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GSBD

Goldman Sachs BDC, Inc.

GSBD

Goldman Sachs BDC, Inc. • NYSE
$10.01 ▲ 1.32% (+0.13)
Market Cap $1.14 B
52w High $13.45
52w Low $9.35
Dividend Yield 0.93%
P/E 8.7
Volume 880.19K
Outstanding Shares 114.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $55.81M ▼ $2.07M ▼ $24.705M ▼ 44.266% ▼ $0.22 ▼ $25.661M ▼
Q2-2025 $68.872M ▼ $2.261M ▼ $39.289M ▲ 57.046% ▲ $0.34 ▲ $40.195M ▼
Q1-2025 $96.94M ▲ $46.004M ▲ $31.553M ▼ 32.549% ▼ $0.27 ▼ $68.384M ▲
Q4-2024 $69.824M ▼ $2.946M ▲ $37.547M ▲ 53.774% ▲ $0.32 $39.175M ▲
Q3-2024 $70.693M $2.588M $37.081M 52.454% $0.32 $38.807M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $115.183M ▲ $3.385B ▼ $1.93B ▲ $1.455B ▼
Q2-2025 $108.036M ▲ $3.41B ▼ $1.897B ▼ $1.513B ▼
Q1-2025 $82.759M ▲ $3.504B ▼ $1.956B ▼ $1.548B ▼
Q4-2024 $61.795M ▲ $3.603B ▲ $2.031B ▲ $1.573B ▼
Q3-2024 $52.957M $3.545B $1.959B $1.586B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.705M ▼ $19.94M ▲ $27.292M ▼ $-40.06M ▲ $7.147M ▼ $19.94M ▲
Q2-2025 $39.289M ▲ $17.7M ▼ $156.758M ▲ $-149.211M ▼ $25.277M ▲ $17.7M ▼
Q1-2025 $31.553M ▼ $44.343M ▼ $89.527M ▲ $-113.047M ▼ $20.964M ▲ $44.343M ▼
Q4-2024 $37.547M ▲ $76.477M ▲ $-63.354M ▼ $-4.138M ▲ $8.838M ▲ $76.477M ▲
Q3-2024 $37.081M $34.127M $69.94M $-112.753M $-8.655M $34.127M

Five-Year Company Overview

Income Statement

Income Statement Over the past several years GSBD has remained consistently profitable, but its earnings have been choppy. Revenue and earnings swung meaningfully from year to year, with one especially strong year recently and a weaker patch before that. This kind of volatility is typical for a business development company that depends on credit spreads, interest rates, and the health of its borrowers. Overall, profitability has held up, but investors should expect results to move around rather than follow a smooth upward path.

Balance Sheet

Balance Sheet The balance sheet looks fairly steady over time. Total assets have hovered in a similar range, suggesting a relatively stable investment portfolio. Debt has crept up but is broadly matched by a solid equity base, which is in line with a leveraged lending model. Cash on hand is deliberately low because capital is meant to be invested in loans, not held idle. In short, the company appears to run with meaningful but not extreme leverage, which is standard for this type of vehicle.

Cash Flow

Cash Flow Cash flow has been lumpy, with some years showing strong inflows and at least one showing modest outflows from operations. Free cash flow essentially mirrors operating cash flow because traditional capital spending is negligible; the real “investment” is in loans and credit exposures. This pattern is typical for a lender, where the timing of loan originations and repayments can swing cash figures from year to year. Over the multi‑year period, cash generation looks adequate but not smooth.

Competitive Edge

Competitive Edge GSBD’s main competitive strength is its tight linkage to the broader Goldman Sachs platform. It benefits from Goldman’s brand, deep relationships, and deal flow in the middle‑market lending space. The firm can draw on experienced credit underwriters, sophisticated risk tools, and a large network to source and structure deals that many smaller rivals may never see. Its focus on senior secured, first‑lien loans adds a more defensive tilt versus some competitors that take on riskier positions, and portfolio companies can tap into Goldman’s broader advisory and capital markets expertise, which reinforces client loyalty.

Innovation and R&D

Innovation and R&D Although it does not innovate like a technology company, GSBD leverages Goldman Sachs’ heavy investment in data, analytics, and risk management systems. The credit platform increasingly uses advanced analytics and is likely to adopt more artificial intelligence over time to evaluate borrowers and monitor portfolios. Product innovation is more about tailoring financing structures than building physical products, but the continuous refinement of underwriting tools and customized lending solutions serves a similar role to R&D in other sectors. The key point is that GSBD benefits from Goldman’s ongoing innovation engine rather than having to build it alone.

Summary

GSBD is a specialized lender that has stayed profitable over the years but shows the typical earnings and cash‑flow swings of a credit‑focused business. Its balance sheet is structured with deliberate leverage but anchored by steady equity, and its cash flows fluctuate as loans are made and repaid. The real differentiator is its integration with Goldman Sachs, which gives it superior access to deals, expertise, and risk technology in a growing private credit market. At the same time, results remain sensitive to credit conditions, interest rates, and borrower performance, so future outcomes will depend heavily on the broader economic and credit cycle environment.

NEWS

November 6, 2025 · 5:17 PM UTC

Goldman Sachs BDC, Inc. Reports September 30, 2025 Financial Results and Announces Fourth Quarterly Base Dividend of $0.32 Per Share and Third Quarter Supplemental Dividend of $0.04 Per Share.

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October 27, 2025 · 4:24 PM UTC

Goldman Sachs BDC, Inc. Schedules Earnings Release and Conference Call to Announce Third Quarter 2025 Results

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September 4, 2025 · 8:03 PM UTC

Goldman Sachs BDC, Inc. Prices Public Offering of $400 Million of 5.650% Unsecured Notes Due 2030

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