Nuveen Churchill Direct Lending Corp (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 Sep 19, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 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).
The dominant mechanic is a leveraged capital structure paired with volatile cash conversion, with financing flows shaping reported balance-sheet change.
Net income fell from$116M in FY2024 to$66M in FY2025, making the earnings trend less representative of the year's cash outcome. Operating cash flow moved from-$297M to$194M over the same span; this mismatch points to period-to-period balance-sheet cash movements beneath the reported profit line rather than stable earnings-to-cash conversion.
Equity fell to
FY2025 financing cash flow was
Financial Health Signals
Nuveen Churchill Direct Lending Corp does not currently provide enough eligible data for a peer-relative financial health score, so none is published. 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.
For every $1 of reported earnings, Nuveen Churchill Direct Lending Corp generates $2.96 in operating cash flow ($194.2M OCF vs $65.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Nuveen Churchill Direct Lending Corp reported $3.6M in net income in Q2 2026. This represents a decrease of 77.6% from the same quarter a year earlier. Against the prior quarter it is down 58.6%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Nuveen Churchill Direct Lending Corp held $45.8M in cash against $1.1B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Nuveen Churchill Direct Lending Corp's ROE was 0.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Nuveen Churchill Direct Lending Corp repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Not reported for Q2 2026.
Not reported for Q2 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Interest Expense | $16.6M-17.6% | $17.7M-14.0% | N/A | $19.2M-17.2% | $20.1M+7.4% | $20.6M+21.9% | N/A | $23.2M+44.6% |
| Net Income | $3.6M-77.6% | $8.7M-42.2% | N/A | $18.7M-49.1% | $16.0M-20.7% | $15.0M-50.0% | N/A | $36.6M+81.9% |
| EPS (Basic) | N/A | N/A | $0.44-20.0% | $0.43-25.9% | $0.46-19.3% | $0.53-5.4% | $0.55-17.9% | $0.58-6.5% |
| EPS (Diluted) | N/A | N/A | $0.44-20.0% | $0.43-25.9% | $0.46-19.3% | $0.53 | $0.55-17.9% | $0.58 |
| Diluted Shares (Avg) | 49M-1.6% | 49M-5.4% | N/A | 49M-9.7% | 50M-8.4% | 52M | N/A | 55M |
Not reported in any period shown, so not listed: Revenue, 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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% | $2.1B+39.1% |
| Cash & Equivalents | $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% | $69.3M+92.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $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% | $1.1B+27.8% |
| Long-Term Debt | $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% | $1.1B+27.2% |
| Total Equity | $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% | $990.6M+55.0% |
| Retained Earnings | -$81.9M-78.0% | -$66.8M-68.0% | -$55.7M-110.2% | -$49.6M-82.4% | -$46.0M-36.2% | -$39.7M-66.4% | -$26.5M+9.4% | -$27.2M+22.9% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $61.0M-55.5% | -$13.7M-56.0% | $28.6M+138.3% | $37.3M+188.1% | $137.1M+181.0% | -$8.8M+91.0% | $12.0M+108.9% | -$42.3M+63.0% |
| Financing Cash Flow | -$65.7M+53.9% | $1.7M-88.7% | -$12.4M+67.4% | -$34.9M-186.1% | -$142.3M-180.8% | $14.7M-84.4% | -$38.0M-122.9% | $40.6M-61.3% |
| Dividends Paid | $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% | $26.5M+79.6% |
| Share Buybacks | $0-100.0% | $0-100.0% | $0-100.0% | $2.7M-54.7% | $26.0M+405.0% | $37.1M | $22.4M | $5.9M |
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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 0.4%-1.4pp | 1.0%-0.6pp | N/A | 2.1%-1.6pp | 1.8%-0.3pp | 1.6%-1.4pp | N/A | 3.7%+0.5pp |
| Return on Assets | 0.2%-0.6pp | 0.4%-0.3pp | N/A | 0.9%-0.8pp | 0.8%-0.2pp | 0.7%-0.9pp | N/A | 1.7%+0.4pp |
| Debt-to-Equity | 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 | 1.11-0.2x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, 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.
| 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 | $595.6M | — |
| Fidus Investment Corp. FDUS | FY2025 | N/A | $82.4M | N/A | $770.0M | — |
Where Nuveen Churchill Direct Lending Corp Ranks
Frequently Asked Questions
Is Nuveen Churchill Direct Lending Corp profitable?
Yes, Nuveen Churchill Direct Lending Corp (NCDL) reported a net income of $65.6M in fiscal year 2025.
How much debt does Nuveen Churchill Direct Lending Corp have?
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.
What is Nuveen Churchill Direct Lending Corp's return on equity (ROE)?
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.
What is Nuveen Churchill Direct Lending Corp's operating cash flow?
Nuveen Churchill Direct Lending Corp (NCDL) generated $194.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nuveen Churchill Direct Lending Corp's total assets?
Nuveen Churchill Direct Lending Corp (NCDL) had $2.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Nuveen Churchill Direct Lending Corp's debt-to-equity ratio?
Nuveen Churchill Direct Lending Corp (NCDL) had a debt-to-equity ratio of 1.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nuveen Churchill Direct Lending Corp's return on assets (ROA)?
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.
What is Nuveen Churchill Direct Lending Corp's P/E ratio?
Nuveen Churchill Direct Lending Corp (NCDL) trades at 9.1x earnings, its market capitalization divided by net income of $65.6M net income, FY2025. The market capitalization is $595.6M as of Sep 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nuveen Churchill Direct Lending Corp's price-to-sales ratio?
Nuveen Churchill Direct Lending Corp (NCDL) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $595.6M as of Sep 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nuveen Churchill Direct Lending Corp's Piotroski F-Score?
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.
Are Nuveen Churchill Direct Lending Corp's earnings high quality?
Nuveen Churchill Direct Lending Corp (NCDL) has an earnings quality ratio of 2.96x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.