GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Nuveen Churchill Direct Lending Corp (NYSE:NCDL) » Definitions » Piotroski F-Score

NCDL (Nuveen Churchill Direct Lending) Piotroski F-Score : 6 (As of Mar. 20, 2025)


View and export this data going back to 2024. Start your Free Trial

What is Nuveen Churchill Direct Lending Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Nuveen Churchill Direct Lending has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Nuveen Churchill Direct Lending's Piotroski F-Score or its related term are showing as below:

NCDL' s Piotroski F-Score Range Over the Past 10 Years
Min: 6   Med: 6   Max: 6
Current: 6

During the past 5 years, the highest Piotroski F-Score of Nuveen Churchill Direct Lending was 6. The lowest was 6. And the median was 6.


Nuveen Churchill Direct Lending Piotroski F-Score Historical Data

The historical data trend for Nuveen Churchill Direct Lending's Piotroski F-Score 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.

Nuveen Churchill Direct Lending Piotroski F-Score Chart

Nuveen Churchill Direct Lending Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
N/A N/A N/A N/A 6.00

Nuveen Churchill Direct Lending Quarterly Data
Dec20 Dec21 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only N/A N/A N/A N/A 6.00

Competitive Comparison of Nuveen Churchill Direct Lending's Piotroski F-Score

For the Asset Management subindustry, Nuveen Churchill Direct Lending's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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.


Nuveen Churchill Direct Lending's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Nuveen Churchill Direct Lending's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Nuveen Churchill Direct Lending's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 30.024 + 20.205 + 36.643 + 29.451 = $116.3 Mil.
Cash Flow from Operations was -97.556 + -169.361 + -42.267 + 11.987 = $-297.2 Mil.
Revenue was 27.363 + 19.65 + 33.76 + 29.047 = $109.8 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(1730.864 + 1875.487 + 2082.934 + 2140.11 + 2143.725) / 5 = $1994.624 Mil.
Total Assets at the begining of this year (Dec23) was $1,730.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,108.3 Mil.
Total Assets was $2,143.7 Mil.
Total Liabilities was $1,173.4 Mil.
Net Income was 12.717 + 14.306 + 20.149 + 28.766 = $75.9 Mil.

Revenue was 14.255 + 16.992 + 22.325 + 31.754 = $85.3 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(1253.959 + 0 + 0 + 1538.661 + 1730.864) / 5 = $1507.828 Mil.
Total Assets at the begining of last year (Dec22) was $1,254.0 Mil.
Long-Term Debt & Capital Lease Obligation was $943.9 Mil.
Total Assets was $1,730.9 Mil.
Total Liabilities was $983.0 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Nuveen Churchill Direct Lending's current Net Income (TTM) was 116.3. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Nuveen Churchill Direct Lending's current Cash Flow from Operations (TTM) was -297.2. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=116.323/1730.864
=0.06720516

ROA (Last Year)=Net Income/Total Assets (Dec22)
=75.938/1253.959
=0.0605586

Nuveen Churchill Direct Lending's return on assets of this year was 0.06720516. Nuveen Churchill Direct Lending's return on assets of last year was 0.0605586. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Nuveen Churchill Direct Lending's current Net Income (TTM) was 116.3. Nuveen Churchill Direct Lending's current Cash Flow from Operations (TTM) was -297.2. ==> -297.2 <= 116.3 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=1108.261/1994.624
=0.55562402

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=943.936/1507.828
=0.62602366

Nuveen Churchill Direct Lending's gearing of this year was 0.55562402. Nuveen Churchill Direct Lending's gearing of last year was 0.62602366. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec24)=Total Assets/Total Liabilities
=2143.725/1173.405
=1.82692676

Current Ratio (Last Year: Dec23)=Total Assets/Total Liabilities
=1730.864/982.979
=1.76083518

Nuveen Churchill Direct Lending's current ratio of this year was 1.82692676. Nuveen Churchill Direct Lending's current ratio of last year was 1.76083518. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Nuveen Churchill Direct Lending's number of shares in issue this year was 54.231. Nuveen Churchill Direct Lending's number of shares in issue last year was 54.816. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=116.323/109.82
=1.05921508

Net Margin (Last Year: TTM)=Net Income/Revenue
=75.938/85.326
=0.88997492

Nuveen Churchill Direct Lending's net margin of this year was 1.05921508. Nuveen Churchill Direct Lending's net margin of last year was 0.88997492. ==> This year's net margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=109.82/1730.864
=0.06344808

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=85.326/1253.959
=0.06804529

Nuveen Churchill Direct Lending's asset turnover of this year was 0.06344808. Nuveen Churchill Direct Lending's asset turnover of last year was 0.06804529. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+0+1+0+1+1+1+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Nuveen Churchill Direct Lending has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Nuveen Churchill Direct Lending  (NYSE:NCDL) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Nuveen Churchill Direct Lending Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Nuveen Churchill Direct Lending's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Nuveen Churchill Direct Lending Business Description

Traded in Other Exchanges
Address
375 Park Avenue, 9th Floor, New York, NY, USA, 10152
Nuveen Churchill Direct Lending Corp is a specialty finance company focused predominantly on investing in senior secured loans to private equity-owned U.S. middle market companies. It invest in senior secured loans that typically pay floating interest rates and are senior in the capital structure to junior debt and equity.