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BARINGS BDC, INC.

BBDC Financial Asset Management

BARINGS BDC, INC.’s revenue for fiscal 2025 (year ended December 2025) was $279.2 million, down 2.43% from fiscal 2024.

Revenue
−11.2%
EPS
+9.09%
Free cash flow
−250.7%
Total debt
−5.44%

Quarter to September 2026, against a year earlier

8.76 0.02 +0.23%
Market cap
$915.1M
P/E
10.3×
Fwd P/E
9.9×
Dividend yield
11.9%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.62%

Capital & Financial Ratios $m

Size
Market Cap 915.14
Revenue ttm 258.03
Net income ttm 88.19
Free cash flow ttm 263.44
Net debt Q 258.58
Valuation
P/E 10.29
Forward P/E 9.89
Price / sales 3.55
Forward P/S Powerpack
Price / FCF 3.48
Price / book 0.80
Financial health
Current ratio Q 0.09
Debt / equity Q 0.29
Interest coverage Q 0.00
Growth
Revenue growth Q −11.20% (below 0%: shrinking)
Operating income growth Q −4.56% (below 0%: shrinking)
EPS, this year −7.18% (below 0%: weak)
EPS, next year A −2.20% (below 0%: weak)
Revenue, next year A −9.06% (below 0%: weak)
EPS, past 5 yrs +41.67% (at or above 15%: strong)
EPS, next 5 yrs A −7.66% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 54.55%
10-year low 10-year high
P/S against its own 10 years 24.20%
10-year low 10-year high
P/B against its own 10 years 32.86%
10-year low 10-year high

Dividends

Yield
11.9%
Annual rate
1.04
Payout ratio
122.4%
Growth, 2017–25
−8.94%/yr
  1. 1.65 ’17
  2. 2.21 ’18 +34
  3. 0.54 ’19 −76
  4. 0.65 ’20 +20
  5. 0.82 ’21 +26
  6. 0.95 ’22 +16
  7. 1.02 ’23 +7
  8. 1.04 ’24 +2
  9. 0.78 ’25 −25
  10. 1.04 ’26e +33
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 71 91 67 76
Receivables 52 40 41 35
Inventory — — — —
Other — — — —
130 142 118 —
2023 2024 2025 Q'26
Payables 21 38 35 31
ST’ Debt — — — —
Other — — — —
742 1,049 1,238 1,149

Compound Annual Growth %

10y 5y 3y
Sales 8.70% 31.49% 8.41%
Cash Flow 0.00% 0.00% 23.00%
Earnings 7.85% 65.63% 179.24%
Book Value 8.61% 10.09% (0.89%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.25 Actual 0.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.27 0.32 Beat by 0.05
Q4 FY25 0.26 0.27 Beat by 0.01
Q1 FY26 0.25 0.25 Met by 0.00
Q2 FY26 0.25 0.28 Beat by 0.03
Q3 FY26 0.27 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.19 0.18 0.24 — —
’25 0.31 0.20 0.22 0.24 0.97
’24 0.41 0.18 0.21 0.24 1.04
’23 0.37 0.37 0.17 0.28 1.20
’22 0.25 (0.23) 0.09 (0.01) 0.05
’21 0.34 0.45 0.22 0.18 1.19
’20 (2.30) 1.14 0.90 0.46 0.17
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 61 65 64 — —
’25 64 74 72 68 279
’24 70 75 71 71 286
’23 67 75 71 76 289
’22 44 56 56 63 219
’21 31 33 35 37 135
’20 19 16 16 20 71
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 68 16 (25) — —
’25 (8) (53) 16 205 161
’24 5 138 24 (45) 122
’23 (92) 65 (35) 139 77
’22 (19) 6 122 (23) 86
’21 (85) (54) 23 (281) (397)
’20 36 84 (115) (223) (218)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 68 16 (25) — —
’25 (8) (53) 16 205 161
’24 5 138 24 (45) 122
’23 (92) 65 (35) 139 77
’22 (19) 6 122 (23) 86
’21 (85) (54) 23 (281) (397)
’20 36 84 (115) (223) (218)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 114 123 80 76 71 135 219 289 286 279 258 +10.5% 254 262 240 (4.9%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 35 (28) (115) 59 8 78 5 128 110 102 88 +12.7%
EBT margin, % 30.52 (22.58) (143.62) 77.37 11.49 57.40 2.50 44.26 38.54 36.54 34.22 +6.0 pt
Net income 34 (29) (114) 58 8 78 5 128 110 102 88 +12.9%
Per share, $
Per share, $ Revenue 3.12 2.65 1.61 1.51 1.46 2.07 2.13 2.70 2.71 2.65 2.46 (1.8%)
Earnings 0.94 (0.62) (2.15) 1.16 0.17 1.19 0.05 1.20 1.04 0.97 0.85 +0.3%
Cash flow (0.64) 0.17 (3.97) (0.63) (4.49) (6.07) 0.84 0.72 1.15 1.53 2.52 n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (0.64) 0.17 (3.97) (0.63) (4.49) (6.07) 0.84 0.72 1.15 1.53 2.52 n/m
Book value 16.79 13.79 11.28 11.38 14.78 11.36 11.59 11.18 11.25 11.03 10.92 (4.6%)
Shares, m 36 46 50 50 49 65 103 107 106 105 105 +12.5%
Valuation, ×
Valuation, × P/E 19.27 0.00 0.00 8.94 46.00 9.26 82.20 7.39 9.20 9.46 10.29 19.2
P/S 5.92 3.65 5.60 6.82 6.29 5.32 3.86 3.25 3.54 3.46 3.55 4.8
P/B 1.10 0.70 0.80 0.90 0.62 0.97 0.71 0.79 0.85 0.83 0.80 0.8
EV/Sales 9.69 6.69 12.55 15.37 15.12 9.54 6.55 5.50 4.75 4.03 — 9.0
EV/FCF (47.47) 103.78 (5.08) (36.94) (4.92) (3.25) 16.64 20.66 11.13 7.01 — 6.2
Cash, $m
Cash, $m Operating cash flow (23) 8 (198) (32) (218) (397) 86 77 122 161 263 n/m
Capex 0 0 0 — — — — — — — 0 n/m
Free cash flow (23) 8 (198) (32) (218) (397) 86 77 122 161 263 n/m
Balance, $m
Balance, $m Working capital 117 203 (6) 21 (118) (634) (585) (612) (908) (1,120) (1,040) n/m
Net debt 428 374 558 647 627 571 590 649 347 160 259 (10.4%)
Shareholders’ equity 611 641 563 571 718 742 1,192 1,197 1,190 1,161 1,143 +7.4%
Returns, %
Returns, % ROA 3.12 (2.40) (9.56) 4.81 0.56 4.05 0.19 4.75 4.11 3.82 3.23 +0.7 pt
ROIC 5.15 6.25 1.48 3.53 3.03 5.31 7.11 8.37 10.27 11.35 0.00 +6.2 pt
ROE 6.12 (4.58) (18.98) 10.26 1.27 10.64 0.48 10.72 9.24 8.67 7.64 +2.6 pt
People
People Employees 26 27 12 2 5 5 0 — — — — n/m
Revenue/emp, $m 4.37 4.56 6.69 37.82 14.21 27.07 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

BARINGS BDC, INC. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OCSL Oaktree Specialty Lending Corp. $1.1B 26.1× 22.7× −7.76% (below 0%: shrinking) −20.45% (below 0%: shrinking) +173.07% (above 0%: growing) 94.24% 82.04% Compare
RPC Ridgepost Capital, Inc. $1.0B 29.6× 35.2× +17.11% (above 0%: growing) +350.00% (above 0%: growing) +447.90% (above 0%: growing) 100.00% 28.63% Compare
GSBD Goldman Sachs BDC, Inc. $990.6M 34.0× 11.6× −7.97% (below 0%: shrinking) n/m +465.71% (above 0%: growing) 100.00% 87.38% Compare
BBDC BARINGS BDC, INC. $915.1M 10.3× 9.9× −11.20% (below 0%: shrinking) +9.09% (above 0%: growing) −250.65% (below 0%: shrinking) 100.00% 0.00%
BUR Burford Capital Limited $869.6M — (loss-making) — (loss-making) +110.46% (above 0%: growing) n/m −531.48% (below 0%: shrinking) 100.00% 66.57% Compare
MFIC MidCap Financial Investment Corporation $846.0M — (loss-making) 56.7× −24.94% (below 0%: shrinking) n/m +21.89% (above 0%: growing) 100.00% 0.00% Compare
KBDC Kayne Anderson BDC, Inc. $841.3M 15.2× 10.9× −2.78% (below 0%: shrinking) −71.43% (below 0%: shrinking) +221.15% (above 0%: growing) 86.61% 84.68% Compare
VRTS Virtus Investment Partners, Inc. $827.0M 7.0× — (loss-making) −4.35% (below 0%: shrinking) +9.87% (above 0%: growing) −24.42% (below 0%: shrinking) 100.00% 13.57% Compare
FDUS Fidus Investment Corporation $775.5M 9.4× 9.4× +23.25% (above 0%: growing) −3.24% (below 0%: shrinking) +118.22% (above 0%: growing) 100.00% 71.60% Compare
Median of peers $857.8M 20.6× 17.2× −3.56% −3.24% +145.64% 100.00% 69.09%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 10 March 2026

Ownership

Directors and executive officers, together less than 1%
Barings LLC ............................................................... 13.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

BARINGS BDC, INC. (BBDC) Latest News

6 Nov

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23 Oct

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7 Aug

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6 Aug

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1 Jun

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9 May

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8 May

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7 May

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20 Feb

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19 Feb

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13 Nov

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8 Nov

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1 Nov

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7 Oct

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8 Sep

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9 Aug

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stockrow.com/BBDC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com