TCPC Stock Analysis: BlackRock TCP Capital | NASDAQ
Asset Management | NASDAQ, USA | Market Cap: 346m USD | 12M Return: -12.9% | US09259E1082 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.16M
EPS Trend: -96.0%
Qual. Beats: 2
Rev. Trend: -27.3%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.9 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 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: -199.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.72 > 0.02 and ΔFCF/TA 61.72 > 1.0 |
| NWC/Revenue: 599.3% < 20% (prev 69.00%; Δ 530.3% < -1%) |
| CFO/TA 0.72 > 3% & CFO 587.8m > Net Income -199.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 23.68 > 1.5 & < 3 |
| Outstanding Shares: last quarter (83.9m) vs 12m ago -1.33% < -2% |
| Gross Margin: 58.37% > 18% (prev 1.57%; Δ 56.80% > 0.5%) |
| Asset Turnover: 3.08% > 50% (prev 3.68%; Δ -0.60% > 0%) |
| Interest Coverage Ratio: -0.41 > 6 (EBIT TTM -22.6m / Interest Expense TTM 55.6m) |
| A: 0.30 (Total Current Assets 253.1m - Total Current Liabilities 10.7m) / Total Assets 816.5m |
| B: -1.54 (Retained Earnings -1.26b / Total Assets 816.5m) |
| C: -0.02 (EBIT TTM -22.6m / Avg Total Assets 1.31b) |
| D: 1.36 (Book Value of Equity 471.0m / Total Liabilities 345.5m) |
| Altman-Z'' = -1.75 = D |
As of November 12, 2026, the stock is trading at USD 4.15 with a total of 473,499 shares traded. Over the past week, the price has changed by -5.03%, over one month by +4.27%, over three months by +11.12% and over the past year by -12.87%.
Current recommended Stop Loss: 3.80 (which is 8.4% or 2.5 ATR below the current price).
BlackRock TCP Capital has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold TCPC.
- StrongBuy: 0
- Buy: 0
- Hold: 4
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 4.5 | 8.4% |
P/E Forward = 10.4932
P/S = 1.9526
P/B = 0.766
P/EG = 0.9096
Revenue TTM = 40.5m USD
EBIT TTM = -22.6m USD
EBITDA TTM = -22.6m USD
Long Term Debt = unknown (none)
Short Term Debt = 325.0m USD (from shortTermDebt, last fiscal year)
Debt = 326.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 73.2m USD (calculated: Debt 326.4m - CCE 253.1m)
Enterprise Value = 418.9m USD (345.7m + Debt 326.4m - CCE 253.1m)
Interest Coverage Ratio = -0.41 (Ebit TTM -22.6m / Interest Expense TTM 55.6m)
EV/FCF = 0.71x (Enterprise Value 418.9m / FCF TTM 587.8m)
FCF Yield = 140.3% (FCF TTM 587.8m / Enterprise Value 418.9m)
FCF Margin = 1.45k% (FCF TTM 587.8m / Revenue TTM 40.5m)
Net Margin = -493.5% (Net Income TTM -199.7m / Revenue TTM 40.5m)
Gross Margin = 58.37% ((Revenue TTM 40.5m - Cost of Revenue TTM 16.8m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.51 (Enterprise Value 418.9m / Total Assets 816.5m)
Interest Expense / Debt = 17.02% (Interest Expense 55.6m / Debt 326.4m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -17.8m (EBIT -22.6m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 23.68 (Total Current Assets 253.1m / Total Current Liabilities 10.7m)
Debt / Equity = 0.69 (Debt 326.4m / totalStockholderEquity, last quarter 471.0m)
Debt / EBITDA = -3.25 (negative EBITDA) (Net Debt 73.2m / EBITDA -22.6m)
Debt / FCF = 0.12 (Net Debt 73.2m / FCF TTM 587.8m)
Total Stockholder Equity = 546.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -15.20% (Net Income -199.7m / Total Assets 816.5m)
RoE = -36.53% (Net Income TTM -199.7m / Total Stockholder Equity 546.5m)
RoCE = -2.80% (EBIT -22.6m / Capital Employed (Total Assets 816.5m - Current Liab 10.7m))
RoIC = -1.58% (negative operating profit) (NOPAT -17.8m / Invested Capital 1.13b)
WACC = 11.31% (E(345.7m)/V(672.1m) * Re(9.29%) + D(326.4m)/V(672.1m) * Rd(17.02%) * (1-Tc(0.21)))
Discount Rate = 9.29% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -94.70 | Cagr: -0.88%
[DCF] Terminal Value 69.02% ; FCFF base≈427.1m ; Y1≈489.6m ; Y5≈720.6m
[DCF] Fair Price = 83.88 (EV 7.11b - Net Debt 73.2m = Equity 7.04b / Shares 83.9m; r=11.31% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -96.04 | EPS CAGR: -23.09% | SUE: 1.76 | # QB: 2
Revenue Correlation: -27.26 | Revenue CAGR: -18.47% | SUE: -0.72 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.09 | Chg30d=-10.26% | Revisions=-57% | Analysts=4
EPS current Year (2026-12-31): EPS=0.66 | Chg30d=+0.76% | Revisions=-57% | GrowthEPS=-48.4% | GrowthRev=-35.9%
EPS next Year (2027-12-31): EPS=0.36 | Chg30d=-12.46% | Revisions=+25% | GrowthEPS=-45.0% | GrowthRev=-36.7%
[Analyst] Revisions Ratio: -58% (up=1, down=8)