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Earnings transcript
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TCPC
BlackRock TCP Capital Corp.
$3.68
0.02
(0.55%)
| Exchange: | NASDAQ |
| Market Cap: | 308.762M |
| Shares Outstanding: | 418956 |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Asset Management | |||||
| CEO: | Philip Tseng | |||||
| Full Time Employees: | ||||||
| Address: |
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| Website: | https://www.tcpcapital.com |
BlackRock TCP Capital Corp. operates as a business development company (BDC) with a primary focus on deploying direct equity and debt capital into middle-market enterprises. Its investment portfolio spans a wide range of financial instruments, encompassing various forms of debt such as senior secured, junior, and originated loans, alongside mezzanine financing, corporate bonds, and opportunistic secondary-market transactions. The firm also actively seeks to acquire ownership stakes through its equity investments. Its investment strategy is geographically centered within the United States, targeting a diverse array of sectors. These include, among others, communication and media services (such as public relations, television, and wireless communications), consumer products and retail (including apparel, restaurants, and general merchandising), the energy sector (specifically oil and gas extraction), intellectual property ownership, various financial services (like credit agencies and insurance), healthcare and biotechnology, industrial engineering and manufacturing (e.g., heavy electrical equipment, chemicals), and a broad spectrum of technology and specialized business services (including IT consulting, software development, application hosting, and certain logistics providers). Individual investments typically fall within the range of $10 million to $35 million. The companies BlackRock TCP Capital Corp. supports generally possess enterprise values between $100 million and $1.5 billion, even when navigating complex operational or financial circumstances.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 209,328.883 | 20,764.985 | -76,346.573 |
| Gross Profit | 209,328.883 | -45,395.366 | -93,189.583 |
| EBITDA | 0 | -62,614.618 | -22,839.866 |
| Operating Income | 154,614.813 | -62,614.618 | -22,839.866 |
| Net Income | 38,474.432 | -63,137.172 | -88,931.013 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 1,698,772.353 | 1,923,031 | 1,650,360.465 |
| Total Liabilities | 1,011,170.807 | 1,137,908 | 1,052,347.268 |
| Total Stockholders Equity | 687,601.546 | 785,124 | 598,013.197 |
| Total Debt | 985,200.609 | 1,118,340 | 1,035,542.837 |
| Cash and Cash Equivalents | 112,241.946 | 91,590 | 61,075.494 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 92,453.698 | 293,122.075 | 154,915.656 |
| Capital Expenditure | 0 | 0 | 0 |
| Free Cash Flow | 92,453.698 | 293,122.075 | 154,915.656 |
| Net Income | 38,474.432 | 67,110.946 | 278,132.766 |
| Net Change in Cash | 29,806.775 | -20,652.244 | -30,514.208 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 118,836.056 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 128,355.804 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 124,014 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | -17,991.367 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | -16,657.004 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | -17,382.786 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 40,794.492 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 58,642.082 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 48,751 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 32,320.047 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 34,909.150 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 33,728.302 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 0.590 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 0.690 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 0.480 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 2 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates TCPC intrinsic value between $51.24 – $54.14 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about TCPC valuation
Is BlackRock TCP Capital Corp. (TCPC) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for BlackRock TCP Capital Corp. (TCPC) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is TCPC a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether TCPC trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is TCPC’s P/E ratio?
You can see TCPC’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for TCPC?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is TCPC a good long-term investment?
Whether TCPC fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
TCPC
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Daily snapshot
0.55
Trading Metrics:
| Open: | 3.72 | Previous Close: | 3.66 | |
| Day Low: | 3.64 | Day High: | 3.73 | |
| Year Low: | 3.43 | Year High: | 7.97 | |
| Price Avg 50: | 3.99 | Price Avg 200: | 5.16 | |
| Volume: | Average Volume: |
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