BLACKROCK TCP CAPITAL CORP (TCPC) Stock Fundamental Analysis
NASDAQ:TCPC - Nasdaq - US09259E1082 - Common Stock - Currency: USD
TCPC gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 225 industry peers in the Capital Markets industry. Both the profitability and the financial health of TCPC get a neutral evaluation. Nothing too spectacular is happening here. TCPC has a valuation in line with the averages, but on the other hand it scores bad on growth.
1. Profitability
1.1 Basic Checks
TCPC had positive earnings in the past year.
TCPC had a positive operating cash flow in the past year.
TCPC had positive earnings in 4 of the past 5 years.
TCPC had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
With a Return On Assets value of -1.85%, TCPC is not doing good in the industry: 84.02% of the companies in the same industry are doing better.
TCPC's Return On Equity of -4.38% is on the low side compared to the rest of the industry. TCPC is outperformed by 82.19% of its industry peers.
With a decent Return On Invested Capital value of 4.80%, TCPC is doing good in the industry, outperforming 62.56% of the companies in the same industry.
TCPC had an Average Return On Invested Capital over the past 3 years of 4.08%. This is below the industry average of 6.82%.
The last Return On Invested Capital (4.80%) for TCPC is above the 3 year average (4.08%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -1.85% | ||
| ROE | -4.38% | ||
| ROIC | 4.8% |
ROA(3y)2.93%
ROA(5y)2.97%
ROE(3y)6.83%
ROE(5y)6.75%
ROIC(3y)4.08%
ROIC(5y)4.15%
1.3 Margins
In the last couple of years the Profit Margin of TCPC has declined.
TCPC's Operating Margin of 49.56% is amongst the best of the industry. TCPC outperforms 88.13% of its industry peers.
In the last couple of years the Operating Margin of TCPC has remained more or less at the same level.
TCPC has a Gross Margin of 63.19%. This is in the better half of the industry: TCPC outperforms 69.41% of its industry peers.
TCPC's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 49.56% | ||
| PM (TTM) | N/A | ||
| GM | 63.19% |
OM growth 3Y1.81%
OM growth 5Y0.78%
PM growth 3Y-23.77%
PM growth 5Y-5.1%
GM growth 3Y1.91%
GM growth 5Y-0.12%
2. Health
2.1 Basic Checks
TCPC has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, TCPC has less shares outstanding
The debt/assets ratio for TCPC is higher compared to a year ago.
2.2 Solvency
TCPC has an Altman-Z score of 0.52. This is a bad value and indicates that TCPC is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.52, TCPC is doing worse than 67.58% of the companies in the same industry.
TCPC has a debt to FCF ratio of 4.43. This is a neutral value as TCPC would need 4.43 years to pay back of all of its debts.
The Debt to FCF ratio of TCPC (4.43) is better than 65.75% of its industry peers.
TCPC has a Debt/Equity ratio of 1.34. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 1.34, TCPC is doing worse than 66.21% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.34 | ||
| Debt/FCF | 4.43 | ||
| Altman-Z | 0.52 |
ROIC/WACCN/A
WACCN/A
2.3 Liquidity
TCPC has a Current Ratio of 7.27. This indicates that TCPC is financially healthy and has no problem in meeting its short term obligations.
With an excellent Current ratio value of 7.27, TCPC belongs to the best of the industry, outperforming 90.41% of the companies in the same industry.
TCPC has a Quick Ratio of 7.27. This indicates that TCPC is financially healthy and has no problem in meeting its short term obligations.
The Quick ratio of TCPC (7.27) is better than 90.41% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 7.27 | ||
| Quick Ratio | 7.27 |
3. Growth
3.1 Past
The earnings per share for TCPC have decreased by -6.70% in the last year.
Measured over the past 5 years, TCPC shows a small growth in Earnings Per Share. The EPS has been growing by 2.96% on average per year.
Looking at the last year, TCPC shows a very strong growth in Revenue. The Revenue has grown by 21.38%.
TCPC shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 1.90% yearly.
EPS 1Y (TTM)-6.7%
EPS 3Y9.8%
EPS 5Y2.96%
EPS Q2Q%-26.53%
Revenue 1Y (TTM)21.38%
Revenue growth 3Y6.75%
Revenue growth 5Y1.9%
Sales Q2Q%30.85%
3.2 Future
The Earnings Per Share is expected to decrease by -11.63% on average over the next years. This is quite bad
The Revenue is expected to grow by 1.77% on average over the next years.
EPS Next Y-10.24%
EPS Next 2Y-11.19%
EPS Next 3Y-11.63%
EPS Next 5YN/A
Revenue Next Year23.96%
Revenue Next 2Y9.37%
Revenue Next 3Y1.77%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 5.66, the valuation of TCPC can be described as very cheap.
93.15% of the companies in the same industry are more expensive than TCPC, based on the Price/Earnings ratio.
TCPC is valuated cheaply when we compare the Price/Earnings ratio to 29.62, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 6.51, the valuation of TCPC can be described as very cheap.
Based on the Price/Forward Earnings ratio, TCPC is valued cheaply inside the industry as 93.61% of the companies are valued more expensively.
TCPC is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.70, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 5.66 | ||
| Fwd PE | 6.51 |
4.2 Price Multiples
Compared to the rest of the industry, the Price/Free Cash Flow ratio of TCPC indicates a rather cheap valuation: TCPC is cheaper than 89.04% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 3.09 | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
A cheap valuation may be justified as TCPC's earnings are expected to decrease with -11.63% in the coming years.
PEG (NY)N/A
PEG (5Y)1.91
EPS Next 2Y-11.19%
EPS Next 3Y-11.63%
5. Dividend
5.1 Amount
TCPC has a Yearly Dividend Yield of 14.41%, which is a nice return.
TCPC's Dividend Yield is rather good when compared to the industry average which is at 10.21. TCPC pays more dividend than 89.50% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.27, TCPC pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 14.41% |
5.2 History
The dividend of TCPC has a limited annual growth rate of 3.84%.
TCPC has been paying a dividend for at least 10 years, so it has a reliable track record.
The dividend of TCPC decreased in the last 3 years.
Dividend Growth(5Y)3.84%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
The earnings of TCPC are negative and hence is the payout ratio. TCPC will probably not be able to sustain this dividend level.
DP-314.56%
EPS Next 2Y-11.19%
EPS Next 3Y-11.63%
9.45
+0.01 (+0.11%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners22.75%
Inst Owner Change-79.52%
Ins Owners0.24%
Ins Owner Change8.26%
Market Cap808.83M
Analysts49.09
Price Target8.84 (-6.46%)
Short Float %1.2%
Short Ratio1.85
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 14.41% |
Yearly Dividend1.74
Dividend Growth(5Y)3.84%
DP-314.56%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-6.76%
Min EPS beat(2)-9.18%
Max EPS beat(2)-4.35%
EPS beat(4)1
Avg EPS beat(4)-5.29%
Min EPS beat(4)-9.18%
Max EPS beat(4)0.27%
EPS beat(8)4
Avg EPS beat(8)-0.85%
EPS beat(12)7
Avg EPS beat(12)2.25%
EPS beat(16)8
Avg EPS beat(16)1.08%
Revenue beat(2)2
Avg Revenue beat(2)2.67%
Min Revenue beat(2)1.71%
Max Revenue beat(2)3.62%
Revenue beat(4)3
Avg Revenue beat(4)0.93%
Min Revenue beat(4)-4.8%
Max Revenue beat(4)3.62%
Revenue beat(8)6
Avg Revenue beat(8)1.71%
Revenue beat(12)8
Avg Revenue beat(12)1.46%
Revenue beat(16)9
Avg Revenue beat(16)0.61%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-2.11%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.61%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.78%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.6%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 5.66 | ||
| Fwd PE | 6.51 | ||
| P/S | 3.25 | ||
| P/FCF | 3.09 | ||
| P/OCF | 3.09 | ||
| P/B | 0.93 | ||
| P/tB | 0.93 | ||
| EV/EBITDA | N/A |
EPS(TTM)1.67
EY17.67%
EPS(NY)1.45
Fwd EY15.36%
FCF(TTM)3.06
FCFY32.37%
OCF(TTM)3.06
OCFY32.37%
SpS2.91
BVpS10.11
TBVpS10.11
PEG (NY)N/A
PEG (5Y)1.91
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -1.85% | ||
| ROE | -4.38% | ||
| ROCE | 6.07% | ||
| ROIC | 4.8% | ||
| ROICexc | 5.05% | ||
| ROICexgc | 5.12% | ||
| OM | 49.56% | ||
| PM (TTM) | N/A | ||
| GM | 63.19% | ||
| FCFM | 105.13% |
ROA(3y)2.93%
ROA(5y)2.97%
ROE(3y)6.83%
ROE(5y)6.75%
ROIC(3y)4.08%
ROIC(5y)4.15%
ROICexc(3y)4.28%
ROICexc(5y)4.3%
ROICexgc(3y)4.34%
ROICexgc(5y)4.36%
ROCE(3y)5.17%
ROCE(5y)5.25%
ROICexcg growth 3Y9.72%
ROICexcg growth 5Y3.38%
ROICexc growth 3Y9.48%
ROICexc growth 5Y3.32%
OM growth 3Y1.81%
OM growth 5Y0.78%
PM growth 3Y-23.77%
PM growth 5Y-5.1%
GM growth 3Y1.91%
GM growth 5Y-0.12%
F-Score3
Asset Turnover0.12
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.34 | ||
| Debt/FCF | 4.43 | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.31 | ||
| Cash Conversion | N/A | ||
| Profit Quality | N/A | ||
| Current Ratio | 7.27 | ||
| Quick Ratio | 7.27 | ||
| Altman-Z | 0.52 |
F-Score3
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-6.7%
EPS 3Y9.8%
EPS 5Y2.96%
EPS Q2Q%-26.53%
EPS Next Y-10.24%
EPS Next 2Y-11.19%
EPS Next 3Y-11.63%
EPS Next 5YN/A
Revenue 1Y (TTM)21.38%
Revenue growth 3Y6.75%
Revenue growth 5Y1.9%
Sales Q2Q%30.85%
Revenue Next Year23.96%
Revenue Next 2Y9.37%
Revenue Next 3Y1.77%
Revenue Next 5YN/A
EBIT growth 1Y18.27%
EBIT growth 3Y8.68%
EBIT growth 5Y2.7%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y93.65%
FCF growth 3Y-8.9%
FCF growth 5YN/A
OCF growth 1Y93.65%
OCF growth 3Y-8.9%
OCF growth 5YN/A