TCPC Financial Services

BlackRock TCP Capital Corp.

$4.20-1.87%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Financial Services
Industry: Asset Management
Country: United States
Market cap: 352.4M USD
Enterprise value: 1.1B USD

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.70)bigger price swings (beta 1.04 vs peers 0.70)
Drawback: more debt relative to equity (1.65× vs a peer median of 0.57×)more debt vs equity (1.65× vs peers 0.57×)
Not enough data: growth

Would rank #55 of 232 fully scored financial services companies (top 24%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 45% from December 2022 to August 2026.
BlackRock TCP Capital had 45% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.BlackRock TCP Capital had 45% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, BlackRock TCP Capital looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $1.7M profit in the quarter to June 2026.
BlackRock TCP Capital reported a net loss over the last twelve months, but its most recent quarter was profitable ($1.7M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

62/ 100

Oct 5 62 → Nov 4 62

Valuation

Is the price right?

87/100

Strong

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-30.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.54Sector median: 0.0571 · MAD: 0.0371

EBITDA yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0689 · MAD: 0.0428

Free cash flow yield113.4%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingOutlier capped at sector 5th/95th percentile20% base weight · Z-score 9.32Sector median: 0.0613 · MAD: 0.0605

Other data (not scored)

Book yield156.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.8352 · MAD: 0.4517

Growth

Is it growing?

Insufficient data

Insufficient data: 1 of 3 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Profitability

Does it earn well?

13/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2353 · MAD: 0.1462

Return on assets-7.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.22Sector median: 0.0256 · MAD: 0.0233

Return on invested capital8.9%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 0.50Sector median: 0.0630 · MAD: 0.0518

Other data (not scored)

Gross margin100.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.7878 · MAD: 0.2122

Return on equity-19.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0939 · MAD: 0.0702

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.04

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.10Sector median: 0.7010 · MAD: 0.3115

Current ratio13.21×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 8.97Sector median: 2.0250 · MAD: 1.2470

Debt / equity1.65×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.97Sector median: 0.5734 · MAD: 0.5454

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about BlackRock TCP Capital

Is BlackRock TCP Capital getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 62/100 since Oct 28, 2026.
How is BlackRock TCP Capital valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 87/100 against 432 financial services peers. Free cash flow yield 113.4% vs a peer median of 6.1% (stronger than 95% of peers).Free cash flow yield 113.4% vs peers 6.1% (stronger than 95% of peers). Earnings yield -30.8% vs a peer median of 5.7% (weaker than 100% of peers).Earnings yield -30.8% vs peers 5.7% (weaker than 100% of peers).
Is BlackRock TCP Capital growing?: Insufficient data: 1 of 3 inputs reported (at least 2 needed).
How profitable is BlackRock TCP Capital?: Less profitable than most of its peers. Profitability scores 13/100 against 432 financial services peers. Return on invested capital 8.9% vs a peer median of 6.3% (stronger than 63% of peers).Return on invested capital 8.9% vs peers 6.3% (stronger than 63% of peers). Return on assets -7.3% vs a peer median of 2.6% (weaker than 100% of peers).Return on assets -7.3% vs peers 2.6% (weaker than 100% of peers).
How risky is BlackRock TCP Capital?: Lower risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Current ratio 13.21× vs a peer median of 2.02× (stronger than 87% of peers).Current ratio 13.21× vs peers 2.02× (stronger than 87% of peers). Beta 1.04 vs a peer median of 0.70 (weaker than 72% of peers).Beta 1.04 vs peers 0.70 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: BlackRock TCP Capital is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Net income (12 months)	−126.1M USD	−108.5M USD	−14.0%
Debt	925.8M USD	910.6M USD	−1.6%
Cash	93.3M USD	157.5M USD	+68.9%
Shares outstanding	83.9M	83.9M	0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Asset Management · 43 companies

Valuations in Asset Management are near the top of their range since 2016.

95% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +10% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is +31% vs the whole market, against a usual +6%.

2016Shaded: most expensive fifth of its range2026

BlackRock TCP Capital looks cheaper than most of its peers on our valuation measures, while the Asset Management industry as a whole is valued high by its own standards since 2016. Both can be true at once.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	7.1%	-0.5%	2.3%	-3.3%	-5.4%	▼ 2.1 pts
Return on equity (ROE)	16.1%	-1.2%	5.6%	-8.0%	-14.9%	▼ 6.8 pts
Debt to equity	1.22×	1.26×	1.43×	1.42×	1.73×	▲ 22%

TCPC price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.70)bigger price swings (beta 1.04 vs peers 0.70)

Drawback: more debt relative to equity (1.65× vs a peer median of 0.57×)more debt vs equity (1.65× vs peers 0.57×)

Not enough data: growth

Would rank #55 of 232 fully scored financial services companies (top 24%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 45% from December 2022 to August 2026.

BlackRock TCP Capital had 45% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.BlackRock TCP Capital had 45% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, BlackRock TCP Capital looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $1.7M profit in the quarter to June 2026.

BlackRock TCP Capital reported a net loss over the last twelve months, but its most recent quarter was profitable ($1.7M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about BlackRock TCP Capital

Is BlackRock TCP Capital getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 62/100 since Oct 28, 2026.

How is BlackRock TCP Capital valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 87/100 against 432 financial services peers. Free cash flow yield 113.4% vs a peer median of 6.1% (stronger than 95% of peers).Free cash flow yield 113.4% vs peers 6.1% (stronger than 95% of peers). Earnings yield -30.8% vs a peer median of 5.7% (weaker than 100% of peers).Earnings yield -30.8% vs peers 5.7% (weaker than 100% of peers).

Is BlackRock TCP Capital growing?

Insufficient data: 1 of 3 inputs reported (at least 2 needed).

How profitable is BlackRock TCP Capital?

Less profitable than most of its peers. Profitability scores 13/100 against 432 financial services peers. Return on invested capital 8.9% vs a peer median of 6.3% (stronger than 63% of peers).Return on invested capital 8.9% vs peers 6.3% (stronger than 63% of peers). Return on assets -7.3% vs a peer median of 2.6% (weaker than 100% of peers).Return on assets -7.3% vs peers 2.6% (weaker than 100% of peers).

How risky is BlackRock TCP Capital?

Lower risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Current ratio 13.21× vs a peer median of 2.02× (stronger than 87% of peers).Current ratio 13.21× vs peers 2.02× (stronger than 87% of peers). Beta 1.04 vs a peer median of 0.70 (weaker than 72% of peers).Beta 1.04 vs peers 0.70 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Net income (12 months)

−126.1M USD

−108.5M USD

−14.0%

Debt

925.8M USD

910.6M USD

−1.6%

Cash

93.3M USD

157.5M USD

+68.9%

Shares outstanding

83.9M

83.9M

0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

7.1%

-0.5%

2.3%

-3.3%

-5.4%

▼ 2.1 pts

Return on equity (ROE)

16.1%

-1.2%

5.6%

-8.0%

-14.9%

▼ 6.8 pts

Debt to equity

1.22×

1.26×

1.43×

1.42×

1.73×

▲ 22%