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GBDCGolub Capital BDC, Inc.
$12.35$3.2B
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GBDC logoGolub Capital BDC, Inc.(GBDC)Earnings, Financials & Key Ratios

GBDC•NASDAQ•Banking & Credit
8.7× P/E·Price updated Jun 19, 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%

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 0.8x 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.

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GBDC Price & Volume

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

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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-30.5%

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
Metric
Actual
Est
EPS
$0.34-5.6%
$0.36
Rev
$188M-6.7%
$202M
Q1 2026
Feb 4, 2026
Metric
Actual
Est
EPS
$0.38+0.0%
$0.38
Rev
$207M-1.3%
$210M
Q4 2025
Nov 18, 2025
Metric
Actual
Est
EPS
$0.39-0.3%
$0.39
Rev
$184M-16.8%
$222M
Q3 2025
Aug 4, 2025
Metric
Actual
Est
EPS
$0.39+2.6%
$0.38
Rev
$219M-1.0%
$221M
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ARCC logoARCCAres Capital CorporationDirect Competitor12.95B18.039.6932.87%43.69%8.11%1.12
FSCO logoFSCOFS Credit Opportunities Corp.Direct Competitor997.19M4.936.49-18.64%10.48%0.20
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Direct Competitor202.99M5.004.1036.55%-19.55%-3.39%1.33
CGBD logoCGBDCarlyle Secured Lending, Inc.Direct Competitor760.99M10.9510.8417.9%23.81%4.42%1.31
OCSL logoOCSLOaktree Specialty Lending CorporationDirect Competitor1.02B11.5929.7260.93%17.43%3.45%1.01
BBDC logoBBDCBarings BDC, Inc.Direct Competitor868.02M8.298.5519%40.84%7.67%1.23
FSK logoFSKFS KKR Capital Corp.Product Competitor2.88B10.27261.325.5%-91.82%-9.39%1.31
MAIN logoMAINMain Street Capital CorporationProduct Competitor4.74B50.979.23-11.06%58.59%14.32%0.82

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
MetricSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Net Interest Income
98.92M107.76M125.91M220.14M234.7M293.5M441.4M-212.4M552.6M317.63M
NII Growth %
5.16%8.94%16.84%74.84%6.61%25.05%50.39%-148.12%360.18%825.2%
Net Interest Margin %
5.64%5.87%2.86%4.95%4.54%5.17%7.7%-2.44%6.15%3.72%
Interest Income
130.45M140.93M169.44M295M300.44M382.88M584.63M680.51M833.23M583.62M
Interest Expense
31.53M33.17M43.53M74.86M65.74M89.38M143.23M212.4M280.62M265.99M
Loan Loss Provision
000001.32M1.64M-100.04M-119.45M-78.37M
Non-Interest Income
-11.32M-20.14M-138.57M-153.31M114.77M-36.6M-12.1M-69.46M37.55M177.76M
Non-Interest Income %
-9.5%-16.67%-448.83%-108.2%27.64%-10.57%-2.11%-11.37%4.31%23.35%
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%
761.39M▲ 0%
Revenue Growth %
-6.83%1.4%-74.44%358.95%193.03%-16.6%65.34%6.73%42.5%104.06%
Non-Interest Expense
5.29M5.65M5.92M11.96M8.64M11.41M1.65M16.3M22.19M138.87M
Efficiency Ratio
4.44%4.68%19.18%8.44%2.08%3.3%0.29%2.67%2.55%18.24%
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%
434.89M▲ 0%
Operating Margin %
69.09%67.86%-60.18%38.73%82.09%70.51%74.41%78.95%78.94%57.12%
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%
204.49M▲ 0%
Pretax Margin %
69.09%67.86%-60.18%38.73%82.09%44.95%48.1%44.9%43.14%26.86%
Income Tax
17K000543K72K3.37M575K-475K-365K
Effective Tax Rate %
0.02%0%0%0%0.16%0.05%1.22%0.21%-0.13%-0.18%
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%
204.86M▲ 0%
Net Margin %
69.07%67.86%-60.18%38.73%81.95%44.93%47.51%44.81%43.19%26.91%
Net Income Growth %
18.91%-0.39%-122.67%395.34%520.13%-54.28%74.86%0.64%37.38%-30.5%
Net Income (Continuing)
82.29M81.97M-18.58M54.87M340.28M155.57M272.03M273.79M376.13M204.86M
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%
0.78▲ 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 Outstanding
56.91M61.74M65.49M148.91M167.99M170.67M170.32M201.26M266M262.68M

GBDC Balance Sheet

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

MetricSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Cash & Short Term Investments
3.99M5.88M6.52M25.14M181.09M124.14M69.83M131.16M23.62M310.23M
Cash & Due from Banks
3.99M6.04M6.52M25.14M181.09M124.14M69.83M131.16M23.62M128.42M
Short Term Investments
0-159K00000000
Total Investments
1.69B1.78B4.29B4.24B4.89B5.45B14.94M31.71M12.13M0
Investments Growth %
1.47%5.81%140.79%-1.27%15.49%11.27%-99.73%112.25%-61.75%108899.11%
Long-Term Investments
1.69B1.78B4.29B4.24B4.89B5.45B14.94M31.71M12.13M17.61B
Accounts Receivables
00017.26M18.26M20.79M58.05M74.04M68.03M63.68M
Goodwill & Intangibles
0000000000
Goodwill
0000000000
Intangible Assets
0000000000
PP&E (Net)
0000000000
Other Assets
-1.69B-1.78B-4.29B802K01.19M5.59B8.47B8.76B0
Total Current Assets
10.26M12.54M23.31M205.27M199.35M233.68M127.88M205.2M204.77M192.09M
Total Non-Current Assets
1.69B1.78B4.29B4.24B4.89B5.45B5.61B8.5B8.77B0
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%2.3%
Accounts Payable
6.11M6.2M4.34M800K1.79M870K24.75M56M38.25M0
Total Debt
776.83M842.75M2.12B2.02B2.55B3.08B3.12B4.6B4.9B0
Net Debt
772.84M836.71M2.11B1.99B2.37B2.95B3.05B4.47B4.88B-128.42M
Long-Term Debt
776.83M842.75M2.12B2.02B2.55B3.08B3.12B4.6B4.9B0
Short-Term Debt
0000000000
Other Liabilities
-27K-49K01.06M01.4M43.13M36.02M56.7M4.78B
Total Current Liabilities
19.4M24M52.44M29.23M30.84M58.93M24.75M56M38.25M0
Total Non-Current Liabilities
776.8M842.7M2.12B2.02B2.55B3.08B3.16B4.64B4.96B4.78B
Total Liabilities
796.23M866.7M2.17B2.05B2.58B3.14B3.19B4.69B5B4.78B
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%5.24%
Book Value per Share
16.8315.6933.9416.0915.3714.9114.9619.9514.9714.27
Tangible BV per Share
16.8315.6933.9416.0915.3714.9114.9619.9514.9714.27
Common Stock
60K60K133K167K170K171K170K264K266K261K
Additional Paid-in Capital
939.31M949.55M2.31B2.62B2.66B2.68B2.65B4.17B4.03B0
Retained Earnings
18.58M19.25M-87.89M-228.58M-81.73M-132.34M-99.2M-152.99M-48.82M0
Accumulated OCI
0000000000
Treasury Stock
0000000000
Preferred Stock
0000000000

GBDC Cash Flow Statement

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

MetricSep'17Sep'18Sep'19Sep'20Sep'21Sep'22Sep'23Sep'24Sep'25TTM
Cash from Operations
62.2M-8.48M-118.46M187.68M-306.05M-416.46M195.37M343.91M-113.59M313.35M
Operating CF Growth %
210.91%-113.63%-1296.96%258.43%-263.07%-36.08%146.91%76.03%-133.03%121.06%
Net Income
82.29M81.97M-18.58M54.87M340.28M153.44M258.63M273.79M376.65M204.86M
Depreciation & Amortization
0000000000
Deferred Taxes
0000000000
Other Non-Cash Items
-21.11M-94.59M-109.46M160.2M-644M-603M-31.07M54.03M-485.34M126.62M
Working Capital Changes
1.02M4.14M9.58M-27.39M-2.33M33.1M-32.19M16.1M-4.9M-18.07M
Cash from Investing
000000000213.13M
Purchase of Investments
000000000-123.43M
Sale/Maturity of Investments
000000000336.57M
Net Investment Activity
000000000213.13M
Acquisitions
0000000000
Other Investing
0000000000
Cash from Financing
-89.18M-8.3M157.16M-87.81M366.85M353.13M-235.55M-124.24M-131.59M-637.6M
Dividends Paid
-76.78M-71.06M-75.3M-136.43M-139.12M-155.21M-191.47M-338.19M-368.21M-327.38M
Share Repurchases
000-45.53M-14.66M-36.42M-63.79M-4.81M-77.83M-208.7M
Stock Issued
74.01M00300.43M000037.43M35.91M
Net Stock Activity
74.01M00254.89M-14.66M-36.42M-63.79M-4.81M-40.4M-172.79M
Debt Issuance (Net)
-1000K1000K1000K-1000K1000K1000K1000K1000K1000K-2M
Other Financing
-2.33M-1.98M-4.1M-4.49M-22.16M-6.7M-5.78M-18.98M-10.64M-5.09M
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%
-111.2M▲ 0%
Exchange Rate Effect
0-70K-195K346K-889K-458K-171K-331K-1.93M-89K
Cash at Beginning
89.54M62.56M45.7M84.21M184.43M244.34M180.55M140.21M359.55M160.54M
Cash at End
62.56M45.7M84.21M184.43M244.34M180.55M140.21M359.55M112.44M135.18M
Interest Paid
0000000000
Income Taxes Paid
0000000000
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%
313.35M▲ 0%
FCF Growth %
210.91%-113.63%-1296.96%258.43%-263.07%-36.08%146.91%76.03%-133.03%311.16%

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%5.24%
Return on Assets (ROA)
4.69%4.57%-0.6%1.24%7.08%2.87%4.77%3.79%4.25%2.3%
Net Interest Margin
5.64%5.87%2.86%4.95%4.54%5.17%7.7%-2.44%6.15%3.72%
Efficiency Ratio
4.44%4.68%19.18%8.44%2.08%3.3%0.29%2.67%2.55%18.24%
Equity / Assets
54.61%52.78%50.58%53.92%50%44.79%44.44%46.11%44.36%43.94%
Book Value / Share
16.8315.6933.9416.0915.3714.9114.9619.9514.9714.27
NII Growth
5.16%8.94%16.84%74.84%6.61%25.05%50.39%-148.12%360.18%214.97%
Dividend Payout
93.31%86.69%-248.63%40.88%99.77%70.38%123.52%97.89%124.5%
Related:GBDC Dividend History·GBDC Revenue History·GBDC Price History·GBDC P/E History·GBDC Financial Ratios·GBDC Institutional Holders

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 $204.9M 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 11.21%. 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.

What if you invested $1,000 in GBDC back in 2009?

Total return calculator · dividends reinvested · 17+ years of data

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How much would $100/month in GBDC be worth today?

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