BlackRock TCP Capital (TCPC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

BlackRock TCP Capital

NasdaqGS•Financial Services•Asset Management

$4.07+0.01(<0.01%)Market closed

Market Cap

$323.07M

P/S

1.8x

P/B

0.6x

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals. It seeks to invest in the United States. The fund typically invests in debt between $10 million and $35 million in companies with enterprise values between $100 million and $1500 million including complex situations. It prefers to make equity investments in companies for an ownership stake.

How this company scores

AverageMetricSide Score: 47/100

Strongest: Cash & Earnings Quality (24/25); weakest: Growth (5/25).

Profitability9/25

Growth5/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality24/25

Strengths

Rising free cash flowCash-backed earningsImproving marginsNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 25.3x5y range 12.8x – 30.1x

Currently near its 4-quarter median.

P/S · 1.8x5y range 1.6x – 3.1x

Currently near its 13-quarter median.

P/B · 0.6x5y range 0.5x – 0.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 9.9% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $323.07M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $177.04M
Q. Revenue: $40.02M
TTM EBITDA: $85.96M
TTM Op. Income: $85.96M
Q. Op. Income: $18.14M
TTM Net Income: $-108.47M
Q. Net Income: $1.75M
EPS: $0.02
Shares Out.: $83.92M

$177.04M in TTM revenue declined 26.1% YoY, reaching $40.02M last quarter. TTM EBITDA of $85.96M and TTM operating income of $85.96M show growth is flowing through to the bottom line. However, net income is negative at $108.47M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 5 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 45.3%
Op. Margin: 45.3%
Net Margin: 4.4%

Op. margin of 45.3% is down 8.3% YoY — costs are rising relative to revenue. Net margin at 4.4% Over the past year, operating margin is down 15% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.8x
P/B Ratio: 0.6x

P/S of 1.8x and P/B of 0.6x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.48B
Cash: $157.55M
Long-Term Debt: $910.58M
Book Value: $552.01M
D/E Ratio: 1.6
Debt/EBITDA: 50.2

With $1.48B in assets and $910.58M in long-term debt, D/E is 1.6and book value is $552.01M — moderate leverage. Over the past year, debt/equity is up 4% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $96.30M
TTM Free Cash Flow: $399.70M
FCF Margin: 225.8%
FCF / Net Income: -3.7

TTM FCF of $399.70M on $96.30M in operating cash flow. The FCF / Net Income ratio of -3.7x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.