NCDL (Nuveen Churchill Direct Lending Corp.) Stock Financials & Earnings | Market Cap Arena

NCDL (Nuveen Churchill Direct Lending Corp.) Stock Financials & Earnings | Market Cap Arena

NCDLNuveen Churchill Direct Lending Corp.

Mkt Cap$660M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Revenue (TTM)$184M

Net Income (TTM)$78M

EPS (TTM)$1.30

Free Cash Flow (TTM)$89M

Gross Margin93.2%

Op. Margin51.2%

Net Margin42.4%

FCF Margin48.2%

P/S Ratio (TTM)3.6x

P/E Ratio (TTM)8.5x

YoY Rev Growth-1.2%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$27M	$15M	$13M
Q2 23	$31M	$17M	$15M
Q3 23	$37M	$22M	$20M
Q4 23	$49M	$31M	$30M
Q1 24	$44M	$29M	$30M
Q2 24	$37M	$20M	$20M
Q3 24	$56M	$34M	$37M
Q4 24	$48M	$29M	$30M
Q1 25	$54M	$33M	$25M
Q2 25	$38M	$19M	$16M
Q3 25	$40M	$22M	$19M
Q4 25	$52M	$98M	$34M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	8.5x	28.4x
Q2 23	7.2x	16.4x
Q3 23	5.7x	12.1x
Q4 23	4.6x	8.7x
Q1 24	4.1x	7.1x
Q2 24	3.9x	6.7x
Q3 24	3.5x	5.7x
Q4 24	3.5x	5.7x
Q1 25	3.4x	5.8x
Q2 25	3.4x	6.0x
Q3 25	3.7x	7.2x
Q4 25	3.6x	8.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$19M	$19M
Q2 23	$17M	$17M
Q3 23	$16M	$16M
Q4 23	$21M	$21M
Q1 24	-$98M	-$98M
Q2 24	-$169M	-$169M
Q3 24	-$42M	-$42M
Q4 24	$44M	$44M
Q1 25	-$4M	-$4M
Q2 25	$56M	$56M
Q3 25	$12M	$12M
Q4 25	$25M	$25M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+90.5%	+215.6%
Q2 23	+85.3%	+6.1%
Q3 23	+164.5%	+112.3%
Q4 23	+143.5%	+50.6%
Q1 24	+64.1%	+1.8%
Q2 24	+22.0%	+9.4%
Q3 24	+49.5%	+11.8%
Q4 24	-1.2%	-4.0%
Q1 25	+21.0%	+100.8%
Q2 25	+2.3%	+27.9%
Q3 25	-28.7%	+9.7%
Q4 25	+7.8%	-4.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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 23	$1M
Q2 23	$2M
Q3 23	$1M
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$1M
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$50M	$0	$50M
Q2 23	$45M	$0	$45M
Q3 23	$36M	$0	$36M
Q4 23	$67M	$0	$67M
Q1 24	$64M	$0	$64M
Q2 24	$71M	$0	$71M
Q3 24	$69M	$0	$69M
Q4 24	$43M	$0	$43M
Q1 25	$49M	$0	$49M
Q2 25	$44M	$0	$44M
Q3 25	$46M	$0	$46M
Q4 25	$9M	$0	$9M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	29M	+0.3%
Q2 23	31M	+6.6%
Q3 23	35M	+13.7%
Q4 23	41M	+18.5%
Q1 24	53M	+27.9%
Q2 24	55M	+3.8%
Q3 24	55M	-0.2%
Q4 24	54M	-1.0%
Q1 25	52M	-3.5%
Q2 25	50M	-3.9%
Q3 25	49M	-1.6%
Q4 25	49M	-0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	—	—
FY 22	—	—
FY 23	—	—
FY 24	$372K	500
FY 25	$404K	500