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GBDC

Golub Capital BDC, Inc.

GBDC

Golub Capital BDC, Inc. • NASDAQ
$14.09 ▲ 0.93% (+0.13)
Market Cap $3.75 B
52w High $16.01
52w Low $12.68
Dividend Yield 1.56%
P/E 9.92
Volume 313.02K
Outstanding Shares 266.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $217.841M ▲ $217.841M ▲ $0 ▼ 0% ▼ $0.36 ▲ $0 ▼
Q3-2025 $166.304M ▲ $8.172M ▲ $90.058M ▲ 54.153% ▲ $0.34 ▲ $89.847M ▲
Q2-2025 $154.107M ▼ $7.837M ▼ $78.984M ▼ 51.253% ▼ $0.3 ▼ $78.838M ▼
Q1-2025 $195.781M ▲ $7.996M ▲ $111.314M ▲ 56.856% ▼ $0.42 ▲ $110.787M ▲
Q4-2024 $158.47M $-853K $95.199M 60.074% $0.36 $95.096M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $100.762M ▲ $8.978B ▼ $4.996B ▼ $3.983B ▼
Q3-2025 $99.756M ▼ $9.237B ▲ $5.241B ▲ $3.995B ▼
Q2-2025 $116.927M ▲ $8.95B ▼ $4.906B ▼ $4.043B ▲
Q1-2025 $110.277M ▼ $9.009B ▲ $4.991B ▲ $4.018B ▲
Q4-2024 $131.164M $8.706B $4.691B $4.015B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $90.058M ▲ $-200.417M ▼ $1.125B ▲ $132.681M ▲ $-67.611M ▼ $-200.417M ▼
Q2-2025 $78.984M ▼ $195.439M ▲ $0 $-170.093M ▼ $25.51M ▲ $195.439M ▲
Q1-2025 $111.314M ▲ $-374.735M ▼ $0 $238.136M ▲ $-138.678M ▼ $-374.735M ▼
Q4-2024 $95.199M ▲ $-200.028M ▼ $0 $93.676M ▲ $-105.162M ▼ $-200.028M ▼
Q3-2024 $9.252M $230.928M $0 $-226.906M $4.366M $230.928M

Five-Year Company Overview

Income Statement

Income Statement Earnings have been reasonably resilient, with a clear dip a few years ago followed by a solid recovery. Revenue has generally trended higher over time as the lending portfolio has grown, although the most recent year shows strong profit levels even on slightly lower revenue, suggesting better margins and more efficient deployment of capital. The temporary earnings weakness in the middle of the period likely reflects credit marks and market volatility rather than a broken business model, which is common for business development companies. Overall, profitability today looks healthier than in that weaker year, but results can still swing with credit conditions and interest rates.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with both total assets and equity increasing, indicating a larger lending platform and a stronger capital base. Debt has also grown, which is expected for a lender using leverage, but it does mean the business is more exposed to funding costs and credit stress than it used to be. Equity has kept pace with this growth, which helps support the higher leverage and suggests a deliberate, scaled build‑out rather than unchecked balance sheet expansion. The modest cash position is typical for this kind of firm, which prefers to keep money working in loans rather than idle.

Cash Flow

Cash Flow Cash generation has improved noticeably. Earlier in the period, operating cash flow was negative, reflecting heavy net investment into new loans and portfolio growth, which is not unusual for a growing BDC. More recently, operating cash flow has turned clearly positive, and with virtually no capital spending needs, free cash flow has followed the same path. That healthier cash profile supports interest payments and dividends, but investors should expect cash flows to remain lumpy as loan originations and repayments ebb and flow with market conditions.

Competitive Edge

Competitive Edge Golub Capital BDC sits in a strong niche within middle‑market private credit, anchored by long‑standing relationships with a wide network of private equity sponsors. Its focus on first‑lien, senior secured lending emphasizes capital preservation, giving it priority claims in stressed situations and helping keep credit losses in check over time. The link to the broader Golub Capital platform adds scale, brand strength, and deep underwriting expertise that many smaller competitors lack. Its reputation for flexible “one‑stop” financing solutions also makes it a preferred partner for sponsors who value speed, certainty, and simplicity, though the firm still faces cyclical credit and competition risks inherent to the private lending space.

Innovation and R&D

Innovation and R&D While not a technology company, Golub Capital BDC has invested heavily in proprietary systems and data infrastructure that sit behind its lending decisions. These tools appear to support sourcing, underwriting, and ongoing monitoring of loans, helping the team analyze risk, track sponsor relationships, and spot problems earlier in portfolio companies. Innovation here is less about flashy products and more about process: refining credit models, improving workflow, and structuring tailored loan products like its branded “one‑stop” and GOLD offerings. Continued enhancements to analytics, automation, and funding structures should help it manage risk and scale more efficiently, even if the details remain largely behind the scenes.

Summary

Golub Capital BDC today looks like a scaled, specialized private credit platform with improving earnings, a larger and more leveraged balance sheet, and stronger cash generation than a few years ago. Its core strengths lie in deep sponsor relationships, a conservative focus on senior secured loans, and disciplined underwriting supported by a robust technology and data backbone. The business is structurally exposed to credit cycles, borrower health, and funding costs, so results may remain somewhat volatile across different environments. Overall, the story is of a relationship‑driven lender that has leaned on risk discipline and operational innovation to grow its middle‑market franchise, with future performance hinging on credit quality, the interest rate backdrop, and its ability to keep scaling without sacrificing underwriting standards.

NEWS

November 18, 2025 · 4:10 PM UTC

Golub Capital BDC, Inc. Announces Fiscal Year 2025 Fourth Quarter Financial Results

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October 7, 2025 · 4:10 PM UTC

Golub Capital BDC, Inc. Schedules Release of Fiscal Year 2025 Fourth Quarter Results

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September 19, 2025 · 4:05 PM UTC

Golub Capital BDC, Inc. Prices Public Offering of $250 Million 7.050% Notes Due 2028

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