Nuveen Churchill Direct Lending Corp. (NCDL) Key Metrics
NCDL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $524.5M
- Enterprise value
- $0
- P/E (TTM)
- 11.2
- Forward P/E
- 8.4
- PEG ratio
- —
- Price / sales
- 9.8
- Price / book
- 0.7
- EV / EBITDA
- —
- Dividend yield
- 14.31% $1.52 a year
- Beta
- 0.52
NCDL key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNCDL valuation Price multiples at each fiscal year-end price.
NCDL returns How much profit the business earns on the capital it uses.
NCDL per-share figures Results divided by the shares outstanding at year-end.
NCDL financial health Debt, liquidity and how easily interest is covered.
NCDL efficiency & capital use Working capital cycle and where the cash goes.
NCDL valuation history
NCDL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NCDL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NCDL cash returned to shareholders
NCDL price vs earnings per share
NCDL key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $670.8M | $908.1M | — | — | — | — | — | — |
| Enterprise value | $1.78B | $1.97B | — | — | — | — | — | — |
| P/E ratio | 10.2 | 7.8 | — | — | — | — | — | — |
| Price / sales | 3.3 | 4.9 | — | — | — | — | — | — |
| Price / book | 0.8 | 0.9 | — | — | — | — | — | — |
| Price / free cash flow | 3.5 | 6.7 | — | — | — | — | — | — |
| Price / operating cash flow | 3.5 | 6.7 | — | — | — | — | — | — |
| EV / sales | 8.8 | 10.6 | — | — | — | — | — | — |
| EV / EBITDA | 12.4 | 16.9 | — | — | — | — | — | — |
| EV / free cash flow | 9.2 | 14.5 | — | — | — | — | — | — |
| Earnings yield | 9.8% | 12.8% | — | — | — | — | — | — |
| Free cash flow yield | 28.9% | 15.0% | — | — | — | — | — | — |
| Dividend yield | 15.2% | 10.5% | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 25.0% | 14.2% | — | — | — | — | — | — |
| Share price at fiscal year-end | $13.34 | $16.78 | — | — | — | — | — | — |
| Per share | ||||||||
| Revenue per share | $4.01 | $3.44 | $4.31 | $2.01 | $3.05 | — | — | — |
| Earnings per share | $1.30 | $2.15 | $2.27 | $0.74 | $2.12 | — | — | — |
| Operating cash flow per share | $3.86 | $2.52 | $2.19 | $1.08 | $3.22 | — | — | — |
| Free cash flow per share | $3.86 | $2.52 | $2.19 | $1.08 | $3.22 | — | — | — |
| Cash per share | $0.17 | $0.80 | $2.02 | $1.69 | $2.74 | — | — | — |
| Book value per share | $17.40 | $17.93 | $22.40 | $22.55 | $29.11 | — | — | — |
| Tangible book value per share | $17.40 | $17.93 | $22.40 | $22.55 | $29.11 | — | — | — |
| Dividends per share | $2.03 | $1.76 | $1.89 | $1.49 | $1.14 | — | — | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — |
| Debt per share | $22.17 | $20.48 | $28.27 | $30.06 | $31.63 | — | — | — |
| Shares outstanding | 50.3M | 54.1M | 33.4M | 23.3M | 12.8M | — | — | — |
| Change in shares outstanding | −7.1% | +62.1% | +43.4% | +81.2% | — | — | — | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 7.1% | 13.5% | 11.9% | 3.8% | 10.3% | 1.9% | 6.3% | 0.9% |
| Return on invested capital (ROIC) | 7.1% | 6.4% | 5.4% | 1.8% | 2.5% | 0.4% | 4.0% | 0.6% |
| Return on assets (ROA) | 3.1% | 6.0% | 5.1% | 1.7% | 4.6% | 0.8% | 5.3% | 1.7% |
| Return on tangible assets | 3.2% | 5.4% | 4.4% | 1.4% | 3.3% | 0.6% | 3.9% | 1.7% |
| Free cash flow margin | 96.2% | 73.3% | 50.7% | 53.7% | 105.3% | 86.3% | −10.2% | 180.4% |
| Income quality (OCF / net income) | 2.96 | 1.17 | 0.96 | 1.45 | 1.52 | 3.51 | −0.22 | 5.76 |
| Financial health | ||||||||
| Total debt | $1.12B | $1.11B | $943.9M | $699.8M | $406.4M | $188.3M | $118.3M | $86.9M |
| Cash & short-term investments | $8.6M | $43.3M | $67.4M | $39.3M | $35.2M | $12.6M | $3.4M | $2.2M |
| Net debt | $1.11B | $1.07B | $876.5M | $660.5M | $371.2M | $175.7M | $114.9M | $84.7M |
| Debt / equity | 1.27 | 1.14 | 1.26 | 1.33 | 1.09 | 1.19 | 1.79 | 0.53 |
| Debt / assets | 0.54 | 0.52 | 0.55 | 0.56 | 0.50 | 0.53 | 0.63 | 1.00 |
| Net debt / EBITDA | 7.70 | 9.14 | 11.42 | 38.16 | 13.61 | 81.90 | 6.02 | 21.02 |
| Current ratio | — | 1.02 | 2.52 | 2.08 | 1.32 | 0.96 | 0.82 | 0.93 |
| Quick ratio | — | 1.02 | 2.52 | 2.08 | 1.32 | 0.96 | 0.82 | 0.93 |
| Interest coverage | 1.8 | 1.5 | 1.3 | 0.7 | 2.8 | 0.5 | — | — |
| Working capital | — | $1.2M | $53.7M | $27.8M | $11.5M | −$15.1M | −$44.3M | −$13.4M |
| Invested capital | $1.98B | $2.04B | $1.62B | $1.19B | $745.2M | $333.3M | $181.1M | $249.3M |
| Tangible asset value | $875.2M | $970.3M | $747.9M | $525.0M | $374.1M | $157.6M | $66.2M | −$185.0M |
| Net current asset value | −$1.10B | −$1.11B | −$894.0M | −$675.5M | −$399.0M | $173.2M | $74.1M | −$104.5M |
| Graham number | $22.60 | $29.45 | $33.86 | $19.41 | $37.28 | — | — | — |
| Graham net-net per share | −$23.08 | −$20.62 | −$26.94 | −$29.17 | −$31.30 | — | — | — |
| Capital allocation | ||||||||
| Dividends paid | $102.3M | $95.2M | $63.2M | $34.7M | $14.7M | $3.3M | $5.6M | $882,000 |
| Share buybacks (net) | $65.7M | $33.5M | $0 | $0 | — | — | — | — |
| Dividend payout ratio | 155.8% | 81.9% | 83.2% | 200.5% | 54.0% | 152.9% | 77.3% | 61.5% |
| Dividends + buybacks / free cash flow | 86.5% | 94.4% | 86.5% | 137.9% | 35.6% | 43.6% | — | 10.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% |
| Capex / depreciation | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.8% | 3.5% | 4.3% | 8.5% | 6.8% | 28.7% | — | — |
| Efficiency | ||||||||
| Days sales outstanding | 29.6 | 39.8 | 45.4 | 104.6 | 72.4 | 154.9 | 57.2 | 44.3 |
| Days of inventory on hand | — | — | -0.1 | — | — | — | — | — |
| Days payables outstanding | 612.7 | 235.8 | 192.3 | 484.3 | 1,351.2 | — | — | — |
| Cash conversion cycle (days) | -583.2 | -196.0 | -147.0 | -379.7 | -1,278.8 | — | — | — |
| Receivables turnover | 12.34 | 9.17 | 8.04 | 3.49 | 5.04 | 2.36 | 6.38 | 8.24 |
| Payables turnover | 0.60 | 1.55 | 1.90 | 0.75 | 0.27 | — | — | — |
| Asset turnover | 0.10 | 0.10 | 0.10 | 0.05 | 0.07 | 0.03 | 0.12 | 0.05 |
| Average receivables | $16.4M | $20.3M | $17.9M | $13.4M | $7.8M | $3.7M | $2.5M | $556,000 |
| Average payables | $51.3M | $48.2M | $30.5M | $31.1M | $36.4M | — | — | — |
| Average inventory | — | — | −$13,000 | — | — | — | — | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from NCDL's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NCDL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Nuveen Churchill Direct Lending traded at 10.2 times earnings. Based on the latest twelve months, the trailing P/E is 11.2 and the forward P/E is 8.4. Nuveen Churchill Direct Lending earned a return on equity of 7.1% and a return on invested capital of 7.1% in fiscal 2025. It ended the year with $1.1 billion of debt and $8.6 million in cash and short-term investments, net debt of $1.1 billion. It returned $168.0 million to shareholders: $102.3 million in dividends and $65.7 million in share buybacks, 87% of free cash flow.
See the NCDL income statement, the NCDL chart for price history, or the NCDL stock overview for the latest quote and news.
NCDL key metrics FAQ
What is Nuveen Churchill Direct Lending's P/E ratio?
Nuveen Churchill Direct Lending's trailing P/E ratio is 11.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.4. At the end of fiscal 2025 it was 10.2.
What is Nuveen Churchill Direct Lending's EV/EBITDA?
Nuveen Churchill Direct Lending's enterprise value was 12.4 times EBITDA at the end of fiscal 2025 (enterprise value $1.8 billion, EBITDA $143.7 million).
What is Nuveen Churchill Direct Lending's return on equity?
Nuveen Churchill Direct Lending's return on equity (ROE) was 7.1% in fiscal 2025: net income of $65.6 million on average shareholders' equity of $922.8 million.
What is Nuveen Churchill Direct Lending's ROIC?
Nuveen Churchill Direct Lending's return on invested capital was 7.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Nuveen Churchill Direct Lending have?
Nuveen Churchill Direct Lending had total debt of $1.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.27 and $1.1 billion of net debt (7.70 times EBITDA).
What is Nuveen Churchill Direct Lending's dividend yield?
Nuveen Churchill Direct Lending's forward dividend yield is 14.31%. Nuveen Churchill Direct Lending paid $102.3 million in dividends in fiscal 2025 ($2.03 per share), a payout ratio of 155.8%.
Does Nuveen Churchill Direct Lending buy back its shares?
Yes. Nuveen Churchill Direct Lending spent $65.7 million on net share repurchases in fiscal 2025 Shares outstanding changed −7.1% over the year, to 50.3M..
What is Nuveen Churchill Direct Lending's free cash flow yield?
Nuveen Churchill Direct Lending generated $194.2 million of free cash flow in fiscal 2025, a free cash flow yield of 28.9% on its market value at year-end ($670.8 million).