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BLACKROCK TCP CAPITAL CORP.

TCPC Financial Asset Management

BLACKROCK TCP CAPITAL CORP.’s revenue for fiscal 2025 (year ended December 2025) was $201.8 million, down 22.2% from fiscal 2024.

Revenue
−22.2%
EPS
−375.9%
Free cash flow
+181.4%
Total debt
−69.0%

Quarter to September 2026, against a year earlier

4.26 0.01 −0.23%
Market cap
$358.3M
P/E
0.0×
Fwd P/E
−6.8×
Dividend yield
17.8%
F-score
3/9
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

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.37%

Capital & Financial Ratios $m

Size
Market Cap 358.27
Revenue ttm 177.04
Net income ttm (199.59)
Free cash flow ttm 587.84
Net debt Q 73.33
Valuation
P/E 0.00
Forward P/E (6.82) (negative: loss-making)
Price / sales 2.02
Forward P/S Powerpack
Price / FCF 0.61
Price / book 0.76
Financial health
Current ratio Q 29.31
Debt / equity Q 0.69
Interest coverage Q 0.00
Growth
Revenue growth Q −22.23% (below 0%: shrinking)
Operating income growth Q −34.25% (below 0%: shrinking)
EPS, this year −49.30% (below 0%: weak)
EPS, next year A −42.14% (below 0%: weak)
Revenue, next year A −35.87% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −22.97% (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

P/S against its own 10 years 7.15%
10-year low 10-year high
P/B against its own 10 years 15.44%
10-year low 10-year high

Dividends

Yield
17.8%
Annual rate
0.76
Payout ratio
—
Growth, 2017–25
−4.46%/yr
  1. 1.44 ’17
  2. 1.44 ’18 +0
  3. 1.44 ’19 +0
  4. 1.32 ’20 −8
  5. 1.20 ’21 −9
  6. 1.22 ’22 +2
  7. 1.00 ’23 −18
  8. 1.36 ’24 +36
  9. 1.00 ’25 −26
  10. 0.67 ’26e −33
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 112 92 61 253
Receivables — 5 26 —
Inventory — — — —
Other — — — —
112 97 87 —
2023 2024 2025 Q'26
Payables 2 1 1 0
ST’ Debt — — — —
Other — — — —
5 5 6 5

Compound Annual Growth %

10y 5y 3y
Sales 3.23% 3.23% 3.69%
Cash Flow 14.22% 4.84% (8.76%)
Earnings 0.00% 0.00% 0.00%
Book Value (1.87%) (4.81%) (7.14%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.20 Actual 0.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 0.34 0.32 Miss by 0.02
Q3 FY25 0.33 0.32 Miss by 0.01
Q1 FY26 0.20 0.21 Beat by 0.01
Q2 FY26 0.20 0.22 Beat by 0.02
Q3 FY26 0.12 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.19) 0.02 (0.80) — —
’25 0.25 (0.19) 0.29 (1.40) (1.05)
’24 0.08 (0.60) 0.25 (0.48) (0.79)
’23 0.39 0.28 0.22 (0.23) 0.67
’22 0.22 0.00 0.45 (0.83) (0.16)
’21 0.61 0.95 0.19 0.56 2.32
’20 (1.18) 0.80 0.81 0.83 1.23
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 43 40 — — —
’25 56 51 51 44 202
’24 56 72 71 61 259
’23 50 54 54 51 209
’22 42 44 48 47 181
’21 41 42 43 40 165
’20 41 45 43 43 172
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 159 96 292 — —
’25 53 (42) 104 41 155
’24 33 86 102 72 293
’23 (40) 46 47 40 92
’22 27 10 132 35 204
’21 (120) 15 56 (33) (83)
’20 (66) 74 30 85 122
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 159 96 292 — —
’25 53 (42) 104 41 155
’24 33 86 102 72 293
’23 (40) 46 47 40 92
’22 27 10 132 35 204
’21 (120) 15 56 (33) (83)
’20 (66) 74 30 85 122
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
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 148 176 190 195 172 165 181 209 259 202 177 +3.5% 129 82 85 (24.9%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 96 113 93 95 83 73 88 107 132 110 87 +1.5%
EBT margin, % 64.67 64.46 49.07 48.60 48.36 43.94 48.86 51.02 50.99 54.42 48.94 (10.3) pt
Net income 76 68 45 31 71 134 (9) 38 (63) (89) (200) n/m
Per share, $
Per share, $ Revenue 2.91 3.09 3.24 3.32 2.97 2.86 3.13 3.62 3.26 2.37 0.00 (2.2%)
Earnings 1.50 1.19 0.77 0.52 1.23 2.32 (0.16) 0.67 (0.79) (1.05) (2.37) n/m
Cash flow (0.90) (2.25) (0.79) 0.08 2.11 (1.43) 3.53 1.60 3.68 1.82 7.01 n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (0.90) (2.25) (0.79) 0.08 2.11 (1.43) 3.53 1.60 3.68 1.82 7.01 n/m
Book value 15.52 15.28 14.12 13.21 13.19 14.36 12.93 11.90 9.85 7.04 5.61 (8.4%)
Shares, m 51 57 59 59 58 58 58 58 80 85 84 +5.9%
Valuation, ×
Valuation, × P/E 11.24 12.80 16.94 27.02 8.92 5.85 0.00 17.58 0.00 0.00 0.00 10.0
P/S 5.80 4.98 4.03 4.23 3.79 4.73 4.16 3.20 2.67 2.30 2.02 4.0
P/B 1.09 1.01 0.92 1.06 0.85 0.94 1.01 0.97 0.88 0.78 0.76 1.0
EV/Sales 9.29 8.60 8.11 8.65 8.61 10.74 8.92 7.37 6.64 7.13 — 8.4
EV/FCF (29.88) (11.81) (33.30) 359.79 12.11 (21.47) 7.92 16.69 5.87 9.29 — 31.5
Cash, $m
Cash, $m Operating cash flow (46) (128) (46) 5 122 (83) 204 92 293 155 588 n/m
Capex — — — — — — — — — — — —
Free cash flow (46) (128) (46) 5 122 (83) 204 92 293 155 588 n/m
Balance, $m
Balance, $m Working capital 38 68 24 29 (16) (6) 77 108 92 81 152 +8.7%
Net debt 518 639 777 863 830 993 862 873 1,027 974 73 +7.3%
Shareholders’ equity 791 871 830 776 765 829 747 688 785 598 471 (3.1%)
Returns, %
Returns, % ROA 5.81 4.50 2.77 1.81 4.21 7.50 (0.51) 2.25 (3.49) (4.98) (15.19) (10.8) pt
ROIC 4.58 4.70 3.63 3.62 3.26 3.10 3.44 4.28 4.56 4.36 0.00 (0.2) pt
ROE 10.09 8.18 5.35 3.81 9.26 16.78 (1.17) 5.36 (8.57) (12.86) (32.96) (22.9) pt
People
People Employees — — — — — — — 19,800 21,100 24,900 — +12.1%
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 — n/m
Negative figures in brackets.
estimates

All 10 years →

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

BLACKROCK TCP CAPITAL 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
NOAH Noah Holdings Ltd. $466.3M 5.6× 4.5× +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 9.0× 9.6× +13.10% (above 0%: growing) +78.79% (above 0%: growing) −280.73% (below 0%: shrinking) 100.00% 71.30% Compare
ALTI AlTi Global, Inc. $371.1M — (loss-making) 23.3× +10.78% (above 0%: growing) n/m +84.23% (above 0%: growing) 100.00% (18.70%) Compare
TCPC BLACKROCK TCP CAPITAL CORP. $358.3M — (loss-making) — (loss-making) −22.23% (below 0%: shrinking) n/m +181.35% (above 0%: growing) 100.00% 82.80%
CCAP Crescent Capital BDC, Inc. $348.2M — (loss-making) 45.6× −15.51% (below 0%: shrinking) n/m −72.97% (below 0%: shrinking) 59.08% 37.45% Compare
CION CION Investment Corporation $324.7M — (loss-making) 9.1× −38.63% (below 0%: shrinking) n/m +591.27% (above 0%: growing) 100.00% 25.33% Compare
PSBD Palmer Square Capital BDC Inc. $303.1M — (loss-making) — (loss-making) −13.83% (below 0%: shrinking) +360.00% (above 0%: growing) +227.26% (above 0%: growing) 100.00% 83.11% Compare
CYPH Cypherpunk Technologies Inc. $266.2M — (loss-making) — (loss-making) 0.00% n/m +15.53% (above 0%: growing) 0.00% 0.00% Compare
RWAY Runway Growth Finance Corp. $256.5M 41.1× 16.6× +10.39% (above 0%: growing) +18.18% (above 0%: growing) +62.58% (above 0%: growing) 100.00% 71.90% Compare
Median of peers $336.5M 9.0× 13.1× +1.99% +58.84% +73.41% 100.00% 36.13%

All 121 Asset Management stocks →

BLACKROCK TCP CAPITAL CORP. (TCPC) Latest News

6 Nov

Impact 4 · · GuruFocus.com

5 Nov

Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · Business Wire

25 Aug

Impact 3 ·

24 Aug

Impact 4 · · Benzinga

10 Aug

Impact 3 ·

7 Aug

Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

6 Aug

Impact 4 ·
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30 Jul

Impact 3 ·

13 Jul

Impact 3 ·

5 Jul

Impact 4 ·

1 Jul

Impact 4 ·

9 May

Impact 3 · · MarketBeat

7 May

Impact 3 · · Moby
Impact 3 · · Business Wire

6 Mar

Impact 4 · · GuruFocus.com

28 Feb

Impact 4 · · Moby

27 Feb

Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript
Impact 4 · · Associated Press Finance
Impact 3 · · ZacksAssociated Press FinanceZacksSimply Wall St.ZacksZacks
Impact 3 · · Business Wire

2 Feb

Impact 3 · · Simply Wall St.

31 Jan

Impact 4 · · Simply Wall St.

29 Jan

Impact 4 · · The Wall Street Journal

26 Jan

Impact 4 · · The Wall Street Journal
stockrow.com/TCPC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com