TCPC Stock Analysis: BlackRock TCP Capital | NASDAQ
Asset Management | NASDAQ, USA | Market Cap: 282m USD | 12M Return: -48.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.02M
EPS Trend: -89.5%
Qual. Beats: 0
Rev. Trend: -80.5%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
BlackRock TCP Capital Corp. (TCPC) is a U.S.-based Business Development Company (BDC) that provides direct debt and equity financing to middle-market companies, primarily through senior secured loans, junior loans, mezzanine debt, and selective equity co-investments. The firm invests across a broad range of industries, including communications, retail, energy, healthcare, IT services, software, and specialty manufacturing, with a geographic focus on the United States. It is a micro-cap stock (approximately $282M USD market capitalization) listed on NASDAQ since 2012 and classified under the Financials sector (Asset Management & Custody Banks).
As a BDC, TCPC operates under a regulated structure designed to channel capital to small and mid-sized private businesses that typically lack access to public debt markets. This structure generally allows BDCs to use leverage to amplify returns and subjects them to specific distribution requirements to their shareholders. TCPCs broad sector mandate and willingness to invest in complex situations reflect the flexible, opportunistic approach common among publicly traded BDCs serving the U.S. middle-market lending segment.
- Floating-rate loan income benefits from elevated rates
- Non-accruals rise on middle-market borrower stress
- Dividend coverage pressured by compressed net interest spread
| 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: -856.4% < 20% (prev 287.3%; Δ -1.14k% < -1%) |
| CFO/TA 0.10 > 3% & CFO 144.7m > Net Income -126.1m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 0.36 > 1.5 & < 3 |
| Outstanding Shares: last quarter (84.3m) vs 12m ago -0.87% < -2% |
| Gross Margin: -76.52% > 18% (prev -85.80%; Δ 9.27% > 0.5%) |
| Asset Turnover: 1.43% > 50% (prev 2.06%; Δ -0.62% > 0%) |
| Interest Coverage Ratio: -1.45 > 6 (EBIT TTM -94.3m / Interest Expense TTM 65.1m) |
| A: -0.14 (Total Current Assets 115.6m - Total Current Liabilities 325.0m) / 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: 0.60 (Book Value of Equity 565.1m / Total Liabilities 944.4m) |
| Altman-Z'' = -3.17 = D |
As of July 05, 2026, the stock is trading at USD 3.36 with a total of 646,724 shares traded. Over the past week, the price has changed by +7.01%, over one month by -5.46%, over three months by -5.96% and over the past year by -48.81%.
Current recommended Stop Loss: 3.10 (which is 7.7% or 2 ATR below the current price).
BlackRock TCP Capital has received a consensus analysts rating of 2.60. Therefore, it is recommended to hold TCPC.
- StrongBuy: 0
- Buy: 0
- Hold: 4
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 4.2 | 24.1% |
P/E Forward = 8.2237
P/S = 1.4957
P/B = 0.513
P/EG = 0.9096
Revenue TTM = 24.4m USD
EBIT TTM = -94.3m USD
EBITDA TTM = -154.4m 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 (calculated: Debt 925.8m - CCE 93.3m)
Enterprise Value = 1.11b USD (281.9m + Debt 925.8m - CCE 93.3m)
Interest Coverage Ratio = -1.45 (Ebit TTM -94.3m / Interest Expense TTM 65.1m)
EV/FCF = 7.70x (Enterprise Value 1.11b / FCF TTM 144.7m)
FCF Yield = 12.98% (FCF TTM 144.7m / Enterprise Value 1.11b)
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 = 0.74 (Enterprise Value 1.11b / Total Assets 1.51b)
Interest Expense / Debt = 7.03% (Interest Expense 65.1m / Debt 925.8m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -74.5m (EBIT -94.3m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.36 (Total Current Assets 115.6m / Total Current Liabilities 325.0m)
Debt / Equity = 1.64 (Debt 925.8m / totalStockholderEquity, last quarter 565.1m)
Debt / EBITDA = -5.39 (negative EBITDA) (Net Debt 832.6m / EBITDA -154.4m)
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 = -4.94% (negative operating profit) (NOPAT -74.5m / Invested Capital 1.51b)
WACC = 6.58% (E(281.9m)/V(1.21b) * Re(9.96%) + D(925.8m)/V(1.21b) * Rd(7.03%) * (1-Tc(0.21)))
Discount Rate = 9.96% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -24.44 | Cagr: 18.31%
[DCF] Terminal Value 73.10% ; FCFF base≈211.7m ; Y1≈185.6m ; Y5≈150.0m
[DCF] Fair Price = 18.77 (EV 2.41b - Net Debt 832.6m = Equity 1.57b / Shares 83.9m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -89.47 | EPS CAGR: -14.46% | SUE: -0.78 | # QB: 0
Revenue Correlation: -80.52 | Revenue CAGR: -51.69% | SUE: -0.28 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.20 | Chg30d=+1.25% | Revisions=-40% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.20 | Chg30d=+3.85% | Revisions=-29% | Analysts=4
EPS current Year (2026-12-31): EPS=0.82 | Chg30d=+5.48% | Revisions=-40% | GrowthEPS=-36.1% | GrowthRev=-23.2%
EPS next Year (2027-12-31): EPS=0.71 | Chg30d=+11.86% | Revisions=+40% | GrowthEPS=-13.5% | GrowthRev=-9.3%
[Analyst] Revisions Ratio: -31% (up=3, down=7)