8-K Announcements
6Material company update
May 7, 2026·SEC
Material company update
Mar 20, 2026·SEC
Material company update
Feb 26, 2026·SEC
Nuveen Churchill Direct Lending Corp.(NCDL)Earnings, Financials & Key Ratios
NCDL•NYSE
$12.61
9.7× P/E·Price updated Jul 7, 2026
AboutNuveen Churchill Direct Lending Corp. (the Company) is business development company and was formed on March 13, 2018, as a limited liability company under the laws of the State of Delaware and was converted into a Maryland corporation on June 18, 2019 prior to the commencement of operations. The Company is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act). The Company's investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which the Company defines as companies with approximately $10.0 million to $100.0 million of earnings before interest, taxes, depreciation and amortization (EBITDA). The Company will focus on privately originated debt to performing U.S. middle market companies, with a portfolio expected to comprise primarily of first-lien senior secured debt and unitranche loans (other than last-out positions in unitranche loans) (collectively Senior Loans). The Company will also opportunistically invest in junior capital opportunities (second-lien loans, subordinated debt, last-out positions in unitranche loans and equity-related securities) (collectively Junior Capital Investments).Show more
- EBITDA$144M+23.3%
- Net Income$66M-43.6%
- EPS (Diluted)1.30-39.5%
- Gross Margin84.87%+41.7%
- EBITDA Margin71.18%+13.7%
- Operating Margin71.18%+13.7%
- Net Margin32.51%-48.0%
- ROE7.11%-47.5%
NCDL Price & Volume
Nuveen Churchill Direct Lending Corp. (NCDL) stock price & volume — 10-year historical chart
Loading chart...
Margin Compression Challenges NCDL Dividend Sustainability
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Deteriorating
Primary Risk:Middle-market credit quality deterioration
Key Thesis Takeaways
- Nuveen Churchill Direct Lending Corp.
- faces significant structural headwinds as net margins have contracted sharply from 67.8% in 2024Q1 to 20.2% by 2026Q1, raising concerns regarding the long-term viability of its current distribution policy.
- The firm's reliance on debt to fund operations is evidenced by a rising debt-to-equity ratio of 1.32, which, combined with persistent negative retained earnings of -$66.8 million, suggests a weakening capital base.
- Investors should monitor the company's ability to stabilize cash flows, as the current 16.0% dividend yield appears increasingly disconnected from the underlying operational performance.
Verdict Logic
the company's reliance on external financing to maintain a 16.0% dividend yield while operating cash flow remains inconsistent and net margins have compressed to 20.2% presents an unsustainable risk profile for long-term investors.
NCDL Growth Metrics
Nuveen Churchill Direct Lending Corp. (NCDL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years87.5%
3 Years62.76%
TTM-
Profit CAGR
10 Years-
5 Years98.2%
3 Years55.99%
TTM-47.87%
EPS CAGR
10 Years-
5 Years24.77%
3 Years20.66%
TTM-43.13%
Return on Capital
10 Years4.9%
5 Years4.99%
3 Years6.09%
Last Year6.84%
NCDL Recent Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (30%)●Beat Revenue 2/12 qtrs (20%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.41-2.9%
$0.42
Rev
$46M-3.2%
$48M
Q1 2026
Feb 26, 2026Metric
Actual
Est
EPS
$0.44+2.3%
$0.43
Rev
$50M+0.9%
$50M
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$0.43-6.5%
$0.46
Rev
$40M-23.2%
$52M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.46+0.0%
$0.46
Rev
$42M-15.3%
$50M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.41vs $0.42-2.9% | $46Mvs $48M-3.2% |
| Q1 2026 | Feb 26, 2026 | $0.44vs $0.43+2.3% | $50Mvs $50M+0.9% |
| Q4 2025 | Nov 4, 2025 | $0.43vs $0.46-6.5% | $40Mvs $52M-23.2% |
| Q3 2025 | Aug 6, 2025 | $0.46vs $0.46+0.0% | $42Mvs $50M-15.3% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Nuveen Churchill Direct Lending Corp. (NCDL)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $12.61 | $622.77M | 9.70 | 8.52% | 32.51% | 7.11% | 16.13% | |
| $18.47 | $13.26B | 9.93 | 32.87% | 43.69% | 8.11% | — | |
| $4.90 | $991.12M | 6.45 | -18.64% | — | — | — | |
| $12.75 | $3.32B | 8.98 | 42.5% | 26.91% | 5.24% | — | |
| $10.83 | $5.38B | 8.73 | 52.55% | 27.51% | 4.83% | — | |
| $4.75 | $192.85M | 3.89 | 36.55% | -19.55% | -3.39% | — |
Compare NCDL vs Peers
Nuveen Churchill Direct Lending Corp. (NCDL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NCDL SEC Filings & Documents
Nuveen Churchill Direct Lending Corp. (NCDL) SEC filings — annual & quarterly reports (10-K, 10-Q)
Get notified when NCDL posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
NCDL Frequently Asked Questions
Nuveen Churchill Direct Lending Corp. (NCDL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Nuveen Churchill Direct Lending Corp.'s revenue?
Nuveen Churchill Direct Lending Corp. (NCDL) reported $157.9M in revenue for fiscal year 2025.
How fast is Nuveen Churchill Direct Lending Corp. growing?
Nuveen Churchill Direct Lending Corp. (NCDL) grew revenue by 8.5% over the past year. This is steady growth.
Is NCDL profitable?
Yes, Nuveen Churchill Direct Lending Corp. (NCDL) is profitable, generating $59.3M in net income for fiscal year 2025 (32.5% net margin).
Dividend & Returns
Does NCDL pay dividends?
Yes, Nuveen Churchill Direct Lending Corp. (NCDL) pays a dividend with a yield of 16.13%. This makes it attractive for income-focused investors.
What is NCDL's return on equity?
Nuveen Churchill Direct Lending Corp. (NCDL) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.
What is Nuveen Churchill Direct Lending Corp.'s free cash flow?
Nuveen Churchill Direct Lending Corp. (NCDL) generated $128.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.