
Piotroski VR‑10 (Strict) 1.5
Net Income: -126.1m TTM > 0 and > 6% of Revenue
FCF/TA: 0.10 > 0.02 and ΔFCF/TA -6.86 > 1.0
NWC/Revenue: 398.5% < 20% (prev 287.3%; Δ 111.2% < -1%)
CFO/TA 0.10 > 3% & CFO 144.7m > Net Income -126.1m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 6.35 > 1.5 & < 3
Outstanding Shares: last quarter (84.3m) vs 12m ago -0.87% < -2%
Gross Margin: -76.52% > 18% (prev -0.86%; Δ -7.57k% > 0.5%)
Asset Turnover: 1.43% > 50% (prev 2.06%; Δ -0.62% > 0%)
Interest Coverage Ratio: -1.45 > 6 (EBITDA TTM -95.0m / Interest Expense TTM 65.1m)
Altman Z'' -3.75
A: 0.06 (Total Current Assets 115.6m - Total Current Liabilities 18.2m) / Total Assets 1.51b
B: -0.77 (Retained Earnings -1.16b / Total Assets 1.51b)
C: -0.06 (EBIT TTM -94.3m / Avg Total Assets 1.70b)
D: -1.23 (Book Value of Equity -1.16b / Total Liabilities 944.4m)
Altman-Z'' Score: -3.75 = D
What is the price of TCPC shares? As of May 17, 2026, the stock is trading at USD 4.15 with a total of 508,101 shares traded.
Over the past week, the price has changed by -0.95%, over one month by -4.60%, over three months by -8.16% and over the past year by -36.87%.
Is TCPC a buy, sell or hold? BlackRock TCP Capital has received a consensus analysts rating of 2.60. Therefor, it is recommend to hold TCPC.
  • StrongBuy: 0
  • Buy: 0
  • Hold: 4
  • Sell: 0
  • StrongSell: 1
What are the forecasts/targets for the TCPC price?
Analysts Target Price 4.2 0.5%
BlackRock TCP Capital (TCPC) - Fundamental Data Overview as of 14 May 2026
P/E Forward = 4.9875
P/S = 1.7464
P/B = 0.6221
P/EG = 0.9096
Revenue TTM = 24.4m USD
EBIT TTM = -94.3m USD
EBITDA TTM = -95.0m USD
Long Term Debt = 907.6m USD (estimated: total debt 925.8m - short term 18.2m)
Short Term Debt = 18.2m USD (from shortTermDebt, last quarter)
Debt = 925.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 832.6m USD (from netDebt column, last quarter)
Enterprise Value = 1.18b USD (348.2m + Debt 925.8m - CCE 93.3m)
Interest Coverage Ratio = -1.45 (Ebit TTM -94.3m / Interest Expense TTM 65.1m)
EV/FCF = 8.16x (Enterprise Value 1.18b / FCF TTM 144.7m)
FCF Yield = 12.25% (FCF TTM 144.7m / Enterprise Value 1.18b)
 FCF Margin = 591.8% (FCF TTM 144.7m / Revenue TTM 24.4m)
 Net Margin = -515.9% (Net Income TTM -126.1m / Revenue TTM 24.4m)
 Gross Margin = -76.52% ((Revenue TTM 24.4m - Cost of Revenue TTM 43.2m) / Revenue TTM)
Gross Margin QoQ = 46.73% (prev none%)
Tobins Q-Ratio = 0.78 (Enterprise Value 1.18b / Total Assets 1.51b)
Interest Expense / Debt = 1.73% (Interest Expense 16.0m / Debt 925.8m)
Taxrate = 21.0% (US default 21%)
NOPAT = -74.5m (EBIT -94.3m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 6.35 (Total Current Assets 115.6m / Total Current Liabilities 18.2m)
Debt / Equity = 1.64 (Debt 925.8m / totalStockholderEquity, last quarter 565.1m)
 Debt / EBITDA = -8.77 (negative EBITDA) (Net Debt 832.6m / EBITDA -95.0m)
 Debt / FCF = 5.75 (Net Debt 832.6m / FCF TTM 144.7m)
Total Stockholder Equity = 660.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -7.40% (Net Income -126.1m / Total Assets 1.51b)
RoE = -19.08% (Net Income TTM -126.1m / Total Stockholder Equity 660.9m)
RoCE = -6.01% (EBIT -94.3m / Capital Employed (Equity 660.9m + L.T.Debt 907.6m))
 RoIC = -4.18% (negative operating profit) (NOPAT -74.5m / Invested Capital 1.78b)
 WACC = 3.76% (E(348.2m)/V(1.27b) * Re(10.11%) + D(925.8m)/V(1.27b) * Rd(1.73%) * (1-Tc(0.21)))
Discount Rate = 10.11% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -24.44 | Cagr: 18.31%
[DCF] Terminal Value 86.18% ; FCFF base≈211.7m ; Y1≈208.3m ; Y5≈213.9m
[DCF] Fair Price = 65.99 (EV 6.37b - Net Debt 832.6m = Equity 5.54b / Shares 83.9m; r=6.0% [WACC]; 5y FCF grow -2.50% → 3.0% )
EPS Correlation: -51.32 | EPS CAGR: -12.95% | SUE: -0.07 | # QB: 0
Revenue Correlation: -44.94 | Revenue CAGR: -32.89% | SUE: -0.28 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.20 | Chg30d=+0.00% | Revisions=-43% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.20 | Chg30d=+2.56% | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=0.81 | Chg30d=+4.52% | Revisions=-25% | GrowthEPS=-36.7% | GrowthRev=-24.4%
EPS next Year (2027-12-31): EPS=0.64 | Chg30d=+0.79% | Revisions=+0% | GrowthEPS=-21.3% | GrowthRev=-11.7%
[Analyst] Revisions Ratio: -43%