(TCPC) BlackRock TCP Capital - Overview

Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 299m USD | Total Return: -46.1% in 12m

Stock Debt, Equity, Middle-Market, Loans, Mezzanine
Total Rating 20
Safety 70
Buy Signal -0.66
Asset Management +6.7
Asset Management & Custody Banks +6.7
Market Cap: 299m
Avg Trading Vol: 5.35M USD
ATR: 4.44%
Peers RS (IBD): 2.0
Risk 5d forecast
Volatility42.7%
Rel. Tail Risk-5.58%
Reward TTM
Sharpe Ratio-1.76
Alpha-64.69
Character TTM
Beta0.956
Beta Downside1.737
Drawdowns 3y
Max DD61.03%
CAGR/Max DD-0.32
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,
EPS CAGR: -22.59%
EPS Trend: -58.5%
Last SUE: -1.25
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: null,
Rev. CAGR: -53.56%
Rev. Trend: -51.4%
Last SUE: -3.55
Qual. Beats: 0
Description: TCPC BlackRock TCP Capital

BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a Business Development Company that focuses on direct equity and debt placements in U.S. middle-market firms across a broad array of sectors-including communications, retail, energy, healthcare, biotech, and technology. The firm typically provides senior secured or mezzanine financing ranging from $10 million to $35 million to companies with enterprise values of $100 million to $1.5 billion, while also pursuing equity stakes for ownership upside.

As of the latest Q1 2026 filing, TCPC reported a net asset value (NAV) of $10.48 per share and paid a quarterly dividend of $0.85, translating to an annualized yield of roughly 11.5%. The BDC’s loan portfolio has a weighted-average interest rate of 7.2%, reflecting the higher-rate environment that is boosting spread income for middle-market lenders. Additionally, demand for telecom infrastructure upgrades-driven by 5G rollout and increased data consumption-has emerged as a key sector catalyst supporting TCPC’s investment thesis.

For deeper insights, you might explore the ValueRay platform.

Headlines to Watch Out For
  • Middle-market loan demand impacts investment volume
  • Interest rate fluctuations affect net investment income
  • Credit quality of portfolio companies dictates losses
  • Regulatory changes for BDCs influence operational costs
  • Economic downturns reduce borrower repayment capacity
Piotroski VR‑10 (Strict) 3.5
Net Income: -88.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.06 > 0.02 and ΔFCF/TA -8.95 > 1.0
NWC/Revenue: -451.6% < 20% (prev 547.2%; Δ -998.8% < -1%)
CFO/TA 0.03 > 3% & CFO 53.5m > Net Income -88.9m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 0.25 > 1.5 & < 3
Outstanding Shares: last quarter (85.0m) vs 12m ago -0.40% < -2%
Gross Margin: 68.63% > 18% (prev -2.34%; Δ 7.10k% > 0.5%)
Asset Turnover: 3.01% > 50% (prev 1.08%; Δ 1.93% > 0%)
Interest Coverage Ratio: -1.17 > 6 (EBITDA TTM -22.8m / Interest Expense TTM 62.6m)
Altman Z'' -4.61
A: -0.15 (Total Current Assets 82.6m - Total Current Liabilities 325.0m) / Total Assets 1.65b
B: -0.69 (Retained Earnings -1.13b / Total Assets 1.65b)
C: -0.04 (EBIT TTM -73.1m / Avg Total Assets 1.79b)
D: -1.08 (Book Value of Equity -1.13b / Total Liabilities 1.05b)
Altman-Z'' Score: -4.61 = D
Beneish M
DSRI: 0.30 (Receivables 21.5m/28.1m, Revenue 53.7m/20.8m)
GMI: 1.00 (fallback, negative margins)
AQI: none (AQ_t none / AQ_t-1 none)
SGI: 2.59 (Revenue 53.7m / 20.8m)
TATA: -0.09 (NI -88.9m - CFO 53.5m) / TA 1.65b)
Beneish M-Score: cannot calculate (missing components)
What is the price of TCPC shares? As of April 05, 2026, the stock is trading at USD 3.61 with a total of 1,426,420 shares traded.
Over the past week, the price has changed by +4.65%, over one month by -4.88%, over three months by -32.32% and over the past year by -46.07%.
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?
Wallstreet Target Price 4.3 19.9%
Analysts Target Price 4.3 19.9%
TCPC Fundamental Data Overview as of 01 April 2026
P/E Forward = 4.1911
P/S = 1.4794
P/B = 0.4964
P/EG = 0.8818
Revenue TTM = 53.7m USD
EBIT TTM = -73.1m USD
EBITDA TTM = -22.8m USD
Long Term Debt = 710.5m USD (estimated: total debt 1.04b - short term 325.0m)
Short Term Debt = 325.0m USD (from shortTermDebt, last quarter)
Debt = 1.04b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 974.5m USD (from netDebt column, last quarter)
Enterprise Value = 1.27b USD (298.5m + Debt 1.04b - CCE 61.1m)
Interest Coverage Ratio = -1.17 (Ebit TTM -73.1m / Interest Expense TTM 62.6m)
EV/FCF = 12.26x (Enterprise Value 1.27b / FCF TTM 103.9m)
FCF Yield = 8.16% (FCF TTM 103.9m / Enterprise Value 1.27b)
 FCF Margin = 193.4% (FCF TTM 103.9m / Revenue TTM 53.7m)
 Net Margin = -165.6% (Net Income TTM -88.9m / Revenue TTM 53.7m)
Gross Margin = 68.63% ((Revenue TTM 53.7m - Cost of Revenue TTM 16.8m) / Revenue TTM)
Gross Margin QoQ = none% (prev 60.02%)
Tobins Q-Ratio = 0.77 (Enterprise Value 1.27b / Total Assets 1.65b)
Interest Expense / Debt = 1.29% (Interest Expense 13.3m / Debt 1.04b)
Taxrate = 21.0% (US default 21%)
NOPAT = -57.8m (EBIT -73.1m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.25 (Total Current Assets 82.6m / Total Current Liabilities 325.0m)
Debt / Equity = 1.73 (Debt 1.04b / totalStockholderEquity, last quarter 598.0m)
 Debt / EBITDA = -42.67 (negative EBITDA) (Net Debt 974.5m / EBITDA -22.8m)
 Debt / FCF = 9.38 (Net Debt 974.5m / FCF TTM 103.9m)
Total Stockholder Equity = 715.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -4.98% (Net Income -88.9m / Total Assets 1.65b)
RoE = -12.44% (Net Income TTM -88.9m / Total Stockholder Equity 715.0m)
RoCE = -5.13% (EBIT -73.1m / Capital Employed (Equity 715.0m + L.T.Debt 710.5m))
 RoIC = -3.20% (negative operating profit) (NOPAT -57.8m / Invested Capital 1.81b)
 WACC = 2.88% (E(298.5m)/V(1.33b) * Re(9.34%) + D(1.04b)/V(1.33b) * Rd(1.29%) * (1-Tc(0.21)))
Discount Rate = 9.34% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 21.29%
[DCF] Terminal Value 87.24% ; FCFF base≈179.6m ; Y1≈197.6m ; Y5≈253.8m
[DCF] Fair Price = 76.95 (EV 7.46b - Net Debt 974.5m = Equity 6.49b / Shares 84.3m; r=6.0% [WACC]; 5y FCF grow 11.50% → 3.0% )
EPS Correlation: -58.53 | EPS CAGR: -22.59% | SUE: -1.25 | # QB: 0
Revenue Correlation: -51.38 | Revenue CAGR: -53.56% | SUE: -3.55 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.20 | Chg7d=-0.025 | Chg30d=-0.025 | Revisions Net=-3 | Analysts=4
EPS current Year (2026-12-31): EPS=0.78 | Chg7d=-0.117 | Chg30d=-0.117 | Revisions Net=-2 | Growth EPS=-39.5% | Growth Revenue=-24.0%
EPS next Year (2027-12-31): EPS=0.63 | Chg7d=-0.068 | Chg30d=-0.068 | Revisions Net=+0 | Growth EPS=-18.4% | Growth Revenue=-8.8%
[Analyst] Revisions Ratio: -1.00 (0 Up / 3 Down within 30d for Next Quarter)
External Resources
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