Nuveen Churchill Direct Lending (NCDL) FCF Margin (2019 - 2026)
Nuveen Churchill Direct Lending (NCDL) posted FCF Margin of 145.66% for Q3 2026, up 72.76 percentage points from 72.89% a year earlier and up 8.00 percentage points from the prior quarter.
Nuveen Churchill Direct Lending (NCDL) FCF Margin (2019 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, FCF Margin at Nuveen Churchill Direct Lending was 75.67%, down 6.96 percentage points year-over-year; for FY2025, it came in at 93.41%, up 226.06 percentage points from FY2024.
- Annual FCF Margin has increased for four consecutive years, with a four-year change of +1165.66 percentage points (FY2021 to FY2025).
- In prior years, Nuveen Churchill Direct Lending's FCF Margin was -132.65% in FY2024 (+95.79 pp), -228.45% in FY2023 (+290.45 pp), -518.89% in FY2022 (+553.35 pp) and -1072.25% in FY2021.
- The Q3 2026 figure stands as the highest quarterly FCF Margin since Q2 2025.
- On a year-over-year basis, FCF Margin increased in six of the last eight quarters, with an average year-over-year change of +144.07 percentage points.
- The strongest year-over-year quarter for FCF Margin in the past five years was Q2 2023, with a gain of 742.34 percentage points; the weakest was Q2 2026, with a drop of 120.47 percentage points.
- According to Business Quant data, FCF Margin for the three prior quarters was 137.65% (Q2 2026), -29.70% (Q1 2026) and 57.10% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | 99.42% |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | 56.70% |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn | - |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - | 10.46% |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - | 50.83% |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | 11.45% |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | 73.88% |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - | 137.88% |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | 332.74% |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | 145.66% |
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 145.66% |
| Jun 30, 2026 | 137.65% |
| Mar 31, 2026 | -29.70% |
| Dec 31, 2025 | 57.10% |
| Sep 30, 2025 | 72.89% |
| Jun 30, 2025 | 258.12% |
| Mar 31, 2025 | -16.44% |
| Dec 31, 2024 | 21.00% |
| Sep 30, 2024 | -70.12% |
| Jun 30, 2024 | -307.43% |
| Mar 31, 2024 | -189.08% |
| Dec 31, 2023 | -275.20% |
| Sep 30, 2023 | -273.86% |
| Jun 30, 2023 | -214.08% |
| Mar 31, 2023 | -120.92% |
| Dec 31, 2022 | -301.73% |
| Sep 30, 2022 | -498.66% |
| Jun 30, 2022 | -956.42% |
| Mar 31, 2022 | -491.17% |
| Dec 31, 2021 | -655.86% |
Nuveen Churchill Direct Lending FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "NCDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();