FCRX

MKT CAP:$927M

Crescent Capital BDC, Inc.

Market Cap

$927M

Financial Services·Investment - Banking & Investment Services·🇺🇸 United States·NYSE

Financials·Investment·🇺🇸·NYSE

Stock Price

$25.03+$0.03 (+0.12%)

Apr 24, 2026

Company Details

THL Credit, Inc. is a business development company specializing in direct and fund of fund investments. The fund seeks to invest in debt and equity securities of middle market companies. It seeks to invest in PIPES, growth, acquisition, mar...

CEO

Jason A. Breaux

IPO Date

May 28, 2021

Website

www.crescentbdc.com

Key Metrics TTM

Revenue

$170M

-13.7% YoY

Net Income

$35M

EPS (Diluted)

$0.94

Free Cash Flow

$32M

Revenue / Share

$4.61

Gross Margin

95.0%

Operating Margin

84.0%

Net Margin

20.3%

FCF Margin

18.9%

P/S

5.4x

P/E

26.9x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Dec 30, 2025

$156M-20.9%EPS $0.93

Q4 2025

Dec 30, 2025

$44M-5.4%EPS $0.23

Q3 2025

Sep 30, 2025

$41M-19.9%EPS $0.19

Q2 2025

Aug 13, 2025

$43M-12.2%EPS $0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$26M	$26M	$18M
Q2 22	$27M	$27M	$22M
Q3 22	$29M	$29M	$24M
Q4 22	$35M	$35M	$27M
Q1 23	$39M	$39M	$30M
Q2 23	$47M	$47M	$36M
Q3 23	$48M	$48M	$37M
Q4 23	$50M	$50M	$39M
Q1 24	$50M	$50M	$39M
Q2 24	$49M	$49M	$38M
Q3 24	$52M	$52M	$40M
Q4 24	$46M	$46M	$36M
Q1 25	$42M	$42M	$32M
Q2 25	$43M	$43M	$32M
Q3 25	$41M	$41M	$31M
Q4 25	$44M	$35M	$48M

Valuation

Quarter	P/S	P/E
Q1 22	9.3x	11.8x
Q2 22	9.0x	20.7x
Q3 22	8.7x	36.0x
Q4 22	7.9x	59.7x
Q1 23	7.2x	130.4x
Q2 23	6.2x	30.3x
Q3 23	5.5x	16.7x
Q4 23	5.0x	11.1x
Q1 24	4.7x	8.9x
Q2 24	4.7x	9.1x
Q3 24	4.6x	9.8x
Q4 24	4.7x	12.6x
Q1 25	4.9x	18.7x
Q2 25	5.1x	21.0x
Q3 25	5.4x	25.7x
Q4 25	5.4x	26.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$11M	$11M
Q2 22	$8M	$8M
Q3 22	$12M	$12M
Q4 22	$16M	$16M
Q1 23	-$9M	-$9M
Q2 23	$30M	$30M
Q3 23	$4M	$4M
Q4 23	$37M	$37M
Q1 24	$15M	$15M
Q2 24	$22M	$22M
Q3 24	$27M	$27M
Q4 24	-$3M	-$3M
Q1 25	-$15M	-$15M
Q2 25	$1M	$1M
Q3 25	$31M	$31M
Q4 25	$15M	$15M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+28.2%	+79.2%
Q2 22	+12.5%	-38.1%
Q3 22	+13.8%	-31.2%
Q4 22	+43.2%	+30.2%
Q1 23	+48.9%	+6.9%
Q2 23	+74.6%	+139.3%
Q3 23	+66.1%	+126.0%
Q4 23	+44.5%	+53.9%
Q1 24	+28.2%	+20.1%
Q2 24	+4.7%	+3.1%
Q3 24	+7.2%	+5.9%
Q4 24	-7.1%	-3.1%
Q1 25	-16.3%	-6.3%
Q2 25	-12.2%	-3.0%
Q3 25	-19.9%	-9.4%
Q4 25	-5.4%	-136.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$9M
Q2 22	$4M
Q3 22	$5M
Q4 22	$7M
Q1 23	$9M
Q2 23	$11M
Q3 23	$11M
Q4 23	$11M
Q1 24	$11M
Q2 24	$11M
Q3 24	$11M
Q4 24	$11M
Q1 25	$10M
Q2 25	$11M
Q3 25	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7M	$0	$7M
Q2 22	$9M	$0	$9M
Q3 22	$13M	$0	$13M
Q4 22	$6M	$0	$6M
Q1 23	$21M	$0	$21M
Q2 23	$8M	$0	$8M
Q3 23	$6M	$0	$6M
Q4 23	$8M	$0	$8M
Q1 24	$7M	$0	$7M
Q2 24	$11M	$0	$11M
Q3 24	$17M	$0	$17M
Q4 24	$10M	$0	$10M
Q1 25	$12M	$0	$12M
Q2 25	$10M	$0	$10M
Q3 25	$6M	$0	$6M
Q4 25	$31M	$58M	$90M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	30M	-1.8%	+6.5%
Q2 22	30M	-0.3%	+6.3%
Q3 22	30M	-0.0%	+6.2%
Q4 22	31M	+3.2%	+1.1%
Q1 23	32M	+5.1%	+8.2%
Q2 23	37M	+14.2%	+23.8%
Q3 23	37M	0.0%	+23.9%
Q4 23	37M	+0.3%	+20.4%
Q1 24	37M	-0.3%	+14.2%
Q2 24	37M	0.0%	0.0%
Q3 24	37M	0.0%	0.0%
Q4 24	37M	0.0%	-0.3%
Q1 25	37M	0.0%	0.0%
Q2 25	37M	0.0%	0.0%
Q3 25	37M	-0.0%	-0.0%
Q4 25	37M	-0.2%	-0.2%

Shares Outstanding