(GBDC) Golub Capital BDC - NASDAQ
Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 3.217m USD | Total Return: -3% in 12m
Avg Turnover: 14.1M
EPS Trend: -58.2%
Qual. Beats: -1
Rev. Trend: 86.5%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
Golub Capital BDC, Inc. (GBDC) is an externally managed, non-diversified business development company (BDC) that primarily invests in debt and minority equity of U.S. middle-market companies, most of which are backed by private equity sponsors. Its investment focus spans a broad range of industries, including consumer services, healthcare, insurance, IT services, restaurants and leisure, and specialty retail, using structures such as first lien, one-stop/unitranche, second lien, subordinated, and mezzanine loans, along with equity and warrants.
As a BDC regulated under the Investment Company Act of 1940, GBDC operates under a tax structure that generally requires it to distribute substantially all of its taxable income to shareholders, which typically results in dividend yields that are a meaningful component of investor returns. Its externally managed structure means investment decisions and portfolio management are handled by an affiliated investment adviser (Golub Capital), rather than by internal employees.
- Floating-rate portfolio benefits from Fed rate increases
- Dividend coverage improves as net investment income rises
- Private credit competition compresses new lending spreads
| 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 18.13%; Δ -116.2% < -1%) |
| CFO/TA 0.04 > 3% & CFO 313.3m > Net Income 204.9m |
| Net Debt (4.57b) to EBITDA (436.0m): 10.49 < 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 74.73%; Δ 0.62% > 0.5%) |
| Asset Turnover: 8.71% > 50% (prev 7.67%; Δ 1.05% > 0%) |
| Interest Coverage Ratio: 1.64 > 6 (EBIT TTM 434.9m / Interest Expense TTM 266.0m) |
| 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: 0.78 (Book Value of Equity 3.75b / Total Liabilities 4.78b) |
| Altman-Z'' = 0.50 = B |
As of June 27, 2026, the stock is trading at USD 12.59 with a total of 1,483,477 shares traded. Over the past week, the price has changed by +1.94%, over one month by -1.37%, over three months by +2.96% and over the past year by -3.00%.
Current recommended Stop Loss: 12.00 (which is 4.7% or 2.4 ATR below the current price).
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
| Analysts Target Price | 13.8 | 9.2% |
P/E Trailing = 16.039
P/E Forward = 9.6154
P/S = 3.8699
P/B = 0.8583
P/EG = 1.395
Revenue TTM = 761.4m USD
EBIT TTM = 434.9m USD
EBITDA TTM = 436.0m 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 (calculated: Debt 4.70b - CCE 128.4m)
Enterprise Value = 7.79b USD (3.22b + Debt 4.70b - CCE 128.4m)
Interest Coverage Ratio = 1.64 (Ebit TTM 434.9m / Interest Expense TTM 266.0m)
EV/FCF = 24.86x (Enterprise Value 7.79b / FCF TTM 313.3m)
FCF Yield = 4.02% (FCF TTM 313.3m / Enterprise Value 7.79b)
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 = 0.91 (Enterprise Value 7.79b / Total Assets 8.53b)
Interest Expense / Debt = 5.66% (Interest Expense 266.0m / Debt 4.70b)
Taxrate = 21.0% (US federal 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 = 10.49 (Net Debt 4.57b / EBITDA 436.0m)
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 = 4.05% (NOPAT 343.6m / Invested Capital 8.49b)
WACC = 5.79% (E(3.22b)/V(7.92b) * Re(7.72%) + D(4.70b)/V(7.92b) * Rd(5.66%) * (1-Tc(0.21)))
Discount Rate = 7.72% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 46.67 | Cagr: 21.45%
[DCF] Terminal Value 75.44% ; FCFF base≈313.3m ; Y1≈314.6m ; Y5≈333.3m
[DCF] Fair Price = 2.34 (EV 5.18b - Net Debt 4.57b = Equity 609.9m / Shares 260.5m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -58.21 | EPS CAGR: -7.87% | SUE: -1.25 | # QB: -1
Revenue Correlation: 86.51 | Revenue CAGR: 17.72% | SUE: -0.43 | # 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=-56% | GrowthEPS=-9.3% | GrowthRev=-11.3%
EPS next Year (2027-09-30): EPS=1.26 | Chg30d=-2.65% | Revisions=-25% | GrowthEPS=-7.2% | GrowthRev=-4.7%
[Analyst] Revisions Ratio: -56%