Stock fact sheet · data as of
BlackRock TCP Capital Corp. (TCPC): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · Speculative / Distressed
Is TCPC undervalued?
At 4.08 (close of 16 Oct 2026), TCPC trades 92% below the GLS average fair value of 53.22. That average comes from 2 models run on the latest filings, and 2 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns BlackRock TCP Capital Corp. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
Only 2 of the nine models produced a value (10 Cap, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files TCPC under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for TCPC
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 95.26 | +2235% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 11.18 | +174% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -11.56 | -383% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 4.00 | -2% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - TCPC passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 0.7 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC -5.4%, ROE -14.9%, ROA -5.4% - with debt at 1.73 times equity and a free-cash-flow yield of 116.8%.
The dividend yield is high at 18.63% (payout ratio -69%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 3/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | -5.4% |
|---|---|---|---|
| GLS Moat | 0.7 / 10 | ROE | -14.9% |
| Debt / equity | 1.73 | ROA | -5.4% |
| Free-cash-flow yield | 116.8% | Payout ratio | -69% |
| Institutions | 3 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 45: Weak
TCPC scores 45 out of 100 on the Wheel Score, in the Weak band (under 50), capped at 45 because the engine files it as Speculative / Distressed. Value 25/25, Health 13/20, Moat 1/15, Premium 20/20, Stability 12/20. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 57% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 9,812 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 917k shares a day on a market cap of $342M, with a beta of 1.06; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 92% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 1 / 15 | moat 0.7/10 | |
| Premium | 20 / 20 | implied volatility 57% | |
| Stability | 12 / 20 | 917k shares/day, $342M cap, beta 1.06 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 5 Nov 2026 (before the open), 20 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to BlackRock TCP Capital Corp. by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ACUSX Advisors Capital Total Return – Equity | 15.42 | 47.73 | +68% | 39No options | $343M |
| JOF Japan Smaller Capitalization Fund, Inc. | 12.08 | 142.32 | +92% | 39No options | $342M |
| FOF Cohen & Steers Closed-End Opportunity Fund, Inc. | 12.34 | 57.71 | +79% | 35No options | $343M |
| CION CION Investment Corporation | 6.94 | 13.22 | +48% | 76Good | $341M |
| BCSSX Brown Capital Management Small Company Fund | 27.97 | 676.60 | +96% | 39No options | $340M |
| MIY BlackRock MuniYield Michigan Quality Fund, Inc. | 11.70 | 28.04 | +58% | 39No options | $339M |
| AONIX American Century One Choice Portfolio: Very Conservative;Investor | 11.91 | 9.08 | -31% | 18No options | $338M |
| WPOIX Weitz Partners III Opportunity Fund | 12.12 | 137.33 | +91% | 39No options | $338M |
| EDD Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 5.38 | 21.68 | +75% | 39No options | $347M |
| AUUCX AB Select US Equity C | 23.22 | 20.72 | -12% | 27No options | $347M |
| BTA Beacon Tactical Alternatives Risk ETF | 25.82 | 7.48 | -245% | 6No options | $347M |
| CCAP Crescent Capital BDC, Inc. | 9.13 | 47.59 | +81% | 45Weak | $336M |
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Start free See the Sunday ScanQuestions about TCPC
Is TCPC undervalued right now?
By the GLS models, yes: at 4.08 the stock is 92% below the average fair value of 53.22 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of TCPC and what does it mean?
TCPC scores 45 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for TCPC?
53.22 per share as of 16 Oct 2026 - the simple average of the 2 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does BlackRock TCP Capital Corp. report earnings next?
The next earnings report is due on 5 Nov 2026 (before the open), 20 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does TCPC have listed options, and how liquid are they?
Yes. The nightly snapshot found 30 listed contracts with 9,812 open interest across all expiries and implied volatility of 57% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.