Goldman Sachs BDC, Inc. (GSBD) 10-Year Financial Performance & Capital Metrics

GSBD • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutGoldman Sachs BDC, Inc. is a business development company specializing in middle market and mezzanine investment in private companies. It seeks to make capital appreciation through direct originations of secured debt, senior secured debt, junior secured debt, including first lien, first lien/last-out unitranche and second lien debt, unsecured debt, including mezzanine debt and, to a lesser extent, investments in equities. The fund primarily invests in United States. It seeks to invest between $10 million and $75 million in companies with EBITDA between $5 million and $75 million annually.Show more

Net Interest Income $264M -13.5%
Total Revenue $192M -57.7%
Net Income $63M -67.9%
Return on Equity 3.96% -68.6%
Net Interest Margin 7.34% -15.4%
Efficiency Ratio 5.38% -73.2%
ROA 1.76% -68.0%
Equity / Assets 43.65% -4.0%
Book Value per Share 13.71 -7.3%
Tangible BV/Share 13.71 -7.3%
Debt/Equity 1.23 +7.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 7.3%
✓Efficient operations: 5.4% efficiency ratio
✓Well capitalized: 43.6% equity/assets
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.41%

5Y19.31%

3Y-5.65%

TTM-

Profit (Net Income) CAGR

10Y5.47%

5Y11.7%

3Y-31.13%

TTM75.42%

EPS CAGR

10Y-7.81%

5Y-9.38%

3Y-33.73%

TTM64.29%

ROCE

10Y Avg5.58%

5Y Avg5.7%

3Y Avg4.68%

Latest1.96%

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

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	99M	96.3M	95.66M	98.91M	100.27M	122.87M	267.04M	251.43M	305.69M	264.39M
NII Growth %	0.53%	-0.03%	-0.01%	0.03%	0.01%	0.23%	1.17%	-0.06%	0.22%	-0.14%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	109.7M	110.59M	115.26M	125.14M	136.59M	162.77M	326.03M	330.89M	417M	378.11M
Interest Expense	10.71M	14.3M	19.61M	26.23M	36.31M	39.9M	58.99M	79.46M	111.3M	113.72M
Loan Loss Provision	0	0	0	0	0	0	0	0	-111.3M	0
Non-Interest Income+	-46.44M	-48.49M	-39.53M	-36.81M	-56.99M	23.72M	-96.95M	-194.79M	37.92M	-185.68M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	63.26M	62.1M	75.73M	88.34M	79.6M	186.49M	229.08M	136.1M	454.91M	192.43M
Revenue Growth %	0.38%	-0.02%	0.22%	0.17%	-0.1%	1.34%	0.23%	-0.41%	2.34%	-0.58%
Non-Interest Expense	5.41M	6.11M	5.03M	6.12M	5.49M	-30.96M	-23.97M	-3.06M	91.53M	10.36M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	47.15M	41.69M	51.1M	55.98M	37.79M	177.55M	194.07M	59.7M	363.38M	68.35M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.27%	-0.12%	0.23%	0.1%	-0.32%	3.7%	0.09%	-0.69%	5.09%	-0.81%
Pretax Income+	47.15M	41.69M	51.1M	55.98M	37.79M	177.55M	194.07M	59.7M	201.35M	68.35M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	518K	1.04M	1.55M	2.3M	1.65M	1.43M	1.64M	4.69M	5.48M	5.48M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	46.63M	40.65M	49.55M	53.68M	36.15M	176.11M	192.43M	55M	195.87M	62.87M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.26%	-0.13%	0.22%	0.08%	-0.33%	3.87%	0.09%	-0.71%	2.56%	-0.68%
Net Income (Continuing)	46.63M	40.65M	49.55M	53.68M	36.15M	176.11M	192.43M	55M	195.87M	62.87M
EPS (Diluted)+	1.34	1.12	1.28	1.34	0.90	3.26	1.89	0.54	1.81	0.55
EPS Growth %	0.08%	-0.16%	0.14%	0.05%	-0.33%	2.62%	-0.42%	-0.71%	2.35%	-0.7%
EPS (Basic)	1.34	1.12	1.28	1.34	0.90	3.26	1.89	0.54	1.81	0.55
Diluted Shares Outstanding	34.78M	36.32M	38.63M	40.18M	40.31M	53.94M	101.69M	102.26M	108.31M	114.67M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	22.71M	4.57M	11.61M	6.11M	9.41M	32.14M	33.76M	39.6M	52.36M	61.8M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	44.9M	1.08B	1.16B	1.25B	1.37B	19.81M	100K	0	0	0
Investments Growth %	-0.95%	23.13%	0.07%	0.07%	0.1%	-0.99%	-0.99%	-1%	-	-
Long-Term Investments	44.9M	1.08B	1.16B	1.25B	1.37B	19.81M	100K	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	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	1.05B	90.8M	112.13M	131.85M	88.37M	3.24B	3.49B	3.52B	3.43B	3.51B
Total Current Assets	35.45M	16.54M	23.62M	15.68M	15.2M	56.33M	57.04M	71.38M	90.9M	89.89M
Total Non-Current Assets	1.1B	1.17B	1.27B	1.38B	1.46B	3.26B	3.49B	3.52B	3.43B	3.51B
Total Assets+	1.13B	1.19B	1.3B	1.4B	1.48B	3.31B	3.55B	3.59B	3.52B	3.6B
Asset Growth %	0.17%	0.05%	0.09%	0.08%	0.06%	1.25%	0.07%	0.01%	-0.02%	0.02%
Return on Assets (ROA)	0.04%	0.03%	0.04%	0.04%	0.03%	0.07%	0.06%	0.02%	0.06%	0.02%
Accounts Payable	16.77M	17.92M	19.75M	20.53M	20.47M	55.85M	60.75M	59.59M	62.67M	74.07M
Total Debt+	419M	498.15M	542.53M	659.1M	769.73M	1.63B	1.86B	2.01B	1.83B	1.93B
Net Debt	396.29M	493.59M	530.92M	652.99M	760.32M	1.59B	1.83B	1.97B	1.77B	1.87B
Long-Term Debt	419M	110.4M	111.28M	149.68M	151.32M	1.63B	1.86B	2.01B	1.83B	1.93B
Short-Term Debt	0	387.75M	431.25M	509.42M	618.41M	0	0	0	0	0
Other Liabilities	4.6M	5.89M	7.83M	3.43M	5.5M	14.31M	14.41M	16.66M	31.53M	27.24M
Total Current Liabilities	20.51M	409.11M	453.66M	533.97M	642.33M	55.85M	60.75M	59.59M	62.67M	74.07M
Total Non-Current Liabilities	423.6M	116.29M	119.1M	153.12M	156.82M	1.64B	1.88B	2.03B	1.86B	1.96B
Total Liabilities	444.11M	525.4M	572.76M	687.08M	799.15M	1.7B	1.94B	2.09B	1.92B	2.03B
Total Equity+	688.65M	665.14M	725.83M	709.89M	676.13M	1.62B	1.61B	1.5B	1.6B	1.57B
Equity Growth %	0.2%	-0.03%	0.09%	-0.02%	-0.05%	1.39%	-0%	-0.07%	0.07%	-0.02%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.07%	0.06%	0.07%	0.07%	0.05%	0.15%	0.12%	0.04%	0.13%	0.04%
Book Value per Share	19.80	18.31	18.79	17.67	16.77	29.94	15.88	14.69	14.79	13.71
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	36K	36K	40K	40K	40K	102K	102K	103K	110K	117K
Additional Paid-in Capital	719.69M	719.85M	799.94M	802.22M	778.13M	1.62B	1.67B	1.71B	1.83B	1.95B
Retained Earnings	14.35M	25.62M	-72.72M	-90.94M	-100.63M	-5.35M	-55.02M	-206.2M	-224.58M	-373.67M
Accumulated OCI	-29.66M	24.2M	-1.42M	-1.42M	-1.42M	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

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-121.41M	-31.35M	-49.3M	-49.24M	86.1M	246.21M	149.56M	169.2M	186.98M	201.06M
Operating CF Growth %	0.57%	0.74%	-0.57%	0%	2.75%	1.86%	-0.39%	0.13%	0.11%	0.08%
Net Income	46.63M	40.65M	49.55M	53.68M	36.15M	176.11M	192.43M	55M	195.87M	62.87M
Depreciation & Amortization	22.88M	8.63B	-44.94B	21.63B	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-169.37M	-8.71B	44.84B	-21.74B	45.67M	82.25M	-48.7M	120.83M	-15.35M	122.43M
Working Capital Changes	-21.54M	2.68M	1.61M	195K	4.28M	-12.15M	5.83M	-6.64M	6.46M	15.76M
Cash from Investing+	-189.65M	-114.81B	-105.2B	-128.36B	-121.37M	-80.42M	-179.42M	-141.76M	113.71M	-198.6M
Purchase of Investments	-320.74M	-310.17B	-635.18B	-450.08B	-700.38M	-443.16M	-1.72B	-712.71M	-394.35M	-1.02B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	135.51M	13.21M	56.34M	43.75M	38.56M	-143.11M	31.69M	-21.75M	-287.99M	7.15M
Dividends Paid	-63.57M	-64.87M	-67.43M	-70.37M	-69.85M	-145.6M	-193.04M	-180M	-190.96M	-197.7M
Share Repurchases	-732K	0	0	0	0	0	0	0	0	0
Stock Issued	135.11M	-127K	81.57M	-177K	-85K	0	0	13.46M	97.41M	109.42M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	130.81M	-5.67M	80.27M	-4.05M	0	0	0	0	0	0
Net Change in Cash+	14.1M	-18.14M	7.04M	-5.49M	3.3M	22.73M	1.63M	5.84M	12.76M	9.43M
Exchange Rate Effect	1000K	1000K	1000K	1K	10K	55K	-211K	147K	62K	-171K
Cash at Beginning	8.61M	22.71M	4.57M	11.61M	6.11M	9.41M	32.14M	33.76M	39.6M	52.36M
Cash at End	22.71M	4.57M	11.61M	6.11M	9.41M	32.14M	33.76M	39.6M	52.36M	61.8M
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+	-121.41M	-31.35M	-49.3M	-49.24M	86.1M	246.21M	149.56M	169.2M	186.98M	201.06M
FCF Growth %	0.57%	0.74%	-0.57%	0%	2.75%	1.86%	-0.39%	0.13%	0.11%	0.08%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.38%	6.01%	7.12%	7.48%	5.22%	15.37%	11.92%	3.53%	12.62%	3.96%
Return on Assets (ROA)	4.44%	3.5%	3.98%	3.98%	2.52%	7.36%	5.61%	1.54%	5.51%	1.76%
Net Interest Margin	8.74%	8.09%	7.37%	7.08%	6.8%	3.71%	7.52%	7%	8.68%	7.34%
Efficiency Ratio	8.55%	9.84%	6.64%	6.93%	6.9%	-16.6%	-10.47%	-2.24%	20.12%	5.38%
Equity / Assets	60.79%	55.87%	55.89%	50.82%	45.83%	48.76%	45.46%	41.83%	45.47%	43.65%
Book Value / Share	19.8	18.31	18.79	17.67	16.77	29.94	15.88	14.69	14.79	13.71
NII Growth	52.84%	-2.73%	-0.66%	3.4%	1.38%	22.54%	117.33%	-5.85%	21.58%	-13.51%
Dividend Payout	136.33%	159.58%	136.1%	131.1%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Goldman Sachs BDC, Inc. (GSBD) has a price-to-earnings (P/E) ratio of 17.1x. This is roughly in line with market averages.

Growth & Financials

Goldman Sachs BDC, Inc. (GSBD) saw revenue decline by 57.7% over the past year.

Yes, Goldman Sachs BDC, Inc. (GSBD) is profitable, generating $133.1M in net income for fiscal year 2024 (32.7% net margin).

Dividend & Returns

Yes, Goldman Sachs BDC, Inc. (GSBD) pays a dividend with a yield of 18.28%. This makes it attractive for income-focused investors.

Goldman Sachs BDC, Inc. (GSBD) has a return on equity (ROE) of 4.0%. This is below average, suggesting room for improvement.

Industry Metrics

Goldman Sachs BDC, Inc. (GSBD) has a net interest margin (NIM) of 7.3%. This indicates healthy earnings from lending activities.

Goldman Sachs BDC, Inc. (GSBD) has an efficiency ratio of 5.4%. This is excellent, indicating strong cost control.

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