MeritValue

Crescent Capital BDC, Inc.

CCAPdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'

The thesis, from the filings

Crescent Capital BDC, Inc. earns about 8% on invested capital, but has diluted owners by 30% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $20.6 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$83.6M1$15.5M2$83.8M3$73.6M3$34.5M3
Operating cash flow−$157.7M4$28M5$92.3M6$58.9M6$74.7M6
Capital expenditure—————
Free cash flow (derived)—————
Total debt$631M7$654.5M8$844.8M9$875.8M10$873.8M10
Cash & equivalents$10.1M11$6.4M12$7.78M13$10.1M14$5.04M14
Diluted shares28.5M30.9M35.9M37.1M37.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$190.59
your share of equity
Profit it earned you last year
$9.32
Free cash flow it threw off
—
Debt you’d be carrying
$235.87

10 shares is a claim on $190.59 of net worth that earned you $9.32 last year, against $235.87 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY21 5%FY22 7%FY23 9%FY24 10%FY25 8%

It earned an average 8% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+30% shares · 5y

Share count is up 30% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 38% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$20.6
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$73.6M
  • growthAssumed0.0%
Graham Number
$27.86
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-017903 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-023153 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-071922 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-017903 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-023153 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-071922 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-003786 (LongTermDebt)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-017903 (LongTermDebt)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-023153 (LongTermDebt)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-071922 (LongTermDebt)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-003786 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-017903 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-023153 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-071922 (CashAndCashEquivalentsAtCarryingValue)