Nuveen Churchill Direct Lending (NCDL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Nov 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NCDL SEC filings page.
This page shows Nuveen Churchill Direct Lending Corp (NCDL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
NCDL behaves like a leveraged lending vehicle: portfolio assets contracted while debt stayed nearly level and capital returned accelerated.
From FY2024 to FY2025, net income fell to$65.6M even as interest expense edged down to$77.9M , so the weaker result was not driven by a larger interest bill. At the same time, reported operating cash flow swung positive to$194.2M , indicating that accounting earnings and period cash movements can diverge materially in this structure.
Total assets decreased from
The vehicle paid
Financial Health Signals
We do not publish a peer-relative financial health score for Nuveen Churchill Direct Lending Corp, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Nuveen Churchill Direct Lending Corp passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Key Financial Metrics
Earnings & Revenue
Nuveen Churchill Direct Lending Corp generated $43.7M in revenue in Q3 2026. This represents a decrease of 14.5% from the same quarter a year earlier.
Nuveen Churchill Direct Lending Corp reported $16.0M in net income in Q3 2026. This represents a decrease of 14.3% from the same quarter a year earlier. Against the prior quarter it is up 344.9%.
Not reported for Q3 2026.
Not reported for Q3 2026.
Cash & Balance Sheet
Nuveen Churchill Direct Lending Corp held $39.1M in cash against $1.0B in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Nuveen Churchill Direct Lending Corp's net profit margin was 36.6% in Q3 2026, showing the share of revenue converted to profit. This is up 0.1 percentage points from the same quarter a year earlier.
Nuveen Churchill Direct Lending Corp's quarterly ROE was 1.9% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
Nuveen Churchill Direct Lending Corp repurchased no shares in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2026.
Not reported for Q3 2026.
NCDL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $43.7M-14.5% | N/A | N/A | N/A | $51.1M | N/A | N/A | N/A |
| Interest Expense | $15.6M-18.6% | $16.6M-17.6% | $17.7M-14.0% | N/A | $19.2M-17.2% | $20.1M+7.4% | $20.6M+21.9% | N/A |
| Net Income | $16.0M-14.3% | $3.6M-77.6% | $8.7M-42.2% | $15.9M-45.9% | $18.7M-49.1% | $16.0M-20.7% | $15.0M-50.0% | $29.5M+2.4% |
| EPS (Basic) | N/A | N/A | N/A | $0.44-20.0% | $0.43-25.9% | $0.46-19.3% | $0.53 | $0.55-17.9% |
| EPS (Diluted) | N/A | N/A | N/A | $0.44-20.0% | $0.43-25.9% | $0.46-19.3% | $0.53 | $0.55-17.9% |
| Diluted Shares (Avg) | 49M0.0% | 49M-1.6% | 49M-5.4% | N/A | 49M-9.7% | 50M-8.4% | 52M | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Income Tax.
NCDL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B-5.9% | $2.0B-4.2% | $2.0B-5.7% | $2.1B-4.2% | $2.0B-4.6% | $2.1B-0.4% | $2.2B+15.8% | $2.1B+23.9% |
| Cash & Equivalents | $39.1M-15.6% | $45.8M+4.0% | $50.4M+2.5% | $62.5M+44.5% | $46.3M-33.1% | $44.0M-38.0% | $49.2M-23.3% | $43.3M-35.8% |
| Total Liabilities | $1.1B-7.4% | $1.1B-4.0% | $1.2B-5.4% | $1.2B+0.5% | $1.2B+1.0% | $1.2B+8.2% | $1.3B+42.8% | $1.2B+19.4% |
| Long-Term Debt | $1.0B-5.6% | $1.1B-1.9% | $1.1B-5.2% | $1.1B-0.1% | $1.1B+0.2% | $1.1B+8.3% | $1.2B+45.6% | $1.1B+17.1% |
| Total Equity | $846.2M-4.0% | $849.0M-4.4% | $864.1M-6.1% | $875.2M-9.8% | $881.5M-11.0% | $887.7M-10.0% | $920.0M-7.8% | $970.3M+29.7% |
| Retained Earnings | -$84.7Mn/m | -$81.9Mn/m | -$66.8Mn/m | -$55.7Mn/m | -$49.6Mn/m | -$46.0Mn/m | -$39.7Mn/m | -$26.5Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.
NCDL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $63.6M+70.8% | $61.0M-55.5% | -$13.7Mn/m | $28.6M+138.3% | $37.3Mn/m | $137.1Mn/m | -$8.8Mn/m | $12.0Mn/m |
| Financing Cash Flow | -$70.3Mn/m | -$65.7Mn/m | $1.7M-88.7% | -$12.4Mn/m | -$34.9M-186.1% | -$142.3M-180.8% | $14.7M-84.4% | -$38.0M-122.9% |
| Dividends Paid | $18.7M-15.9% | $19.8M-30.1% | $22.2M-24.6% | $22.2M-20.2% | $22.3M-16.0% | $28.3M+31.5% | $29.5M+52.4% | $27.9M+66.5% |
| Share Buybacks | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $2.7M-54.7% | $26.0M+405.0% | $37.1Mn/m | $22.4Mn/m |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow.
NCDL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 36.6%+0.1pp | N/A | N/A | N/A | 36.5% | N/A | N/A | N/A |
| Return on Equity | 1.9%-0.2pp | 0.4%-1.4pp | 1.0%-0.6pp | 1.8%-1.2pp | 2.1%-1.6pp | 1.8%-0.3pp | 1.6%-1.4pp | 3.0%-0.8pp |
| Return on Assets | 0.8%-0.1pp | 0.2%-0.6pp | 0.4%-0.3pp | 0.8%-0.6pp | 0.9%-0.8pp | 0.8%-0.2pp | 0.7%-0.9pp | 1.4%-0.3pp |
| Debt-to-Equity | 1.230.0x | 1.290.0x | 1.320.0x | 1.27+0.1x | 1.25+0.1x | 1.26+0.2x | 1.31+0.5x | 1.15-0.1x |
| Liabilities-to-Equity | 1.270.0x | 1.340.0x | 1.370.0x | 1.35+0.1x | 1.32+0.2x | 1.34+0.2x | 1.36+0.5x | 1.21-0.1x |
| Asset Turnover | 0.020.0x | N/A | N/A | N/A | 0.03 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Nuveen Churchill Direct Lending Corp NCDL | FY2025 | N/A | $65.6M | N/A | $602.0M | — |
| Bain Capital Specialty Finance, Inc. BCSF | FY2025 | $273.2M | $98.8M | 36.1% | $729.1M | 52/100 |
| PennantPark Floating Rate Capital Ltd. PFLT | FY2025 | $261.4M | $66.4M | 25.4% | $692.5M | 62/100 |
| New Mountain Finance Corporation NMFC | FY2025 | $327.1M | $16.5M | 5.0% | $670.6M | 47/100 |
| SLR Investment Corp. SLRC | FY2025 | $218.5M | $92.5M | 42.3% | $665.0M | 34/100 |
| Gladstone Investment Corporation GAIN | FY2026 | $99.1M | $184.8M | N/A | $613.3M | 64/100 |
Where Nuveen Churchill Direct Lending Corp Ranks
Frequently Asked Questions
Yes, Nuveen Churchill Direct Lending Corp (NCDL) reported a net income of $44.2M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $65.6M.
As of fiscal year 2025, Nuveen Churchill Direct Lending Corp (NCDL) had $62.5M in cash and equivalents against $1.1B in long-term debt.
Nuveen Churchill Direct Lending Corp (NCDL) has a return on equity of 7.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Nuveen Churchill Direct Lending Corp (NCDL) generated $194.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Nuveen Churchill Direct Lending Corp (NCDL) had $2.1B in total assets as of fiscal year 2025, including both current and long-term assets.
Nuveen Churchill Direct Lending Corp (NCDL) had a debt-to-equity ratio of 1.27 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Nuveen Churchill Direct Lending Corp (NCDL) had a liabilities-to-equity ratio of 1.35 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Nuveen Churchill Direct Lending Corp (NCDL) had a return on assets of 3.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Nuveen Churchill Direct Lending Corp (NCDL) trades at 13.6x earnings, its market capitalization divided by $44.2M net income, trailing 12 months to September 30, 2026. The market capitalization is $602.0M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Nuveen Churchill Direct Lending Corp (NCDL) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $602.0M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Nuveen Churchill Direct Lending Corp (NCDL) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.