Estados financieros detallados de Nuveen Churchill Direct Lending Corp. (NCDL): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Nuveen Churchill Direct Lending Corp. registró ingresos de $201.8M en el último ejercicio fiscal, con un CAGR de 5 años del 87.5%. El beneficio neto alcanzó $65.6M, con un CAGR a 5 años del 98.2%.
Márgenes de los últimos 12 meses: margen bruto 58.3%, margen operativo 45.7%, margen neto 33.8%. El flujo de caja libre creció a un CAGR del 91.6% en 5 años.
Al precio actual de $12.15, NCDL cotiza a un P/E de 12.59 y un ROE del 5.40%. La capitalización bursátil es de $600M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $4.6M | $15.9M | $8.7M | $39.3M | $46.8M | $144.0M | $186.0M | $201.8M |
| Coste de Ventas | $502000 | $2.0M | $4.5M | $9.8M | $23.4M | $58.0M | $74.6M | $30.5M |
| Beneficio Bruto | $4.1M | $13.9M | $4.2M | $29.4M | $23.4M | $86.0M | $111.4M | $171.3M |
| I+D | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $0 | $0 | $2.5M | $2.7M | $4.0M | $6.2M | $6.5M | $7.6M |
| Gastos Operativos | -$2.2M | -$6.7M | $2.1M | $2.2M | $6.1M | $9.3M | -$5.1M | $27.6M |
| Beneficio Operativo | $3.1M | $17.3M | $2.1M | $27.3M | $17.3M | $76.8M | $116.5M | $143.7M |
| EBITDA | $4.0M | $19.1M | $2.1M | $27.3M | $17.3M | $76.8M | $116.5M | $143.7M |
| Gastos por Intereses | 0 | 0 | $4.5M | $9.8M | $25.7M | $61.2M | $79.9M | $77.9M |
| Beneficio Antes de Impuestos | $3.6M | $14.0M | $2.1M | $27.3M | $17.3M | $76.8M | $116.5M | $65.8M |
| Impuestos | $3.6M | $14.0M | 0 | 0 | $24000 | $830000 | $154000 | $149000 |
| Beneficio Neto | $1.4M | $7.3M | $2.1M | $27.3M | $17.3M | $75.9M | $116.3M | $65.6M |
| BPA | $0.35 | $1.79 | $0.43 | $2.12 | $0.74 | $2.27 | $2.15 | $1.30 |
| BPA Diluido | $0.35 | $1.79 | $0.43 | $2.12 | $0.74 | $2.27 | $2.15 | $1.30 |
| Acciones en Circulación (Diluidas) | $4.1M | $4.1M | $5.0M | $12.8M | $23.3M | $33.4M | $54.1M | $50.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $40.0M | $36.7M | $28.7M | $33.1M |
| Beneficio Bruto | $21.6M | $19.7M | $12.5M | $26.9M |
| Beneficio Operativo | $18.7M | $16.2M | $8.9M | $19.5M |
| EBITDA | $18.7M | $16.2M | $8.9M | $19.5M |
| Beneficio Neto | $18.7M | $15.9M | $8.7M | $3.6M |
| BPA | $0.38 | $0.32 | $0.18 | $0.07 |
| BPA Diluido | $0.38 | $0.32 | $0.18 | $0.07 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $2.2M | $3.4M | $12.6M | $35.2M | $39.3M | $67.4M | $43.3M | $8.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $556000 | $4.4M | $3.0M | $12.6M | $14.2M | $21.6M | $19.0M | $13.7M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $167.5M | 0 | 0 | $47.9M | $53.5M | $89.0M | $62.3M | $76.7M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $86.9M | $188.4M | $353.5M | $820.9M | $1.25B | $1.73B | $2.14B | $2.05B |
| Cuentas por Pagar | 0 | 0 | 0 | $36.4M | $25.8M | $35.3M | $61.1M | $41.5M |
| Deuda a Corto | $86.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $180.8M | 0 | 0 | $36.4M | $25.8M | $35.3M | $61.1M | 0 |
| Deuda a Largo | 0 | $118.3M | $188.3M | $406.4M | $699.8M | $943.9M | $1.11B | $1.12B |
| Pasivos Totales | $271.9M | $122.2M | $195.8M | $446.9M | $729.0M | $983.0M | $1.17B | $1.18B |
| Reservas | $70.8M | $2.2M | -$3.4M | $3.4M | -$23.9M | -$29.2M | -$26.5M | -$55.7M |
| Patrimonio Neto | $164.7M | $66.2M | $157.6M | $374.1M | $525.0M | $747.9M | $970.3M | $875.2M |
| Deuda Total | 0 | $118.3M | $188.3M | $406.4M | $699.8M | $943.9M | $1.11B | $1.12B |
| Deuda Neta | -$2.2M | $114.9M | $175.7M | $371.2M | $660.5M | $876.5M | $1.07B | $1.11B |
| Capital Circulante | -$13.4M | 0 | 0 | $11.5M | $27.8M | $53.7M | $1.2M | $76.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $46.3M | $8.6M | $50.4M | $5.0M |
| Activos Totales | $2.04B | $2.05B | $2.05B | $1.99B |
| Pasivos Totales | $1.16B | $1.18B | $1.18B | $1.14B |
| Patrimonio Neto | $881.5M | $875.2M | $864.1M | $849.0M |
| Deuda Total | $1.11B | $1.12B | $1.14B | $1.09B |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $1.4M | $7.3M | $2.1M | $27.3M | $17.3M | $75.9M | $116.3M | $65.6M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $6.4M | -$8.8M | $2.0M | $20.5M | -$19.1M | -$6.3M | $22.0M | $10.8M |
| Flujo de Caja Operativo | $8.3M | -$1.6M | $7.5M | $41.3M | $25.1M | $73.0M | $136.4M | $194.2M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$33.5M | -$65.7M |
| Dividendos Pagados | -$882000 | -$5.6M | -$3.3M | -$14.7M | -$34.7M | -$63.2M | -$95.2M | -$102.3M |
| Flujo de Caja Libre | $8.3M | -$1.6M | $7.5M | $41.3M | $25.1M | $73.0M | $136.4M | $194.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $37.3M | $28.6M | $6.6M | $40.7M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $37.3M | $28.6M | $6.6M | $40.7M |
| Dividendos Pagados | -$22.3M | -$22.2M | -$22.2M | -$19.8M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +246.6% | -45.2% | +350.6% | +19.3% | +207.6% | +29.2% | +8.5% |
| Crecimiento Beneficio Neto (anual) | | +407.7% | -70.6% | +1171.1% | -36.6% | +339.3% | +53.2% | -43.6% |
| Crecimiento BPA (anual) | | +411.4% | -76.0% | +393.0% | -65.1% | +206.8% | -5.3% | -39.5% |
| Cambio en Acciones (anual) | | +0.0% | +22.1% | +158.8% | +81.2% | +43.4% | +62.1% | -7.1% |
| Crecimiento FCF (anual) | | -119.6% | +564.5% | +449.3% | -39.1% | +190.5% | +86.8% | +42.3% |
| Margen Bruto | 89.0% | 87.7% | 48.5% | 75.0% | 50.0% | 59.7% | 59.9% | 84.9% |
| Margen Operativo | 67.3% | 108.6% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| Margen EBITDA | 87.9% | 120.3% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| Margen Neto | 31.3% | 45.9% | 24.6% | 69.5% | 36.9% | 52.7% | 62.5% | 32.5% |
| Margen FCF | 180.4% | -10.2% | 86.3% | 105.3% | 53.7% | 50.7% | 73.3% | 96.2% |
| Tasa Impositiva Efectiva | 100.0% | 100.0% | 0.0% | 0.0% | 0.1% | 1.1% | 0.1% | 0.2% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.03 | $-0.40 | $1.51 | $3.22 | $1.08 | $2.19 | $2.52 | $3.86 |
| Dividendo por Acción | $0.22 | $1.38 | $0.66 | $1.14 | $1.49 | $1.89 | $1.76 | $2.03 |
| Acciones en Circulación (Básicas) | $4.1M | $4.1M | $5.0M | $12.8M | $23.3M | $33.4M | $54.1M | $50.3M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 5.40% |
| Rentabilidad sobre capital invertido | 3.18% |
| Rentabilidad sobre activos | 2.36% |
| Margen bruto | 58.26% |
| Margen operativo | 45.71% |
| Margen neto | 33.85% |
Salud financiera
| Deuda / Patrimonio | 1.28 |
| Ratio corriente | 0.00 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 51.00 | 9.97 | 41.51 | 8.42 | 24.12 | 7.86 | 7.80 | 10.26 |
| P/VC | 0.44 | 1.10 | 0.56 | 0.61 | 0.79 | 0.80 | 0.94 | 0.77 |
| P/V | 15.83 | 4.57 | 10.17 | 5.84 | 8.88 | 4.14 | 4.88 | 3.32 |
| Margen Bruto | 89.0% | 87.7% | 48.5% | 75.0% | 50.0% | 59.7% | 59.9% | 84.9% |
| Margen Operativo | 67.3% | 108.6% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| Margen Neto | 31.3% | 45.9% | 24.6% | 69.5% | 36.9% | 52.7% | 62.5% | 32.5% |