Crescent Capital BDC, Inc. (CCAP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+916.5%

$95.70

vs $9.42 price

Levered DCF

$95.98

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.11

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.11×	9.66×	7.46×	25.56×	5.99×	7.36×	15.77×	60.74×
P/B	0.74×	0.96×	0.84×	0.64×	0.77×	0.72×	1.13×	1.9×
P/S	3.33×	5×	4.24×	7.58×	4.96×	6.5×	12.35×	32.76×
EV / EBITDA	14.31×	21.11×	17.38×	63.18×	12.86×	15.39×	26.27×	0×
Gross margin	78.0%	58.6%	62.8%	44.5%	84.0%	78.4%	67.7%	50.1%
Operating margin	76.1%	52.5%	57.1%	31.7%	86.3%	89.3%	79.4%	55.3%
Net margin	22.1%	51.7%	56.9%	29.8%	82.7%	88.2%	78.4%	54.0%
Current ratio	0.14×	1.44×	0.84×	1.01×	1.44×	0.95×	0.99×	1.1×
Debt / equity	1.24×	1.18×	1.14×	1.07×	0.97×	0.84×	0.79×	0.91×
Interest coverage	0×	1.27×	1.53×	0.57×	5.4×	4.13×	2.46×	1.11×
Dividend yield	13.0%	10.6%	10.3%	14.0%	9.5%	10.6%	5.3%	2.7%
Payout ratio	196.5%	102.2%	77.0%	355.7%	57.1%	78.0%	83.8%	166.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.9%	9.9%	11.3%	2.5%	12.8%	9.8%	7.2%	3.1%
Return on invested capital	7.2%	4.6%	5.3%	1.2%	6.5%	5.3%	4.0%	1.6%
Return on assets	2.1%	4.4%	5.2%	1.2%	6.3%	5.2%	3.9%	1.6%
Free cash flow yield	14.4%	11.6%	9.9%	14.8%	5.7%	-15.3%	6.4%	-33.4%
Earnings yield	6.6%	10.3%	13.4%	3.9%	16.7%	13.6%	6.3%	1.6%
Enterprise value	$1.4B	$1.6B	$1.5B	$1B	$1.1B	$873.4M	$778.7M	$718M
Net debt / EBITDA	8.95×	11.58×	9.95×	39.26×	7.11×	8.29×	10.71×	0×
Cash conversion cycle (days)	-297	31	-138	63	78	23	29	-331