GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC
BlackRock Capital Investment Corp (NAS:BKCC)
[1]
[5]$ 4.05
Asset Management
Market Cap: $ 300 Mil
BlackRock Capital Investment Corporation is an investment management enterprise. Its investment objective includes generating income and capital appreciation by investing in debt and equity instruments.
Valuation Rank
Score: 0 /10CurrentIndustry MedianHistorical Median
PE Ratio4.666.2613.59
Forward P/EN/A12.11N/A
PB Ratio0.850.940.86
PS Ratio54.8013.06
P/FCF2.7616.144.43
Shiller P/E14.2914.2611.51
PEG RatioN/A1.038.61
Valuation Analysis
% of Price
Price4.05
Tangible Book4.74117
Graham Number9.63238
Dividend & Ownership
Dividend Yield(ttm) %9.88
Dividend Yield(forward) %9.88
Payout0.45
Dividend Growth(5y) %-10.9
Yield on Cost(5y) %5.54
Continuous Div. since2020
Insider Ownership %2.81
Institution Ownership %2.5
Financial Strength
Score: 3 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.0611.770.03
Equity-to-Asset0.610.830.63
Piotroski F-Score755
Profitability Rank
Score: 3 /10CurrentIndustry MedianHistorical Median
Net Margin %94.5994.8890.35
ROE %21.2315.044.31
ROA %12.6110.172.77
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)N/AN/AN/A
EPS w/o NRI Growth (%)N/AN/AN/A
Free Cash Flow Growth (%)N/AN/A1257.4
Book Value Growth (%)-6.4-14-33.2
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue-2710183313
Net Income-2710163212
EPS-0.390.140.20.380.15
Revenue (YoY) %124.01-747.11-129.58-221.1-146.79
Net Income (YoY) %114.02-728.97-127.37-216.9-142.71
EPS (YoY) %116.67-800-123.26-195-138.46
Free Cash Flow2014523-34-4
Cash & Equiv.52371712
Current Assets1031242015
Short-Term Debt & CLO----------
Current Liabilities714172920
Total Liabilities315197161225225
Stockholders Equity307315323347351
Warning Signs
SEVEREFinancial Strength: Poor
MEDIUMDividend Yield %: Close to 5-year low
Good Signs
GOODPiotroski F-Score: High
GOODBeneish M-Score: Unlikely manipulator
As of 01-23-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W-3.80-5.75
1M3.85-5.42
3M-1.89-3.10
6M7.871.47
YTD1.25-7.79
1Y52.9215.50
3Y-3.4319.94
5Y-1.0616.09
10Y2.3114.91
10.69
4.61
1.47
1M
0.7M
2012201320142015201620172018201920202021CurrentPerformance
12.7510.5410.699.6410.159.567.886.496.65.094.47Highest Stock Price
7.038.439.1588.026.786.135.134.631.472.87Lowest Stock Price
597743694611697506454365342200300Market Cap
7373.682.784.484.582.790.988.485.886.891.1Shares Outstanding-Diluted
7.7712.97.844.818.08At Loss21.48At LossAt LossAt Loss4.66PE Ratio
0.851.080.980.780.920.850.80.750.790.640.85PB Ratio
6.9711.57.534.7817.15--26.29------5PS Ratio
10.9116.7811.267.2422.62-13.9929.35-49.07-82.59-3.436.63EV-to-Revenue
2011201220132014201520162017201820192020TTMPer Share Data
1.170.881.241.720.55-0.720.24-0.12-0.09-1.20.81Revenue per Share
1.050.781.191.710.52-1.160.29-0.13-0.1-1.490.87Earnings per Share
-1.190.93-0.541.071.851.212.190.93-0.91.971.47Free Cash Flow per Share
1.11.041.040.890.840.840.720.720.640.440.4Dividends per Share
9.589.319.5410.4910.178.217.837.076.334.234.74Tangible Book per Share
----------------------Median PS Value
15.0412.7815.9820.0910.91--7.15------9.63Graham Number
2011201220132014201520162017201820192020TTMIncome Statement
85.564.4102.5144.846.3-59.421.5-11-7.8-10473.7Revenue
----------------------Credit Losses Provision
42.179.57.67.624.90.6-1.8-0.9-0.14Total Noninterest Expense
76.957.493137.238.6-84.320.9-9.2-6.9-103.969.7Pretax Income
76.957.493137.238.6-84.320.9-9.2-6.9-103.969.7Net Income
9089.190.794.883.5141.997.183.688.799.994.6Net Margin %
11.1--------------------Net Interest Margin-Bank %
118.313.318.45-12.53.6-1.7-1.5-27.721.2ROE %
7.75.37.810.63.2-82.4-1.2-0.9-16.212.6ROA %
2011201220132014201520162017201820192020Sep21Balance Sheet
7.89.118.510.312.410.72913.514.723.312Cash & Equivalents
27.714.633.823.814.911.29.75.87.67.63.3Total Receivables
1091.210901281.61302.11148.4957.1799.9693.6774.1511.7575.9Total Assets
----------------------Short-Term Debt & CLO
343346.9478448.2362.6335.7206.7186.4313.6179.8201.4Long-Term Debt & CLO
390.2402.6571.9520.1394.6360.7228.8206.6338.5196.7225.1Total Liabilities
701687.4709.7782753.8596.3571.1487435.6315350.9Total Stockholders Equity
701687.4709.7782753.8596.3571.1487435.6315350.9Total Equity
2011201220132014201520162017201820192020TTMCashflow Statement
-87.168.3-44.690.3156.599.8198.982-76.8170.6130.8Cash Flow from Operations
----------------------Cash Flow from Investing
-4.1-----2.8-7.9-16.1-1.4-24.5-0.5-3.6-1.7Repurchase of Stock
1733.9132.3-29.8-87.4-28-132.4-22125.4-135.6-105.5Net Issuance of Debt
92.7-6754-98.4-154.4-101.5-180.6-97.678-162-124.3Cash Flow from Financing
5.61.39.4-8.12.1-1.718.3-15.51.28.76.6Net Change in Cash
----------------------Capital Expenditure
-87.168.3-44.690.3156.599.8198.982-76.8170.6130.8Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
NAS:WHFWhiteHorse Finance Inc353518.877.7987.455.1011.09
NYSE:SARSaratoga Investment Corp243156.284.9679.196.7614.64
NAS:BKCCBlackRock Capital Investment Corp333004.665.0094.5912.6121.23
NAS:HRZNHorizon Technology Finance Corp2529410.228.6584.446.3012.72
NAS:SWKHSWK Holdings Corp7724310.094.6746.558.939.78
GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Poor (3/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.06

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.61

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.57

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 7

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 10.96% vs ROIC : N/A%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 10.39%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Profitability[3] (Annual data, as of Dec. 2020) : Poor (3/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $13 Mil vs Net Income : $12 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $12 Mil vs Long-Term Debt* : $201 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Net Margin % : 91.44%

Net margin % measures the percentage of revenue remaining after all operating expenses, interest, taxes, etc have been deducted from a company's total revenue. Net Margin % is calculated as Net Income divided by its Revenue.


EPS without NRI : $0.15

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.10

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $-0.05

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $4.05)


PE Ratio without NRI : 4.43

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 0.81

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 4.75

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 2.63

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-Revenue : 6.43

Enterprise value of a company divided by its trailing 12 months revenue.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Financial Strength : Poor

BlackRock Capital Investment Corp displays poor financial strength. Usually this is caused by too much debt for the company.

Good Signs

Piotroski F-Score : High

Piotroski F-Score is 7, indicating very healthy situation.

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

PS Ratio : Close to 10-year low

BlackRock Capital Investment Corp stock PS Ratio (=5) is close to 10-year low of 4.7

Medium Warning Signs

Dividend Yield % : Close to 5-year low

BlackRock Capital Investment Corp stock dividend yield is close to 5-year low.

Tax Rate : Tax Rate is too low

Company seems to be paying lower tax, which may boast earnings, and may not be sustainable.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NAS:SWKHSWK Holdings Corp7/102675.750.940.0072.338-11.36-2.173.96N/A
NAS:BKCCBlackRock Capital Investment Corp3/100.060.610.57N/A70.00-2.5910.96N/A
NAS:GLADGladstone Capital Corp3/100.000.560.75N/A50.00-3.888.71N/A
NAS:PNNTPennant Park Investment Corp3/100.030.510.92N/A60.000.008.76N/A
NAS:SUNSSLR Senior Investment Corp3/101.410.410.62N/A60.000.008.94N/A
NAS:WHFWhiteHorse Finance Inc3/100.030.441.18N/A20.000.008.02N/A
NAS:HRZNHorizon Technology Finance Corp2/100.080.471.09N/A40.000.008.01N/A
NYSE:SARSaratoga Investment Corp2/100.320.421.31N/A40.00-1.499.70N/A
OTCPK:PIOEP10 Holdings Inc0/100.000.000.000.0000.000.000.00N/A

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NAS:SUNSSLR Senior Investment Corp7/10N/A89.137.202.984.39N/A-18.20N/A-15.80
NAS:SWKHSWK Holdings Corp7/10N/A46.559.788.937.53N/A-0.20N/A20.30
NAS:PNNTPennant Park Investment Corp6/10N/A97.2627.4314.0157.37N/A52.50N/A54.10
NAS:HRZNHorizon Technology Finance Corp5/10N/A84.4412.726.300.00N/A-18.20N/A-24.30
NAS:WHFWhiteHorse Finance Inc5/10N/A87.4511.095.100.00N/A-2.90N/A-4.30
NAS:GLADGladstone Capital Corp4/10N/A88.9830.9316.830.00N/A35.10N/A54.40
NYSE:SARSaratoga Investment Corp4/10N/A79.1914.646.760.00N/A-14.20N/A-23.30
NAS:BKCCBlackRock Capital Investment Corp3/10N/A94.5921.2312.612.76N/A0.00N/A0.00
OTCPK:PIOEP10 Holdings Inc0/10N/A0.000.000.000.00N/A0.00N/A0.00

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
OTCPK:PIOEP10 Holdings IncAt Loss0.000.000.000.000.000.000.00N/A0.00
NAS:PNNTPennant Park Investment Corp2.720.692.650.750.000.000.000.29N/A1.05
NAS:GLADGladstone Capital Corp4.211.153.781.950.000.000.000.46N/A-5.60
NAS:BKCCBlackRock Capital Investment Corp4.660.855.000.420.000.000.000.42N/A9.58
NYSE:SARSaratoga Investment Corp6.280.894.960.000.000.871.010.50N/A-14.00
NAS:WHFWhiteHorse Finance Inc8.870.987.792.870.000.000.000.62N/A-1.39
NAS:SWKHSWK Holdings Corp10.090.934.670.560.000.000.000.67N/A12.80
NAS:HRZNHorizon Technology Finance Corp10.221.248.650.000.000.810.000.75N/A-12.15
NAS:SUNSSLR Senior Investment Corp12.170.8810.840.410.000.000.000.69N/A20.48
GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Per Share Data



Per Share Data

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
0.29
1.08
0.4
-2.68
1.3
1.24
1.17
0.88
1.24
1.72
0.55
-0.72
0.24
-0.12
-0.09
-1.2
0.81
Revenue per Share
0.18
1.14
0.35
-2.78
1.2
1.14
1.05
0.78
1.19
1.71
0.52
-1.16
0.29
-0.13
-0.1
-1.49
0.87
Earnings per Share (Diluted)
0.18
1.13
0.35
-2.78
1.2
1.14
1.05
0.78
1.19
1.71
0.52
-1.16
0.29
-0.13
-0.1
-1.49
0.87
EPS without NRI
-6.71
-12.37
-7.69
0.32
2.85
0.6
-1.19
0.93
-0.54
1.07
1.85
1.21
2.19
0.93
-0.9
1.97
1.47
Free Cash Flow per Share
-6.71
-12.37
-7.69
0.32
2.85
0.6
-1.19
0.93
-0.54
1.07
1.85
1.21
2.19
0.93
-0.9
1.97
1.47
Operating Cash Flow per Share
8.07
0.06
0.1
0.29
0.1
0.03
0.11
0.12
0.25
0.14
0.17
0.15
0.4
0.2
0.21
0.31
0.16
Cash per Share
--
--
0.85
1.72
0.8
1.28
1.1
1.04
1.04
0.89
0.84
0.84
0.72
0.72
0.64
0.44
0.4
Dividends per Share
14.77
10.98
13.79
9.21
9.55
9.63
9.58
9.31
9.54
10.49
10.17
8.21
7.83
7.07
6.33
4.23
4.74
Book Value per Share
14.77
10.98
13.79
9.21
9.55
9.63
9.58
9.31
9.54
10.49
10.17
8.21
7.83
7.07
6.33
4.23
4.74
Tangible Book per Share
--
3.21
7.22
7.69
5.24
2.34
4.69
4.7
6.42
6.01
4.89
4.62
2.83
2.7
4.56
2.41
2.72
Total Debt per Share
--
--
15.28
9.86
8.52
11.06
8.16
10.06
9.33
8.2
9.4
6.96
6.23
5.29
4.97
2.69
4.05
Month End Stock Price

Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
1.22
7.62
2.51
-24.3
12.81
11.56
10.99
8.26
13.31
18.4
5.03
-12.49
3.58
-1.73
-1.49
-27.67
21.23
ROE %
--
--
2.26
-22.71
14.39
10.05
12.93
7.65
13.58
23.59
5.47
-14.69
4.48
-2.31
-1.89
-43.23
24.98
ROE % Adjusted to Book Value
1.19
6.35
1.72
-14.42
7.29
7.97
7.67
5.26
7.84
10.62
3.15
-8.01
2.38
-1.23
-0.94
-16.15
12.61
ROA %
1.22
7.62
2.51
-24.3
12.81
11.56
10.99
8.26
13.31
18.4
5.03
-12.49
3.58
-1.73
-1.49
-27.67
21.23
Return-on-Tangible-Equity
1.19
6.35
1.72
-14.42
7.29
7.97
7.67
5.26
7.84
10.62
3.15
-8.01
2.38
-1.23
-0.94
-16.15
12.61
Return-on-Tangible-Asset
--
--
10.03
6.64
8.71
9.87
11.79
7
8.69
7.4
6.53
6.25
6.46
6.02
6.08
8.32
10.96
WACC %
--
0.16
7.44
4.62
1.78
2.68
6.46
5.68
5.07
5.31
5.99
4.77
6.71
7.75
6.22
6.32
5.89
Effective Interest Rate on Debt %
3.98
10.56
11.34
11.98
13.06
11.54
11.08
--
--
--
--
--
--
--
--
--
-- Net Interest Margin (Bank Only) %
62.89
106
87.98
104
92.27
92.05
89.98
89.07
90.72
94.76
83.48
142
97.06
83.64
88.74
99.86
94.59
Net Margin %
-2346
-1143
-1908
-11.92
219
48.68
-102
106
-43.55
62.34
338
-168
924
-749
989
-164
177
FCF Margin %
--
0.29
0.52
0.84
0.55
0.24
0.49
0.51
0.67
0.57
0.48
0.56
0.36
0.38
0.72
0.57
0.57
Debt-to-Equity
0.98
0.73
0.65
0.53
0.61
0.76
0.64
0.63
0.55
0.6
0.66
0.62
0.71
0.7
0.56
0.62
0.61
Equity-to-Asset
--
0.21
0.34
0.44
0.34
0.19
0.31
0.32
0.37
0.34
0.32
0.35
0.26
0.27
0.41
0.35
0.35
Debt-to-Asset
0.03
0.27
0.35
0.47
0.39
0.24
0.36
0.37
0.45
0.4
0.34
0.38
0.29
0.3
0.44
0.38
0.39
Liabilities-to-Assets
0.02
0.06
0.02
-0.14
0.08
0.09
0.09
0.06
0.09
0.11
0.04
-0.06
0.03
-0.02
-0.01
-0.16
0.13
Asset Turnover
--
--
2.43
--
0.67
1.12
1.05
1.33
0.87
0.52
1.62
--
2.48
--
--
--
0.45
Dividend Payout Ratio
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Financial Satement



Income Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
9.97
53.31
125
140
122
101
105
123
114
111
118
102
80.71
65.81
60.73
58.24
44.48
  Interest Income
--
-0.26
-20.27
-18.67
-6.42
-6.23
-16.56
-19.61
-20.91
-24.59
-24.29
-16.66
-18.21
-15.23
-15.56
-15.58
-12.04
  Interest Expense
9.97
53.05
105
121
116
95.14
88.91
104
93.03
85.98
94.02
85.4
62.51
50.58
45.17
42.65
32.44
Net Interest Income (for Banks)
0.28
-13.76
-86.58
-266
-42.93
-17.41
-3.43
-39.34
9.48
58.84
-47.75
-145
-40.97
-61.53
-52.93
-147
41.28
Non Interest Income
10.25
39.29
18.44
-145
72.87
77.73
85.48
64.39
103
145
46.27
-59.39
21.54
-10.95
-7.76
-104
73.72
Revenue
0.51
2.03
3.86
4.59
3.94
3.74
6.06
4.51
7.53
7.58
7.64
24.9
7.29
6.72
6.03
6.16
5.35
Selling, General, & Admin. Expense
3.29
11.69
27.41
24.84
37.47
35.75
36
2.53
1.98
-0
0
0
-6.66
-8.51
-6.9
-6.3
-1.36
Other Noninterest Expense
3.8
13.72
31.27
29.43
41.4
39.49
42.06
7.04
9.51
7.58
7.64
24.9
0.63
-1.79
-0.87
-0.15
3.99
Total Noninterest Expense
-6.44
15.99
29.05
23.74
35.77
33.31
33.5
--
--
--
--
--
--
--
--
--
-- Other Income (Expense)
--
41.56
16.22
-151
67.24
71.55
76.92
57.35
92.99
137
38.63
-84.29
20.9
-9.16
-6.89
-104
69.73
Pre-Tax Income
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Tax Provision
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Tax Rate %
6.44
41.56
16.22
-151
67.24
71.55
76.92
57.35
92.99
137
38.63
-84.29
20.9
-9.16
-6.89
-104
69.73
Net Income (Continuing Operations)
6.44
41.56
16.22
-151
67.24
71.55
76.92
57.35
92.99
137
38.63
-84.29
20.9
-9.16
-6.89
-104
69.73
Net Income
62.89
106
87.98
104
92.27
92.05
89.98
89.07
90.72
94.76
83.48
142
97.06
83.64
88.74
99.86
94.59
Net Margin %
0.18
1.14
0.35
-2.78
1.2
1.14
1.05
0.78
1.25
1.84
0.52
-1.16
0.29
-0.13
-0.1
-1.49
0.95
EPS (Basic)
0.18
1.14
0.35
-2.78
1.2
1.14
1.05
0.78
1.19
1.71
0.52
-1.16
0.29
-0.13
-0.1
-1.49
0.87
EPS (Diluted)
35.8
36.32
45.71
54.04
55.92
62.66
73.04
73.62
82.72
84.44
84.47
82.66
90.93
88.37
85.83
86.8
91.08
Shares Outstanding (Diluted Average)
-0.35
-0.99
58.98
252
-101
--
--
--
--
--
--
--
--
--
--
--
-- Depreciation, Depletion and Amortization

Cashflow Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
6.44
41.56
16.22
-151
67.24
71.55
76.92
57.35
92.99
137
38.63
-84.29
20.9
-9.16
-6.89
-104
69.73
Net Income From Continuing Operations
-0.35
-0.99
58.98
252
-101
--
--
--
--
--
--
--
--
--
--
--
-- Depreciation, Depletion and Amortization
--
-5.15
-8.25
-4.41
-4.6
-0.87
-1.77
4.34
-19.24
10.01
7.2
5.5
0.85
4.89
-1.56
0.08
1.06
  Change In Receivables
--
0.05
-0.33
-0.62
-0.01
0.16
-0.12
-0.16
-2.4
-0.94
5.88
-0.74
0.11
-0.14
0.09
-0.88
-0.29
  Change In Prepaid Assets
--
--
--
0.81
16.51
-2.36
1.51
--
--
--
--
--
--
--
--
--
--   Change In Payables And Accrued Expense
--
17.73
-15.61
0
--
0
0.01
7.74
39.05
-17.88
-37.71
-6.34
-0.85
-1.23
7.87
1.66
6.46
  Change In Other Working Capital
3.63
12.63
-24.2
-4.21
11.9
-3.06
-0.39
11.92
17.41
-8.8
-24.64
-1.58
0.11
3.52
6.4
0.87
7.24
Change In Working Capital
-250
-502
-403
-79.9
181
-30.65
-164
-0.95
-155
-38.16
142
186
178
87.69
-76.3
274
53.86
Cash Flow from Others
-240
-449
-352
17.26
159
37.84
-87.1
68.32
-44.64
90.28
156
99.76
199
82.04
-76.78
171
131
Cash Flow from Operations
--
0.81
154
--
--
162
2
--
--
--
--
--
--
--
--
--
-- Issuance of Stock
110
--
--
-3.19
-2.24
--
-4.05
--
--
-2.81
-7.93
-16.09
-1.43
-24.47
-0.47
-3.63
-1.7
Repurchase of Stock
--
279
1459
203
72.4
315
407
311
504
628
239
431
338
315
268
136
136
  Issuance of Debt
--
-115
-1242
-158
-202
-441
-234
-308
-372
-658
-326
-459
-471
-337
-143
-271
-241
  Payments of Debt
--
164
217
44.7
-130
-126
173
3.85
132
-29.75
-87.45
-28.03
-132
-22.04
125
-136
-106
Net Issuance of Debt
--
-33.67
-16.57
-48.05
-37.13
-69.84
-76.52
-70.83
-71.71
-65.87
-59
-57.35
-51.14
-51.05
-46.97
-22.76
-16.3
Cash Flow for Dividends
420
32.1
-1.35
-0.03
--
-8.02
-1.69
--
-6.62
--
--
-0
4.34
0
-0
0
-0.77
Other Financing
529
163
354
-6.56
-169
-41.5
92.74
-66.98
54
-98.43
-154
-101
-181
-97.56
77.96
-162
-124
Cash Flow from Financing
--
--
-0.01
-0
0
0.02
-0.02
--
--
--
--
--
--
--
--
--
-- Effect of Exchange Rate Changes
289
-286
1.93
10.7
-9.98
-3.65
5.62
1.34
9.35
-8.15
2.09
-1.71
18.31
-15.52
1.18
8.65
6.55
Net Change in Cash
-240
-449
-352
17.26
159
37.84
-87.1
68.32
-44.64
90.28
156
99.76
199
82.04
-76.78
171
131
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Financial Satement


Balance Sheet

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
289
3.16
5.09
15.79
5.81
2.16
7.78
9.12
18.48
10.33
12.41
10.71
29.02
13.5
14.68
23.33
11.99
Cash and cash equivalents
250
754
1098
927
847
803
--
--
--
--
--
--
--
--
--
--
-- Securities & Investments
--
--
--
16.3
18.44
16.08
--
--
--
--
--
--
--
--
--
--
--   Accounts Receivable
1.66
7.8
16.06
4.16
6.62
9.85
27.7
14.55
33.79
23.78
14.94
11.2
9.69
5.78
7.58
7.58
3.28
  Other Current Receivables
1.66
7.8
16.06
20.46
25.06
25.93
27.7
14.55
33.79
23.78
14.94
11.2
9.69
5.78
7.58
7.58
3.28
Total Receivables
1.16
1.13
2.54
3.1
1.91
84.81
1056
1066
1229
1268
1121
935
761
674
752
481
561
Other Assets for Banks
542
766
1122
966
880
916
1091
1090
1282
1302
1148
957
800
694
774
512
576
Total Assets
12.31
38.82
8.92
28.84
43.96
46.76
42.23
50.82
88.77
66.83
29.37
23.4
19.19
17.76
22.81
13.86
20.24
Accounts Payable & Accrued Expense
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Short-Term Debt & Capital Lease Obligation
--
164
381
426
296
170
343
347
478
448
363
336
207
186
314
180
201
Long-Term Debt & Capital Lease Obligation
--
0.29
0.52
0.84
0.55
0.24
0.49
0.51
0.67
0.57
0.48
0.56
0.36
0.38
0.72
0.57
0.57
Debt-to-Equity
1.21
1.64
3.53
1.05
--
0.37
4.94
4.97
5.19
5.04
2.71
1.68
2.93
2.46
2.08
3.05
3.43
Other Liabilities for Banks
13.52
204
394
456
340
217
390
403
572
520
395
361
229
207
338
197
225
Total Liabilities
0.04
0.04
0.05
0.06
0.06
0.07
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
Common Stock
-0.87
-3.39
-5.41
3.86
19.46
-4.03
-26.17
-22.29
-19.37
-15.68
-0.02
-7.97
-249
-304
-351
-477
-439
Retained Earnings
0.24
-1.47
-62.24
-309
-208
-106
--
--
--
--
--
--
--
--
--
--
-- Accumulated other comprehensive income (loss)
529
563
790
819
827
994
983
918
895
880
873
877
858
853
849
858
858
Additional Paid-In Capital
--
--
--
-3.19
-5.43
-5.43
-9.48
-9.48
-9.48
-12.28
-20.21
-36.3
-37.74
-62.2
-62.67
-66.3
-68
Treasury Stock
0
3.39
5.41
-0
-93.28
-180
-247
-198
-156
-70.12
-99.43
-237
0
-0
--
--
0
Other Stockholders Equity
529
562
728
510
540
698
701
687
710
782
754
596
571
487
436
315
351
Total Stockholders Equity
529
562
728
510
540
698
701
687
710
782
754
596
571
487
436
315
351
Total Equity
0.98
0.73
0.65
0.53
0.61
0.76
0.64
0.63
0.55
0.6
0.66
0.62
0.71
0.7
0.56
0.62
0.61
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Valuation Ratios



Valuation Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
N/A
N/A
43.66
At Loss
7.1
9.7
7.77
12.9
7.84
4.8
18.08
At Loss
21.48
At Loss
At Loss
At Loss
4.66
PE Ratio
N/A
N/A
43.66
At Loss
7.1
9.7
7.77
12.9
7.84
4.8
18.08
At Loss
21.48
At Loss
At Loss
At Loss
4.66
PE Ratio without NRI
--
--
1.11
1.07
0.89
1.15
0.85
1.08
0.98
0.78
0.92
0.85
0.8
0.75
0.79
0.64
0.85
PB Ratio
--
--
1.11
1.07
0.89
1.15
0.85
1.08
0.98
0.78
0.92
0.85
0.8
0.75
0.79
0.64
0.85
Price-to-Tangible-Book
--
--
--
30.91
2.99
18.31
--
10.84
--
7.67
5.08
5.77
2.85
5.7
--
1.37
2.76
Price-to-Free-Cash-Flow
--
--
--
30.91
2.99
18.31
--
10.84
--
7.67
5.08
5.77
2.85
5.7
--
1.37
2.76
Price-to-Operating-Cash-Flow
--
--
37.92
--
6.54
8.92
6.97
11.5
7.53
4.78
17.15
--
26.29
--
--
--
5
PS Ratio
--
--
--
--
--
--
--
--
39.2
19.2
9.72
--
--
--
--
--
-- PEG Ratio
--
--
64.19
-6.61
10.59
12.49
10.91
16.78
11.26
7.24
22.62
-13.99
29.35
-49.07
-82.59
-3.43
6.63
EV-to-Revenue
--
--
--
--
--
-38.84
-30.58
1.88
7.35
5.85
4.08
11.24
18.38
19.45
7.79
31.48
9.58
Forward Rate of Return (Yacktman) %
--
--
--
--
--
--
--
--
--
--
14.28
16.62
15.32
7.26
8.38
8.7
14.29
Shiller PE Ratio
--
--
5.56
17.44
9.39
11.57
13.48
10.34
11.15
10.85
8.94
12.07
11.56
13.61
12.89
16.36
9.88
Dividend Yield %

Valuation and Quality

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
--
--
807
546
481
803
597
743
694
611
697
506
454
365
342
200
300
Market Cap
--
--
1183
957
771
970
933
1080
1154
1049
1047
831
632
537
641
357
489
Enterprise Value
--
--
15.28
9.86
8.52
11.06
8.16
10.06
9.33
8.2
9.4
6.96
6.23
5.29
4.97
2.69
4.05
Month End Stock Price
7.69
-3.93
-7.36
-7.94
-5.92
-2.96
-5.22
-5.33
-7.44
-6.84
-5.16
-4.82
-2.74
-2.8
-4.7
-2.33
-2.88
Net Cash per Share
7.69
-3.93
-7.36
-7.72
-5.67
-2.8
-5.22
-5.33
-7.44
-6.84
-5.16
-4.82
-2.74
-2.8
-4.7
-2.33
-2.88
Net-Net Working Capital
--
--
--
--
--
--
-6.35
0.7
9.05
11.92
12.35
7.06
17.47
15.8
13.2
11.8
9.74
Intrinsic Value: Projected FCF
7.73
16.71
10.42
--
16.06
15.71
15.04
12.78
15.98
20.09
10.91
--
7.15
--
--
--
9.63
Graham Number
--
--
--
--
--
8.62
6.26
8.2
4.71
4.33
5.71
--
--
--
--
--
-- Earnings Power Value (EPV)
N/A
N/A
1
3
7
6
4
4
4
7
6
3
8
2
4
5
7
Piotroski F-Score
--
--
-1.91
-7.11
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
-2.59
Beneish M-Score
0.44
1.33
1.44
0.82
0.86
0.99
1.13
0.94
1.07
0.95
0.85
0.8
0.78
0.83
1.06
0.61
0.95
Scaled Net Operating Assets
--
--
15.68
15.19
10.98
12.69
12.75
10.54
10.69
9.64
10.15
9.56
7.88
6.49
6.6
5.09
4.47
Highest Stock Price
--
--
--
6.44
2.41
8.52
7.03
8.43
9.15
8
8.02
6.78
6.13
5.13
4.63
1.47
2.87
Lowest Stock Price
--
-42.91
-3.25
-4.92
-1.9
-28.5
-0.88
-0.85
-0.77
-0.2
0.6
1.92
-0.37
5.52
0.12
-8.18
-2.33
Shares Buyback Ratio %
--
--
-19.11
0.58
0.46
-20.23
0.34
--
--
0.46
1.14
3.18
0.32
6.71
0.14
1.81
0.57
Buyback Yield %
--
278
-62.75
-765
149
-4.83
-5.65
-25.21
41.6
38.42
-68.05
-231
133
-152
27.42
-1231
160
YoY Rev. per Sh. Growth
--
536
-69.41
-894
143
-5
-7.89
-25.71
52.56
43.7
-69.59
-323
125
-145
23.08
-1390
152
YoY EPS Growth
35.8
36.32
45.71
54.04
55.92
62.66
73.04
73.62
74.18
74.54
74.58
72.76
72.98
71.37
68.84
69.8
74.08
Shares Outstanding (Basic Average)
35.8
51.16
52.83
55.42
56.48
72.57
73.21
73.83
74.4
74.55
74.1
72.68
72.95
68.92
68.84
74.47
73.97
Shares Outstanding (EOP)
--
--
--
--
1.83
1.53
2
0.97
1.24
0.99
0.74
0.85
0.77
0.58
0.72
1.81
2.16
Beta
03/29/06
03/29/07
03/17/08
03/16/09
03/12/10
03/08/11
03/01/12
03/07/13
03/06/14
03/05/15
03/09/16
03/08/17
03/07/18
03/06/19
03/04/20
03/03/21
  Filing Date
03/29/07
03/16/09
03/12/10
03/08/11
03/01/12
03/01/12
03/06/14
03/05/15
03/09/16
03/08/17
03/07/18
03/06/19
03/04/20
03/03/21
03/03/21
03/03/21
  Restated Filing Date
03/10/10
03/08/11
03/01/12
03/07/13
03/06/14
03/10/16
03/09/17
03/08/18
03/07/19
03/05/20
03/04/21
  Earnings Release Date
--
--
410
404
378
356
343
320
307
292
280
267
256
235
215
--
-- Number of Shareholders
--
--
--
--
--
--
--
--
--
--
--
--
14
50
52
50
50
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
BlackRock Capital Investment Corp (NAS:BKCC)
www.gurufocus.com/stock/NAS:BKCC

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.