Golub Capital BDC, Inc. (GBDC) 10-Year Financial Performance & Capital Metrics

GBDC • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market 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 $482M -3.2%
Total Revenue $859M +80.5%
Net Income $397M +44.9%
Return on Equity 9.92% +18.9%
Net Interest Margin 5.36% -6.1%
Efficiency Ratio 100% +26677.0%
ROA 4.49% +18.3%
Equity / Assets 44.36% -3.8%
Book Value per Share 14.97 -24.9%
Tangible BV/Share 14.97 -24.9%
Debt/Equity -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 48.5%
✓Strong NIM of 5.4%
✓Well capitalized: 44.4% equity/assets
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗High cost structure: 100.0% efficiency ratio
✗Shares diluted 32.2% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y23.84%

5Y43.39%

3Y49.96%

TTM-

Profit (Net Income) CAGR

10Y18.81%

5Y48.54%

3Y37.26%

TTM34.05%

EPS CAGR

10Y-0.14%

5Y30.86%

3Y16.42%

TTM-13.94%

ROCE

10Y Avg3.78%

5Y Avg4.62%

3Y Avg4.22%

Latest-

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	94.06M	98.92M	107.76M	125.91M	220.14M	234.7M	293.5M	441.4M	497.29M	481.52M
NII Growth %	0.03%	0.05%	0.09%	0.17%	0.75%	0.07%	0.25%	0.5%	0.13%	-0.03%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	121.78M	130.45M	140.93M	169.44M	295M	300.44M	382.88M	584.63M	700.44M	772.13M
Interest Expense	27.72M	31.53M	33.17M	43.53M	74.86M	65.74M	89.38M	143.23M	203.16M	290.62M
Loan Loss Provision	-27.72M	0	0	0	0	0	0	0	0	-290.62M
Non-Interest Income+	6.09M	-11.32M	-20.14M	-138.57M	-153.31M	114.77M	-128.22M	-156.97M	-224.72M	86.67M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	127.87M	119.13M	120.8M	30.87M	141.69M	415.2M	254.66M	427.66M	475.73M	858.81M
Revenue Growth %	0.26%	-0.07%	0.01%	-0.74%	3.59%	1.93%	-0.39%	0.68%	0.11%	0.81%
Non-Interest Expense	34.83M	5.29M	5.65M	5.92M	11.96M	8.64M	10.61M	22.22M	-1.79M	858.81M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	93.04M	82.31M	81.97M	-18.58M	54.87M	340.82M	154.67M	262.21M	274.36M	0
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.31%	-0.12%	-0%	-1.23%	3.95%	5.21%	-0.55%	0.7%	0.05%	-1%
Pretax Income+	69.54M	82.31M	81.97M	-18.58M	54.87M	340.82M	154.67M	262.21M	274.36M	396.8M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	333K	17K	0	0	0	543K	1.23M	3.58M	575K	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	69.2M	82.29M	81.97M	-18.58M	54.87M	340.28M	153.44M	258.63M	273.79M	396.8M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.02%	0.19%	-0%	-1.23%	3.95%	5.2%	-0.55%	0.69%	0.06%	0.45%
Net Income (Continuing)	69.2M	82.29M	81.97M	-18.58M	54.87M	340.28M	153.44M	258.63M	273.79M	396.8M
EPS (Diluted)+	1.33	1.45	1.33	-0.28	0.37	2.03	0.90	1.52	1.36	1.42
EPS Growth %	-0.08%	0.09%	-0.08%	-1.21%	2.32%	4.49%	-0.56%	0.69%	-0.11%	0.04%
EPS (Basic)	1.33	1.45	1.33	-0.28	0.37	2.03	0.90	1.52	1.36	1.42
Diluted Shares Outstanding	54.8M	56.91M	61.74M	65.49M	148.91M	167.99M	170.67M	170.32M	201.26M	266M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	10.95M	3.99M	6.04M	6.52M	25.14M	181.09M	124.14M	69.83M	131.16M	100.76M
Short Term Investments	0	0	-159K	0	0	0	0	0	0	0
Total Investments+	1.66B	1.69B	1.78B	4.29B	4.24B	4.89B	5.45B	14.94M	31.71M	8.77B
Investments Growth %	-	0.01%	0.06%	1.41%	-0.01%	0.15%	0.11%	-1%	1.12%	275.53%
Long-Term Investments	1.66B	1.69B	1.78B	4.29B	4.24B	4.89B	5.45B	14.94M	31.71M	0
Accounts Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	0	-1.69B	-1.78B	-4.29B	802K	0	1.19M	5.59B	8.47B	0
Total Current Assets	95.47M	10.26M	12.54M	23.31M	205.27M	199.35M	233.68M	127.88M	205.2M	168.79M
Total Non-Current Assets	1.66B	1.69B	1.78B	4.29B	4.24B	4.89B	5.45B	5.61B	8.5B	0
Total Assets+	1.76B	1.75B	1.84B	4.39B	4.44B	5.16B	5.68B	5.73B	8.71B	8.98B
Asset Growth %	0.08%	-0%	0.05%	1.39%	0.01%	0.16%	0.1%	0.01%	0.52%	0.03%
Return on Assets (ROA)	0.04%	0.05%	0.05%	-0.01%	0.01%	0.07%	0.03%	0.05%	0.04%	0.04%
Accounts Payable	5.3M	6.11M	6.2M	4.34M	800K	1.79M	870K	24.75M	56M	0
Total Debt+	859.55M	776.83M	842.75M	2.12B	2.02B	2.55B	3.08B	3.12B	4.6B	0
Net Debt	848.6M	772.84M	836.71M	2.11B	1.99B	2.37B	2.95B	3.05B	4.47B	-100.76M
Long-Term Debt	859.55M	776.83M	842.75M	2.12B	2.02B	2.55B	3.08B	3.12B	4.6B	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	-48K	-27K	-49K	0	1.06M	0	1.4M	43.13M	36.02M	0
Total Current Liabilities	18.2M	19.4M	24M	52.44M	29.23M	30.84M	58.93M	24.75M	56M	0
Total Non-Current Liabilities	859.5M	776.8M	842.7M	2.12B	2.02B	2.55B	3.08B	3.16B	4.64B	0
Total Liabilities	877.68M	796.23M	866.7M	2.17B	2.05B	2.58B	3.14B	3.19B	4.69B	5B
Total Equity+	878.83M	957.95M	968.85M	2.22B	2.4B	2.58B	2.54B	2.55B	4.01B	3.98B
Equity Growth %	0.08%	0.09%	0.01%	1.29%	0.08%	0.08%	-0.01%	0%	0.58%	-0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.08%	0.09%	0.09%	-0.01%	0.02%	0.14%	0.06%	0.1%	0.08%	0.1%
Book Value per Share	16.04	16.83	15.69	33.94	16.09	15.37	14.91	14.96	19.95	14.97
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	55K	60K	60K	133K	167K	170K	171K	170K	264K	266K
Additional Paid-in Capital	856M	939.31M	949.55M	2.31B	2.62B	2.66B	2.68B	2.65B	4.17B	0
Retained Earnings	18.83M	18.58M	19.25M	-87.89M	-228.58M	-81.73M	-132.34M	-99.2M	-152.99M	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	-56.08M	62.2M	-8.48M	-118.46M	187.68M	-306.05M	-416.46M	195.37M	343.91M	-113.59M
Operating CF Growth %	0.46%	2.11%	-1.14%	-12.97%	2.58%	-2.63%	-0.36%	1.47%	0.76%	-1.33%
Net Income	69.2M	82.29M	81.97M	-18.58M	54.87M	340.28M	153.44M	258.63M	273.79M	-4.17M
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	1.09M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-126.64M	-21.11M	-94.59M	-109.46M	160.2M	-644M	-603M	-31.07M	54.03M	-110.51M
Working Capital Changes	1.36M	1.02M	4.14M	9.58M	-27.39M	-2.33M	33.1M	-32.19M	16.1M	0
Cash from Investing+	13.42M	0	0	0	0	0	0	0	0	1.48B
Purchase of Investments	0	0	0	0	0	0	0	0	0	-37.2M
Sale/Maturity of Investments	0	0	0	0	0	0	0	0	0	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	13.42M	0	0	0	0	0	0	0	0	0
Cash from Financing+	48.13M	-89.18M	-8.3M	157.16M	-87.81M	366.85M	353.13M	-235.55M	-124.24M	-131.59M
Dividends Paid	-59.51M	-76.78M	-71.06M	-75.3M	-136.43M	-139.12M	-155.21M	-191.47M	-338.19M	-30.71M
Share Repurchases	0	0	0	0	-45.53M	-14.66M	-36.42M	-63.79M	-4.81M	-40.63M
Stock Issued	58.55M	74.01M	0	0	300.43M	0	0	0	0	37.43M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	0
Other Financing	-2.48M	-2.33M	-1.98M	-4.1M	-4.49M	-22.16M	-6.7M	-5.78M	-18.98M	-100.88M
Net Change in Cash+	-7.94M	-26.98M	-16.85M	38.5M	100.22M	59.91M	-63.79M	-40.35M	219.35M	0
Exchange Rate Effect	0	0	-70K	-195K	346K	-889K	-458K	-171K	-331K	-1000K
Cash at Beginning	97.48M	89.54M	62.56M	45.7M	84.21M	184.43M	244.34M	180.55M	140.21M	359.55M
Cash at End	89.54M	62.56M	45.7M	84.21M	184.43M	244.34M	180.55M	140.21M	359.55M	0
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-56.08M	62.2M	-8.48M	-118.46M	187.68M	-306.05M	-416.46M	195.37M	343.91M	-113.59M
FCF Growth %	0.46%	2.11%	-1.14%	-12.97%	2.58%	-2.63%	-0.36%	1.47%	0.76%	-1.33%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.19%	8.96%	8.51%	-1.16%	2.38%	13.67%	5.99%	10.16%	8.34%	9.92%
Return on Assets (ROA)	4.08%	4.69%	4.57%	-0.6%	1.24%	7.08%	2.83%	4.53%	3.79%	4.49%
Net Interest Margin	5.35%	5.64%	5.87%	2.86%	4.95%	4.54%	5.17%	7.7%	5.71%	5.36%
Efficiency Ratio	27.24%	4.44%	4.68%	19.18%	8.44%	2.08%	4.17%	5.2%	-0.38%	100%
Equity / Assets	50.03%	54.61%	52.78%	50.58%	53.92%	50%	44.79%	44.44%	46.11%	44.36%
Book Value / Share	16.04	16.83	15.69	33.94	16.09	15.37	14.91	14.96	19.95	14.97
NII Growth	2.65%	5.16%	8.94%	16.84%	74.84%	6.61%	25.05%	50.39%	12.66%	-3.17%
Dividend Payout	85.99%	93.31%	86.69%	-	248.63%	40.88%	101.15%	74.03%	123.52%	-

Frequently Asked Questions

Valuation & Price

Golub Capital BDC, Inc. (GBDC) has a price-to-earnings (P/E) ratio of 9.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Golub Capital BDC, Inc. (GBDC) grew revenue by 80.5% over the past year. This is strong growth.

Yes, Golub Capital BDC, Inc. (GBDC) is profitable, generating $375.6M in net income for fiscal year 2025 (46.2% net margin).

Dividend & Returns

Yes, Golub Capital BDC, Inc. (GBDC) pays a dividend with a yield of 0.83%. This makes it attractive for income-focused investors.

Golub Capital BDC, Inc. (GBDC) has a return on equity (ROE) of 9.9%. This is below average, suggesting room for improvement.

Industry Metrics

Golub Capital BDC, Inc. (GBDC) has a net interest margin (NIM) of 5.4%. This indicates healthy earnings from lending activities.

Golub Capital BDC, Inc. (GBDC) has an efficiency ratio of 100.0%. This is higher than peers, suggesting room for cost optimization.

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