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Golub Capital BDC, Inc.

GBDC Financial Asset Management

Golub Capital BDC, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $870.8 million, up 20.2% from fiscal 2024.

Revenue
−14.0%
EPS
−35.3%
Free cash flow
+196.2%
Total debt
−11.5%

Quarter to June 2026, against a year earlier

12.93 0.15 −1.15%
Market cap
$3.4B
P/E
19.9×
Fwd P/E
20.6×
Dividend yield
10.7%
F-score
3/9
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 3.59%

Capital & Financial Ratios $m

Size
Market Cap 3,350.00
Revenue ttm 800.71
Net income ttm 171.75
Free cash flow ttm 919.64
Net debt Q 4,473.93
Valuation
P/E 19.89
Forward P/E 20.60
Price / sales 4.21
Forward P/S Powerpack
Price / FCF 3.66
Price / book 0.91
Financial health
Current ratio Q 1.33
Debt / equity Q 1.22
Interest coverage Q 2.40
Growth
Revenue growth Q −14.02% (below 0%: shrinking)
Operating income growth Q −15.85% (below 0%: shrinking)
EPS, this year −11.77% (below 0%: weak)
EPS, next year A −6.99% (below 0%: weak)
Revenue, next year A −11.21% (below 0%: weak)
EPS, past 5 yrs +30.86% (at or above 15%: strong)
EPS, next 5 yrs A −7.97% (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 89.57%
10-year low 10-year high
P/S against its own 10 years 11.44%
10-year low 10-year high
P/B against its own 10 years 26.51%
10-year low 10-year high

Dividends

Yield
10.7%
Annual rate
1.38
Payout ratio
212.3%
Growth, 2017–25
+2.70%/yr
  1. 1.26 ’17
  2. 0.94 ’18 −25
  3. 0.94 ’19 +0
  4. 1.19 ’20 +27
  5. 1.17 ’21 −2
  6. 1.23 ’22 +5
  7. 1.47 ’23 +20
  8. 1.60 ’24 +9
  9. 1.56 ’25 −3
  10. 1.38 ’26e −12
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 136 350 101 64
Receivables 58 74 68 61
Inventory — — — —
Other — — — —
194 424 169 125
2023 2024 2025 Q'26
Payables 68 90 89 93
ST’ Debt — — — —
Other — — — —
68 90 89 93

Compound Annual Growth %

10y 5y 3y
Sales 21.92% 23.84% 30.95%
Cash Flow 0.00% 0.00% 0.00%
Earnings 18.19% 47.00% 34.90%
Book Value 17.25% 10.70% 16.11%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.33 Actual 0.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.39 0.39 Met by 0.00
Q1 FY25 0.38 0.38 Met by 0.00
Q2 FY26 0.36 0.34 Miss by 0.02
Q3 FY26 0.33 0.34 Beat by 0.01
Q4 FY26 0.33 — Reports 17 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.25 (0.18) 0.22 — —
’25 0.42 0.30 0.34 0.36 1.42
’24 0.45 0.55 0.05 0.36 1.36
’23 0.15 0.34 0.43 0.60 1.52
’22 0.37 0.39 0.09 0.05 0.90
’21 0.56 0.55 0.49 0.42 2.03
’20 0.35 (1.71) 0.93 0.57 0.37
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 207 188 188 — —
’25 221 214 218 218 871
’24 165 164 171 224 725
’23 137 147 155 165 603
’22 87 86 96 120 388
’21 74 76 76 81 307
’20 79 75 73 72 299
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 212 249 193 — —
’25 (375) 195 (200) 266 (114)
’24 164 149 231 (200) 344
’23 53 30 49 64 195
’22 (182) (207) (186) 159 (416)
’21 (165) 204 42 (387) (306)
’20 (112) 93 105 102 188
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 212 249 193 — —
’25 (375) 195 (200) 266 (114)
’24 164 149 231 (200) 344
’23 53 30 49 64 195
’22 (182) (207) (186) 159 (416)
’21 (165) 204 42 (387) (306)
’20 (112) 93 105 102 188
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 128 138 152 172 299 307 388 603 725 871 801 +23.8% 773 747 741 (5.2%)
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 69 82 82 (19) 55 340 153 259 274 377 172 +20.7%
EBT margin, % 54.12 59.73 53.87 (10.78) 18.35 110.80 39.57 42.88 37.78 43.25 21.45 (10.9) pt
Net income 69 82 82 (19) 55 340 153 259 274 377 172 +20.7%
Per share, $
Per share, $ Revenue 2.46 2.42 2.46 2.63 2.01 1.83 2.27 3.54 3.60 3.27 3.07 +3.2%
Earnings 1.33 1.45 1.37 (0.29) 0.37 2.03 0.90 1.52 1.36 1.42 0.65 +0.7%
Cash flow (1.08) 1.09 (0.14) (1.81) 1.26 (1.82) (2.44) 1.15 1.71 (0.43) 3.53 (9.8%)
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 (1.08) 1.09 (0.14) (1.81) 1.26 (1.82) (2.44) 1.15 1.71 (0.43) 3.53 (9.8%)
Book value 16.92 16.83 15.69 33.94 16.09 15.37 14.91 14.96 19.95 14.97 14.23 (1.3%)
Shares, m 52 57 62 65 149 168 171 170 201 266 263 +19.9%
Valuation, ×
Valuation, × P/E 13.68 13.33 13.71 0.00 94.57 7.83 13.77 9.40 10.72 9.64 19.89 18.7
P/S 7.39 7.76 7.62 7.16 6.60 8.65 5.45 4.04 4.20 4.18 4.21 6.3
P/B 1.08 1.12 1.20 0.56 0.82 1.03 0.83 0.96 0.76 0.91 0.91 0.9
EV/Sales 13.41 12.79 12.76 18.85 12.96 16.40 13.25 9.09 10.15 9.77 — 12.9
EV/FCF (30.58) 28.33 (229.02) (27.42) 20.64 (16.45) (12.34) 28.06 21.39 (74.89) — (29.2)
Cash, $m
Cash, $m Operating cash flow (56) 62 (8) (118) 188 (306) (416) 195 344 (114) 920 +8.2%
Capex — — — — — — — — — — — —
Free cash flow (56) 62 (8) (118) 188 (306) (416) 195 344 (114) 920 +8.2%
Balance, $m
Balance, $m Working capital 77 50 28 47 170 225 78 127 335 80 31 +0.4%
Net debt 770 714 797 2,037 1,836 2,314 2,959 2,982 4,249 4,800 4,474 +22.5%
Shareholders’ equity 879 958 969 2,223 2,396 2,583 2,545 2,548 4,015 3,983 3,705 +18.3%
Returns, %
Returns, % ROA 4.08 4.69 4.57 (0.60) 1.24 7.08 2.83 4.53 3.79 4.26 1.95 +0.2 pt
ROIC 2.48 2.60 2.69 1.26 2.05 2.14 2.23 3.31 2.90 2.82 2.81 +0.3 pt
ROE 8.19 8.96 8.51 (1.16) 2.38 13.67 5.99 10.16 8.34 9.42 4.46 +1.2 pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Golub Capital 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
CNS Cohen & Steers Inc $3.8B 22.4× 21.1× +11.08% (above 0%: growing) +1.23% (above 0%: growing) −62.01% (below 0%: shrinking) 100.00% 32.44% Compare
GBDC Golub Capital BDC, Inc. $3.4B 19.9× 20.6× −14.02% (below 0%: shrinking) −35.29% (below 0%: shrinking) +196.17% (above 0%: growing) 100.00% 77.88%
AAMI Acadian Asset Management Inc. $3.3B 26.2× — (loss-making) +32.59% (above 0%: growing) +155.52% (above 0%: growing) −65.25% (below 0%: shrinking) 100.00% 26.41% Compare
APAM Artisan Partners Asset Management Inc. $3.2B 9.4× 9.7× +3.73% (above 0%: growing) +11.83% (above 0%: growing) +168.53% (above 0%: growing) 48.10% 35.13% Compare
FSK FS KKR Capital Corp. $3.2B — (loss-making) — (loss-making) −21.18% (below 0%: shrinking) −65.79% (below 0%: shrinking) −42.86% (below 0%: shrinking) 100.00% 0.00% Compare
AB AllianceBernstein Holding L.P. $3.2B 10.3× — — −0.09% (below 0%: shrinking) +7.24% (above 0%: growing) — — Compare
HTGC Hercules Capital, Inc. $3.1B 8.5× 8.7× +1.46% (above 0%: growing) −24.24% (below 0%: shrinking) −5,073.08% (below 0%: shrinking) 100.00% 80.30% Compare
WT WisdomTree, Inc. $2.9B 25.3× 27.5× +42.80% (above 0%: growing) +138.21% (above 0%: growing) +24.39% (above 0%: growing) 100.00% 41.32% Compare
ASST Strive, Inc. $2.6B — (loss-making) — (loss-making) +94.64% (above 0%: growing) n/m −10,264.43% (below 0%: shrinking) 100.00% (8,780.99%) Compare
Median of peers $3.2B 16.4× 15.4× +11.08% +1.23% −52.43% 100.00% 32.44%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 11 December 2025

Ownership

Directors and executive officers, together 1.40%
State Teachers Retirement System of Ohio 5.70%
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

Golub Capital BDC, Inc. (GBDC) Latest News

6 Oct

Impact 3 · · Business Wire

22 Sep

Impact 3 · · 24/7 Wall St.

4 Aug

Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

3 Aug

Impact 3 ·

19 May

Impact 3 · · Business Wire

6 May

Impact 3 · · Barrons.com

5 May

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

4 May

Impact 4 ·
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks

17 Apr

Impact 4 · · MT Newswires

13 Feb

Impact 3 · · ZacksZacksZacks

6 Feb

Impact 4 · · Barrons.com
Impact 3 · · The Wall Street Journal

5 Feb

Impact 4 · · MarketBeat transcript

4 Feb

Impact 3 · · Zacks
Impact 3 · · Associated Press Finance
Impact 3 · · Business Wire

29 Jan

Impact 3 · · The Motley Fool

28 Jan

Impact 3 · · Insider Monkey

18 Nov

Impact 4 · · Business Wire
Impact 3 ·
Impact 3 · · Associated Press Finance

4 Nov

Impact 3 ·

7 Oct

Impact 4 · · Insider Monkey

19 Sep

Impact 3 ·

GBDC metrics, ten years each

stockrow.com/GBDC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com