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TCPC (BlackRock TCP Capital) Cyclically Adjusted FCF per Share : $0.78 (As of Mar. 2025)


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What is BlackRock TCP Capital Cyclically Adjusted FCF per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

BlackRock TCP Capital's adjusted free cash flow per share for the three months ended in Mar. 2025 was $0.617. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is $0.78 for the trailing ten years ended in Mar. 2025.

Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

As of today (2025-06-22), BlackRock TCP Capital's current stock price is $7.57. BlackRock TCP Capital's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2025 was $0.78. BlackRock TCP Capital's Cyclically Adjusted Price-to-FCF of today is 9.71.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of BlackRock TCP Capital was 38.04. The lowest was 8.42. And the median was 14.83.


BlackRock TCP Capital Cyclically Adjusted FCF per Share Historical Data

The historical data trend for BlackRock TCP Capital's Cyclically Adjusted FCF per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

BlackRock TCP Capital Cyclically Adjusted FCF per Share Chart

BlackRock TCP Capital Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Cyclically Adjusted FCF per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only - -2.67 -1.96 -0.96 0.60

BlackRock TCP Capital Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Cyclically Adjusted FCF per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.76 -0.40 0.25 0.60 0.78

Competitive Comparison of BlackRock TCP Capital's Cyclically Adjusted FCF per Share

For the Asset Management subindustry, BlackRock TCP Capital's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


BlackRock TCP Capital's Cyclically Adjusted Price-to-FCF Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, BlackRock TCP Capital's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where BlackRock TCP Capital's Cyclically Adjusted Price-to-FCF falls into.


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BlackRock TCP Capital Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, BlackRock TCP Capital's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2025 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Mar. 2025 (Change)*Current CPI (Mar. 2025)
=0.617/134.9266*134.9266
=0.617

Current CPI (Mar. 2025) = 134.9266.

BlackRock TCP Capital Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201506 0.479 100.684 0.642
201509 -0.783 100.392 -1.052
201512 1.911 99.792 2.584
201603 -0.710 100.470 -0.953
201606 0.552 101.688 0.732
201609 -0.592 101.861 -0.784
201612 -0.140 101.863 -0.185
201703 -0.274 102.862 -0.359
201706 -1.107 103.349 -1.445
201709 -0.449 104.136 -0.582
201712 -0.406 104.011 -0.527
201803 -1.573 105.290 -2.016
201806 0.062 106.317 0.079
201809 2.092 106.507 2.650
201812 -1.368 105.998 -1.741
201903 0.351 107.251 0.442
201906 -1.410 108.070 -1.760
201909 0.052 108.329 0.065
201912 1.087 108.420 1.353
202003 -1.123 108.902 -1.391
202006 1.273 108.767 1.579
202009 0.522 109.815 0.641
202012 1.463 109.897 1.796
202103 -2.085 111.754 -2.517
202106 0.255 114.631 0.300
202109 0.977 115.734 1.139
202112 -0.577 117.630 -0.662
202203 0.462 121.301 0.514
202206 0.166 125.017 0.179
202209 2.289 125.227 2.466
202212 0.614 125.222 0.662
202303 -0.700 127.348 -0.742
202306 0.796 128.729 0.834
202309 0.806 129.860 0.837
202312 0.698 129.419 0.728
202403 0.539 131.776 0.552
202406 1.010 132.554 1.028
202409 1.187 133.029 1.204
202412 0.839 133.157 0.850
202503 0.617 134.927 0.617

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


BlackRock TCP Capital  (NAS:TCPC) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

BlackRock TCP Capital's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=7.57/0.78
=9.71

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of BlackRock TCP Capital was 38.04. The lowest was 8.42. And the median was 14.83.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


BlackRock TCP Capital Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of BlackRock TCP Capital's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


BlackRock TCP Capital Business Description

Traded in Other Exchanges
Address
2951 28th Street, Suite 1000, Santa Monica, CA, USA, 90405
BlackRock TCP Capital Corp is an externally-managed specialty finance company focused on middle-market lending. Its investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. It seeks to achieve investment objective through investments in debt securities of middle-market companies. The group generates returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.
Executives
Karen L Leets director 125 SOUTH FRANKLIN STREET, CHICAGO IL 60606
Philip M Tseng officer: Chief Operating Officer C/O TENNENBAUM CAPITAL PARTNERS, LLC, 2951 28TH STREET, SUITE 1000, SANTA MONICA CA 90405
Eric John Draut director 340 EAST RANDOLPH, SUITE 3101, CHICAGO IL 60601
Rajneesh Vig officer: Authorized Person, other: Officer of Advisor C/O TENNENBAUM CAPITAL PARTNERS, LLC, 2951 28TH STREET, SUITE 1000, SANTA MONICA X1 90405
Andrea Petro director C/O READY CAPITAL CORPORATION, 1251 AVENUE OF THE AMERICAS, 50TH FL., NEW YORK NY 10020
Karyn Leigh Williams director C/O TENNENBAUM CAPITAL PARTNERS, 2951 28TH STREET, SUITE 1000, SANTA MONICA CA 90405
Erik L. Cuellar officer: Chief Financial Officer 2951 28TH STREET, SUITE 1000, SANTA MONICA CA 90405
Charles Park officer: CCO 55 EAST 52ND STREET, NEW YORK NY 10055
Howard Levkowitz director, officer: Chairman & CEO C/O TENNENBAUM CAPITAL PARTNERS, LLC, 2951 28TH STREET, SUITE 1000, SANTA MONICA CA 90405
Kathleen A Corbet director C/O ALLIANCE CAPITAL, 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Paul L Davis officer: Chief Compliance Officer, other: Officer of Investment Adviser TENNENBAUM CAPITAL PARTNERS, LLC, 2951 28TH STREET, STE 1000, SANTA MONICA CA 90405
Brian F Wruble director TENNENBAUM CAPITAL PARTNERS, LLC, 2951 28TH STREET, SUITE 1000, SANTA MONICA CA 90405
Michael E Leitner officer: Authorized Person, other: Officer of Adviser C/O TENNENBAUM CAPITAL PARTNERS, LLC, 2951 28TH ST., SUITE 1000, SANTA MONICA CA 90405
Mark Holdsworth officer: Authorized Person, other: Officer of Investment Adviser 140 S. LAKE AVE., STE. 304, PASADENA CA 91101
M. Freddie Reiss director 2951 28TH STREET, SUITE 1000, SANTA MONICA CA 90405