(KBDC) Kayne Anderson BDC - Overview
Sector: Financial Services | Industry: Asset Management | Exchange: NYSE (USA) | Market Cap: 971m USD | Total Return: 5.2% in 12m
Avg Turnover: 3.01M
Qual. Beats: 0
Rev. Trend: 95.0%
Qual. Beats: -1
Warnings
Choppy Below Avwap Earnings
Tailwinds
No distinct edge detected
Kayne Anderson BDC, Inc. (KBDC) is an externally managed, closed-end investment company operating as a Business Development Company (BDC). The fund focuses on middle-market companies, primarily targeting debt investments to generate income and capital appreciation. Its core strategy involves allocating 80% to 90% of its portfolio to first lien senior secured, unitranche, and split-lien loans, which prioritize repayment at the top of a borrowers capital structure.
The remaining portion of the portfolio is allocated to higher-yielding instruments, including second lien loans, subordinated debt, and equity securities. As a BDC, the firm must distribute at least 90% of its taxable income to shareholders annually to maintain its tax-advantaged status. This business model provides private middle-market firms with access to capital that traditional banks may avoid due to regulatory constraints or risk profiles.
To evaluate how this debt structure compares to industry peers, you may find further insights on ValueRay. Understanding the credit quality and diversification of these underlying loans is essential for assessing the funds long-term risk-adjusted returns.
- Interest rate fluctuations impact net interest margin on floating rate senior secured loans
- Credit quality of middle-market borrowers determines non-accrual rates and net asset value
- Shift toward first lien senior secured debt prioritizes capital preservation over yield
- Portfolio concentration in privately held companies creates valuation sensitivity to broader economic cycles
- Management fee structure and expense ratios influence total return to shareholders
| Net Income: 88.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 17.32 > 1.0 |
| NWC/Revenue: 19.6k% < 20% (prev 3.57%; Δ 19.6k% < -1%) |
| CFO/TA 0.00 > 3% & CFO 45.4m > Net Income 88.7m |
| Net Debt (-13.2b) to EBITDA (331.7m): -39.77 < 3 |
| Current Ratio: 1.03k > 1.5 & < 3 |
| Outstanding Shares: last quarter (67.1m) vs 12m ago -5.74% < -2% |
| Gross Margin: 72.30% > 18% (prev 0.67%; Δ 7.16k% > 0.5%) |
| Asset Turnover: 0.02% > 50% (prev 7.93%; Δ -7.92% > 0%) |
| Interest Coverage Ratio: 1.70 > 6 (EBITDA TTM 331.7m / Interest Expense TTM 76.2m) |
| A: 0.02 (Total Current Assets 38.7b - Total Current Liabilities 37.7m) / Total Assets 2252b |
| B: -0.00 (Retained Earnings -7.49m / Total Assets 2252b) |
| C: 0.00 (EBIT TTM 129.7m / Avg Total Assets 1127b) |
| D: 0.00 (Book Value of Equity 58.5m / Total Liabilities 1173b) |
| Altman-Z'' = 0.11 = B |
As of May 24, 2026, the stock is trading at USD 14.65 with a total of 161,246 shares traded.
Over the past week, the price has changed by -0.75%,
over one month by +3.26%,
over three months by +9.77% and
over the past year by +5.15%.
Kayne Anderson BDC has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy KBDC.
- StrongBuy: 2
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 15.4 | 5.1% |
P/E Forward = 8.9206
P/S = 10.2874
P/B = 0.8995
Revenue TTM = 197.7m USD
EBIT TTM = 129.7m USD
EBITDA TTM = 331.7m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 1.12b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -13.2b USD (calculated: Debt 1.12b - CCE 14.3b)
Enterprise Value = 970.7m USD (floored to Market Cap, CCE > MCap+Debt)
Interest Coverage Ratio = 1.70 (Ebit TTM 129.7m / Interest Expense TTM 76.2m)
EV/FCF = 0.02x (Enterprise Value 970.7m / FCF TTM 39.8b)
FCF Yield = 4.10k% (FCF TTM 39.8b / Enterprise Value 970.7m)
FCF Margin = 20.2k% (FCF TTM 39.8b / Revenue TTM 197.7m)
Net Margin = 44.89% (Net Income TTM 88.7m / Revenue TTM 197.7m)
Gross Margin = 72.30% ((Revenue TTM 197.7m - Cost of Revenue TTM 54.8m) / Revenue TTM)
Gross Margin QoQ = 81.49% (prev 84.42%)
Tobins Q-Ratio = 0.00 (Enterprise Value 970.7m / Total Assets 2252b)
Interest Expense / Debt = 6.79% (Interest Expense 76.2m / Debt 1.12b)
Taxrate = 0.04% (7.00k / 17.2m)
NOPAT = 129.7m (EBIT 129.7m * (1 - 0.04%))
Current Ratio = 1.03k (out of range, set to none) (Total Current Assets 38.7b / Total Current Liabilities 37.7m)
Debt / Equity = 0.00 (Debt 1.12b / totalStockholderEquity, last quarter 1079b)
Debt / EBITDA = -39.77 (Net Debt -13.2b / EBITDA 331.7m)
Debt / FCF = -0.33 (Net Debt -13.2b / FCF TTM 39.8b)
Total Stockholder Equity = 271b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.01% (Net Income 88.7m / Total Assets 2252b)
RoE = 0.03% (Net Income TTM 88.7m / Total Stockholder Equity 271b)
RoCE = 0.01% (EBIT 129.7m / Capital Employed (Total Assets 2252b - Current Liab 37.7m))
RoIC = 0.01% (NOPAT 129.7m / Invested Capital 2238b)
WACC = 6.91% (E(970.7m)/V(2.09b) * Re(7.05%) + D(1.12b)/V(2.09b) * Rd(6.79%) * (1-Tc(0.00)))
Discount Rate = 7.05% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -46.67 | Cagr: -2.52%
[DCF] Terminal Value 75.44% ; FCFF base≈39.8b ; Y1≈40.0b ; Y5≈42.4b
[DCF] Fair Price = 10.1k (EV 659b - Net Debt -13.2b = Equity 672b / Shares 66.4m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.46 | # QB: 0
Revenue Correlation: 95.04 | Revenue CAGR: 21.10% | SUE: -1.72 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.40 | Chg30d=+0.03% | Revisions=-14% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.40 | Chg30d=+0.55% | Revisions=N/A | Analysts=5
EPS current Year (2026-12-31): EPS=1.62 | Chg30d=+1.18% | Revisions=+25% | GrowthEPS=-2.8% | GrowthRev=-4.4%
EPS next Year (2027-12-31): EPS=1.60 | Chg30d=+1.51% | Revisions=+43% | GrowthEPS=-1.6% | GrowthRev=+1.7%
[Analyst] Revisions Ratio: +43%