BlackRock TCP Capital Corp. (TCPC) Key Metrics
TCPC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $349.0M
- Enterprise value
- $1.10B
- P/E (TTM)
- — 10-yr median 9.6
- Forward P/E
- 9.9
- PEG ratio
- 0.91
- Price / sales
- 2.0 10-yr median 6.7
- Price / book
- 0.6 10-yr median 1.0
- EV / EBITDA
- — 10-yr median 20.2
- Dividend yield
- 18.27% $0.76 a year
- Beta
- 1.06
TCPC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTCPC valuation Price multiples at each fiscal year-end price.
TCPC returns How much profit the business earns on the capital it uses.
TCPC per-share figures Results divided by the shares outstanding at year-end.
TCPC financial health Debt, liquidity and how easily interest is covered.
TCPC efficiency & capital use Working capital cycle and where the cash goes.
TCPC valuation history
TCPC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TCPC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TCPC cash returned to shareholders
TCPC price vs earnings per share
TCPC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $464.9M | $693.9M | $666.6M | $747.5M | $780.4M | $651.8M | $825.7M | $767.0M | $871.0M | $861.0M |
| Enterprise value | $1.44B | $1.72B | $1.54B | $1.61B | $1.77B | $1.48B | $1.69B | $1.54B | $2.24B | $1.95B |
| P/E ratio | — | — | 17.3 | — | 5.8 | 9.1 | 27.0 | 16.9 | 9.6 | 9.0 |
| Price / sales | — | 33.4 | 3.2 | 4.1 | 5.1 | 7.5 | 18.7 | 14.0 | 6.6 | 6.7 |
| Price / book | 0.8 | 0.9 | 1.0 | 1.0 | 0.9 | 0.9 | 1.1 | 0.9 | 1.0 | 1.1 |
| Price / free cash flow | 3.0 | 2.4 | 7.4 | 3.7 | — | 5.3 | 175.9 | — | — | — |
| Price / operating cash flow | 3.0 | 2.4 | 7.4 | 3.7 | — | 5.3 | 175.9 | — | — | — |
| EV / sales | — | 82.9 | 7.4 | 8.9 | 11.6 | 17.0 | 38.3 | 28.3 | 17.0 | 15.1 |
| EV / EBITDA | — | — | 10.0 | 8.1 | 25.0 | 20.8 | 55.2 | 19.0 | 23.4 | 19.6 |
| EV / free cash flow | 9.3 | 5.9 | 17.2 | 7.9 | — | 12.1 | 359.8 | — | — | — |
| Earnings yield | −19.1% | −9.1% | 5.8% | −1.2% | 17.1% | 11.0% | 3.7% | 5.9% | 10.4% | 11.1% |
| Free cash flow yield | 33.3% | 42.2% | 13.4% | 27.3% | −10.6% | 18.8% | 0.6% | −6.0% | −14.7% | −5.4% |
| Dividend yield | 20.5% | 17.7% | 15.1% | 9.4% | 8.9% | 11.8% | 10.2% | 11.0% | 9.5% | 8.6% |
| Shareholder yield (dividends + buybacks) | 21.1% | 18.3% | 15.1% | 9.4% | 9.7% | 12.7% | 10.3% | 11.2% | 9.5% | 8.8% |
| Share price at fiscal year-end | $5.47 | $8.71 | $11.54 | $12.94 | $13.51 | $11.24 | $14.05 | $13.04 | $15.28 | $16.90 |
| Per share | ||||||||||
| Revenue per share | $0.00 | $0.26 | $3.62 | $3.13 | $2.66 | $1.50 | $0.75 | $0.93 | $2.31 | $2.54 |
| Earnings per share | −$1.05 | −$0.79 | $0.67 | −$0.16 | $2.32 | $1.23 | $0.52 | $0.77 | $1.59 | $1.87 |
| Operating cash flow per share | $1.82 | $3.68 | $1.55 | $3.53 | −$1.43 | $2.11 | $0.08 | −$0.79 | −$2.25 | −$0.90 |
| Free cash flow per share | $1.82 | $3.68 | $1.55 | $3.53 | −$1.43 | $2.11 | $0.08 | −$0.79 | −$2.25 | −$0.90 |
| Cash per share | $0.72 | $1.15 | $1.94 | $1.43 | $0.34 | $0.34 | $0.76 | $0.47 | $1.52 | $1.05 |
| Book value per share | $7.04 | $9.85 | $11.90 | $12.93 | $14.36 | $13.19 | $13.21 | $14.12 | $15.28 | $15.52 |
| Tangible book value per share | $7.04 | $9.85 | $11.90 | $12.93 | $14.36 | $13.19 | $13.21 | $14.12 | $15.28 | $15.52 |
| Dividends per share | $1.12 | $1.54 | $1.74 | $1.22 | $1.20 | $1.32 | $1.44 | $1.44 | $1.45 | $1.45 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $12.18 | $14.04 | $17.05 | $16.34 | $17.53 | $14.66 | $15.45 | $13.69 | $25.46 | $22.44 |
| Shares outstanding | 85.0M | 79.7M | 57.8M | 57.8M | 57.8M | 58.0M | 58.8M | 58.8M | 57.0M | 50.9M |
| Change in shares outstanding | +6.7% | +37.9% | 0.0% | 0.0% | −0.4% | −1.3% | −0.1% | +3.2% | +11.9% | +4.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −12.9% | −8.6% | 5.4% | −1.2% | 16.8% | 9.3% | 3.8% | 5.3% | 10.9% | 12.6% |
| Return on invested capital (ROIC) | −1.1% | −2.9% | 9.7% | 5.9% | 3.9% | 2.2% | 0.9% | 4.2% | 4.4% | 5.4% |
| Return on assets (ROA) | −5.0% | −3.5% | 2.3% | −0.5% | 7.5% | 4.2% | 1.8% | 2.8% | 6.0% | 7.2% |
| Return on tangible assets | −5.4% | −3.3% | 2.3% | −0.5% | 7.1% | 4.3% | 1.8% | 2.7% | 5.6% | 6.9% |
| Free cash flow margin | — | — | 42.7% | 112.7% | −53.9% | 140.5% | 10.7% | −84.9% | −97.4% | −35.6% |
| Income quality (OCF / net income) | — | — | 2.33 | — | −0.62 | 1.71 | 0.15 | −1.02 | −1.42 | −0.48 |
| Financial health | ||||||||||
| Total debt | $1.04B | $1.12B | $985.2M | $944.0M | $1.01B | $850.0M | $907.8M | $805.2M | $1.45B | $1.14B |
| Cash & short-term investments | $61.1M | $91.6M | $112.2M | $82.4M | $19.6M | $20.0M | $44.8M | $27.9M | $86.6M | $53.6M |
| Net debt | $974.5M | $1.03B | $873.0M | $861.6M | $992.9M | $830.0M | $863.0M | $777.3M | $1.36B | $1.09B |
| Debt / equity | 1.73 | 1.42 | 1.43 | 1.26 | 1.22 | 1.11 | 1.17 | 0.97 | 1.67 | 1.45 |
| Debt / assets | 0.63 | 0.58 | 0.58 | 0.55 | 0.53 | 0.51 | 0.53 | 0.49 | 0.89 | 0.82 |
| Net debt / EBITDA | — | — | 5.65 | 4.35 | 13.98 | 11.63 | 28.22 | 9.57 | 14.31 | 10.97 |
| Current ratio | 0.25 | 14.52 | 5.40 | 7.54 | 1.21 | 0.87 | 2.81 | 4.97 | 3.57 | 3.09 |
| Quick ratio | 0.25 | 14.52 | 5.40 | 0.20 | 1.21 | 0.87 | 2.81 | 4.97 | 3.57 | 3.09 |
| Interest coverage | -0.3 | -0.9 | 3.5 | 3.6 | 3.7 | 2.0 | 0.7 | 2.0 | 3.3 | 4.5 |
| Working capital | −$242.5M | $113.6M | $114.2M | $92.1M | $8.4M | −$5.7M | $43.2M | $45.9M | $62.4M | $36.2M |
| Invested capital | $1.57B | $1.81B | $1.56B | $1.61B | $1.82B | $1.59B | $1.64B | $1.61B | $2.24B | $1.88B |
| Tangible asset value | $598.0M | $785.1M | $687.6M | $746.8M | $829.5M | $765.0M | $776.3M | $830.5M | $870.7M | $790.9M |
| Net current asset value | −$969.8M | −$1.02B | −$871.0M | −$866.4M | −$1.02B | −$869.6M | −$878.7M | −$771.7M | −$672.1M | −$543.1M |
| Graham number | — | — | $13.36 | — | $27.35 | $19.11 | $12.44 | $15.67 | $23.37 | $25.57 |
| Graham net-net per share | −$11.47 | −$12.87 | −$15.23 | −$14.24 | −$17.75 | −$15.09 | −$15.08 | −$13.34 | −$11.53 | −$10.46 |
| Capital allocation | ||||||||||
| Dividends paid | $95.2M | $122.5M | $100.5M | $70.5M | $69.3M | $76.6M | $84.6M | $84.7M | $82.6M | $74.0M |
| Share buybacks (net) | $3.0M | $4.5M | $0 | $0 | $6.1M | $6.1M | $125,679 | $1.0M | $0 | $1.9M |
| Dividend payout ratio | — | — | 261.3% | — | 51.8% | 107.3% | 276.7% | 186.2% | 91.2% | 77.6% |
| Dividends + buybacks / free cash flow | 63.4% | 43.3% | 112.3% | 34.6% | — | 67.6% | — | — | — | — |
| Capex / revenue | — | 0.0% | 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% | — | — | — |
| Capex / depreciation | — | 0.00 | 0.00 | 0.00 | — | — | — | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | — | — | — | 0.3% | −2.5% | −0.3% | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| SG&A / revenue | — | 57.8% | 26.1% | 29.4% | 5.7% | 10.6% | 21.2% | 16.5% | 6.3% | 6.7% |
| Efficiency | ||||||||||
| Days sales outstanding | — | 472.3 | 40.6 | 47.4 | 49.9 | 73.5 | 169.5 | 138.7 | 46.4 | 32.9 |
| Days of inventory on hand | — | — | 7,469.0 | 7,284.2 | 0.0 | — | — | — | — | — |
| Days payables outstanding | 169.6 | 25.8 | 1,087.5 | 3,802.5 | 5,745.3 | 4,796.2 | 2,140.4 | 2,302.9 | 272.5 | 230.9 |
| Cash conversion cycle (days) | — | 446.5 | 6,422.1 | 3,529.1 | -5,695.5 | -4,722.7 | -1,970.9 | -2,164.2 | -226.0 | -198.0 |
| Receivables turnover | 0.00 | 0.77 | 8.99 | 7.70 | 7.32 | 4.97 | 2.15 | 2.63 | 7.86 | 11.11 |
| Payables turnover | 2.15 | 14.13 | 0.34 | 0.10 | 0.06 | 0.08 | 0.17 | 0.16 | 1.34 | 1.58 |
| Inventory turnover | — | — | 0.05 | 0.05 | 2,637,102.00 | — | — | — | — | — |
| Asset turnover | 0.00 | 0.01 | 0.12 | 0.10 | 0.09 | 0.05 | 0.03 | 0.03 | 0.09 | 0.10 |
| Average receivables | $24.8M | $26.9M | $23.3M | $23.5M | $21.0M | $17.5M | $20.5M | $20.8M | $16.7M | $11.7M |
| Average payables | $7.8M | $4.7M | $7.5M | $27.0M | $41.5M | $33.5M | $16.8M | $17.0M | $20.8M | $13.3M |
| Average inventory | — | — | $51.7M | $51.7M | $1 | — | — | — | — | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from TCPC's annual financial statements (latest annual report filed February 27, 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.
TCPC valuation and financial ratios
BlackRock TCP Capital earned a return on equity of −12.9% and a return on invested capital of −1.1% in fiscal 2025. It ended the year with $1.0 billion of debt and $61.1 million in cash and short-term investments, net debt of $974.5 million. It returned $98.2 million to shareholders: $95.2 million in dividends and $3.0 million in share buybacks, 63% of free cash flow. The share count rose 66.8% from 50.9M to 85.0M over 9 years.
See the TCPC income statement, the TCPC chart for price history, or the TCPC stock overview for the latest quote and news.
TCPC key metrics FAQ
What is BlackRock TCP Capital's return on equity?
BlackRock TCP Capital's return on equity (ROE) was −12.9% in fiscal 2025: net income of -$88.9 million on average shareholders' equity of $691.6 million.
What is BlackRock TCP Capital's ROIC?
BlackRock TCP Capital's return on invested capital was −1.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does BlackRock TCP Capital have?
BlackRock TCP Capital had total debt of $1.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.73.
What is BlackRock TCP Capital's dividend yield?
BlackRock TCP Capital's forward dividend yield is 18.27%. BlackRock TCP Capital paid $95.2 million in dividends in fiscal 2025 ($1.12 per share), a payout ratio of —.
Does BlackRock TCP Capital buy back its shares?
Yes. BlackRock TCP Capital spent $3.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +6.7% over the year, to 85.0M..
What is BlackRock TCP Capital's free cash flow yield?
BlackRock TCP Capital generated $154.9 million of free cash flow in fiscal 2025, a free cash flow yield of 33.3% on its market value at year-end ($464.9 million).
What is BlackRock TCP Capital's current ratio?
BlackRock TCP Capital's current ratio was 0.25 at the end of fiscal 2025: current assets were 0.25 times current liabilities.