CCAP
Crescent Capital BDC, Inc.
CCAP's fundamentals are mixed, but it looks expensive: trading at 9.7x earnings, above its usual 7.4x. Analysts expect earnings to decline.
CCAP Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
CCAP's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like CCAP.
CCAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $6.07 | -40% |
| Forward | 7x | $10.10 | — |
| Fair | 7.4x | $7.78 | -23% |
| Expensive | 9.4x | $9.89 | -2.1% |
| Current | 9.7x | $10.10 | — |
Historical ranges are pointers, not guarantees.
CCAP's PE is in its expensive range at 9.7x. On analysts' estimates for next year's earnings, today's price would be 7.0x, in its fair range.
CCAP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect CCAP's earnings and revenue to decline, with profitability weakening.
CCAP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.45 | +38% |
| Q3 2026 | $1.05 | -45% |
| Q2 2026 | $1.23 | -41% |
| Q1 2026 | $1.78 | -20% |
| Q4 2025 | $1.81 | -25% |
| Q3 2025 | $1.91 | -23% |
| Q2 2025 | $2.09 | -14% |
| Q1 2025 | $2.22 | -7.1% |
| Q4 2024 | $2.40 | +4.3% |
CCAP's earnings per share have fallen from their peak: $1.05 over the past year, against $5.34 in early 2021.
CCAP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $6.6M | -82% |
| Q1 2022 | $23M | -3.1% |
| Q4 2021 | $18.7M | -49% |
| Q3 2021 | $22.9M | -43% |
| Q2 2021 | $35.8M | -38% |
| Q4 2020 | $36.5M | +220% |
CCAP's revenue has slid since its 2020 peak: $7M last quarter, down 82% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -9.2% | -104 points |
| Q1 2022 | 71% | -21 points |
| Q4 2021 | 77% | -18 points |
| Q3 2021 | 75% | -21 points |
| Q2 2021 | 95% | -3.4 points |
| Q1 2021 | 92% | N/A |
| Q4 2020 | 96% | +16 points |
| Q3 2020 | 97% | N/A |
CCAP's operating margin was −9.2% last quarter, down 104 points from the same quarter a year ago, near the bottom of its range since 2019.
CCAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $24.4M | -21% |
| Q2 2026 | $9.8M | -73% |
| Q1 2026 | -$23.8M | -$8.7M |
| Q4 2025 | $22.6M | +$25.5M |
| Q3 2025 | $30.8M | -34% |
| Q2 2025 | $36.4M | +$61.1M |
| Q1 2025 | -$15.1M | -138% |
| Q4 2024 | -$2.9M | -108% |
CCAP's free cash flow was $33M over the past year, down 33% from the year before. Free cash flow isn't a meaningful measure for financial services companies like CCAP.
CCAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -8.5K shares |
| 1 year | -0.6% | -215K shares |
| 3 years | -0.6% | -216K shares |
| 5 years | +31% | +8.7M shares |
| Available history | +41% | +10.6M shares |
CCAP has 37M diluted shares, down 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $667,000 |
| Q1 2026 | $1M |
| Q4 2025 | $1M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
CCAP spent $3M buying back its own shares over the past year.
CCAP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 13.4x | High |
| Q1 2022 | 7.6x | High |
| Q4 2021 | 7.1x | High |
| Q3 2021 | 5.1x | High |
| Q2 2021 | 3.8x | Elevated |
| Q1 2021 | 3.2x | Elevated |
| Q4 2020 | 8.5x | High |
| Q3 2020 | 14.2x | High |
CCAP's net debt is about 13 years of its operating earnings (EBITDA), up from 3.8 years a year ago. Net leverage isn't a meaningful measure for financial services companies like CCAP.
CCAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.3 | Neutral |
| Stochastic | 34.5 | Neutral |
CCAP's weekly RSI is 45 (neutral) and its Stochastic is 35 (neutral).
CCAP PE vs Financial Services Sector
| Metric | CCAP | Sector median | Relative |
|---|---|---|---|
| PE | 9.7x | 13x | 26% below |
| PE % | 85 | 65 | 20 pts above |
CCAP is trading at 9.7x earnings, a 26% discount to the Financial Services sector's median of 13x.
CCAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.25 | 9.2% above |
| 20 week MA | $10.2 | 0.6% below |
| 50 week MA | $12.0 | 15% below |
| 100 week MA | $14.0 | 28% below |
| 200 week MA | $15.4 | 34% below |
CCAP has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 34% below its 200-week average.
CCAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.1 | $15.0 | -12% |
| 2021 | $15.0 | $18.0 | +20% |
| 2022 | $18.0 | $13.1 | -27% |
| 2023 | $13.1 | $17.4 | +32% |
| 2024 | $17.4 | $19.8 | +14% |
| 2025 | $19.8 | $14.7 | -25% |
| 2026 YTD | $14.7 | $10.1 | -31% |
CCAP has finished lower in three of the last six years. It's down 31% so far in 2026.