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Golub Capital BDC (GBDC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Golub Capital BDC
NasdaqGS•Financial Services•Asset Management
$12.45+0.02(<0.01%)Pre-market
Market Cap
$3.34B
P/E
19.4x
P/S
4.2x
P/B
0.9x

Golub Capital BDC, Inc. (GBDC) is a Private Debt, business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails. It seeks to invest in the United States. It primarily invests in first lien traditional senior debt, first lien one stop, junior debt and equity, senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants.

C

How this company scores

AverageMetricSide Score: 44/100

Strongest: Cash & Earnings Quality (20/25); weakest: Growth (5/25).

Profitability10/25
Growth5/25
Balance Sheet & Red Flags9/25
Cash & Earnings Quality20/25
Strengths
Strong marginsCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 19.4x5y range 7.4x – 19.4x
P/E 19.4x · above its 13-quarter median

Currently above its 13-quarter median.

P/S · 4.2x5y range 2.8x – 5.1x
P/S 4.2x · near its 13-quarter median

Currently near its 13-quarter median.

P/B · 0.9x5y range 0.7x – 1.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Price & Volume
Market Cap $3.34B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$800.71M
4Q
Q. Revenue
$187.73M
4Q
TTM EBITDA
$367.29M
4Q
TTM Op. Income
$367.29M
4Q
Q. Op. Income
$85.22M
4Q
TTM Net Income
$171.75M
3Q
Q. Net Income
$57.01M
37%
EPS
$0.29
72%
Shares Out.
$262.27M
3Q
$800.71M in TTM revenue declined 8.7% YoY, reaching $187.73M last quarter. TTM EBITDA of $367.29M and TTM operating income of $367.29M show growth is flowing through to the bottom line. TTM net income of $171.75M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 4 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
45.4%
2Q
EBITDA Margin
45.4%
2Q
Op. Margin
45.4%
2Q
Net Margin
30.4%
26%
Op. margin of 45.4% is down 1.0% YoY — costs are rising relative to revenue. Net margin at 30.4% and gross margin of 45.4% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
19.4x
3Q
P/S Ratio
4.2x
6%
P/B Ratio
0.9x
8%
At 19.4x P/E, the stock trades within typical market levels. P/S of 4.2x and P/B of 0.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$8.34B
4Q
Cash
$70.66M
2Q
Long-Term Debt
$4.54B
4Q
Book Value
$3.70B
5Q
D/E Ratio
1.2
5%
Debt/EBITDA
53.2
5%
With $8.34B in assets and $4.54B in long-term debt, D/E is 1.2and book value is $3.70B — moderate leverage. Over the past year, debt/equity is down 5% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$192.74M
196%
TTM Free Cash Flow
$919.64M
4Q
FCF Margin
114.9%
4Q
FCF / Net Income
5.4
4Q
TTM FCF of $919.64M on $192.74M in operating cash flow. The FCF / Net Income ratio of 5.4x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.

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P/B 0.9x
· near its 16-quarter median

Currently near its 16-quarter median.

Share Dilution

Red Flag

Shares outstanding increased 30.3% — significant dilution, likely from stock compensation or capital raises.