BAC
Bank of America Corporation
BAC has the edge over NCDL overall, supported by stronger fundamentals and stronger valuation.
NCDL
Nuveen Churchill Direct Lending Corp.
NCDL trails on the overall score without a compensating advantage in the available component scores.
BAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAC.
NCDL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
NCDL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NCDL.
BAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $39.50 | -22% |
| Forward | 10x | $50.51 | — |
| Current | 12x | $50.51 | — |
| Fair | 13x | $53.81 | +6.5% |
| Expensive | 15x | $62.23 | +23% |
Historical ranges are pointers, not guarantees.
BAC has the edge over NCDL in the historical PE scenario, which offers more potential upside but is not a forecast.
NCDL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $6.95 | -41% |
| Fair | 7.5x | $7.58 | -35% |
| Forward | 7.6x | $11.75 | — |
| Expensive | 9x | $9.13 | -22% |
| Current | 12x | $11.75 | — |
Historical ranges are pointers, not guarantees.
NCDL's PE is in its expensive range at 12x. On analysts' estimates for next year's earnings, today's price would be 7.6x, in its fair range.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
BAC has the edge over NCDL on the outlook, with more favorable earnings and revenue expectations.
NCDL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect NCDL's profitability to weaken, with its earnings and revenue holding steady.
BAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.92 | +17% |
| Q3 2026 | $4.19 | +14% |
| Q2 2026 | $4.34 | +27% |
| Q1 2026 | $4.02 | +20% |
| Q4 2025 | $3.81 | +19% |
| Q3 2025 | $3.66 | +33% |
| Q2 2025 | $3.41 | +20% |
| Q1 2025 | $3.35 | +16% |
| Q4 2024 | $3.21 | +4.2% |
BAC has the edge over NCDL on earnings, with more consistent year-over-year improvement.
NCDL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.56 | +54% |
| Q3 2026 | $1.01 | -49% |
| Q2 2026 | $1.12 | -47% |
| Q1 2026 | $1.51 | -32% |
| Q4 2025 | $1.86 | -18% |
| Q3 2023 | $2.07 | +111% |
| Q2 2023 | $1.69 | +26% |
| Q1 2023 | $0.97 | -51% |
| Q4 2022 | $0.70 | -66% |
NCDL's earnings per share have fallen from their peak: $1.01 over the past year, against $2.26 in late 2024.
BAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $30B | +6.7% |
| Q2 2026 | $31.6B | +19% |
| Q1 2026 | $30.3B | +11% |
| Q4 2025 | $31.2B | +23% |
| Q3 2025 | $28.1B | +11% |
| Q2 2025 | $26.5B | +4.3% |
| Q1 2025 | $27.4B | +6% |
| Q4 2024 | $25.3B | +15% |
NCDL has the stronger quarterly revenue trend. Revenue is up 6.7% for BAC versus up 54% for NCDL.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -3.7 points |
| Q2 2026 | 37% | +7.6 points |
| Q1 2026 | 34% | +4.7 points |
| Q4 2025 | 40% | +12 points |
| Q3 2025 | 34% | +4.8 points |
| Q2 2025 | 29% | -0.7 points |
| Q1 2025 | 30% | +1.5 points |
| Q4 2024 | 28% | +14 points |
BAC's operating margin was 30% last quarter, down 3.7 points from the same quarter a year ago.
NCDL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $20.1M | +54% |
| Q3 2022 | $14.2M | +38% |
| Q2 2022 | $16.5M | +120% |
| Q1 2022 | $14.2M | +125% |
| Q4 2021 | $13M | +162% |
| Q3 2021 | $10.3M | +232% |
| Q2 2021 | $7.5M | +175% |
| Q1 2021 | $6.3M | +116% |
NCDL's revenue has grown year over year every quarter since early 2021: $20M last quarter, up 54% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 36% | -57 points |
| Q3 2022 | 42% | -66 points |
| Q2 2022 | 9.2% | -94 points |
| Q1 2022 | 69% | -27 points |
| Q4 2021 | 93% | -3.2 points |
| Q3 2021 | 108% | -68 points |
| Q2 2021 | 104% | +161 points |
| Q1 2021 | 96% | +167 points |
NCDL's operating margin was 36% last quarter, down 57 points from the same quarter a year ago.
BAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$6.5B | -114% |
| Q2 2026 | $29B | +$38.2B |
| Q1 2026 | $41.8B | +$44B |
| Q4 2025 | -$22.9B | -189% |
| Q3 2025 | $46.9B | +$84.2B |
| Q2 2025 | -$9.1B | -150% |
| Q1 2025 | -$2.2B | +$13.4B |
| Q4 2024 | $25.9B | -21% |
BAC's free cash flow was $41.4B over the past year, down 33% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BAC.
NCDL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $63.6M | +71% |
| Q2 2026 | $61M | -56% |
| Q1 2026 | -$13.7M | -$4.9M |
| Q4 2025 | $28.6M | +138% |
| Q3 2025 | $37.3M | +$79.5M |
| Q2 2025 | $137.1M | +$306.5M |
| Q1 2025 | -$8.8M | +$88.7M |
| Q4 2024 | $12M | +$146.7M |
NCDL has the edge over BAC on cash flow, with more consistent year-over-year improvement.
BAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -72M shares |
| 1 year | -5.3% | -405M shares |
| 3 years | -11% | -854M shares |
| 5 years | -15% | -1.3B shares |
| Available history | -24% | -2.2B shares |
BAC has the edge over NCDL on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6B |
| Q2 2026 | $6B |
| Q1 2026 | $7.2B |
| Q4 2025 | $6.3B |
| Q3 2025 | $5.3B |
| Q2 2025 | $5.3B |
| Q1 2025 | $4.5B |
| Q4 2024 | $3.5B |
BAC spent $25.6B buying back its own shares over the past year, up 37% from the year before.
NCDL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -16.6K shares |
| 3 years | +122% | +27.2M shares |
| 5 years | +1148% | +45.4M shares |
NCDL has 49M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $2.7M |
| Q2 2025 | $26M |
| Q1 2025 | $37.1M |
| Q4 2024 | $22.5M |
NCDL hasn't bought back shares in the past year.
BAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.4x | High |
| Q2 2026 | 6.7x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | 8.8x | High |
| Q1 2025 | 8.6x | High |
| Q4 2024 | 9.0x | High |
BAC's net debt is about 6.4 years of its operating earnings (EBITDA), down from 8.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BAC.
NCDL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 26.9x | High |
| Q3 2022 | 21.1x | High |
| Q2 2022 | 15.9x | High |
| Q1 2022 | 10.2x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 11.5x | High |
| Q2 2021 | 10.8x | High |
| Q1 2021 | 12.8x | High |
NCDL's net debt is more than 20 years of its operating earnings (EBITDA), up from 10 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NCDL.
BAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 4.9 | Oversold |
BAC's weekly RSI is 37 (neutral) and its Stochastic is 5 (oversold).
NCDL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.8 | Neutral |
| Stochastic | 47.6 | Neutral |
NCDL's weekly RSI is 46 (neutral) and its Stochastic is 48 (neutral).
BAC PE vs Financial Services Sector
| Metric | BAC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.5% below |
| PE % | 40 | 63 | 23 pts below |
BAC is trading at 12x earnings, in line with the Financial Services sector's median of 13x.
NCDL PE vs Financial Services Sector
| Metric | NCDL | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 11% below |
| PE % | 99 | 36 | 63 pts above |
NCDL has the edge over BAC on valuation relative to its sector.
BAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.1 | 3% below |
| 20 week MA | $57.8 | 13% below |
| 50 week MA | $54.7 | 7.7% below |
| 100 week MA | $50.5 | 0% below |
| 200 week MA | $42.5 | 19% above |
NCDL has stronger trend alignment. BAC is above 1 of 5 weekly averages versus NCDL above 1 of 4.
NCDL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.2 | 5.1% above |
| 20 week MA | $11.9 | 1.5% below |
| 50 week MA | $12.9 | 8.6% below |
| 100 week MA | $14.4 | 19% below |
NCDL has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 19% below its 100-week average.
BAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $30.0 | -15% |
| 2021 | $30.0 | $44.4 | +48% |
| 2022 | $44.4 | $32.5 | -27% |
| 2023 | $32.5 | $33.7 | +3.7% |
| 2024 | $33.7 | $44.3 | +32% |
| 2025 | $44.3 | $56.2 | +27% |
| 2026 YTD | $56.2 | $50.5 | -10% |
BAC has the edge over NCDL on returns for 2026, with the stronger performance.
NCDL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $17.9 | $17.1 | -4.4% |
| 2025 | $17.1 | $13.8 | -19% |
| 2026 YTD | $13.8 | $11.8 | -15% |
NCDL has finished every year since 2024 lower, and it's down 15% so far in 2026.