Saturday 17 October 2026 Export GBDC’s income statement to Excel — free account

Golub Capital BDC, Inc.

Golub Capital BDC, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $870.8 million, up 20.2% from fiscal 2024. In the quarter to June 2026, revenue fell 14.0%, EPS fell 35.3%, free cash flow grew 196.2% and total debt fell 11.5%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.

12.12 0.15 −1.22%

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Market cap: $3.2B
P/E: 18.6×
Fwd P/E: 15.6×
Dividend yield: 11.4%
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 3.59%

Capital & Financial Ratios $m

Market Cap 3,190.00

Revenue 800.71

Net Income 171.75

Free Cash Flow 919.64

Net Debt 4,473.93

Current Ratio 1.33

Debt/Equity 1.22

P/E ratio 18.65

Fwd P/E 15.60

P/S ratio 3.94

P/B ratio 0.85

Past 5Y EPS Growth 30.86%

This Y EPS Growth (11.77%)

Next Y EPS Growth (7.09%)

Next Y revenue growth (11.21%)

Next 5Y EPS Growth (7.97%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 87.24%

10-year low 10-year high

P/S against its own 10 years 1.81%

10-year low 10-year high

P/B against its own 10 years 14.30%

10-year low 10-year high

Dividends

Payout Ratio 2.12

Annual Dividend Rate 1.38

Annual Dividend Yield 11.39%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.38	0.33 0.33 0.33
2025	1.56	0.39 0.39 0.39 0.39
2024	1.60	0.07 0.39 0.39 0.06 0.05 0.10 0.39 0.04 0.39
2023	1.47	0.33 0.33 0.04 0.37 0.07 0.37
2022	1.23	0.30 0.30 0.30 0.33
2021	1.17	0.29 0.29 0.29 0.30
2020	1.19	0.32 0.29 0.29 0.29
2019	0.94	0.31 0.31 0.31 0.13
2018	0.94	0.31 0.31 0.31 0.12
2017	1.26	0.31 0.31 0.31 0.32 0.08
2016	1.25	0.31 0.31 0.31 0.31

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	14.50	17.69	15.88	16.03	8.89	13.97	11.94	12.27	14.05	12.68	Analyst estimates 2026–2028 Powerpack
	High	19.35	20.08	19.48	18.75	18.14	16.22	16.23	15.38	17.72	16.01
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
Income, $m
Income, $m	Revenue	128	138	152	172	299	307	388	603	725	871
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	69	82	82	(19)	55	340	153	259	274	377
	EBT margin, %	54.12	59.73	53.87	(10.78)	18.35	110.80	39.57	42.88	37.78	43.25
	Net income	69	82	82	(19)	55	340	153	259	274	377
	Depreciation	(4)	(6)	(6)	(5)	28	22	0	(5)	1	4
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
	Earnings	1.33	1.45	1.37	(0.29)	0.37	2.03	0.90	1.52	1.36	1.42
	Cash flow	(1.08)	1.09	(0.14)	(1.81)	1.26	(1.82)	(2.44)	1.15	1.71	(0.43)
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	(1.08)	1.09	(0.14)	(1.81)	1.26	(1.82)	(2.44)	1.15	1.71	(0.43)
	Book value	16.92	16.83	15.69	33.94	16.09	15.37	14.91	14.96	19.95	14.97
	Shares, m	52	57	62	65	149	168	171	170	201	266
Valuation, ×
Valuation, ×	P/E	13.68	13.05	13.42	0.00	94.57	7.83	13.77	9.40	10.72	9.64
	P/S	7.39	7.60	7.46	7.01	6.60	8.65	5.45	4.04	4.20	4.18
	P/B	1.08	1.09	1.17	0.54	0.82	1.03	0.83	0.96	0.76	0.91
	EV/Sales	13.41	12.79	12.76	18.85	12.96	16.40	13.25	9.09	10.15	9.77
	EV/FCF	(30.58)	28.33	(229.02)	(27.42)	20.64	(16.45)	(12.34)	28.06	21.39	(74.89)
Cash, $m
Cash, $m	Operating cash flow	(56)	62	(8)	(118)	188	(306)	(416)	195	344	(114)
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	(56)	62	(8)	(118)	188	(306)	(416)	195	344	(114)
Balance, $m
Balance, $m	Working capital	77	50	28	47	170	225	78	127	335	80
	Total debt	860	777	843	2,119	2,018	2,551	3,076	3,118	4,599	4,901
	Net debt	770	714	797	2,037	1,836	2,314	2,959	2,982	4,249	4,800
	Shareholders’ equity	879	958	969	2,223	2,396	2,583	2,545	2,548	4,015	3,983
Returns, %
Returns, %	ROA	4.08	4.69	4.57	(0.60)	1.24	7.08	2.83	4.53	3.79	4.26
	ROIC	2.48	2.60	2.69	1.26	2.05	2.14	2.23	3.31	2.90	2.82
	ROE	8.19	8.96	8.51	(1.16)	2.38	13.67	5.99	10.16	8.34	9.42

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

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	$3.6B	21.3×	22.3×	+12.20% (above 0%: growing)	+33.33% (above 0%: growing)	+194.97% (above 0%: growing)	100.00%	34.55%	Compare
AAMI Acadian Asset Management Inc.	$3.3B	32.5×	— (loss-making)	+45.29% (above 0%: growing)	+175.00% (above 0%: growing)	−65.25% (below 0%: shrinking)	100.00%	17.50%	Compare
WT WisdomTree, Inc.	$3.3B	38.1×	23.9×	+57.31% (above 0%: growing)	+76.47% (above 0%: growing)	+95.88% (above 0%: growing)	100.00%	40.53%	Compare
AB AllianceBernstein Holding L.P.	$3.2B	10.3×	—	—	+20.31% (above 0%: growing)	−13.25% (below 0%: shrinking)	—	—	Compare
GBDC Golub Capital BDC, Inc.	$3.2B	18.6×	15.6×	−14.02% (below 0%: shrinking)	−35.29% (below 0%: shrinking)	+196.17% (above 0%: growing)	100.00%	77.88%
HTGC Hercules Capital, Inc.	$3.1B	7.8×	8.8×	+8.48% (above 0%: growing)	+59.09% (above 0%: growing)	+305.69% (above 0%: growing)	100.00%	77.89%	Compare
FSK FS KKR Capital Corp.	$3.0B	— (loss-making)	— (loss-making)	−27.14% (below 0%: shrinking)	n/m	+618.52% (above 0%: growing)	100.00%	76.90%	Compare
SII Sprott Inc.	$2.9B	26.5×	13.0×	+23.09% (above 0%: growing)	+155.77% (above 0%: growing)	+64.22% (above 0%: growing)	100.00%	56.77%	Compare
APAM Artisan Partners Asset Management Inc.	$2.7B	7.8×	10.2×	+8.90% (above 0%: growing)	+18.09% (above 0%: growing)	+126.73% (above 0%: growing)	40.90%	27.48%	Compare
Median of peers	$3.2B	21.3×	13.0×	+12.20%	+59.09%	+111.31%	100.00%	40.53%

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