Revenue trajectory remains highly unstable, highlighted by a sharp net loss of $54.2 million in 2024Q2 and gross margin fluctuations that bottomed at 2.3% during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 286.39M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 199.18M | 182.78M | 78.71M | 454.91M | 56.64M | 170.09M | 146.59M | 43.29M | 62.1M | 56.13M | 47.8M | 52.56M | 41.22M | 21.66M | 972K |
| Gross Margin % | 69.55% | 75.39% | 40.9% | 100% | 41.62% | 74.25% | 78.6% | 54.38% | 70.3% | 74.11% | 76.97% | 83.08% | 89.8% | 98.33% | 100% |
| Gross Profit Growth % | - | 132.22% | -82.7% | 703.17% | -66.7% | 16.03% | 238.64% | -30.3% | 10.65% | 17.42% | -9.05% | 27.52% | 90.3% | 2128.29% | - |
| Operating Expenses | 63.92M | -55.69M | 10.36M | 91.53M | -3.06M | -23.97M | -30.96M | 5.49M | 6.12M | 5.03M | 6.11M | 5.41M | 4.17M | 2.6M | 4.2M |
| OpEx % of Revenue | - | -22.97% | 5.38% | 20.12% | -2.24% | -10.47% | -16.6% | 6.9% | 6.93% | 6.64% | 9.84% | 8.55% | 9.1% | 11.83% | 432.1% |
| Selling, General & Admin | 5.7M | 7.92M | 10.36M | 91.53M | 8.67M | 7.6M | 6.03M | 5.89M | 6.12M | 5.03M | 6.11M | 5.41M | 4.17M | 2.31M | 2.08M |
| SG&A % of Revenue | - | 3.26% | 5.38% | 20.12% | 6.37% | 3.32% | 3.23% | 7.4% | 6.93% | 6.64% | 9.84% | 8.55% | 9.1% | 10.47% | 213.58% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 135.25M | 238.47M | 68.35M | 363.38M | 59.7M | 194.07M | 177.55M | 37.79M | 55.98M | 51.1M | 41.69M | 47.15M | 37.04M | 19.05M | -1.1M |
| Operating Margin % | 47.23% | 98.36% | 35.52% | 79.88% | 43.86% | 84.72% | 95.2% | 47.48% | 63.37% | 67.47% | 67.13% | 74.52% | 80.7% | 86.5% | -113.58% |
| Operating Income Growth % | - | 248.9% | -81.19% | 508.74% | -69.24% | 9.3% | 369.77% | -32.49% | 9.55% | 22.57% | -11.57% | 27.28% | 94.4% | 1825.91% | - |
| EBITDA | 182.2M | 234.93M | 68.35M | 0 | 59.7M | 194.07M | 177.55M | 37.79M | 55.98M | 51.1M | 41.69M | 47.15M | 37.04M | 19.05M | 0 |
| EBITDA Margin % | 63.62% | 96.9% | 35.52% | - | 43.86% | 84.72% | 95.2% | 47.48% | 63.37% | 67.47% | 67.13% | 74.52% | 80.7% | 86.5% | - |
| EBITDA Growth % | 233.98% | 243.72% | - | -100% | -69.24% | 9.3% | 369.77% | -32.49% | 9.55% | 22.57% | -11.57% | 27.28% | 94.4% | - | - |
| D&A (Non-Cash Add-back) | 44.92M | 0 | 0 | -363.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M |
| EBIT | 136.59M | 234.93M | 68.35M | 363.38M | 59.7M | 194.07M | 177.55M | 37.79M | 55.98M | 51.1M | 41.69M | 47.15M | 37.04M | 19.05M | 0 |
| Net Interest Income | 214.36M | 249.67M | 264.39M | 305.69M | 251.43M | 267.04M | 122.87M | 100.27M | 98.91M | 95.66M | 96.3M | 99M | 64.77M | 22.45M | 0 |
| Interest Income | 327.66M | 361.23M | 378.11M | 417M | 330.89M | 326.03M | 162.77M | 136.59M | 125.14M | 115.26M | 110.59M | 109.7M | 69.45M | 22.81M | 0 |
| Interest Expense | 113.29M | 111.56M | 113.72M | 111.3M | 79.46M | 58.99M | 39.9M | 36.31M | 26.23M | 19.61M | 14.3M | 10.71M | 4.68M | 368K | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 77.8M | 123.37M | 68.35M | 201.35M | 59.7M | 194.07M | 177.55M | 37.79M | 55.98M | 51.1M | 41.69M | 47.15M | 37.04M | 19.05M | 5.17M |
| Pretax Margin % | 27.16% | 50.89% | 35.52% | 44.26% | 43.86% | 84.72% | 95.2% | 47.48% | 63.37% | 67.47% | 67.13% | 74.52% | 80.7% | 86.5% | 532.1% |
| Income Tax | 3.71M | 4.11M | 5.48M | 5.48M | 4.69M | 1.64M | 1.43M | 1.65M | 2.3M | 1.55M | 1.04M | 518K | 119K | 1.07M | 2.11M |
| Effective Tax Rate % | 4.77% | 3.33% | 8.02% | 2.72% | 7.86% | 0.84% | 0.81% | 4.36% | 4.12% | 3.04% | 2.49% | 1.1% | 0.32% | 5.62% | 40.72% |
| Net Income | 74.08M | 119.27M | 62.87M | 195.87M | 55M | 192.43M | 176.11M | 36.15M | 53.68M | 49.55M | 40.65M | 46.63M | 36.92M | 17.98M | 3.07M |
| Net Margin % | 25.87% | 49.19% | 32.67% | 43.06% | 40.41% | 84% | 94.44% | 45.41% | 60.77% | 65.42% | 65.46% | 73.71% | 80.44% | 81.65% | 315.43% |
| Net Income Growth % | 42.55% | 89.71% | -67.9% | 256.12% | -71.42% | 9.26% | 387.2% | -32.66% | 8.34% | 21.88% | -12.82% | 26.29% | 105.3% | 486.56% | - |
| Net Income (Continuing) | 74.08M | 119.27M | 62.87M | 195.87M | 55M | 192.43M | 176.11M | 36.15M | 53.68M | 49.55M | 40.65M | 46.63M | 36.92M | 17.98M | 3.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.66 | 1.03 | 0.55 | 1.81 | 0.54 | 1.89 | 3.26 | 0.90 | 1.34 | 1.28 | 1.12 | 1.34 | 1.24 | 0.60 | 1.56 |
| EPS Growth % | 45.45% | 87.27% | -69.61% | 235.19% | -71.43% | -42.02% | 262.22% | -32.84% | 4.69% | 14.29% | -16.42% | 8.06% | 106.67% | -61.54% | - |
| EPS (Basic) | - | 1.03 | 0.55 | 1.81 | 0.54 | 1.89 | 3.26 | 0.90 | 1.34 | 1.28 | 1.12 | 1.34 | 1.24 | 0.60 | 1.56 |
| Diluted Shares Outstanding | 112.57M | 115.58M | 114.67M | 108.31M | 102.26M | 101.69M | 53.94M | 40.31M | 40.18M | 38.63M | 36.32M | 34.78M | 29.74M | 29.74M | 1.97M |
| Basic Shares Outstanding | 112.57M | 115.58M | 114.67M | 108.31M | 102.26M | 101.69M | 53.94M | 40.31M | 40.18M | 38.63M | 36.32M | 34.78M | 29.74M | 29.74M | 1.97M |
| Dividend Payout Ratio | - | 195.79% | 314.48% | 97.49% | 327.26% | 100.32% | 82.68% | 193.24% | 131.1% | 136.1% | 159.58% | 136.33% | 112.52% | 45.87% | - |
Portfolio credit quality volatility
As evidenced by the quarterly income statement data, GSBD's revenue trajectory exhibits significant instability, characterized by a sharp contraction in 2024Q2 followed by inconsistent recovery patterns, which complicates the assessment of long-term growth durability within the firm's middle-market lending portfolio and broader asset management activities.
The erratic revenue performance suggests that the company's reliance on fee-based income and market-sensitive valuations may be creating artificial volatility in top-line reporting. Investors should monitor whether this instability reflects genuine shifts in deal flow or merely the accounting treatment of fair-value adjustments on Level 3 assets.
According to the provided financial statements, GSBD's gross margins have fluctuated significantly, dropping as low as 2.3% in 2024Q2 before rebounding, which indicates that the firm's spread between investment yields and capital costs is highly susceptible to market-driven valuation swings and potential credit-related impairments.
The wide variance in gross margins suggests that the firm's profitability is not as stable as a traditional interest-spread business might imply. This volatility warrants further investigation into the underlying credit quality of the loan book and the potential for future non-accrual events to erode net interest income.
Based on the reported figures, GSBD's net income has experienced extreme swings, including a net loss of $54.2 million in 2024Q2, suggesting that the firm's bottom-line results are heavily influenced by non-operating items and unrealized valuation changes rather than consistent, recurring cash-based earnings from its core lending operations.
The disconnect between operating income and net income in several periods implies that fair-value accounting adjustments are playing an outsized role in reported EPS. Analysts should focus on normalized earnings power, stripping out these non-cash valuation fluctuations to determine the true sustainability of the dividend payout.
While the Goldman Sachs brand provides a perceived safety net, the income statement data reveals a vulnerability to sharp, periodic earnings declines, which may indicate that the firm's concentration in unitranche structures carries higher loss-given-default risks than the market currently prices into the stock's valuation.
Short-term revenue spikes may be masking the underlying risk of 'last-out' positions in the capital stack, which are particularly sensitive to economic downturns. The firm's reliance on the GSAM platform for deal flow does not insulate it from the fundamental credit risks inherent in the U.S. middle-market sector.
Quick answers to the most common questions about buying GSBD stock.
Goldman Sachs BDC, Inc. (GSBD) is profitable, generating $119.3M in net income for the fiscal year ending 2025 with a net profit margin of 49.2%.
Goldman Sachs BDC, Inc. (GSBD) reported an operating income of $238.5M, resulting in an operating profit margin of 98.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Goldman Sachs BDC, Inc. (GSBD) generated $182.8M in gross profit for the year, representing a gross profit margin of 75.4%. This demonstrates the company's core pricing power and production efficiency.