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Nuveen Churchill Direct Lending Corp.

NCDL Financial Asset Management

Nuveen Churchill Direct Lending Corp.’s revenue for fiscal 2025 (year ended December 2025) was $207.9 million, down 7.22% from fiscal 2024.

Revenue
−14.5%
EPS
−22.6%
Free cash flow
+70.8%
Total debt
+0.61%

Quarter to September 2026, against a year earlier

11.82 0.11 −0.92%
Market cap
$585.9M
P/E
13.8×
Fwd P/E
11.0×
Dividend yield
3.77%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.24
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 14.57%

Capital & Financial Ratios $m

Size
Market Cap 585.87
Revenue ttm 184.30
Net income ttm 44.19
Free cash flow ttm 139.46
Net debt Q (39.11)
Valuation
P/E 13.83
Forward P/E 11.00
Price / sales 3.20
Forward P/S Powerpack
Price / FCF 4.23
Price / book 0.70
Financial health
Current ratio Q 0.06
Debt / equity Q 0.00
Interest coverage Q 2.20
Growth
Revenue growth Q −14.54% (below 0%: shrinking)
Operating income growth Q −15.22% (below 0%: shrinking)
EPS, this year −15.04% (below 0%: weak)
EPS, next year A +0.73%
Revenue, next year A −13.88% (below 0%: weak)
EPS, past 5 yrs +24.65% (at or above 15%: strong)
EPS, next 5 yrs A −4.15% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

Dividends

Yield
3.77%
Annual rate
0.45
Payout ratio
52.1%
Growth, 2024–25
−5.26%/yr
  1. 1.90 ’24
  2. 1.80 ’25 −5
  3. 1.51 ’26e −16
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 67 43 62 39
Receivables 22 19 14 20
Inventory — — — —
Other — — 15 —
89 62 92 59
2023 2024 2025 Q'26
Payables 35 61 41 33
ST’ Debt — — — —
Other 1 — — 1,028
39 65 49 1,068

Compound Annual Growth %

10y 5y 3y
Sales — 73.29% 36.10%
Cash Flow — 0.00% 0.00%
Earnings — 98.20% 55.99%
Book Value — 40.89% 18.57%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.37 Actual 0.38

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.46 0.43 Miss by 0.03
Q4 FY25 0.43 0.44 Beat by 0.01
Q2 FY26 0.38 0.41 Beat by 0.03
Q3 FY26 0.37 0.38 Beat by 0.01

EPS $

Mar Jun Sep Dec Year
’26 0.18 0.07 0.29 — —
’25 0.29 0.32 0.38 0.32 1.30
’24 0.57 0.37 0.67 0.54 2.15
’23 0.44 0.47 0.58 0.73 2.27
’22 0.33 (0.12) 0.24 0.29 0.74
’21 0.45 0.50 0.60 0.56 2.12
’20 (1.03) (0.54) 0.92 1.09 0.43
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 46 44 44 — —
’25 54 53 51 50 208
’24 52 55 60 57 224
’23 34 37 42 49 162
’22 14 16 23 29 82
’21 6 8 10 13 36
’20 3 3 3 5 13
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (14) 61 64 — —
’25 (9) 137 37 29 194
’24 (98) (169) (42) 12 (297)
’23 (41) (79) (114) (135) (370)
’22 (69) (157) (113) (88) (428)
’21 (25) (124) (158) (83) (389)
’20 11 4 (38) (129) (152)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (14) 61 64 — —
’25 (9) 137 37 29 194
’24 (98) (169) (42) 12 (297)
’23 (41) (79) (114) (135) (370)
’22 (69) (157) (113) (88) (428)
’21 (25) (124) (158) (83) (389)
’20 11 4 (38) (129) (152)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 15 13 36 82 162 224 208 184 +54.3% 179 176 — (7.9%)
Gross margin, % — — — 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT — — — 7 2 27 17 77 116 66 43 +44.3%
EBT margin, % — — — 47.32 16.12 75.13 20.99 47.46 51.99 31.64 23.50 (15.7) pt
Net income — — — 7 2 27 17 76 116 66 44 +44.2%
Per share, $
Per share, $ Revenue — — — 3.79 2.68 2.82 3.54 4.85 4.14 4.13 3.73 +1.5%
Earnings — — — 1.79 0.43 2.12 0.74 2.27 2.15 1.30 0.86 (5.2%)
Cash flow — — — (4.42) (30.64) (30.28) (18.38) (11.07) (5.49) 3.86 2.82 n/m
Capex — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow — — — (4.42) (30.64) (30.28) (18.38) (11.07) (5.49) 3.86 2.82 n/m
Book value — — — 16.29 31.75 29.11 22.55 22.40 17.93 17.40 17.13 +1.1%
Shares, m — — — 4 5 13 23 33 54 50 50 +52.1%
Valuation, ×
Valuation, × P/E — — — 8.05 8.05 8.05 8.05 8.05 7.80 10.18 13.83 8.3
P/S — — — 4.35 4.35 4.35 4.35 4.35 4.05 3.23 3.20 4.1
P/B — — — 0.94 0.94 0.94 0.94 0.94 0.94 0.77 0.70 0.9
EV/Sales — — — 9.10 9.10 9.10 9.10 9.10 8.81 8.29 — 8.9
EV/FCF — — — (3.98) (3.98) (3.98) (3.98) (3.98) (6.64) 8.88 — (2.5)
Cash, $m
Cash, $m Operating cash flow — — — (18) (152) (389) (428) (370) (297) 194 139 n/m
Capex — — — — — — — — — — — —
Free cash flow — — — (18) (152) (389) (428) (370) (297) 194 139 n/m
Balance, $m
Balance, $m Working capital — — — 6 11 7 24 50 (3) 42 (1,009) +39.3%
Net debt — — — 115 176 371 660 876 1,065 1,053 (39) +44.7%
Shareholders’ equity — — — 66 158 374 525 748 970 875 846 +53.8%
Returns, %
Returns, % ROA — — — 0.00 0.79 4.64 1.67 5.09 6.00 3.13 2.23 +3.1 pt
ROIC — — — 4.54 1.82 2.52 3.75 5.59 6.23 5.56 11.52 +1.0 pt
ROE — — — 0.00 1.92 10.26 3.85 11.93 13.54 7.11 5.12 +7.1 pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Nuveen Churchill Direct Lending Corp. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BCSF Bain Capital Specialty Finance, Inc. $724.6M 11.3× 10.3× −12.14% (below 0%: shrinking) −40.54% (below 0%: shrinking) +10,857.59% (above 0%: growing) 100.00% 80.20% Compare
PFLT PennantPark Floating Rate Capital Ltd. $677.7M 13.4× 11.7× +4.07% (above 0%: growing) −57.89% (below 0%: shrinking) +392.80% (above 0%: growing) 100.00% 77.14% Compare
NMFC New Mountain Finance Corporation $661.2M — (loss-making) 39.1× −30.93% (below 0%: shrinking) −64.00% (below 0%: shrinking) −46.09% (below 0%: shrinking) 100.00% 0.00% Compare
ACGP Associated Capital Group, Inc. $649.9M 14.6× 4.2× +13.32% (above 0%: growing) +3.41% (above 0%: growing) +254.80% (above 0%: growing) 100.00% (314.07%) Compare
SLRC SLR Investment Corp. $643.0M 11.3× 10.4× −13.42% (below 0%: shrinking) −67.67% (below 0%: shrinking) +77.74% (above 0%: growing) 100.00% 71.09% Compare
TIPT Tiptree Financial Inc. $640.0M 1.6× — (loss-making) −100.00% (below 0%: shrinking) −17.82% (below 0%: shrinking) −238.91% (below 0%: shrinking) 100.00% 0.00% Compare
GAIN Gladstone Investment Corporation $594.9M 3.6× 41.5× +20.43% (above 0%: growing) n/m +116.07% (above 0%: growing) 63.66% 76.50% Compare
NCDL Nuveen Churchill Direct Lending Corp. $585.9M 13.8× 11.0× −14.54% (below 0%: shrinking) −22.61% (below 0%: shrinking) +70.77% (above 0%: growing) 100.00% 78.80%
VINP Vinci Compass Investments Ltd. $563.4M 11.8× 14.6× +30.12% (above 0%: growing) −26.32% (below 0%: shrinking) +17.98% (above 0%: growing) 100.00% 27.59% Compare
Median of peers $646.4M 11.3× 11.7× −4.03% −40.54% +96.91% 100.00% 49.34%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 7 April 2026

Ownership

Directors and executive officers, together less than 1%
Teachers Insurance and Annuity Association of America 13.79%
Cresset Partners BDC Fund II, LLC 5.67%
Cresset Partners BDC Fund I, LLC 5.56%
Steven G. Segal 5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Nuveen Churchill Direct Lending Corp. (NCDL) Latest News

4 Nov

Impact 4 · · GuruFocus.com transcript
Impact 3 · · MarketBeat
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Impact 3 · · Business Wire

3 Nov

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Impact 3 · · The Motley Fool transcript
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9 Sep

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8 Aug

Impact 3 · · MarketBeat transcript

6 Aug

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10 Jul

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29 Jun

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12 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · Business Wire

27 Feb

Impact 4 · · Moby
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26 Feb

Impact 4 · · GuruFocus.comGuruFocus.comGuruFocus.comGuruFocus.com
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5 Nov

Impact 3 · · Moby

9 May

Impact 4 · transcript

8 May

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22 Jan

Impact 3 · · Business Wire

7 Nov

Impact 4 · · Business Wire

9 Oct

Impact 3 · · Business Wire

7 Aug

Impact 4 · · Business Wire
stockrow.com/NCDL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com