Financial health
- Total debt ($1.1B) exceeds cash ($62M); net debt is $1.1B.
Shareholder returns
- Dividends have been paid for 5 consecutive years, consuming 155.8% of earnings.
- The dividend has grown 62.4% per year over the past 4 years.
NCDL Financials Nuveen Churchill Direct Lending Corp.
5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | $66M | — | — | — | $1.1B | $62M |
| 2024 | — | $116M | — | — | — | $1.1B | $43M |
| 2023 | — | $76M | — | — | — | $952M | $67M |
| 2022 | — | $17M | — | — | — | $705M | $39M |
| 2021 | — | $27M | — | — | — | — | $35M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | $9M | — | — | — | $1.1B | $50M |
| Dec '25 | — | $16M | — | — | — | $1.1B | $62M |
| Sep '25 | — | $19M | — | — | — | $1.1B | $46M |
| Jun '25 | — | $16M | — | — | — | $1.1B | $44M |
| Mar '25 | — | $15M | — | — | — | $1.2B | $49M |
| Dec '24 | — | $29M | — | — | — | $1.1B | $43M |
| Sep '24 | — | $37M | — | — | — | $1.1B | $69M |
| Jun '24 | — | $20M | — | — | — | $1.0B | $71M |
| Mar '24 | — | $30M | — | — | — | $826M | $64M |
| Dec '23 | — | $29M | — | — | — | $952M | $67M |
| Sep '23 | — | $20M | — | — | — | $867M | $36M |
| Jun '23 | — | $14M | — | — | — | $825M | $45M |
| Mar '23 | — | $13M | — | — | — | $769M | $50M |
| Dec '22 | — | $7M | — | — | — | $705M | $39M |
| Sep '22 | — | $6M | — | — | — | — | $38M |
| Jun '22 | — | -$3M | — | — | — | — | $33M |
| Mar '22 | — | $7M | — | — | — | — | $23M |
Valuation over time
How the market has priced NCDL against its own fundamentals since 2024-01 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 11.6× (Jan '24) to 9.4× (Jun '26).
- The dividend yield has risen from 7.2% (Jan '24) to 16.6% (Jun '26).
P/E
Dividend yield %
Frequently asked questions
Is NCDL growing its revenue and profit?
See the revenue and net-income charts above for Nuveen Churchill Direct Lending Corp.'s multi-year trend.
How much debt does NCDL have?
As of FY2025, Nuveen Churchill Direct Lending Corp. reported $1.1B of total debt against $62M of cash.
What is NCDL's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is NCDL's P/E ratio?
As of Jun '26, Nuveen Churchill Direct Lending Corp. traded at a price-to-earnings ratio of about 9.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.