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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. In the quarter to June 2026, revenue fell 16.6%, EPS fell 78.1%, free cash flow fell 55.5% and total debt was flat, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.

10.62 0.24 −2.21%
Market cap
$536.4M
P/E
11.2×
Fwd P/E
9.5×
Dividend yield
4.24%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.24
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 14.57%

Capital & Financial Ratios $m

Market Cap 536.35
Revenue 191.73
Net Income 46.86
Free Cash Flow 113.10
Net Debt (45.76)
Current Ratio 0.06
Debt/Equity 0.00
P/E ratio 11.18
Fwd P/E 9.52
P/S ratio 2.74
P/B ratio 0.62
Past 5Y EPS Growth 24.65% (at or above 15%: strong)
This Y EPS Growth (14.92%) (below 0%: weak)
Next Y EPS Growth (2.90%) (below 0%: weak)
Next Y revenue growth (14.36%) (below 0%: weak)
Next 5Y EPS Growth (7.42%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

Dividends

Payout Ratio 0.47
Annual Dividend Rate 0.45
Annual Dividend Yield 4.24%
total individual payouts
2027 Powerpack
2026 1.51
0.04
0.02
0.02
2025 1.80
0.10
0.45
0.45
0.45
0.45
2024 1.90
0.45
0.10
0.45
0.10
0.45
0.10
0.45
2023 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 67 43 62 46
Receivables 22 19 14 14
Inventory — — — —
Other — — 15 9
89 62 92 69
2023 2024 2025 Q'26
Payables 35 61 41 36
ST’ Debt — — — —
Other 1 — — 1,089
39 65 49 1,130

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%

Revenue $m

Mar Jun Sep Dec Year
’26 46 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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.18 0.07 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — — — — 16.00 13.16

Analyst estimates 2026–2028

Powerpack
High — — — — — — — — 18.10 18.01
People
People Employees — — — — — — — — — —
Revenue/emp, $m — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income, $m
Income, $m Revenue — — — 15 13 36 82 162 224 208
Gross margin, % — — — 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT — — — 7 2 27 17 77 116 66
EBT margin, % — — — 47.32 16.12 75.13 20.99 47.46 51.99 31.64
Net income — — — 7 2 27 17 76 116 66
Depreciation — — — 0 3 (6) 27 (1) (7) 21
Per share, $
Per share, $ Revenue — — — 3.79 2.68 2.82 3.54 4.85 4.14 4.13
Earnings — — — 1.79 0.43 2.12 0.74 2.27 2.15 1.30
Cash flow — — — (4.42) (30.64) (30.28) (18.38) (11.07) (5.49) 3.86
Capex — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Free cash flow — — — (4.42) (30.64) (30.28) (18.38) (11.07) (5.49) 3.86
Book value — — — 16.29 31.75 29.11 22.55 22.40 17.93 17.40
Shares, m — — — 4 5 13 23 33 54 50
Valuation, ×
Valuation, × P/E — — — 8.05 8.05 8.05 8.05 8.05 7.80 10.18
P/S — — — 3.68 3.68 3.68 3.68 3.68 4.05 3.23
P/B — — — 0.80 0.80 0.80 0.80 0.80 0.94 0.77
EV/Sales — — — 9.10 9.10 9.10 9.10 9.10 8.81 8.29
EV/FCF — — — (3.98) (3.98) (3.98) (3.98) (3.98) (6.64) 8.88
Cash, $m
Cash, $m Operating cash flow — — — (18) (152) (389) (428) (370) (297) 194
Capex — — — — — — — — — —
Free cash flow — — — (18) (152) (389) (428) (370) (297) 194
Balance, $m
Balance, $m Working capital — — — 6 11 7 24 50 (3) 42
Total debt — — — 118 188 406 700 944 1,108 1,115
Net debt — — — 115 176 371 660 876 1,065 1,053
Shareholders’ equity — — — 66 158 374 525 748 970 875
Returns, %
Returns, % ROA — — — 0.00 0.79 4.64 1.67 5.09 6.00 3.13
ROIC — — — 4.54 1.82 2.52 3.75 5.59 6.23 5.56
ROE — — — 0.00 1.92 10.26 3.85 11.93 13.54 7.11
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
PFLT PennantPark Floating Rate Capital Ltd. $660.1M 12.8× 10.2× +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 $651.3M — (loss-making) 29.5× −4.25% (below 0%: shrinking) +157.14% (above 0%: growing) −39.48% (below 0%: shrinking) 100.00% 0.00% Compare
ACGP Associated Capital Group, Inc. $649.9M 14.8× 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. $629.0M 8.4× 9.9× −9.45% (below 0%: shrinking) −65.91% (below 0%: shrinking) +112.02% (above 0%: growing) 100.00% 70.73% Compare
GAIN Gladstone Investment Corporation $610.1M 3.6× 17.7× +20.43% (above 0%: growing) n/m +116.07% (above 0%: growing) 63.66% 76.50% Compare
OIO ESGL Holdings Limited $563.8M — (loss-making) — — n/m −65.30% (below 0%: shrinking) — 0.00% Compare
NCDL Nuveen Churchill Direct Lending Corp. $536.4M 11.2× 9.5× −16.57% (below 0%: shrinking) −78.13% (below 0%: shrinking) −55.51% (below 0%: shrinking) 100.00% 82.98%
NOAH Noah Holdings Ltd. $494.6M 5.8× 7.4× +3.97% (above 0%: growing) +38.89% (above 0%: growing) +214.30% (above 0%: growing) 100.00% 34.81% Compare
GLAD Gladstone Capital Corporation $436.7M 8.8× 10.0× +13.10% (above 0%: growing) +78.79% (above 0%: growing) −280.73% (below 0%: shrinking) 100.00% 71.30% Compare
Median of peers $619.5M 8.6× 10.0× +4.07% +21.15% +114.05% 100.00% 52.77%

All 120 Asset Management stocks →

Nuveen Churchill Direct Lending Corp. (NCDL) key facts

  • Concern: Nuveen Churchill Direct Lending Corp.’s revenue for fiscal 2025 (year ended December 2025) was $207.9 million, down 7.22% from fiscal 2024.
  • Nuveen Churchill Direct Lending Corp. (NCDL) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NCDL traded at $10.62, a market capitalization of $536.4 million.
  • Nuveen Churchill Direct Lending Corp. pays an annual dividend of $0.45 per share, a yield of 4.24%, with a payout ratio of 47.4%.
  • Return on equity was 7.11% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Nuveen Churchill Direct Lending Corp. (NCDL) Latest News

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stockrow.com/NCDL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com