# Crescent Capital BDC (CCAP.US)

Canonical: https://gigainvestors.com/s/CCAP

Analysis as of: 2026-10-16T07:27:17.186Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $9.13 per share; close as of 2026-10-15.

Estimated value: low $9.11 per share, central $10.31 per share, high $11.92 per share. Buy at or below the central value $10.31 per share. Valuation as of 2026-10-16T07:27:17.186Z; scenarios are not confidence intervals.

Expected annual return: 11.0% at the stated quote. About 11.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.78×

- FY2017: 1.27×

- FY2018: 0.67×

- FY2019: 1.17×

- FY2020: 1.19×

- FY2021: 0.93×

- FY2022: 0.14×

- FY2023: 0.46×

- FY2024: 0.38×

- FY2025: 0.71×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 43.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 43.1 pp

- Typical gross margin (annual median): 93.3%

- Recent gross margin (lower of latest and 3-year median): 50.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.3%

- FY2017: 4.5%

- FY2018: 1.6%

- FY2019: 2.8%

- FY2020: 5.3%

- FY2021: 6.6%

- FY2022: 1.2%

- FY2023: 5.3%

- FY2024: 4.6%

- FY2025: 7.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $75M

- Net income, five-year total: $291M

- Return on incremental invested capital: 21.3%

- Working capital / revenue, annual change: -3748183.5 pp

- Working capital / revenue, change between three-year averages: -29450156.3 pp

- Working capital / revenue, final three-year average: -6.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 5.71×

- FY2023: -0.70×

- FY2024: -1.08×

- FY2025: 1.27×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.5% vs 5.3%

- Per-share earnings: 1.10 to 1.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.0%

- Diluted shares, 5-year annual growth: 6.0%

- Per-share value growth: 8.8%

- Per-share value change: $0.88

- Per-share value, starting three-year median: $1.10

- Per-share value, ending three-year median: $1.99

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $702K

- Cumulative net income, 10 years: $404M

- ROIC, first three-year median: 4.5%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.93

- FY2017: $1.10

- FY2018: $0.27

- FY2019: $1.69

- FY2020: $1.98

- FY2021: $2.94

- FY2022: $0.50

- FY2023: $2.33

- FY2024: $1.99

- FY2025: $0.93

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.68×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.17×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 40.0%

- FY2017: 29.5%

- FY2018: 34.2%

- FY2019: 31.1%

- FY2020: 11.0%

- FY2021: 18.3%

- FY2022: -1.0%

- FY2023: 1.4%

- FY2024: -0.5%

- FY2025: -2.5%

## Holders

## Price story

Down 55% since Oct 2021 · sales -15.2%

Story as of 2026-10-16T09:58:28.492Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.7% a year for ten years

### Sales · FY2024–2025

sales -15.2%; source https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm; observed 2026-02-25.

- FY2016: $15M 

- FY2017: $11M 

- FY2018: $12M 

- FY2019: $25M 

- FY2020: $47M 

- FY2021: $94M 

- FY2022: $117M 

- FY2023: $184M 

- FY2024: $197M 

- FY2025: $167M 

### Gross margin · FY2025

gross margin 72.8%; source https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm; observed 2026-02-25.

- FY2021: 86.5% 

- FY2022: 19.9% 

- FY2023: 50.2% 

- FY2024: 42.3% 

- FY2025: 72.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 167.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm#000119312526071922 (filed 2026-02-25); FY2025: revenue 167285000; grossProfit 121852000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 42.3% to 72.8% during 2023–25; it earns 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 50.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 42.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 72.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.05336588814552518],[2017,0.04516258919257499],[2018,0.01648094109983273],[2019,0.027992535345069163],[2020,0.05311024027448839],[2021,0.06568652245419859],[2022,0.01233152639132287],[2023,0.0530787605817853],[2024,0.04584883437171615],[2025,0.07324508547900954]]; median 0.049463797476750726. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 0; owner earnings 11095397. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 0; owner earnings 16492305. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 0; owner earnings 7064914457693. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 0; owner earnings 29256000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 0; owner earnings 80960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 0; owner earnings 88821000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 0; owner earnings 43989000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,5371757],[2017,8251849],[2018,13484003],[2019,24539660],[2020,42632000],[2021,47728000],[2022,55288000],[2023,64550000],[2024,75235000],[2025,67813000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 1333000 USD.

### Are managers owners

Insiders own 3.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); CCAP.US SharesStats.PercentInsiders = 3.404 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 0.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.022471905876246978. Price 9.13; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-02: $15.74 per share

- 2020-03: $9.65 per share

- 2020-04: $9.88 per share

- 2020-05: $12.27 per share

- 2020-06: $12.64 per share

- 2020-07: $11.70 per share

- 2020-08: $12.35 per share

- 2020-09: $12.75 per share

- 2020-10: $12.80 per share

- 2020-11: $13.91 per share

- 2020-12: $14.57 per share

- 2021-01: $15.50 per share

- 2021-02: $16.65 per share

- 2021-03: $17.18 per share

- 2021-04: $18.25 per share

- 2021-05: $18.57 per share

- 2021-06: $18.76 per share

- 2021-07: $18.40 per share

- 2021-08: $18.58 per share

- 2021-09: $19.13 per share

- 2021-10: $20.09 per share

- 2021-11: $18.67 per share

- 2021-12: $17.60 per share

- 2022-01: $18.26 per share

- 2022-02: $17.45 per share

- 2022-03: $17.80 per share

- 2022-04: $17.72 per share

- 2022-05: $17.41 per share

- 2022-06: $15.50 per share

- 2022-07: $16.60 per share

- 2022-08: $17.44 per share

- 2022-09: $15.02 per share

- 2022-10: $13.88 per share

- 2022-11: $13.98 per share

- 2022-12: $12.78 per share

- 2023-01: $15.17 per share

- 2023-02: $15.71 per share

- 2023-03: $13.62 per share

- 2023-04: $14.10 per share

- 2023-05: $13.48 per share

- 2023-06: $15.14 per share

- 2023-07: $16.78 per share

- 2023-08: $16.38 per share

- 2023-09: $17.10 per share

- 2023-10: $15.55 per share

- 2023-11: $16.68 per share

- 2023-12: $17.38 per share

- 2024-01: $16.38 per share

- 2024-02: $16.76 per share

- 2024-03: $17.26 per share

- 2024-04: $17.33 per share

- 2024-05: $18.14 per share

- 2024-06: $18.78 per share

- 2024-07: $18.94 per share

- 2024-08: $18.38 per share

- 2024-09: $18.50 per share

- 2024-10: $18.19 per share

- 2024-11: $19.36 per share

- 2024-12: $19.22 per share

- 2025-01: $19.60 per share

- 2025-02: $18.41 per share

- 2025-03: $17.12 per share

- 2025-04: $15.97 per share

- 2025-05: $15.52 per share

- 2025-06: $14.10 per share

- 2025-07: $14.15 per share

- 2025-08: $15.71 per share

- 2025-09: $14.26 per share

- 2025-10: $14.12 per share

- 2025-11: $14.35 per share

- 2025-12: $14.05 per share

- 2026-01: $14.39 per share

- 2026-02: $12.66 per share

- 2026-03: $12.15 per share

- 2026-04: $13.62 per share

- 2026-05: $11.41 per share

- 2026-06: $10.92 per share

- 2026-07: $10.93 per share

- 2026-08: $10.62 per share

- 2026-09: $9.18 per share

- 2026-10: $9.13 per share

## Annual estimated value (USD per share)

- FY2020: low $13.53 per share, central $15.39 per share, high $17.87 per share

- FY2021: low $31.36 per share, central $35.65 per share, high $41.35 per share

- FY2022: low $31.56 per share, central $35.90 per share, high $41.67 per share

- FY2023: low $35.33 per share, central $40.19 per share, high $46.65 per share

- FY2024: low $36.76 per share, central $41.81 per share, high $48.53 per share

- FY2025: low $13.74 per share, central $15.53 per share, high $17.91 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.