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. In the quarter to June 2026, revenue fell 22.2%, EPS grew 110.5%, free cash flow grew 330.1% and total debt fell 22.5%, each against the same quarter a year earlier.
Follow TCPC
BLACKROCK TCP CAPITAL CORP. (TCPC) Piotroski F-score
BLACKROCK TCP CAPITAL CORP.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | 0.00 |
| FY2024 | 3 | (4.00) |
| FY2023 | 7 | 1.00 |
| FY2022 | 6 | 2.00 |
| FY2021 | 4 | (2.00) |
| FY2020 | 6 | 3.00 |
| FY2019 | 3 | 1.00 |
| FY2018 | 2 | (1.00) |
| FY2017 | 3 | 0.00 |
| FY2016 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (4.98%) | (3.49%) | Fail | 0 |
| Positive operating cash flow | 154.92m | 293.12m | Pass | 1 |
| Rising return on assets | (4.98%) | (3.49%) | Fail | 0 |
| Cash flow above net income | 243.85m | 356.26m | Pass | 1 |
| Falling long-term leverage | 0.58 | 0.62 | Pass | 1 |
| Rising current ratio | 14.17 | 20.28 | Fail | 0 |
| No new shares issued | 84,989,000 | 79,671,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.11 | 0.14 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RWAY Runway Growth Finance Corp. compare | 7 |
| NOAH Noah Holdings Ltd. compare | 7 |
| CCAP Crescent Capital BDC, Inc. compare | 5 |
| HRZN Horizon Technology Finance Corporation compare | 5 |
| PSBD Palmer Square Capital BDC Inc. compare | 5 |
| CION CION Investment Corporation compare | 4 |
| GLAD Gladstone Capital Corporation compare | 3 |
| TCPC BLACKROCK TCP CAPITAL CORP. | 3 |
| ALTI AlTi Global, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover