Nuveen Churchill Direct Lending Corp.

NCDL

We are a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. We are externally managed by our Adviser, Churchill DLC Advisor LLC, and through our Sub-Advisers, Churchill Asset Management LLC and Nuveen Asset Management.

Valuation & Multiples

Based on TTM earnings · Diluted shares

Market Cap$599M

EPS$1.01

P/E12.04

P/FCF–

EV/EBITDA–

FCF Yield–

Div. Yield13.86%

Net Debt/FCF–

Nuveen Churchill Direct Lending Corp. intrinsic value

52-Week Range

$10.39$14.89

Profitability & Returns

TTM as of 2026-09 · YoY vs prior year · ROIC = NOPAT / invested capital

Revenue

N/A

Net Income (TTM)

$44M

▼ -43.6% YoY

Op. Margin

–

ROIC

–

Cash Flow & Balance Sheet

FCF = operating cash flow + capex · Net debt = total debt − cash · Balance sheet from latest filing

FCF

N/A

Op. Cash Flow (TTM)

$139M

▲ +165.3% YoY

Net Debt

$1.00B

Cash & Equiv.

$39M

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Quality Scorecard

Is this a high-quality business?

Dividends

Payout safety and growth

Intrinsic Value

What is it worth?

Financials

Full income, cash flow, balance sheet

Held by ETFs

NCDL is in 5 US ETFs. The largest of them, with NCDL's weight in each:

Nuveen Churchill Direct Lending (NCDL) in three numbers

Fair value (earnings): $14.87; Price $12.19 is 18% below it.; Intrinsic Value
Dividend (TTM): $1.68; 13.86% yield, raised 1 year in a row.; Dividends
P/E: 12.04; From the last twelve months of earnings.; Financials

Questions about Nuveen Churchill Direct Lending

Is Nuveen Churchill Direct Lending (NCDL) overvalued?

At $12.19, Nuveen Churchill Direct Lending's price is 18% below the $14.87 a share fair value that Intrinsiqq's calculator gets from its earnings. It trades at 12.04 times earnings. The growth behind that figure is yours to set on the Intrinsic Value tab. See how to tell if a stock is overvalued.

What is Nuveen Churchill Direct Lending's fair value?

Intrinsiqq's calculator puts Nuveen Churchill Direct Lending's fair value at $14.87 a share. It grows earnings per share 0% a year for 5 years, applies an exit P/E of 13.5, and works back at a 10% yearly return. A 25% margin of safety gives a buy-below price of $11.15. Every input can be changed on the Intrinsic Value tab.

Does Nuveen Churchill Direct Lending (NCDL) pay a dividend, and how much?

Yes. Nuveen Churchill Direct Lending (NCDL) pays a dividend: $1.68 per share over the last twelve months, a dividend yield of 13.86% at the latest close. It has raised its dividend per share for 1 year in a row, growing at 15.4% a year over the last 4 years. The payout takes about 187.7% of earnings.

Source: 10-Q filed 2 Nov 2026 (period ending 30 Sept 2026), SEC. Price: last close 4 Nov 2026. How this is calculated. Sector medians are approximate S&P 500 benchmarks and update periodically. Analysis, not investment advice.

Spot a number that looks wrong? Check it in NCDL's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

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