(NCDL) Nuveen Churchill Direct - Overview
Sector: Financial Services | Industry: Asset Management | Exchange: NYSE (USA) | Market Cap: 641m USD | Total Return: -4.1% in 12m
Avg Turnover: 2.65M
Qual. Beats: 0
Rev. Trend: 68.3%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
Nuveen Churchill Direct Lending Corp. (NCDL) is a Delaware-incorporated business development company (BDC) that operates as a closed-end, externally managed investment firm. The company specializes in providing senior secured loans and unitranche financing to U.S. middle-market companies backed by private equity sponsors. These target companies typically report annual EBITDA between $10 million and $100 million.
The BDC business model is designed to provide capital to private companies that may lack access to traditional public debt markets, often resulting in higher yields for the lender. As a regulated investment company, NCDL is required to distribute at least 90% of its taxable income to shareholders annually to maintain its tax-advantaged status. While the primary focus is on first-lien senior secured debt to minimize risk, the firm also pursues opportunistic investments in junior capital, including subordinated debt and equity-related securities.
Investors can further examine these portfolio dynamics and valuation metrics on ValueRay. This disciplined approach to middle-market lending aims to generate consistent current income and risk-adjusted returns through privately originated debt instruments.
- Floating rate senior loan yields drive net interest income in high-rate environments
- Middle market credit quality fluctuations impact net asset value and loss provisions
- Private equity sponsor deal flow determines deployment volume and origination fee revenue
- Leverage ratios and borrowing costs influence dividend coverage and equity valuation spreads
- Concentration in first-lien debt provides downside protection during economic downturns and volatility
| Net Income: 59.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 14.41 > 1.0 |
| NWC/Revenue: 18.70% < 20% (prev 19.21%; Δ -0.51% < -1%) |
| CFO/TA 0.06 > 3% & CFO 128.4m > Net Income 59.3m |
| Net Debt (1.12b) to EBITDA (77.5m): 14.49 < 3 |
| Current Ratio: error (cannot be calculated; needs correct Total Current Assets and Liabilities) |
| Outstanding Shares: last quarter (49.4m) vs 12m ago -5.41% < -2% |
| Gross Margin: 60.77% > 18% (prev 0.59%; Δ 6.02k% > 0.5%) |
| Asset Turnover: 7.48% > 50% (prev 8.99%; Δ -1.51% > 0%) |
| Interest Coverage Ratio: 1.07 > 6 (EBITDA TTM 77.5m / Interest Expense TTM 72.5m) |
| A: 0.01 (Total Current Assets 29.5m - Total Current Liabilities 0.0) / Total Assets 2.05b |
| B: -0.03 (Retained Earnings -66.8m / Total Assets 2.05b) |
| C: 0.04 (EBIT TTM 77.5m / Avg Total Assets 2.11b) |
| D: -0.06 (Book Value of Equity -66.3m / Total Liabilities 1.18b) |
| Altman-Z'' = 0.18 = B |
As of May 24, 2026, the stock is trading at USD 12.98 with a total of 131,553 shares traded.
Over the past week, the price has changed by -3.01%,
over one month by -7.93%,
over three months by -1.47% and
over the past year by -4.12%.
Nuveen Churchill Direct has received a consensus analysts rating of 3.83. Therefore, it is recommended to buy NCDL.
- StrongBuy: 2
- Buy: 1
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 15 | 15.6% |
P/E Forward = 7.9302
P/S = 8.8591
P/B = 0.7419
Revenue TTM = 157.9m USD
EBIT TTM = 77.5m USD
EBITDA TTM = 77.5m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 1.14b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.12b USD (calculated: Debt 1.14b - CCE 15.3m)
Enterprise Value = 1.76b USD (641.0m + Debt 1.14b - CCE 15.3m)
Interest Coverage Ratio = 1.07 (Ebit TTM 77.5m / Interest Expense TTM 72.5m)
EV/FCF = 13.73x (Enterprise Value 1.76b / FCF TTM 128.4m)
FCF Yield = 7.28% (FCF TTM 128.4m / Enterprise Value 1.76b)
FCF Margin = 81.36% (FCF TTM 128.4m / Revenue TTM 157.9m)
Net Margin = 37.55% (Net Income TTM 59.3m / Revenue TTM 157.9m)
Gross Margin = 60.77% ((Revenue TTM 157.9m - Cost of Revenue TTM 61.9m) / Revenue TTM)
Gross Margin QoQ = 83.35% (prev 53.51%)
Tobins Q-Ratio = 0.86 (Enterprise Value 1.76b / Total Assets 2.05b)
Interest Expense / Debt = 6.37% (Interest Expense 72.5m / Debt 1.14b)
Taxrate = 2.85% (255k / 8.94m)
NOPAT = 75.3m (EBIT 77.5m * (1 - 2.85%))
Current Ratio = unknown (Total Current Assets 29.5m / Total Current Liabilities 0.0)
Debt / Equity = 1.32 (Debt 1.14b / totalStockholderEquity, last quarter 864.1m)
Debt / EBITDA = 14.49 (Net Debt 1.12b / EBITDA 77.5m)
Debt / FCF = 8.74 (Net Debt 1.12b / FCF TTM 128.4m)
Total Stockholder Equity = 877.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.81% (Net Income 59.3m / Total Assets 2.05b)
RoE = 6.28% (Net Income TTM 59.3m / Total Stockholder Equity 943.9m)
RoCE = 3.78% (EBIT 77.5m / Capital Employed (Total Assets 2.05b - Current Liab 0.0))
RoIC = 3.81% (EBIT 77.5m / (Assets 2.05b - Curr.Liab 0.0 - Cash 15.3m))
WACC = 6.62% (E(641.0m)/V(1.78b) * Re(7.38%) + D(1.14b)/V(1.78b) * Rd(6.37%) * (1-Tc(0.03)))
Discount Rate = 7.38% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -44.95 | Cagr: 8.34%
[DCF] Terminal Value 75.44% ; FCFF base≈128.4m ; Y1≈129.0m ; Y5≈136.6m
[DCF] Fair Price = 20.29 (EV 2.12b - Net Debt 1.12b = Equity 1.00b / Shares 49.4m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.27 | # QB: 0
Revenue Correlation: 68.28 | Revenue CAGR: 18.88% | SUE: -0.33 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.40 | Chg30d=-5.29% | Revisions=-33% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.39 | Chg30d=-3.00% | Revisions=+20% | Analysts=5
EPS current Year (2026-12-31): EPS=1.59 | Chg30d=-3.39% | Revisions=-33% | GrowthEPS=-14.8% | GrowthRev=-10.9%
EPS next Year (2027-12-31): EPS=1.54 | Chg30d=-2.76% | Revisions=-14% | GrowthEPS=-2.6% | GrowthRev=-0.7%
[Analyst] Revisions Ratio: -33%