Detailed financial statements for Nuveen Churchill Direct Lending Corp. (NCDL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Nuveen Churchill Direct Lending Corp. (NCDL), initially formed as a Delaware limited liability company on March 13, 2018, and subsequently restructured into a Maryland corporation on June 18, 2019, prior to commencing its business activities, operates as a closed-end, externally managed, non-diversified investment company. It has chosen to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, as amended.
Analysis Summary
Nuveen Churchill Direct Lending Corp. reported revenue of $201.8M in the most recent fiscal year, growing at a 5-year CAGR of 87.5%. Net income reached $65.6M, with a 98.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 58.3%, operating margin 45.7%, net margin 33.8%. Free cash flow grew at 91.6% CAGR over 5 years.
At the current price of $12.15, NCDL trades at a P/E of 12.59 and an ROE of 5.40%. Market capitalisation stands at $600M.
Balance sheet quality for NCDL: current ratio of 0.0, net debt of $1.11B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $194.2M represents 296% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.6M | $15.9M | $8.7M | $39.3M | $46.8M | $144.0M | $186.0M | $201.8M |
| Cost of Revenue | $502000 | $2.0M | $4.5M | $9.8M | $23.4M | $58.0M | $74.6M | $30.5M |
| Gross Profit | $4.1M | $13.9M | $4.2M | $29.4M | $23.4M | $86.0M | $111.4M | $171.3M |
| Research & Development | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $0 | $0 | $2.5M | $2.7M | $4.0M | $6.2M | $6.5M | $7.6M |
| Operating Expenses | -$2.2M | -$6.7M | $2.1M | $2.2M | $6.1M | $9.3M | -$5.1M | $27.6M |
| Operating Income | $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 |
| Interest Expense | 0 | 0 | $4.5M | $9.8M | $25.7M | $61.2M | $79.9M | $77.9M |
| Pre-tax Income | $3.6M | $14.0M | $2.1M | $27.3M | $17.3M | $76.8M | $116.5M | $65.8M |
| Income Tax | $3.6M | $14.0M | 0 | 0 | $24000 | $830000 | $154000 | $149000 |
| Net Income | $1.4M | $7.3M | $2.1M | $27.3M | $17.3M | $75.9M | $116.3M | $65.6M |
| EPS | $0.35 | $1.79 | $0.43 | $2.12 | $0.74 | $2.27 | $2.15 | $1.30 |
| EPS (Diluted) | $0.35 | $1.79 | $0.43 | $2.12 | $0.74 | $2.27 | $2.15 | $1.30 |
| Shares Outstanding (Diluted) | $4.1M | $4.1M | $5.0M | $12.8M | $23.3M | $33.4M | $54.1M | $50.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $40.0M | $36.7M | $28.7M | $33.1M |
| Gross Profit | $21.6M | $19.7M | $12.5M | $26.9M |
| Operating Income | $18.7M | $16.2M | $8.9M | $19.5M |
| EBITDA | $18.7M | $16.2M | $8.9M | $19.5M |
| Net Income | $18.7M | $15.9M | $8.7M | $3.6M |
| EPS | $0.38 | $0.32 | $0.18 | $0.07 |
| EPS (Diluted) | $0.38 | $0.32 | $0.18 | $0.07 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.2M | $3.4M | $12.6M | $35.2M | $39.3M | $67.4M | $43.3M | $8.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $556000 | $4.4M | $3.0M | $12.6M | $14.2M | $21.6M | $19.0M | $13.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $167.5M | 0 | 0 | $47.9M | $53.5M | $89.0M | $62.3M | $76.7M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $86.9M | $188.4M | $353.5M | $820.9M | $1.25B | $1.73B | $2.14B | $2.05B |
| Accounts Payable | 0 | 0 | 0 | $36.4M | $25.8M | $35.3M | $61.1M | $41.5M |
| Short-term Debt | $86.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $180.8M | 0 | 0 | $36.4M | $25.8M | $35.3M | $61.1M | 0 |
| Long-term Debt | 0 | $118.3M | $188.3M | $406.4M | $699.8M | $943.9M | $1.11B | $1.12B |
| Total Liabilities | $271.9M | $122.2M | $195.8M | $446.9M | $729.0M | $983.0M | $1.17B | $1.18B |
| Retained Earnings | $70.8M | $2.2M | -$3.4M | $3.4M | -$23.9M | -$29.2M | -$26.5M | -$55.7M |
| Total Equity | $164.7M | $66.2M | $157.6M | $374.1M | $525.0M | $747.9M | $970.3M | $875.2M |
| Total Debt | 0 | $118.3M | $188.3M | $406.4M | $699.8M | $943.9M | $1.11B | $1.12B |
| Net Debt | -$2.2M | $114.9M | $175.7M | $371.2M | $660.5M | $876.5M | $1.07B | $1.11B |
| Working Capital | -$13.4M | 0 | 0 | $11.5M | $27.8M | $53.7M | $1.2M | $76.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $46.3M | $8.6M | $50.4M | $5.0M |
| Total Assets | $2.04B | $2.05B | $2.05B | $1.99B |
| Total Liabilities | $1.16B | $1.18B | $1.18B | $1.14B |
| Total Equity | $881.5M | $875.2M | $864.1M | $849.0M |
| Total Debt | $1.11B | $1.12B | $1.14B | $1.09B |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $1.4M | $7.3M | $2.1M | $27.3M | $17.3M | $75.9M | $116.3M | $65.6M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $6.4M | -$8.8M | $2.0M | $20.5M | -$19.1M | -$6.3M | $22.0M | $10.8M |
| Operating Cash Flow | $8.3M | -$1.6M | $7.5M | $41.3M | $25.1M | $73.0M | $136.4M | $194.2M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$33.5M | -$65.7M |
| Dividends Paid | -$882000 | -$5.6M | -$3.3M | -$14.7M | -$34.7M | -$63.2M | -$95.2M | -$102.3M |
| Free Cash Flow | $8.3M | -$1.6M | $7.5M | $41.3M | $25.1M | $73.0M | $136.4M | $194.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $37.3M | $28.6M | $6.6M | $40.7M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $37.3M | $28.6M | $6.6M | $40.7M |
| Dividends Paid | -$22.3M | -$22.2M | -$22.2M | -$19.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +246.6% | -45.2% | +350.6% | +19.3% | +207.6% | +29.2% | +8.5% | |
| Net Income Growth (YoY) | +407.7% | -70.6% | +1171.1% | -36.6% | +339.3% | +53.2% | -43.6% | |
| EPS Growth (YoY) | +411.4% | -76.0% | +393.0% | -65.1% | +206.8% | -5.3% | -39.5% | |
| Shares Change (YoY) | +0.0% | +22.1% | +158.8% | +81.2% | +43.4% | +62.1% | -7.1% | |
| FCF Growth (YoY) | -119.6% | +564.5% | +449.3% | -39.1% | +190.5% | +86.8% | +42.3% | |
| Gross Margin | 89.0% | 87.7% | 48.5% | 75.0% | 50.0% | 59.7% | 59.9% | 84.9% |
| Operating Margin | 67.3% | 108.6% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| EBITDA Margin | 87.9% | 120.3% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| Net Margin | 31.3% | 45.9% | 24.6% | 69.5% | 36.9% | 52.7% | 62.5% | 32.5% |
| FCF Margin | 180.4% | -10.2% | 86.3% | 105.3% | 53.7% | 50.7% | 73.3% | 96.2% |
| Effective Tax Rate | 100.0% | 100.0% | 0.0% | 0.0% | 0.1% | 1.1% | 0.1% | 0.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.03 | $-0.40 | $1.51 | $3.22 | $1.08 | $2.19 | $2.52 | $3.86 |
| Dividends Per Share | $0.22 | $1.38 | $0.66 | $1.14 | $1.49 | $1.89 | $1.76 | $2.03 |
| Shares Outstanding (Basic) | $4.1M | $4.1M | $5.0M | $12.8M | $23.3M | $33.4M | $54.1M | $50.3M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 5.40% |
| Return on Invested Capital | 3.18% |
| Return on Assets | 2.36% |
| Gross Margin | 58.26% |
| Operating Margin | 45.71% |
| Net Margin | 33.85% |
Financial Health
| Debt / Equity | 1.28 |
| Current Ratio | 0.00 |
Key Ratios (10y)
| Year | 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/B | 0.44 | 1.10 | 0.56 | 0.61 | 0.79 | 0.80 | 0.94 | 0.77 |
| P/S | 15.83 | 4.57 | 10.17 | 5.84 | 8.88 | 4.14 | 4.88 | 3.32 |
| Gross Margin | 89.0% | 87.7% | 48.5% | 75.0% | 50.0% | 59.7% | 59.9% | 84.9% |
| Operating Margin | 67.3% | 108.6% | 24.6% | 69.5% | 37.0% | 53.3% | 62.6% | 71.2% |
| Net Margin | 31.3% | 45.9% | 24.6% | 69.5% | 36.9% | 52.7% | 62.5% | 32.5% |
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Explore sector: Financial Services · Asset Management
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