Nuveen Churchill Direct Lending (FRA:O7A) Beneish M-Score: -3.59 (As of Jun. 28, 2026)


FRA:O7A Nuveen Churchill Direct Lending Corp FRA:O7A
35 GF Score
Price €11.00
! 5 Warning Signs
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What is Nuveen Churchill Direct Lending Beneish M-Score?

Nuveen Churchill Direct Lending FRA:O7A +1.85% 35 Beneish M-Score is -3.59 as of Jun. 28, 2026. GuruFocus rates FRA:O7A with a GF Score™ of 35/100. The stock has 5 warning signs investors should review. Among 951 Asset Management companies, Nuveen Churchill Direct Lending ranks better than 90.22% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:O7A' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59   Med: -2.65   Max: -0.72
Current: -3.59

During the past 6 years, the highest Beneish M-Score of Nuveen Churchill Direct Lending was -0.72. The lowest was -3.59. And the median was -2.65.

FRA:O7A
35GF Score
Nuveen Churchill Direct Lending Corp FRA:O7A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nuveen Churchill Direct Lending Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Nuveen Churchill Direct Lending for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.5386+0.528 * 1+0.404 * 1+0.892 * 0.6805+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8255+4.679 * -0.063351-0.327 * 1.0059
=-3.63

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €12.63 Mil.
Revenue was 10.835 + 16.785 + 18.386 + 16.372 = €62.38 Mil.
Gross Profit was 10.835 + 16.785 + 18.386 + 16.372 = €62.38 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €1,772.12 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €7.43 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €984.19 Mil.
Net Income was 7.514 + 13.595 + 15.897 + 13.886 = €50.89 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -11.883 + 24.396 + 31.739 + 118.905 = €163.16 Mil.
 Total Receivables was €34.47 Mil.
Revenue was 15.256 + 27.74 + 30.418 + 18.255 = €91.67 Mil.
Gross Profit was 15.256 + 27.74 + 30.418 + 18.255 = €91.67 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €2,009.64 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €5.98 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €1,109.60 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(12.633 / 62.378) / (34.469 / 91.669)
=0.202523 / 0.376016
=0.5386

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(91.669 / 91.669) / (62.378 / 62.378)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 1772.124) / (1 - (0 + 0) / 2009.64)
=1 / 1
=1

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=62.378 / 91.669
=0.6805

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(7.431 / 62.378) / (5.982 / 91.669)
=0.119129 / 0.065257
=1.8255

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((984.187 + 0) / 1772.124) / ((1109.603 + 0) / 2009.64)
=0.555371 / 0.55214
=1.0059

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(50.892 - 0 - 163.157) / 1772.124
=-0.063351

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Nuveen Churchill Direct Lending has a M-score of -3.63 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.59 mean?
Nuveen Churchill Direct Lending (FRA:O7A) has a Beneish M-Score of -3.59 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nuveen Churchill Direct Lending and its competitors. According to the industry distribution chart, Nuveen Churchill Direct Lending ranks #93 out of 951 companies in the Asset Management industry, placing it in the top 9.8%.
Is Nuveen Churchill Direct Lending's Beneish M-Score too high?
Nuveen Churchill Direct Lending's current Beneish M-Score is -3.59. Based on the distribution chart, Nuveen Churchill Direct Lending ranks #93 out of 951 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Nuveen Churchill Direct Lending has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does Nuveen Churchill Direct Lending's Beneish M-Score compare to GCMG and MUJ?
According to the Asset Management industry distribution chart, Nuveen Churchill Direct Lending ranks #93 out of 951 companies for Beneish M-Score. This places Nuveen Churchill Direct Lending in the top 10% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Asset Management company?
A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nuveen Churchill Direct Lending and its competitors. Nuveen Churchill Direct Lending's current Beneish M-Score is -3.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nuveen Churchill Direct Lending stock overvalued right now?
Nuveen Churchill Direct Lending (FRA:O7A) has a current Beneish M-Score of -3.59. The current Beneish M-Score is -3.59. Nuveen Churchill Direct Lending's overall GF Score™ is 35/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Nuveen Churchill Direct Lending (FRA:O7A), the current Beneish M-Score is -3.59 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Nuveen Churchill Direct Lending Business Description

Other Exchanges NCDL:USA
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 is a closed-end, externally managed, non-diversified management investment company. The company's investment objective is to generate attractive risk-adjusted returns through current income by investing in senior secured loans to private equity-owned U.S. middle market companies. It invests in senior secured loans that typically pay floating interest rates and are senior in the capital structure to junior debt and equity.
35GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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