Cash conversion remains highly unpredictable, evidenced by an OCF/NI ratio that plummeted from 8.10 in 2025Q4 to -0.22 in 2026Q1, highlighting a disconnect between reported earnings and actual liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 163.82M | 160.54M | 117.85M | 76.94M | 86.27M | -396.55M | -218.13M | -31.5M | -198.29M | 7.97M | -23.14M | -31.23M | -188.25M | 127.36M | -130.56M | -118.21M | -97.45M | -13.37M | -60.63M | -47.84M | -103 | -13.72M | -20.3M |
| Operating CF Margin % | - | 64.52% | 56.36% | 26.61% | 39.37% | -331.01% | -589.97% | -41.65% | -247.17% | 6.48% | -20.35% | -25.75% | -180.12% | 126.06% | -144.48% | -167.46% | -340.32% | -64.11% | -353.89% | -365.07% | -0% | -280.25% | -1021.48% |
| Operating CF Growth % | 441.22% | 36.23% | 53.16% | -10.81% | 121.75% | -81.8% | -592.38% | 84.11% | -2588.84% | 134.44% | 25.93% | 83.41% | -247.81% | 197.55% | -10.45% | -21.3% | -628.66% | 77.94% | -26.72% | -46449524.27% | 100% | 32.43% | - |
| Net Income | 89.34M | 101.92M | 110.29M | 128M | 4.68M | 77.69M | 8.18M | 58.19M | -114.28M | -28.65M | 34.26M | 47.86M | 28.36M | 81.21M | 60.06M | 56.77M | 25.39M | 4.04M | 7.64M | 8.81M | -103 | 3.17M | -1.26M |
| Depreciation & Amortization | 2.9M | 0 | 0 | 0 | 121.87M | -21.92B | 8.36B | -33.37B | 27.41K | 65.86K | 70.11K | 60.24K | 48.36K | 40.15K | 33.04K | 27.3K | 19.55K | 22.55K | 16.68K | 7.81K | 414.92M | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.23M | 6.02M | 10.33M | 6.99M | 5.84M | 3.98M | 3.03M | 1.91M | 1.15M | 701.6K | 275.31K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -103.22M | -722.17K | -2.93M | 1.62M | -150.71K | 2.17M | 713.71K | 420.15K | -368.68K | -266.68K | 769.52K | 1.76M | 0 | 0 | 0 |
| Other Non-Cash Items | 75.17M | 55.36M | -10.51M | -53.68M | -16.65M | 21.46B | -8.58B | 33.28B | 23.13M | 25.69M | -58.22M | -88.67M | -222.08M | 44.17M | -197.57M | -179.97M | -123.8M | -18.85M | -70.53M | -209.29K | -493.84M | -17.24M | -19.16M |
| Working Capital Changes | -3.58M | 3.25M | 18.07M | 2.63M | -23.63M | -11.12M | -1.59M | 5.4M | -18.17M | 5.56M | -6.64M | 906.29K | -271.08K | -4.21M | 3.16M | 2.63M | 155K | 980.6K | 1.2M | 446.8K | 78.92M | 348.92K | 121.93K |
| Change in Receivables | 1.24M | 317K | 8.42M | -6.43M | -14.6M | -14.47M | -4.02M | 747.34K | -5.99M | 2.38M | -5.3M | 2.52M | -2.15M | -2.61M | -766.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -98.44K |
| Change in Inventory | 0 | 0 | 0 | 0 | 14.6M | 14.47M | 4.02M | -747.34K | 32.33M | 19.18M | 11.68M | 14.94M | 17.83M | 0 | 18.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -4.82M | 0 | 2.05M | 8.71M | -7.76M | 84.46M | 3.89B | -159.26M | -9.91M | 540 | 282.47K | 349.23K | 347.59K | -118.93K | -385.36K | 1.13M | 54.55K | 452.19K | 1.18M | 92.44K | 78.92M | 335.7K | -10K |
| Cash from Investing | 72.44M | 0 | 4.31M | -21.14M | -120.88M | -451.63B | -262.35B | -75.16B | 31.5K | -40.51K | -70.9K | -57.19K | -96.59K | -45.14K | -30.27K | -37.95K | -38.53K | -3.19K | -30.54K | -41.98K | -11.49B | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.51K | -70.9K | -57.19K | -96.59K | -45.14K | -30.27K | -37.95K | -38.53K | -3.19K | -30.54K | -41.98K | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | 0.03% | 0.06% | 0.05% | 0.09% | 0.04% | 0.03% | 0.05% | 0.13% | 0.02% | 0.18% | 0.32% | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 2.44B | 2.46B | 88.27M | 57.8M | 54.59M | 16.34M | 13.6M | 0 | 1.12B | 1.02B | 1.04B | 977.28M | 887.22M | 664.37M | 706.8M | 507.08M | 325.99M | 201.32M | 182.11M | 227.41M | 55M | 68.61M | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 992.36B | 80.06B | 82.77B | 110.66B | 252.54B | -73.03B | 189.66B | 158.65B | 118.67B | 27.04B | 72.09B | 53.69B | 0 | 0 | 0 |
| Cash from Financing | -241.19M | -185.1M | -101.35M | -145.83M | -31.11M | 388.32M | 288.63M | 41.07M | 18.83M | 76.84M | 77.68M | 5.15M | 133.8M | -66.31M | 136.02M | 130.3M | 97.11M | 41.38M | 66.06M | 67.12M | 31.5K | 16.93M | 20.18M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -4.9M | -6.35M | -6.44M | -14.77M | -32.1M | 0 | 153.22M | -23.36M | -57.02M | 132M | 129.13M | -2.5M | 127.73M | 0 | 77.12M | 128.64M | 41.21M | 47.27M | 0 | 0 | 1.5K | 0 | 0 |
| Dividends Paid | -119.79M | -125.25M | -110.05M | -109M | -93.73M | -53.56M | -31.33M | -26.93M | -21.07M | -77.07M | -66.48M | -74.75M | -74.29M | -56.74M | -51.79M | -32.37M | -20.91M | -12.32M | -9.24M | -3.72M | 0 | 0 | 0 |
| Share Repurchases | -4.9M | -6.35M | -6.44M | -14.77M | -32.1M | 0 | -7.13M | -23.36M | -51M | -2.18M | -4.45M | -2.55M | -2.61M | 0 | -2.89M | -643.31K | -234.91K | -66.9K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.93M | -6.93M | 0 | -2.4M | -1.87M | -7.27M | -773.39K | -8.29M | 99.53M | -5.6M | -5.57M | -2.97M | -3.42M | 0 | -13M | -2.57M | -3.69M | -358.9K | -2.8M | 894.3K | 5.31B | 2.83M | 2.48M |
| Net Change in Cash | -4.94M | -24.56M | 20.81M | -68.89M | 55.16M | -8.23M | 70.5M | 9.56M | -179.42M | 84.76M | 54.47M | -26.14M | -54.55M | 61M | 5.43M | 12.05M | -380.2K | 28.01M | 5.41M | 19.23M | -6.07B | 3.22M | 0 |
| Free Cash Flow | 163.82M | 160.54M | 117.85M | 76.94M | 86.27M | -396.55M | -218.13M | -31.5M | -198.29M | 7.93M | -23.21M | -31.29M | -188.35M | 127.31M | -130.59M | -118.25M | -97.49M | -13.38M | -60.66M | -47.89M | -103 | -13.72M | -20.3M |
| FCF Margin % | 74.88% | 64.52% | 56.36% | 26.61% | 39.37% | -331.01% | -589.97% | -41.65% | -247.17% | 6.44% | -20.41% | -25.8% | -180.22% | 126.02% | -144.51% | -167.52% | -340.45% | -64.12% | -354.07% | -365.4% | -0% | -280.25% | -1021.48% |
| FCF Growth % | 56.05% | 36.23% | 53.16% | -10.81% | 121.75% | -81.8% | -592.38% | 84.11% | -2601.56% | 134.16% | 25.84% | 83.39% | -247.94% | 197.49% | -10.44% | -21.29% | -628.78% | 77.95% | -26.67% | -46490281.55% | 100% | 32.43% | - |
| FCF per Share | 1.56 | 1.53 | 1.11 | 0.72 | 0.84 | -6.07 | -4.49 | -0.63 | -3.97 | 0.17 | -0.64 | -0.94 | -6.33 | 4.62 | -4.88 | -6.05 | -7.64 | -1.56 | -8.82 | -7.12 | -0.00 | -2.05 | -3.04 |
| FCF Conversion (FCF/Net Income) | 1.83x | 1.58x | 1.07x | 0.60x | 18.43x | -5.10x | -26.68x | -0.54x | 1.74x | -0.28x | -0.68x | -0.65x | -6.64x | 1.57x | -2.17x | -2.08x | -3.84x | -3.31x | -7.94x | -5.43x | 1.00x | -4.32x | 16.09x |
| Interest Paid | 35.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash volatility
According to quarterly financial data, BBDC exhibits a profound disconnect between net income and operating cash flow, evidenced by an OCF/NI ratio that swung from 8.10 in 2025Q4 to -0.22 in 2026Q1, suggesting that reported earnings are frequently decoupled from actual cash generation.
The extreme variance in the conversion of net income to cash flow implies that non-cash accruals or timing differences in interest recognition are significantly distorting the firm's reported profitability. Investors should monitor whether this instability reflects the underlying credit quality of the portfolio or merely the accounting treatment of non-cash income streams.
As reported in recent filings, BBDC's free cash flow trajectory remains highly erratic, with margins oscillating between a peak of 183.3% in 2023Q4 and a trough of -115.0% in 2025Q2, indicating that the firm lacks a consistent mechanism for generating sustainable cash surplus after dividend obligations.
The inability to maintain positive free cash flow across multiple periods suggests that the company's dividend policy may be reliant on capital recycling or external financing rather than organic cash generation. This volatility warrants further investigation into the sustainability of current distribution levels relative to the firm's actual cash-generating capacity.
Based on the company's cash flow statements, working capital movements have been a primary driver of cash flow instability, including a notable $7.3 million outflow in 2026Q1, which suggests that the timing of interest collections and portfolio adjustments is creating significant friction in liquidity management.
These fluctuations in working capital appear to be a recurring feature of the firm's operational cycle, potentially masking underlying issues in the speed of cash collection from the loan portfolio. The inconsistency in these movements may indicate that the firm is frequently forced to manage liquidity gaps through non-operational means.
Data from recent financial statements reveals that BBDC consistently pays out dividends, such as the $27.2 million distributed in 2026Q1, despite periods of negative operating cash flow, which suggests that the firm is prioritizing shareholder returns over the preservation of internal cash reserves.
The persistent gap between cash outflows for dividends and the firm's operating cash flow suggests a reliance on external capital or balance sheet liquidity to fund distributions. This strategy appears to leave the firm with limited flexibility to navigate periods of credit stress without potentially dilutive actions.
Quick answers to the most common questions about buying BBDC stock.
Barings BDC, Inc. (BBDC) generated $160.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Barings BDC, Inc. (BBDC) generated $160.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Barings BDC, Inc. (BBDC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Barings BDC, Inc. (BBDC) returned $125.2M to shareholders via cash dividends and spent $6.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.