(GBDC) Golub Capital BDC - Overview

Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 3.424m USD | Total Return: -2.6% in 12m

Senior Debt, Unitranche Loans, Junior Debt, Equity Investments
Total Rating 35
Safety 31
Buy Signal -0.47
Asset Management
Industry Rotation: +5.0
Market Cap: 3.42B
Avg Turnover: 20.5M
Risk 3d forecast
Volatility18.2%
VaR 5th Pctl3.27%
VaR vs Median8.79%
Reward TTM
Sharpe Ratio-0.28
Rel. Str. IBD41.4
Rel. Str. Peer Group54.7
Character TTM
Beta0.566
Beta Downside0.710
Hurst Exponent0.493
Drawdowns 3y
Max DD18.20%
CAGR/Max DD0.63
CAGR/Mean DD2.16
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": 0.3257,
EPS CAGR: 40.91%
EPS Trend: 39.8%
Last SUE: -0.26
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: 105.35, 2022-03: 109.491, 2022-06: 57.582, 2022-09: 73.857, 2022-12: 100.549, 2023-03: 146.953, 2023-06: 153.847, 2023-09: 171.183, 2023-12: 156.375, 2024-03: 172.27, 2024-06: 86.512, 2024-09: 195.895, 2024-12: 238.965, 2025-03: 192.313, 2025-06: 205.691, 2025-09: 172.263, 2025-12: 207.007, 2026-03: 176.425,
Rev. CAGR: 34.79%
Rev. Trend: 71.9%
Last SUE: -0.50
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

No distinct edge detected

Description: GBDC Golub Capital BDC

Golub Capital BDC, Inc. (GBDC) is an externally managed business development company (BDC) that focuses on providing financing solutions to middle-market companies in the United States. The firm primarily targets investments in businesses backed by private equity sponsors, concentrating on first-lien senior secured debt and unitranche loans.

The BDC model allows retail investors to access private credit markets, which traditionally require high minimum capital commitments. GBDC maintains a diversified portfolio across sectors including healthcare technology, insurance, and IT services to mitigate industry-specific concentration risk. As a regulated investment company, it is required to distribute at least 90% of its taxable income to shareholders annually.

Investors can further analyze these portfolio distributions and risk metrics by visiting ValueRay. This capital structure typically prioritizes senior secured positions to provide a higher degree of principal protection within the middle-market lending space.

Headlines to Watch Out For
  • Floating rate senior secured loan portfolio benefits from elevated interest rates
  • Merger with GBDC III increases scale and lowers management fee structure
  • Middle-market credit performance determines net asset value and dividend coverage
  • Private equity deal flow volume drives new investment and origination income
  • Credit spread compression impacts net interest margins across core debt holdings
Piotroski VR‑10 (Strict) 5.5
Net Income: 204.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.04 > 0.02 and ΔFCF/TA 5.33 > 1.0
NWC/Revenue: -98.07% < 20% (prev 17.42%; Δ -115.5% < -1%)
CFO/TA 0.04 > 3% & CFO 313.3m > Net Income 204.9m
Net Debt (4.57b) to EBITDA (430.6m): 10.62 < 3
Current Ratio: 0.21 > 1.5 & < 3
Outstanding Shares: last quarter (262.7m) vs 12m ago -1.43% < -2%
Gross Margin: 75.36% > 18% (prev 0.82%; Δ 7.45k% > 0.5%)
Asset Turnover: 8.71% > 50% (prev 7.97%; Δ 0.74% > 0%)
Interest Coverage Ratio: 1.64 > 6 (EBITDA TTM 430.6m / Interest Expense TTM 266.0m)
Altman Z'' -0.37
A: -0.09 (Total Current Assets 202.4m - Total Current Liabilities 949.1m) / Total Assets 8.53b
B: -0.03 (Retained Earnings -219.6m / Total Assets 8.53b)
C: 0.05 (EBIT TTM 434.9m / Avg Total Assets 8.74b)
D: -0.05 (Book Value of Equity -219.3m / Total Liabilities 4.78b)
Altman-Z'' Score: -0.37 = B
What is the price of GBDC shares? As of May 16, 2026, the stock is trading at USD 13.06 with a total of 1,107,671 shares traded.
Over the past week, the price has changed by -0.76%, over one month by -2.76%, over three months by +9.59% and over the past year by -2.60%.
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?
Analysts Target Price 13.8 5.3%
Golub Capital BDC (GBDC) - Fundamental Data Overview as of 14 May 2026
P/E Trailing = 17.0714
P/E Forward = 12.5313
P/S = 3.939
P/B = 0.9146
P/EG = 1.395
Revenue TTM = 761.4m USD
EBIT TTM = 434.9m USD
EBITDA TTM = 430.6m USD
Long Term Debt = 3.75b USD (estimated: total debt 4.70b - short term 949.1m)
Short Term Debt = 949.1m USD (from shortTermDebt, last quarter)
Debt = 4.70b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.57b USD (from netDebt column, last quarter)
Enterprise Value = 8.00b USD (3.42b + Debt 4.70b - CCE 128.4m)
Interest Coverage Ratio = 1.64 (Ebit TTM 434.9m / Interest Expense TTM 266.0m)
EV/FCF = 25.53x (Enterprise Value 8.00b / FCF TTM 313.3m)
FCF Yield = 3.92% (FCF TTM 313.3m / Enterprise Value 8.00b)
FCF Margin = 41.15% (FCF TTM 313.3m / Revenue TTM 761.4m)
Net Margin = 26.91% (Net Income TTM 204.9m / Revenue TTM 761.4m)
Gross Margin = 75.36% ((Revenue TTM 761.4m - Cost of Revenue TTM 187.6m) / Revenue TTM)
Gross Margin QoQ = 77.60% (prev 80.88%)
Tobins Q-Ratio = 0.94 (Enterprise Value 8.00b / Total Assets 8.53b)
Interest Expense / Debt = 1.30% (Interest Expense 61.1m / Debt 4.70b)
Taxrate = 21.0% (US default 21%)
NOPAT = 343.6m (EBIT 434.9m * (1 - 21.00%))
Current Ratio = 0.21 (Total Current Assets 202.4m / Total Current Liabilities 949.1m)
Debt / Equity = 1.25 (Debt 4.70b / totalStockholderEquity, last quarter 3.75b)
Debt / EBITDA = 10.62 (Net Debt 4.57b / EBITDA 430.6m)
Debt / FCF = 14.60 (Net Debt 4.57b / FCF TTM 313.3m)
Total Stockholder Equity = 3.91b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.34% (Net Income 204.9m / Total Assets 8.53b)
RoE = 5.24% (Net Income TTM 204.9m / Total Stockholder Equity 3.91b)
RoCE = 5.68% (EBIT 434.9m / Capital Employed (Equity 3.91b + L.T.Debt 3.75b))
RoIC = 3.90% (NOPAT 343.6m / Invested Capital 8.81b)
WACC = 3.95% (E(3.42b)/V(8.13b) * Re(7.97%) + D(4.70b)/V(8.13b) * Rd(1.30%) * (1-Tc(0.21)))
Discount Rate = 7.97% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -0.32%
[DCF] Terminal Value 80.82% ; FCFF base≈313.3m ; Y1≈205.7m ; Y5≈94.1m
 [DCF] Fair Price = N/A (negative equity: EV 2.99b - Net Debt 4.57b = -1.59b; debt exceeds intrinsic value)
 EPS Correlation: 39.81 | EPS CAGR: 40.91% | SUE: -0.26 | # QB: 0
Revenue Correlation: 71.94 | Revenue CAGR: 34.79% | SUE: -0.50 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.33 | Chg30d=-6.25% | Revisions=-43% | Analysts=5
EPS current Year (2026-09-30): EPS=1.36 | Chg30d=-3.89% | Revisions=-43% | GrowthEPS=-9.3% | GrowthRev=-11.3%
EPS next Year (2027-09-30): EPS=1.26 | Chg30d=-2.65% | Revisions=+0% | GrowthEPS=-7.2% | GrowthRev=-4.7%
[Analyst] Revisions Ratio: -43%