HASI vs CSWC vs ARCC vs GBDC

For growth investors, Golub Capital BDC, Inc.

(GBDC) is the stronger pick with 42. 5% revenue growth year-over-year, versus -36. 6% for HA Sustainable Infrastructure Capital, Inc. (HASI). Golub Capital BDC, Inc. (GBDC) offers the better valuation at 9. 4x trailing P/E (9. 3x forward), making it the more compelling value choice. Analysts rate HA Sustainable Infrastructure Capital, Inc. (HASI) a "Buy" — based on 17 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Golub Capital BDC, Inc.

(GBDC) is the cheapest at 9. 4x versus HA Sustainable Infrastructure Capital, Inc. at 30. 7x. On forward P/E, Golub Capital BDC, Inc. is actually cheaper at 9. 3x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Golub Capital BDC, Inc. wins at 0. 30x versus HA Sustainable Infrastructure Capital, Inc. 's 2. 87x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Capital Southwest Corporation (CSWC) delivered a total return of +52.

1%, compared to +8. 2% for HA Sustainable Infrastructure Capital, Inc. (HASI). Over 10 years, the gap is even starker: CSWC returned +231. 6% versus GBDC's +61. 2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Golub Capital BDC, Inc.

(GBDC) is the lower-risk stock at 0. 64β versus HA Sustainable Infrastructure Capital, Inc. 's 1. 05β — meaning HASI is approximately 63% more volatile than GBDC relative to the S&P 500. On balance sheet safety, Capital Southwest Corporation (CSWC) carries a lower debt/equity ratio of 108% versus 191% for HA Sustainable Infrastructure Capital, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Golub Capital BDC, Inc.

(GBDC) is pulling ahead at 42. 5% versus -36. 6% for HA Sustainable Infrastructure Capital, Inc. (HASI). On earnings-per-share growth, the picture is similar: Golub Capital BDC, Inc. grew EPS 4. 4% year-over-year, compared to -28. 3% for Capital Southwest Corporation. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

HA Sustainable Infrastructure Capital, Inc.

(HASI) is the more profitable company, earning 46. 1% net margin versus 41. 3% for Ares Capital Corporation — meaning it keeps 46. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: GBDC leads at 78. 9% versus 48. 5% for CSWC. At the gross margin level — before operating expenses — HASI leads at 99. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Golub Capital BDC, Inc. (GBDC) is the more undervalued stock at a PEG of 0. 30x versus HA Sustainable Infrastructure Capital, Inc. 's 2. 87x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Golub Capital BDC, Inc. (GBDC) trades at 9. 3x forward P/E versus 14. 6x for HA Sustainable Infrastructure Capital, Inc. — 5. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ARCC: 14. 2% to $21. 88.

All stocks in this comparison pay dividends.

Golub Capital BDC, Inc. (GBDC) offers the highest yield at 10. 4%, versus 2. 0% for Ares Capital Corporation (ARCC).

For long-horizon retirement investors, Golub Capital BDC, Inc.

(GBDC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 64), 10. 4% yield). Both have compounded well over 10 years (GBDC: +61. 2%, HASI: +189. 7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: HASI is a small-cap income-oriented stock; CSWC is a small-cap deep-value stock; ARCC is a mid-cap high-growth stock; GBDC is a small-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.