Latest Ratios: P/E Ratio 8.8x · EV/EBITDA 11.8x · ROE 9.4%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $3.6B | $3.0B | $2.5B | $2.1B | $2.7B | $2.0B | $1.2B | $1.2B | $1.1B | $1.0B |
| Enterprise Value | $8.1B | $8.5B | $7.5B | $5.5B | $5.1B | $5.0B | $4.0B | $3.3B | $2.0B | $1.8B | $1.9B |
| P/E Ratio → | 8.77 | 9.64 | 11.11 | 9.65 | 13.77 | 7.79 | 35.78 | — | 14.10 | 12.98 | 13.96 |
| P/S Ratio | 5.50 | 6.17 | 7.46 | 5.82 | 8.23 | 7.60 | 29.50 | — | 13.21 | 12.23 | 10.16 |
| P/B Ratio | 0.83 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.43 | 18.41 | 12.92 | 19.72 | 14.38 | 59.32 | — | 22.76 | 21.05 | 18.63 |
| EV / EBITDA | 11.81 | 12.39 | 15.71 | 13.02 | 20.75 | 14.75 | 72.25 | — | 24.33 | 22.40 | 20.06 |
| EV / EBIT | 11.81 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 2.35 | 2.97 | 2.73 | 5.18 | 0.73 | -0.43 | 2.47 | 2.61 | 3.36 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 11.1% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.4% | 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 | 2.4% | 2.1% | 0.2% | 2.6% | 1.7% | 0.6% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 13.5% | 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 |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying GBDC stock.
Golub Capital BDC, Inc.'s current P/E ratio is 8.8x. The historical average is 13.4x. This places it at the 7th percentile of its historical range.
Golub Capital BDC, Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.9x.
Golub Capital BDC, Inc.'s return on equity (ROE) is 9.4%. The historical average is 9.2%.
Based on historical data, Golub Capital BDC, Inc. is trading at a P/E of 8.8x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Golub Capital BDC, Inc.'s current dividend yield is 11.12% with a payout ratio of 97.9%.
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.
Golub Capital BDC, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
EPS miss and credit deterioration
Metrics are mathematically derived from official filings.
Discount to NAV Reflects Uncertainty
GBDC trades at 0.88x book value, a discount to ARCC's 0.97x, implying the market prices in lower return on tangible equity or higher credit risk, as per reported multiples.
The P/B of 0.88x is below the peer average of approximately 0.85x, but the discount to ARCC suggests GBDC is not receiving full credit for its historical underwriting quality. The implied ROTCE from this multiple, given a 9.4% ROE, appears modest, indicating the market may be skeptical of earnings sustainability. The 10.5% dividend yield, while attractive, may be pricing in potential dividend cuts if NII remains volatile.
ROE Decomposition Reveals Fee Reliance
ROE of 9.4% is supported by a 43.2% net margin, but NIM turned negative in 2026Q3, indicating that non-interest income, largely fees, is masking core lending weakness, as per quarterly data.
DuPont analysis shows that asset utilization is high, but the negative NIM in 2026Q3 suggests that interest income is not covering funding costs. The 100% fee contribution in several quarters indicates a heavy reliance on non-interest income, which may be transactional and less predictable. This mix suggests that reported ROE may overstate the sustainability of earnings from core lending activities.
NIM Compression and Efficiency Spike
NIM fell from 1.6% in 2025Q4 to -0.7% in 2026Q3, while the efficiency ratio spiked to 67.8% in 2026Q2, indicating rising funding costs and merger-related expense pressures, as per financial statements.
The negative NIM in 2026Q3 is a critical red flag, suggesting that asset yields are not keeping pace with liability costs. The efficiency ratio's spike to 67.8% in 2026Q2, though likely temporary due to merger integration, highlights that operating expenses are absorbing a larger share of revenue. Investors should monitor whether NIM recovers as the portfolio reprices and whether efficiency normalizes below 50%.
Leverage Stable but Thin Cushion
Equity-to-assets ratio held at 0.44 in 2026Q3, unchanged from the prior quarter, indicating a stable but modest capital cushion relative to regulatory minimums, based on reported balance sheet data.
The equity-to-assets ratio of 0.44 implies a leverage ratio of approximately 2.27x, which is within BDC regulatory limits but leaves limited room for asset markdowns. The stable ratio suggests management is not aggressively deleveraging, but the recent EPS miss and potential credit deterioration could pressure capital if non-accruals rise. The capacity for capital return appears constrained by the need to maintain this cushion.
Reserve Releases Mask Credit Stress
Negative provisions in most quarters, including -$24.8M in 2026Q3, indicate loan loss reserve releases that may be masking underlying credit deterioration, as per reported financials.
The consistent negative provisions suggest that GBDC is releasing reserves, which inflates net income but may not reflect true portfolio credit quality. The recent EPS miss of $0.22 versus consensus $0.33 could be an early indicator of rising non-accruals or charge-offs. Investors should scrutinize the non-accrual rate and PIK income, as these are not fully visible in the provision line.
P/E Misleading Due to Provision Volatility
The P/E of 9.3x is distorted by volatile provisions and unrealized gains, making it an unreliable valuation metric for GBDC; P/B and P/TBV are more appropriate, as per industry practice.
For BDCs, P/E is often misapplied because net income includes unrealized gains/losses on Level 3 assets and provision reversals, which are non-cash and can swing dramatically. GBDC's P/E of 9.3x appears cheap, but it is based on earnings that may not be sustainable. Investors should use P/B and P/TBV, which better reflect the underlying asset value, and focus on NII as a cleaner earnings measure.