Golub Capital BDC, Inc. (GBDC) Financial Ratios
17 years of historical data (2009–2025) · Financial Services · Asset Management
EV/EBITDA
↓
12.23
↓-20% vs avg
5yr avg: 15.32
30Y Low12.4·High72.2
P/FCF
↓
N/A
—
5yr avg: 10.82
30Y Low4.3·High17.2
P/B Ratio
↓
0.90
-1% vs avg
5yr avg: 0.90
30Y Low0.6·High1.2
ROE
↓
9.4%
-2% vs avg
5yr avg: 9.6%
30Y Low-1%·High22%
Debt/EBITDA
↓
7.13
↓-19% vs avg
5yr avg: 8.83
30Y Low7.1·High36.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
GBDC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Golub Capital BDC, Inc. trades at 9.4x earnings, 9% below its 5-year average of 10.4x, sitting at the 7th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a discount of 29%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $3.6B | $3.0B | $2.5B | $2.1B | $2.7B | $2.0B | $1.2B | $1.2B | $1.1B | $1.0B |
| Enterprise Value | $8.4B | $8.5B | $7.5B | $5.5B | $5.1B | $5.0B | $4.0B | $3.3B | $2.0B | $1.8B | $1.9B |
| P/E Ratio → | 9.44 | 9.64 | 11.11 | 9.65 | 13.77 | 7.79 | 35.78 | — | 14.10 | 12.98 | 13.96 |
| P/S Ratio | 4.05 | 4.18 | 4.98 | 4.36 | 6.11 | 6.40 | 13.91 | 39.96 | 9.58 | 8.99 | 7.96 |
| P/B Ratio | 0.90 | 0.91 | 0.76 | 0.98 | 0.83 | 1.03 | 0.82 | 0.56 | 1.19 | 1.12 | 1.16 |
| P/FCF | — | — | 8.84 | 12.79 | — | — | 10.50 | — | — | 17.22 | — |
| P/OCF | — | — | 8.84 | 12.79 | — | — | 10.50 | — | — | 17.22 | — |
P/E links to full P/E history page with 30-year chart
GBDC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Golub Capital BDC, Inc.'s enterprise value stands at 12.2x EBITDA, 20% below its 5-year average of 15.3x. The Financial Services sector median is 11.4x, placing the stock at a 7% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.78 | 12.29 | 9.69 | 14.63 | 12.11 | 27.98 | 108.40 | 16.51 | 15.48 | 14.59 |
| EV / EBITDA | 12.23 | 12.39 | 15.71 | 13.02 | 20.75 | 14.75 | 72.25 | — | 24.33 | 22.40 | 20.06 |
| EV / EBIT | 12.23 | 12.39 | 15.71 | 13.02 | 20.75 | 14.75 | 72.25 | — | 24.33 | 22.40 | 20.06 |
| EV / FCF | — | — | 21.83 | 28.39 | — | — | 21.12 | — | — | 29.65 | — |
GBDC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Golub Capital BDC, Inc. earns an operating margin of 78.9%, significantly above the Financial Services sector average of 21.4%. Operating margins have expanded from 74.4% to 78.9% over the past 3 years, signaling improving operational efficiency. ROE of 9.4% is modest, trailing the sector median of 9.5%. ROIC of 5.9% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.5% | 81.5% | 81.6% | 74.7% | 73.8% | 84.2% | 47.2% | -41.0% | 72.5% | 73.5% | 100.0% |
| Operating Margin | 78.9% | 78.9% | 78.9% | 74.4% | 70.5% | 82.1% | 38.7% | -60.2% | 67.9% | 69.1% | 72.8% |
| Net Profit Margin | 43.2% | 43.2% | 44.8% | 47.5% | 44.9% | 82.0% | 38.7% | -60.2% | 67.9% | 69.1% | 54.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 8.3% | 10.7% | 6.1% | 13.7% | 2.4% | -1.2% | 8.5% | 9.0% | 8.2% |
| ROA | 4.3% | 4.3% | 3.8% | 4.8% | 2.9% | 7.1% | 1.2% | -0.6% | 4.6% | 4.7% | 4.1% |
| ROIC | 5.9% | 5.9% | 5.1% | 5.7% | 3.4% | 5.4% | 0.9% | -0.5% | 3.5% | 3.6% | 4.2% |
| ROCE | 7.8% | 7.8% | 6.7% | 7.5% | 4.5% | 7.1% | 1.3% | -0.6% | 4.6% | 4.7% | 5.5% |
GBDC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Golub Capital BDC, Inc. carries a Debt/EBITDA ratio of 7.1x, which is highly leveraged (73% above the sector average of 4.1x). Net debt stands at $4.9B ($4.9B total debt minus $24M cash). Interest coverage of just 2.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.23 | 1.23 | 1.15 | 1.22 | 1.21 | 0.99 | 0.84 | 0.95 | 0.87 | 0.81 | 0.98 |
| Debt / EBITDA | 7.13 | 7.13 | 9.62 | 7.32 | 12.60 | 7.49 | 36.77 | — | 10.28 | 9.44 | 9.24 |
| Net Debt / Equity | — | 1.22 | 1.11 | 1.20 | 1.16 | 0.92 | 0.83 | 0.95 | 0.86 | 0.81 | 0.97 |
| Net Debt / EBITDA | 7.09 | 7.09 | 9.35 | 7.15 | 12.09 | 6.95 | 36.31 | — | 10.21 | 9.39 | 9.12 |
| Debt / FCF | — | — | 12.99 | 15.60 | — | — | 10.62 | — | — | 12.43 | — |
| Interest Coverage | 2.45 | 2.45 | 2.25 | 2.97 | 2.73 | 5.18 | 0.73 | -0.43 | 2.47 | 2.61 | 3.36 |
GBDC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Golub Capital BDC, Inc.'s current ratio of 5.35x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 5.17x to 5.35x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.35 | 5.35 | 3.66 | 5.17 | 3.97 | 6.46 | 7.02 | 0.44 | 0.52 | 0.53 | 5.25 |
| Quick Ratio | 5.35 | 5.35 | 3.66 | 5.17 | 3.97 | 6.46 | 7.02 | 0.44 | 0.52 | 0.53 | 5.25 |
| Cash Ratio | 0.62 | 0.62 | 2.34 | 2.82 | 2.11 | 5.87 | 0.86 | 0.12 | 0.25 | 0.21 | 0.60 |
| Asset Turnover | — | 0.10 | 0.07 | 0.10 | 0.06 | 0.08 | 0.03 | 0.01 | 0.07 | 0.07 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
GBDC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Golub Capital BDC, Inc. returns 12.5% to shareholders annually — split between a 10.3% dividend yield and 2.2% buyback yield. The payout ratio of 97.9% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 10.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.3% | 10.1% | 11.1% | 7.7% | 7.3% | 5.2% | 6.9% | 6.1% | 6.1% | 7.2% | 5.8% |
| Payout Ratio | 97.9% | 97.9% | 123.5% | 70.4% | 99.8% | 40.9% | 248.6% | — | 86.7% | 93.3% | 86.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.6% | 10.4% | 9.0% | 10.4% | 7.3% | 12.8% | 2.8% | — | 7.1% | 7.7% | 7.2% |
| FCF Yield | — | — | 11.3% | 7.8% | — | — | 9.5% | — | — | 5.8% | — |
| Buyback Yield | 2.2% | 2.1% | 0.2% | 2.6% | 1.7% | 0.6% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 12.5% | 12.2% | 11.3% | 10.2% | 9.1% | 5.8% | 9.2% | 6.1% | 6.1% | 7.2% | 5.8% |
| Shares Outstanding | — | $266M | $201M | $170M | $171M | $168M | $149M | $65M | $62M | $57M | $55M |
Peer Comparison
Compare GBDC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 GBDCYou | $4B | 9.4 | 12.2 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 ARCC | $14B | 10.4 | 13.2 | 12.2 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 FSCO | $1B | 5.6 | 6.7 | 15.7 | 81.3% | 77.5% | 13.5% | 8.1% | 2.3 |
 TPVG | $222M | 4.5 | 8.9 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 CGBD | $881M | 7.7 | 19.8 | 8.5 | 59.2% | 54.7% | 9.8% | 3.7% | 10.6 |
 OCSL | $1B | 31.2 | 16.4 | 7.5 | 87.2% | 50.4% | 2.3% | 3.7% | 9.8 |
 BBDC | $965M | 9.5 | 12.2 | 6.0 | 74.0% | 85.2% | 8.7% | 6.1% | 7.5 |
 FSK | $3B | 292.6 | 21.9 | 5.4 | 69.6% | 49.5% | 0.2% | 3.2% | 15.7 |
 MAIN | $5B | 9.8 | 13.3 | — | 83.0% | 74.3% | 19.3% | 8.8% | 3.9 |
 HTGC | $3B | 9.0 | 14.5 | — | 87.2% | 66.7% | 16.2% | 6.6% | 6.3 |
 SLRC | $871M | 9.4 | 12.2 | — | 73.3% | 72.9% | 9.3% | 5.8% | 7.0 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
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Start ComparisonGBDC — Frequently Asked Questions
Quick answers to the most common questions about buying GBDC stock.
What is Golub Capital BDC, Inc.'s P/E ratio?
Golub Capital BDC, Inc.'s current P/E ratio is 9.4x. The historical average is 13.4x. This places it at the 7th percentile of its historical range.
What is Golub Capital BDC, Inc.'s EV/EBITDA?
Golub Capital BDC, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.9x.
What is Golub Capital BDC, Inc.'s ROE?
Golub Capital BDC, Inc.'s return on equity (ROE) is 9.4%. The historical average is 9.2%.
Is GBDC stock overvalued?
Based on historical data, Golub Capital BDC, Inc. is trading at a P/E of 9.4x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Golub Capital BDC, Inc.'s dividend yield?
Golub Capital BDC, Inc.'s current dividend yield is 10.33% with a payout ratio of 97.9%.
What are Golub Capital BDC, Inc.'s profit margins?
Golub Capital BDC, Inc. has 81.5% gross margin and 78.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Golub Capital BDC, Inc. have?
Golub Capital BDC, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.