Nuveen Churchill Direct Lending Corp Financials
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).
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Nuveen Churchill Direct Lending Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nuveen Churchill Direct Lending Corp carries a low D/E ratio of 1.27, meaning only $1.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
Nuveen Churchill Direct Lending Corp's ROE of 7.5% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 12.0% the prior year.
Nuveen Churchill Direct Lending Corp passes 4 of 9 financial strength tests. 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 $65.6M in net income in fiscal year 2025. This represents a decrease of 43.6% from the prior year.
Nuveen Churchill Direct Lending Corp earned $1.86 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 17.7% from the prior year.
Cash & Balance Sheet
Nuveen Churchill Direct Lending Corp held $62.5M in cash against $1.1B in long-term debt as of fiscal year 2025.
Nuveen Churchill Direct Lending Corp had 49M shares outstanding in fiscal year 2025. This represents a decrease of 7.5% from the prior year.
Margins & Returns
Nuveen Churchill Direct Lending Corp's ROE was 7.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.5 percentage points from the prior year.
Capital Allocation
Nuveen Churchill Direct Lending Corp spent $65.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 96.1% from the prior year.
NCDL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | $19.2M-4.5% | $20.1M-2.6% | $20.6M | N/A | $23.2M+23.9% | $18.7M+10.5% | $16.9M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | $18.7M+16.5% | $16.0M+6.6% | $15.0M | N/A | $36.6M+81.4% | $20.2M-32.7% | $30.0M |
| EPS (Diluted) | N/A | $0.43-6.5% | $0.46-13.2% | $0.53 | N/A | $0.58+1.8% | $0.57+1.8% | $0.56 |
NCDL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B+0.6% | $2.0B-1.5% | $2.1B-4.5% | $2.2B+1.3% | $2.1B+0.2% | $2.1B+2.7% | $2.1B+11.1% | $1.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $62.5M+34.9% | $46.3M+5.3% | $44.0M-10.5% | $49.2M+13.7% | $43.3M-37.6% | $69.3M-2.4% | $71.0M+10.7% | $64.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.2B+1.6% | $1.2B-2.2% | $1.2B-5.3% | $1.3B+6.7% | $1.2B+2.1% | $1.1B+4.8% | $1.1B+25.0% | $877.3M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $1.1B+0.9% | $1.1B-0.9% | $1.1B-7.3% | $1.2B+7.8% | $1.1B+1.2% | $1.1B+7.1% | $1.0B+24.6% | $825.5M |
| Total Equity | $875.2M-0.7% | $881.5M-0.7% | $887.7M-3.5% | $920.0M-5.2% | $970.3M-2.0% | $990.6M+0.4% | $986.4M-1.2% | $998.2M |
| Retained Earnings | -$55.7M-12.3% | -$49.6M-7.7% | -$46.0M-15.8% | -$39.7M-50.0% | -$26.5M+2.5% | -$27.2M+19.6% | -$33.8M-41.5% | -$23.9M |
NCDL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $28.6M-23.3% | $37.3M-72.8% | $137.1M+1657.1% | -$8.8M-173.5% | $12.0M+128.4% | -$42.3M+75.0% | -$169.4M-73.6% | -$97.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$12.4M+64.4% | -$34.9M+75.5% | -$142.3M-1069.3% | $14.7M+138.6% | -$38.0M-193.7% | $40.6M-77.0% | $176.2M+86.8% | $94.3M |
| Dividends Paid | $22.2M-0.3% | $22.3M-21.1% | $28.3M-4.1% | $29.5M+5.8% | $27.9M+4.9% | $26.5M+23.5% | $21.5M+11.2% | $19.3M |
| Share Buybacks | $0-100.0% | $2.7M-89.7% | $26.0M-29.8% | $37.1M+65.1% | $22.4M+278.6% | $5.9M+15.2% | $5.1M | $0 |
NCDL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | 2.1%+0.3pp | 1.8%+0.2pp | 1.6% | N/A | 3.7%+1.6pp | 2.1%-1.0pp | 3.0% |
| Return on Assets | N/A | 0.9%+0.1pp | 0.8%+0.1pp | 0.7% | N/A | 1.7%+0.7pp | 1.0%-0.6pp | 1.6% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.27+0.0 | 1.250.0 | 1.26-0.1 | 1.31+0.2 | 1.15+0.0 | 1.11+0.1 | 1.04+0.2 | 0.83 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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 Piotroski F-Score?
Nuveen Churchill Direct Lending Corp (NCDL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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.
How financially healthy is Nuveen Churchill Direct Lending Corp?
Nuveen Churchill Direct Lending Corp (NCDL) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.