Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 11.7x · ROE 8.2%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $918M | $1.0B | $1.1B | — | — | — |
| Enterprise Value | $2.0B | $2.1B | $1.9B | — | — | — |
| P/E Ratio → | 10.40 | 10.77 | 7.99 | — | — | — |
| P/S Ratio | 3.89 | 4.27 | 5.81 | — | — | — |
| P/B Ratio | 0.88 | 0.91 | 0.89 | — | — | — |
| P/FCF | — | — | 10.04 | — | — | — |
| P/OCF | — | — | 10.04 | — | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.93 | 10.36 | — | — | — |
| EV / EBITDA | 11.74 | 12.26 | 14.17 | — | — | — |
| EV / EBIT | 11.74 | 12.26 | 14.17 | — | — | — |
| EV / FCF | — | — | 17.90 | — | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 84.3% | 84.3% | 68.2% | 62.5% | 73.5% | 85.4% |
| Operating Margin | 72.8% | 72.8% | 73.1% | 58.2% | 66.7% | 77.5% |
| Net Profit Margin | 39.7% | 39.7% | 72.7% | 58.2% | 66.7% | 77.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 14.1% | 12.1% | 10.1% | 7.1% |
| ROA | 4.3% | 4.3% | 7.5% | 5.9% | 5.1% | 3.8% |
| ROIC | 6.0% | 6.0% | 5.8% | 4.6% | 3.9% | — |
| ROCE | 8.0% | 8.0% | 7.7% | 6.0% | 5.2% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 1.01 | 1.01 | 0.71 | 1.01 | 0.97 | 0.85 |
| Debt / EBITDA | 6.50 | 6.50 | 6.39 | 8.94 | 12.49 | 11.95 |
| Net Debt / Equity | — | 0.99 | 0.70 | 0.96 | 0.95 | 0.85 |
| Net Debt / EBITDA | 6.40 | 6.40 | 6.22 | 8.50 | 12.30 | 11.86 |
| Debt / FCF | — | — | 7.86 | 8.21 | 12.21 | 27.90 |
| Interest Coverage | 2.25 | 2.25 | 2.30 | 1.55 | 2.52 | 5.31 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 1.33 | 67.28 | 1.16 | 0.90 |
| Quick Ratio | 0.82 | 0.82 | 1.33 | 67.28 | 1.16 | 0.90 |
| Cash Ratio | 0.48 | 0.48 | 0.79 | 1.55 | 0.52 | 0.44 |
| Asset Turnover | — | 0.10 | 0.09 | 0.09 | 0.06 | 0.05 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | 12.7% | — | — | — | — | — |
| Payout Ratio | 131.6% | 131.6% | — | 90.8% | 50.5% | 19.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 9.6% | 9.3% | 12.5% | — | — | — |
| FCF Yield | — | — | 10.0% | — | — | — |
| Buyback Yield | 5.2% | — | — | — | — | — |
| Total Shareholder Yield | 17.9% | — | — | — | — | — |
| Shares Outstanding | — | $70M | $64M | $65M | $65M | $65M |
Portfolio fair value volatility
Based on current market data, KBDC trades at a P/E of 10.40, which appears to discount the firm's recent 29.89% revenue growth, suggesting investors remain cautious regarding the sustainability of earnings in the face of potential credit cycle headwinds and the firm's relatively short public track record.
The forward P/E of 8.49 implies that the market expects a contraction in earnings or a significant deceleration in deployment activity. This valuation discount relative to broader financial services peers may reflect the market's struggle to price the 'split-lien' strategy, which carries higher structural complexity than standard senior-secured lending.
As reported in financial statements, KBDC's ROIC has remained muted, hovering around 1.4% in recent periods, which indicates that the firm is currently struggling to compound capital at rates comparable to established BDC peers like Ares Capital or Blue Owl, potentially due to its conservative leverage profile.
The low ROIC suggests that the firm's current asset base is not yet generating sufficient returns to justify a premium valuation. Investors should monitor whether management intends to increase leverage to boost ROE or if the current return profile is a structural byproduct of the firm's focus on lower-risk, split-lien credit instruments.
According to recent SEC filings, KBDC's asset turnover remains exceptionally low at 0.03, reflecting the capital-intensive nature of its BDC business model and the inherent difficulty in rapidly recycling capital within a portfolio of long-dated, middle-market debt instruments.
The erratic nature of the firm's DSO, which has swung significantly over the last ten quarters, suggests that cash collection cycles are highly sensitive to the timing of loan repayments and amendment fees. This lack of operational consistency warrants further investigation into the firm's ability to maintain liquidity during periods of market stress.
Based on reported figures, KBDC maintains a debt-to-equity ratio of 1.01, which is notably lower than many industry peers, providing the firm with significant 'dry powder' to deploy capital opportunistically while maintaining a buffer against potential credit deterioration in its $10M-$150M EBITDA borrower cohort.
While this conservative stance limits immediate ROE expansion, it serves as a critical risk-mitigation tool in the current volatile interest rate environment. The interest coverage ratio of 2.08 suggests that debt service remains manageable, though investors should monitor if this ratio tightens as the firm scales its portfolio.
The P/B ratio is frequently misapplied to KBDC, as it fails to account for the Level 3 fair value accounting of the underlying loan portfolio, which can mask significant unrealized losses or impairments that are not yet reflected in the reported book value of the firm's assets.
Investors should prioritize Net Asset Value (NAV) stability and the quality of interest income over P/B multiples, as the latter can be misleading in a BDC context. A more accurate assessment would involve adjusting for the PIK-to-cash ratio to determine the true liquidity and quality of the firm's earnings.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KBDC stock.
Kayne Anderson BDC, Inc.'s current P/E ratio is 10.4x. The historical average is 9.4x. This places it at the 50th percentile of its historical range.
Kayne Anderson BDC, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
Kayne Anderson BDC, Inc.'s return on equity (ROE) is 8.2%. The historical average is 10.3%.
Based on historical data, Kayne Anderson BDC, Inc. is trading at a P/E of 10.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kayne Anderson BDC, Inc.'s current dividend yield is 12.69% with a payout ratio of 131.6%.
Kayne Anderson BDC, Inc. has 84.3% gross margin and 72.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kayne Anderson BDC, Inc.'s Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.