(GBDC) Golub Capital BDC - Overview

Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 3.301m USD | Total Return: -8.4% in 12m

Stock Debt, Equity, Loans, Investments
Total Rating 33
Risk 50
Buy Signal -0.79
Asset Management +6.7
Asset Management & Custody Banks +6.7
Market Cap: 3,301m
Avg Trading Vol: 32.4M USD
ATR: 2.40%
Peers RS (IBD): 48.8
Risk 5d forecast
Volatility19.3%
Rel. Tail Risk3.58%
Reward TTM
Sharpe Ratio-0.42
Alpha-18.53
Character TTM
Beta0.480
Beta Downside0.918
Drawdowns 3y
Max DD18.20%
CAGR/Max DD0.54
EPS (Earnings per Share) EPS (Earnings per Share) of GBDC over the last years for every Quarter: "2021-03": 0.55, "2021-06": 0.49, "2021-09": 0.42, "2021-12": 0.37, "2022-03": 0.39, "2022-06": 0.09, "2022-09": 0.05, "2022-12": 0.15, "2023-03": 0.34, "2023-06": 0.43, "2023-09": 0.6, "2023-12": 0.45, "2024-03": 0.55, "2024-06": 0.05, "2024-09": 0.45, "2024-12": 0.37, "2025-03": 0.37, "2025-06": 0.38, "2025-09": 0.38, "2025-12": 0.25, "2026-03": 0,
EPS CAGR: -28.03%
EPS Trend: 8.2%
Last SUE: -2.36
Qual. Beats: 0
Revenue Revenue of GBDC over the last years for every Quarter: 2021-03: 111.184, 2021-06: 101.299, 2021-09: 90.483, 2021-12: 84.468, 2022-03: 87.11, 2022-06: 42.653, 2022-09: 119.648, 2022-12: 65.476, 2023-03: 98.541, 2023-06: 115.993, 2023-09: 147.654, 2023-12: 121.793, 2024-03: 136.617, 2024-06: 58.849, 2024-09: 158.47, 2024-12: 195.781, 2025-03: 154.107, 2025-06: 166.304, 2025-09: 172.263, 2025-12: 136.923, 2026-03: null,
Rev. CAGR: 12.82%
Rev. Trend: 63.9%
Last SUE: -0.90
Qual. Beats: 0
Description: GBDC Golub Capital BDC

Golub Capital BDC, Inc. (GBDC) is an externally managed, closed-end investment firm operating as a Business Development Company (BDC). The firm specializes in providing financing solutions to middle-market companies in the United States, primarily focusing on firms backed by private equity sponsors.

The company’s portfolio is concentrated in senior secured debt instruments, including first-lien traditional senior debt and unitranche loans, alongside selective minority equity investments. As a BDC, the firm is legally required to distribute at least 90% of its taxable income to shareholders, a structure designed to provide retail investors access to private debt markets typically reserved for institutional players.

GBDC maintains a diversified investment strategy across sectors such as healthcare technology, insurance, IT services, and specialized retail. Middle-market lending often involves covenant-lite or bespoke debt structures tailored to the cash flow profiles of the borrowing entities. Investors can utilize ValueRay to further analyze the historical performance and risk metrics of this ticker. This model allows the firm to generate income through interest payments and potential capital appreciation from equity warrants.

Headlines to Watch Out For
  • Middle-market private equity activity drives loan origination
  • Interest rate fluctuations impact net investment income
  • Credit quality of portfolio companies affects asset value
  • Regulatory changes in BDC sector create compliance costs
Piotroski VR‑10 (Strict, 0-10) 5.5
Net Income: 330.6m TTM > 0 and > 6% of Revenue
FCF/TA: 0.05 > 0.02 and ΔFCF/TA 7.48 > 1.0
NWC/Revenue: 26.12% < 20% (prev 22.69%; Δ 3.43% < -1%)
CFO/TA 0.05 > 3% & CFO 473.1m > Net Income 330.6m
Net Debt (4.82b) to EBITDA (330.1m): 14.61 < 3
Current Ratio: 2.85 > 1.5 & < 3
Outstanding Shares: last quarter (263.7m) vs 12m ago -0.25% < -2%
Gross Margin: 57.54% > 18% (prev 0.56%; Δ 5.70k% > 0.5%)
Asset Turnover: 7.03% > 50% (prev 6.10%; Δ 0.93% > 0%)
Interest Coverage Ratio: 1.23 > 6 (EBITDA TTM 330.1m / Interest Expense TTM 267.3m)
Altman Z'' 0.32
A: 0.02 (Total Current Assets 253.2m - Total Current Liabilities 88.7m) / Total Assets 8.89b
B: -0.01 (Retained Earnings -86.3m / Total Assets 8.89b)
C: 0.04 (EBIT TTM 330.1m / Avg Total Assets 8.95b)
D: -0.02 (Book Value of Equity -86.1m / Total Liabilities 4.98b)
Altman-Z'' Score: 0.32 = B
Beneish M
DSRI: 0.86 (Receivables 72.1m/73.3m, Revenue 629.6m/549.7m)
GMI: 0.97 (GM 57.54% / 55.75%)
AQI: none (AQ_t none / AQ_t-1 none)
SGI: 1.15 (Revenue 629.6m / 549.7m)
TATA: -0.02 (NI 330.6m - CFO 473.1m) / TA 8.89b)
Beneish M-Score: cannot calculate (missing components)
What is the price of GBDC shares? As of April 02, 2026, the stock is trading at USD 12.66 with a total of 3,516,395 shares traded.
Over the past week, the price has changed by -0.64%, over one month by +4.64%, over three months by -5.31% and over the past year by -8.43%.
Is GBDC a buy, sell or hold? Golub Capital BDC has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy GBDC.
  • StrongBuy: 2
  • Buy: 1
  • Hold: 2
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the GBDC price?
ISSUER TARGET UP/DOWN
Wallstreet Target Price 14.3 13.1%
Analysts Target Price 14.3 13.1%
GBDC Fundamental Data Overview as of 02 April 2026
P/E Trailing = 10.032
P/E Forward = 9.1491
P/S = 3.8513
P/B = 0.8316
P/EG = 1.51
Revenue TTM = 629.6m USD
EBIT TTM = 330.1m USD
EBITDA TTM = 330.1m USD
 Long Term Debt = unknown (none)
 Short Term Debt = unknown (none)
 Debt = 4.88b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.82b USD (from netDebt column, last quarter)
Enterprise Value = 8.12b USD (3.30b + Debt 4.88b - CCE 58.4m)
Interest Coverage Ratio = 1.23 (Ebit TTM 330.1m / Interest Expense TTM 267.3m)
EV/FCF = 17.17x (Enterprise Value 8.12b / FCF TTM 473.1m)
FCF Yield = 5.83% (FCF TTM 473.1m / Enterprise Value 8.12b)
FCF Margin = 75.15% (FCF TTM 473.1m / Revenue TTM 629.6m)
Net Margin = 52.51% (Net Income TTM 330.6m / Revenue TTM 629.6m)
Gross Margin = 57.54% ((Revenue TTM 629.6m - Cost of Revenue TTM 267.3m) / Revenue TTM)
Gross Margin QoQ = 53.47% (prev 60.58%)
Tobins Q-Ratio = 0.91 (Enterprise Value 8.12b / Total Assets 8.89b)
Interest Expense / Debt = 1.31% (Interest Expense 63.7m / Debt 4.88b)
Taxrate = 0.0% (0.0 / 65.2m)
NOPAT = 330.1m (EBIT 330.1m * (1 - 0.00%))
Current Ratio = 2.85 (Total Current Assets 253.2m / Total Current Liabilities 88.7m)
Debt / Equity = 1.25 (Debt 4.88b / totalStockholderEquity, last quarter 3.91b)
Debt / EBITDA = 14.61 (Net Debt 4.82b / EBITDA 330.1m)
Debt / FCF = 10.19 (Net Debt 4.82b / FCF TTM 473.1m)
Total Stockholder Equity = 3.98b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.69% (Net Income 330.6m / Total Assets 8.89b)
RoE = 8.30% (Net Income TTM 330.6m / Total Stockholder Equity 3.98b)
RoCE = 3.75% (EBIT 330.1m / Capital Employed (Total Assets 8.89b - Current Liab 88.7m))
RoIC = 3.70% (NOPAT 330.1m / Invested Capital 8.91b)
WACC = 3.87% (E(3.30b)/V(8.18b) * Re(7.67%) + D(4.88b)/V(8.18b) * Rd(1.31%) * (1-Tc(0.0)))
Discount Rate = 7.67% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: 33.33 | Cagr: 24.67%
[DCF] Terminal Value 80.82% ; FCFF base≈473.1m ; Y1≈310.6m ; Y5≈142.1m
 [DCF] Fair Price = N/A (negative equity: EV 4.51b - Net Debt 4.82b = -311.4m; debt exceeds intrinsic value)
 EPS Correlation: 8.24 | EPS CAGR: -28.03% | SUE: -2.36 | # QB: 0
Revenue Correlation: 63.91 | Revenue CAGR: 12.82% | SUE: -0.90 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.35 | Chg7d=-0.001 | Chg30d=+0.005 | Revisions Net=+1 | Analysts=5
EPS current Year (2026-09-30): EPS=1.42 | Chg7d=-0.023 | Chg30d=-0.020 | Revisions Net=-1 | Growth EPS=-5.7% | Growth Revenue=-8.3%
EPS next Year (2027-09-30): EPS=1.30 | Chg7d=-0.016 | Chg30d=+0.001 | Revisions Net=+0 | Growth EPS=-8.4% | Growth Revenue=-4.6%
[Analyst] Revisions Ratio: +1.00 (1 Up / 0 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = -2.0% (Discount Rate 7.9% - Earnings Yield 10.0%)
[Growth] Growth Spread = -7.7% (Analyst -9.8% - Implied -2.0%)
Additional Sources for GBDC Stock Fund Manager Positions: Dataroma · Stockcircle