Overview Dividends

(TCPC) BlackRock TCP Capital - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US09259E1082

Loans, Debt, Mezzanine, Equity

TCPC EPS (Earnings per Share)

EPS Growth (3Y CAGR): -57.49%
EPS Trend (3Y Correlation): -66.8%

TCPC Revenue

Revenue Growth (3Y CAGR): -65.89%
Revenue Trend (3Y Correlation): -51.3%

Description: TCPC BlackRock TCP Capital October 22, 2025

BlackRock TCP Capital Corp. (NASDAQ:TCPC) operates as a Business Development Company (BDC) that concentrates on direct equity and debt placements in U.S. middle-market firms. Typical commitments range from $10 million to $35 million into companies valued between $100 million and $1.5 billion, with a clear preference for equity stakes that provide ownership control. Its sector coverage is broad, spanning communication services, retail, energy, healthcare, biotech, and a variety of technology and industrial niches.

According to the most recent 10-K (filed 2024-02), TCPC reported assets under management of roughly $1.2 billion and a net asset value (NAV) per share of $23.45, delivering a dividend yield of about 7.9 %-a figure that remains attractive in a low-growth rate environment. Two macro-level drivers are especially relevant: (1) the prevailing low-interest-rate backdrop, which reduces financing costs for leveraged middle-market transactions and supports the BDC’s debt-heavy strategy; and (2) a rebound in U.S. M&A activity in sectors like healthcare and technology, which expands deal flow and potential exit opportunities for TCPC’s portfolio companies.

If you want a deeper, data-driven look at how TCPC’s valuation metrics compare to peers, a quick browse of ValueRay’s analytics dashboard can provide the context you need.

TCPC Stock Overview

Market Cap in USD	485m
Sub-Industry	Asset Management & Custody Banks
IPO / Inception	2012-04-04

TCPC Stock Ratings

Growth Rating	-65.7%
Fundamental	40.1%
Dividend Rating	67.7%
Return 12m vs S&P 500	-33.3%
Analyst Rating	2.60 of 5

TCPC Dividends

Dividend Yield 12m	20.88%
Yield on Cost 5y	19.90%
Annual Growth 5y	2.55%
Payout Consistency	94.9%
Payout Ratio	111.2%

TCPC Growth Ratios

Growth Correlation 3m	-87.6%
Growth Correlation 12m	-79.1%
Growth Correlation 5y	-33.9%
CAGR 5y	-14.70%
CAGR/Max DD 3y (Calmar Ratio)	-0.34
CAGR/Mean DD 3y (Pain Ratio)	-0.88
Sharpe Ratio 12m	-0.14
Alpha	-33.85
Beta	1.072
Volatility	23.93%
Current Volume	1089.7k
Average Volume 20d	618.4k
Stop Loss	5.5 (-3.5%)
Signal	-1.04

Piotroski VR‑10 (Strict, 0-10) 1.5

Net Income (-11.9m TTM) > 0 and > 6% of Revenue (6% = 8.93m TTM)

FCFTA 0.09 (>2.0%) and ΔFCFTA 0.40pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 81.91% (prev 135.8%; Δ -53.88pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.09 (>3.0%) and CFO 183.9m > Net Income -11.9m (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 15.50 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (85.0m) change vs 12m ago -0.64% (target <= -2.0% for YES)

Gross Margin 59.46% (prev 76.42%; Δ -16.96pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 7.16% (prev 7.30%; Δ -0.14pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.48 (EBITDA TTM -11.4m / Interest Expense TTM 69.9m) >= 6 (WARN >= 3)

Altman Z'' -2.01

(A) 0.06 = (Total Current Assets 130.3m - Total Current Liabilities 8.41m) / Total Assets 1.94b

(B) -0.51 = Retained Earnings (Balance) -990.4m / Total Assets 1.94b

(D) -0.83 = Book Value of Equity -990.3m / Total Liabilities 1.20b

Total Rating: -2.01 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 40.12

1. Piotroski 1.50pt = -3.50

2. FCF Yield 12.30% = 5.0

3. FCF Margin data missing

4. Debt/Equity 1.51 = 1.46

5. Debt/Ebitda 9.41 = -2.50

6. ROIC - WACC (= -2.32)% = -2.90

7. RoE -1.50% = -0.25

8. Rev. Trend -51.28% = -3.85

9. EPS Trend -66.78% = -3.34

What is the price of TCPC shares?

As of November 08, 2025, the stock is trading at USD 5.70 with a total of 1,089,739 shares traded.
Over the past week, the price has changed by +0.35%, over one month by -2.40%, over three months by -14.79% and over the past year by -23.98%.

Is BlackRock TCP Capital a good stock to buy?

No, based on ValueRay´s Fundamental Analyses, BlackRock TCP Capital (NASDAQ:TCPC) is currently (November 2025) a stock to sell. It has a ValueRay Fundamental Rating of 40.12 and therefor a negative outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of TCPC is around 6.05 USD . This means that TCPC is currently overvalued and has a potential downside of 6.14%.

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.

Strong Buy: 0
Buy: 0
Hold: 4
Sell: 0
Strong Sell: 1

What are the forecasts/targets for the TCPC price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	7.2	25.8%
Analysts Target Price	7.2	25.8%
ValueRay Target Price	6.5	13.7%

TCPC Fundamental Data Overview November 02, 2025

Market Cap USD = 484.7m (484.7m USD * 1.0 USD.USD)
P/E Forward = 6.6534
P/S = 2.0235
P/B = 0.7028
P/EG = 0.8818
Beta = 1.072
Revenue TTM = 148.8m USD
EBIT TTM = 33.9m USD
EBITDA TTM = -11.4m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 1.12b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -107.3m USD (from netDebt column, last quarter)
Enterprise Value = 1.50b USD (484.7m + Debt 1.12b - CCE 107.3m)
Interest Coverage Ratio = 0.48 (Ebit TTM 33.9m / Interest Expense TTM 69.9m)
FCF Yield = 12.30% (FCF TTM 183.9m / Enterprise Value 1.50b)
FCF Margin = 123.6% (FCF TTM 183.9m / Revenue TTM 148.8m)
Net Margin = -8.02% (Net Income TTM -11.9m / Revenue TTM 148.8m)
Gross Margin = 59.46% ((Revenue TTM 148.8m - Cost of Revenue TTM 60.3m) / Revenue TTM)
Gross Margin QoQ = -582.8% (prev 60.79%)
Tobins Q-Ratio = 0.77 (Enterprise Value 1.50b / Total Assets 1.94b)
Interest Expense / Debt = 1.53% (Interest Expense 17.1m / Debt 1.12b)
Taxrate = -0.83% (negative due to tax credits) (522.6k / -62.6m)
NOPAT = 34.2m (EBIT 33.9m * (1 - -0.83%)) [negative tax rate / tax credits]
Current Ratio = 15.50 (Total Current Assets 130.3m / Total Current Liabilities 8.41m)
Debt / Equity = 1.51 (Debt 1.12b / totalStockholderEquity, last quarter 740.5m)
Debt / EBITDA = 9.41 (negative EBITDA) (Net Debt -107.3m / EBITDA -11.4m)
Debt / FCF = -0.58 (Net Debt -107.3m / FCF TTM 183.9m)
Total Stockholder Equity = 793.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -0.62% (Net Income -11.9m / Total Assets 1.94b)
RoE = -1.50% (Net Income TTM -11.9m / Total Stockholder Equity 793.1m)
RoCE = 1.76% (EBIT 33.9m / Capital Employed (Total Assets 1.94b - Current Liab 8.41m))
RoIC = 1.77% (NOPAT 34.2m / Invested Capital 1.93b)
WACC = 4.09% (E(484.7m)/V(1.60b) * Re(9.97%) + D(1.12b)/V(1.60b) * Rd(1.53%) * (1-Tc(-0.01)))
Discount Rate = 9.97% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 21.33%
[DCF Debug] Terminal Value 75.44% ; FCFE base≈191.1m ; Y1≈235.7m ; Y5≈402.2m
Fair Price DCF = 57.61 (DCF Value 4.90b / Shares Outstanding 85.0m; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: -66.78 | EPS CAGR: -57.49% | SUE: -4.0 | # QB: 0
Revenue Correlation: -51.28 | Revenue CAGR: -65.89% | SUE: -0.64 | # QB: 0

Additional Sources for TCPC Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle