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GBDC logoGolub Capital BDC, Inc.(GBDC)Earnings, Financials & Key Ratios

GBDC•NASDAQ•Banking & Credit
$13.40
$3.53B mkt cap·9.4× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryAsset ManagementSub-IndustryPrivate credit and BDC lenders
AboutGolub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails. It seeks to invest in the United States. It primarily invests in first lien traditional senior debt, first lien one stop, junior debt and equity, senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants.Show more
  • Net Interest Income$553M+360.2%
  • Total Revenue$871M+42.5%
  • Net Income$376M+37.4%
  • Return on Equity9.41%+12.7%
  • Net Interest Margin6.15%+352.3%
  • Efficiency Ratio2.55%-4.5%
  • ROA4.25%+12.2%
  • Equity / Assets44.36%-3.8%
  • Book Value per Share14.97-24.9%
  • Tangible BV/Share14.97-24.9%
  • Debt/Equity1.23+7.4%
Technical→

GBDC Key Insights

Golub Capital BDC, Inc. (GBDC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 47.0%
  • ✓Strong NIM of 6.2%
  • ✓Efficient operations: 2.5% efficiency ratio
  • ✓Well capitalized: 44.4% equity/assets
  • ✓Trading at only 0.9x book value

✗Weaknesses

  • ✗Shares diluted 32.2% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

GBDC Price & Volume

Golub Capital BDC, Inc. (GBDC) stock price & volume — 10-year historical chart

Loading chart...

GBDC Growth Metrics

Golub Capital BDC, Inc. (GBDC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years24.01%
5 Years43.78%
3 Years35.99%
TTM-

Profit CAGR

10 Years18.18%
5 Years46.96%
3 Years34.22%
TTM-14.8%

EPS CAGR

10 Years-0.14%
5 Years30.86%
3 Years16.42%
TTM-31.63%

Return on Capital

10 Years4.93%
5 Years6.75%
3 Years7.35%
Last Year7.82%

GBDC Recent Earnings

Golub Capital BDC, Inc. (GBDC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 4, 2026
EPS
$0.34
Est $0.36
-5.6%
Revenue
$188M
Est $202M
-6.7%
Q1 2026
Feb 4, 2026
EPS
$0.38
Est $0.38
+0.0%
Revenue
$207M
Est $210M
-1.3%
Q4 2025
Nov 18, 2025
EPS
$0.39
Est $0.39
-0.3%
Revenue
$184M
Est $222M
-16.8%
Q3 2025
Aug 4, 2025
EPS
$0.39
Est $0.38
+2.6%
Revenue
$219M
Est $221M
-1.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.34vs $0.36-5.6%
$188Mvs $202M-6.7%
Q1 2026Feb 4, 2026
$0.38vs $0.38+0.0%
$207Mvs $210M-1.3%
Q4 2025Nov 18, 2025
$0.39vs $0.39-0.3%
$184Mvs $222M-16.8%
Q3 2025Aug 4, 2025
$0.39vs $0.38+2.6%
$219Mvs $221M-1.0%
Based on last 12 quarters of dataView full earnings history →

GBDC Peer Comparison

Golub Capital BDC, Inc. (GBDC) competitors in Private credit and BDC lenders — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ARCC logoARCCAres Capital CorporationDirect Competitor13.89B19.3510.4032.87%41.3%8.11%8.22%1.12
FSCO logoFSCOFS Credit Opportunities Corp.Direct Competitor1.05B5.305.58-17.44%74.15%13.47%6.38%0.32
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Direct Competitor221.89M5.484.4936.55%50.62%14.02%1.33
CGBD logoCGBDCarlyle Secured Lending, Inc.Direct Competitor881.4M12.097.65-2.92%53.04%6.2%11.83%1.07
OCSL logoOCSLOaktree Specialty Lending CorporationDirect Competitor1.07B12.1631.1860.93%11.32%7.15%13.29%1.01
BBDC logoBBDCBarings BDC, Inc.Direct Competitor965.4M9.229.5119%40.96%8.69%16.63%1.23
FSK logoFSKFS KKR Capital Corp.Product Competitor3.22B11.50292.625.5%0.94%0.19%18.38%1.31
MAIN logoMAINMain Street Capital CorporationProduct Competitor5.14B57.369.8118.32%70.11%18.28%0.76

Compare GBDC vs Peers

Golub Capital BDC, Inc. (GBDC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ARCC

Most directly comparable listed peer for GBDC.

Scale Benchmark

vs GS

Larger-name benchmark to compare GBDC against a more recognizable public peer.

Peer Set

Compare Top 5

vs ARCC, FSCO, TPVG, CGBD

GBDC Income Statement

Golub Capital BDC, Inc. (GBDC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Net Interest Income98.92M107.76M125.91M220.14M234.7M293.5M441.4M-212.4M552.6M831.67M
NII Growth %5.16%8.94%16.84%74.84%6.61%25.05%50.39%-148.12%360.18%1605.55%
Net Interest Margin %5.64%5.87%2.86%4.95%4.54%5.17%7.7%-2.44%6.15%9.75%
Interest Income130.45M140.93M169.44M295M300.44M382.88M584.63M680.51M833.23M1.21B
Interest Expense31.53M33.17M43.53M74.86M65.74M89.38M143.23M212.4M280.62M258.45M
Loan Loss Provision000001.32M1.64M-100.04M-119.45M-137.31M
Non-Interest Income-11.32M-20.14M-138.57M-153.31M114.77M-36.6M-12.1M-69.46M37.55M-381.29M
Non-Interest Income %-9.5%-16.67%-448.83%-108.2%27.64%-10.57%-2.11%-11.37%4.31%-45.87%
Total Revenue
119.13M▲ 0%
120.8M▲ 1.4%
30.87M▼ 74.4%
141.69M▲ 359.0%
415.2M▲ 193.0%
346.28M▼ 16.6%
572.53M▲ 65.3%
611.05M▲ 6.7%
870.78M▲ 42.5%
831.29M▲ 0%
Revenue Growth %-6.83%1.4%-74.44%358.95%193.03%-16.6%65.34%6.73%42.5%139.83%
Non-Interest Expense5.29M5.65M5.92M11.96M8.64M11.41M1.65M16.3M22.19M21.77M
Efficiency Ratio4.44%4.68%19.18%8.44%2.08%3.3%0.29%2.67%2.55%2.62%
Operating Income
82.31M▲ 0%
81.97M▼ 0.4%
-18.58M▼ 122.7%
54.87M▲ 395.3%
340.82M▲ 521.1%
244.16M▼ 28.4%
426.01M▲ 74.5%
482.4M▲ 13.2%
687.42M▲ 42.5%
508.53M▲ 0%
Operating Margin %69.09%67.86%-60.18%38.73%82.09%70.51%74.41%78.95%78.94%61.17%
Operating Income Growth %-11.54%-0.41%-122.67%395.34%521.12%-28.36%74.48%13.24%42.5%-
Pretax Income
82.31M▲ 0%
81.97M▼ 0.4%
-18.58M▼ 122.7%
54.87M▲ 395.3%
340.82M▲ 521.1%
155.64M▼ 54.3%
275.4M▲ 76.9%
274.36M▼ 0.4%
375.65M▲ 36.9%
336.88M▲ 0%
Pretax Margin %69.09%67.86%-60.18%38.73%82.09%44.95%48.1%44.9%43.14%40.52%
Income Tax17K000543K72K3.37M575K-475K198K
Effective Tax Rate %0.02%0%0%0%0.16%0.05%1.22%0.21%-0.13%0.06%
Net Income
82.29M▲ 0%
81.97M▼ 0.4%
-18.58M▼ 122.7%
54.87M▲ 395.3%
340.28M▲ 520.1%
155.57M▼ 54.3%
272.03M▲ 74.9%
273.79M▲ 0.6%
376.13M▲ 37.4%
251.13M▲ 0%
Net Margin %69.07%67.86%-60.18%38.73%81.95%44.93%47.51%44.81%43.19%30.21%
Net Income Growth %18.91%-0.39%-122.67%395.34%520.13%-54.28%74.86%0.64%37.38%-14.8%
Net Income (Continuing)82.29M81.97M-18.58M54.87M340.28M155.57M272.03M273.79M376.13M251.65M
EPS (Diluted)
1.45▲ 0%
1.33▼ 8.3%
-0.28▼ 121.1%
0.37▲ 232.1%
2.03▲ 448.6%
0.90▼ 55.7%
1.52▲ 68.9%
1.36▼ 10.5%
1.42▲ 4.4%
0.96▲ 0%
EPS Growth %9.02%-8.28%-121.05%232.14%448.65%-55.66%68.89%-10.53%4.41%-31.63%
EPS (Basic)1.451.33-0.280.372.030.901.521.361.42-
Diluted Shares Outstanding56.91M61.74M65.49M148.91M167.99M170.67M170.32M201.26M266M262.68M

GBDC Balance Sheet

Golub Capital BDC, Inc. (GBDC) balance sheet — assets, liabilities & shareholders' equity

Line itemSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Cash & Short Term Investments3.99M5.88M6.52M25.14M181.09M124.14M69.83M131.16M23.62M310.23M
Cash & Due from Banks3.99M6.04M6.52M25.14M181.09M124.14M69.83M131.16M23.62M128.42M
Short Term Investments0-159K00000000
Total Investments1.69B1.78B4.29B4.24B4.89B5.45B14.94M31.71M12.13M0
Investments Growth %1.47%5.81%140.79%-1.27%15.49%11.27%-99.73%112.25%-61.75%108899.11%
Long-Term Investments1.69B1.78B4.29B4.24B4.89B5.45B14.94M31.71M12.13M17.61B
Accounts Receivables00017.26M18.26M20.79M58.05M74.04M68.03M0
Goodwill & Intangibles0000000000
Goodwill0000000000
Intangible Assets0000000000
PP&E (Net)0000000000
Other Assets-1.69B-1.78B-4.29B802K01.19M5.59B8.47B8.76B0
Total Current Assets10.26M12.54M23.31M205.27M199.35M233.68M127.88M205.2M204.77M192.09M
Total Non-Current Assets1.69B1.78B4.29B4.24B4.89B5.45B5.61B8.5B8.77B0
Total Assets
1.75B▲ 0%
1.84B▲ 4.6%
4.39B▲ 139.4%
4.44B▲ 1.1%
5.16B▲ 16.2%
5.68B▲ 10.0%
5.73B▲ 0.9%
8.71B▲ 51.8%
8.98B▲ 3.1%
8.53B▲ 0%
Asset Growth %-0.13%4.64%139.43%1.12%16.21%10%0.92%51.84%3.13%6.12%
Return on Assets (ROA)4.69%4.57%-0.6%1.24%7.08%2.87%4.77%3.79%4.25%2.82%
Accounts Payable6.11M6.2M4.34M800K1.79M870K24.75M56M38.25M0
Total Debt776.83M842.75M2.12B2.02B2.55B3.08B3.12B4.6B4.9B0
Net Debt772.84M836.71M2.11B1.99B2.37B2.95B3.05B4.47B4.88B-128.42M
Long-Term Debt776.83M842.75M2.12B2.02B2.55B3.08B3.12B4.6B4.9B0
Short-Term Debt0000000000
Other Liabilities-27K-49K01.06M01.4M43.13M36.02M56.7M0
Total Current Liabilities19.4M24M52.44M29.23M30.84M58.93M24.75M56M38.25M0
Total Non-Current Liabilities776.8M842.7M2.12B2.02B2.55B3.08B3.16B4.64B4.96B0
Total Liabilities796.23M866.7M2.17B2.05B2.58B3.14B3.19B4.69B5B4.78B
Total Equity
957.95M▲ 0%
968.85M▲ 1.1%
2.22B▲ 129.4%
2.4B▲ 7.8%
2.58B▲ 7.8%
2.54B▼ 1.5%
2.55B▲ 0.1%
4.01B▲ 57.6%
3.98B▼ 0.8%
3.75B▲ 0%
Equity Growth %9%1.14%129.43%7.8%7.78%-1.48%0.13%57.56%-0.8%-12.24%
Equity / Assets (Capital Ratio)54.61%52.78%50.58%53.92%50%44.79%44.44%46.11%44.36%43.94%
Return on Equity (ROE)8.96%8.51%-1.16%2.38%13.67%6.07%10.68%8.34%9.41%6.42%
Book Value per Share16.8315.6933.9416.0915.3714.9114.9619.9514.9714.27
Tangible BV per Share16.8315.6933.9416.0915.3714.9114.9619.9514.9714.27
Common Stock60K60K133K167K170K171K170K264K266K261K
Additional Paid-in Capital939.31M949.55M2.31B2.62B2.66B2.68B2.65B4.17B4.03B0
Retained Earnings18.58M19.25M-87.89M-228.58M-81.73M-132.34M-99.2M-152.99M-48.82M0
Accumulated OCI0000000000
Treasury Stock0000000000
Preferred Stock0000000000

GBDC Cash Flow Statement

Golub Capital BDC, Inc. (GBDC) cash flow — operating, investing & free cash flow history

Line itemSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Cash from Operations62.2M-8.48M-118.46M187.68M-306.05M-416.46M195.37M343.91M-113.59M-113.59M
Operating CF Growth %210.91%-113.63%-1296.96%258.43%-263.07%-36.08%146.91%76.03%-133.03%102.83%
Net Income82.29M81.97M-18.58M54.87M340.28M153.44M258.63M273.79M376.65M251.13M
Depreciation & Amortization000000000-121.99M
Deferred Taxes0000000000
Other Non-Cash Items-21.11M-94.59M-109.46M160.2M-644M-603M-31.07M54.03M-485.34M159.66M
Working Capital Changes1.02M4.14M9.58M-27.39M-2.33M33.1M-32.19M16.1M-4.9M-11.55M
Cash from Investing0000000000
Purchase of Investments0000000000
Sale/Maturity of Investments0000000000
Net Investment Activity0000000000
Acquisitions0000000000
Other Investing0000000000
Cash from Financing-89.18M-8.3M157.16M-87.81M366.85M353.13M-235.55M-124.24M-131.59M-363.67M
Dividends Paid-76.78M-71.06M-75.3M-136.43M-139.12M-155.21M-191.47M-338.19M-368.21M-261.42M
Share Repurchases000-45.53M-14.66M-36.42M-63.79M-4.81M-77.83M-130.88M
Stock Issued74.01M00300.43M000037.43M0
Net Stock Activity74.01M00254.89M-14.66M-36.42M-63.79M-4.81M-40.4M-130.88M
Debt Issuance (Net)-1000K1000K1000K-1000K1000K1000K1000K1000K1000K-1000K
Other Financing-2.33M-1.98M-4.1M-4.49M-22.16M-6.7M-5.78M-18.98M-10.64M1.26M
Net Change in Cash
-26.98M▲ 0%
-16.85M▲ 37.5%
38.5M▲ 328.5%
100.22M▲ 160.3%
59.91M▼ 40.2%
-63.79M▼ 206.5%
-40.35M▲ 36.8%
219.35M▲ 643.6%
-247.11M▼ 212.7%
-85.84M▲ 0%
Exchange Rate Effect0-70K-195K346K-889K-458K-171K-331K-1.93M113K
Cash at Beginning89.54M62.56M45.7M84.21M184.43M244.34M180.55M140.21M359.55M0
Cash at End62.56M45.7M84.21M184.43M244.34M180.55M140.21M359.55M112.44M0
Interest Paid0000000000
Income Taxes Paid0000000000
Free Cash Flow
62.2M▲ 0%
-8.48M▼ 113.6%
-118.46M▼ 1297.0%
187.68M▲ 258.4%
-306.05M▼ 263.1%
-416.46M▼ 36.1%
195.37M▲ 146.9%
343.91M▲ 76.0%
-113.59M▼ 133.0%
277.71M▲ 0%
FCF Growth %210.91%-113.63%-1296.96%258.43%-263.07%-36.08%146.91%76.03%-133.03%287.14%

GBDC Banking Ratios

Golub Capital BDC, Inc. (GBDC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)8.96%8.51%-1.16%2.38%13.67%6.07%10.68%8.34%9.41%6.42%
Return on Assets (ROA)4.69%4.57%-0.6%1.24%7.08%2.87%4.77%3.79%4.25%2.82%
Net Interest Margin5.64%5.87%2.86%4.95%4.54%5.17%7.7%-2.44%6.15%9.75%
Efficiency Ratio4.44%4.68%19.18%8.44%2.08%3.3%0.29%2.67%2.55%2.62%
Equity / Assets54.61%52.78%50.58%53.92%50%44.79%44.44%46.11%44.36%43.94%
Book Value / Share16.8315.6933.9416.0915.3714.9114.9619.9514.9714.27
NII Growth5.16%8.94%16.84%74.84%6.61%25.05%50.39%-148.12%360.18%401.04%
Dividend Payout93.31%86.69%-248.63%40.88%99.77%70.38%123.52%97.89%101.56%

GBDC SEC Filings & Documents

Golub Capital BDC, Inc. (GBDC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

May 4, 2026·SEC

Material company update

Apr 6, 2026·SEC

10-K Annual Reports

2
FY 2025

Nov 18, 2025·SEC

FY 2024

Nov 19, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 4, 2026·SEC

FY 2026

Feb 4, 2026·SEC

FY 2025

Aug 4, 2025·SEC

GBDC Frequently Asked Questions

Golub Capital BDC, Inc. (GBDC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Golub Capital BDC, Inc. (GBDC) grew revenue by 42.5% over the past year. This is strong growth.

Yes, Golub Capital BDC, Inc. (GBDC) is profitable, generating $251.1M in net income for fiscal year 2025 (43.2% net margin).

Dividend & Returns

Yes, Golub Capital BDC, Inc. (GBDC) pays a dividend with a yield of 10.33%. This makes it attractive for income-focused investors.

Golub Capital BDC, Inc. (GBDC) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.

Industry Metrics

Golub Capital BDC, Inc. (GBDC) has a net interest margin (NIM) of 6.2%. This indicates healthy earnings from lending activities.

Golub Capital BDC, Inc. (GBDC) has an efficiency ratio of 2.5%. This is excellent, indicating strong cost control.

Explore More GBDC

Golub Capital BDC, Inc. (GBDC) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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