8-K Announcements
6Material company update
May 4, 2026·SEC
Material company update
May 4, 2026·SEC
Material company update
Apr 6, 2026·SEC
Golub Capital BDC, Inc.(GBDC)Earnings, Financials & Key Ratios
GBDC•NASDAQ
$12.75
9.0× P/E·Price updated Jul 7, 2026
AboutGolub Capital BDC, Inc. (GBDC) is a 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.Show more
- EBITDA$687M+43.8%
- Net Income$376M+37.4%
- EPS (Diluted)1.42+4.4%
- Gross Margin81.49%-0.1%
- EBITDA Margin78.94%+0.9%
- Operating Margin78.94%
- Net Margin43.19%-3.6%
- ROE9.41%+12.7%
GBDC Price & Volume
Golub Capital BDC, Inc. (GBDC) stock price & volume — 10-year historical chart
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Earnings Volatility Challenges Golub Capital Dividend Sustainability
Investment Thesis • Updated 2026Q2
VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Strained
Cash Flow:Deteriorating
Primary Risk:Portfolio credit quality deterioration
Key Thesis Takeaways
- Golub Capital BDC faces significant headwinds as recent mark-to-market adjustments on Level 3 assets contributed to a $46.8 million net loss in 2026Q2.
- While the firm maintains a high 11.0% dividend yield, the disconnect between operating cash flow and shareholder distributions suggests potential reliance on balance sheet maneuvers to sustain payouts.
- Investors should monitor whether the recent contraction in total assets to $8.5 billion represents a strategic pivot or a forced deleveraging in a tightening credit environment.
Verdict Logic
the firm's OCF/NI ratio swung to a negative 0.76x in 2026Q2, signaling that reported earnings are currently an unreliable indicator of the cash-generating capacity required to support the 11.0% dividend yield.
GBDC Growth Metrics
Golub Capital BDC, Inc. (GBDC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years24.01%
5 Years43.78%
3 Years35.99%
TTM-
Profit CAGR
10 Years18.18%
5 Years46.96%
3 Years34.22%
TTM-30.5%
EPS CAGR
10 Years-0.14%
5 Years30.86%
3 Years16.42%
TTM-31.63%
Return on Capital
10 Years4.93%
5 Years6.75%
3 Years7.35%
Last Year7.82%
GBDC Recent Earnings
Golub Capital BDC, Inc. (GBDC) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 4, 2026Metric
Actual
Est
EPS
$0.34-5.6%
$0.36
Rev
$188M-6.7%
$202M
Q1 2026
Feb 4, 2026Metric
Actual
Est
EPS
$0.38+0.0%
$0.38
Rev
$207M-1.3%
$210M
Q4 2025
Nov 18, 2025Metric
Actual
Est
EPS
$0.39-0.3%
$0.39
Rev
$184M-16.8%
$222M
Q3 2025
Aug 4, 2025Metric
Actual
Est
EPS
$0.39+2.6%
$0.38
Rev
$219M-1.0%
$221M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $0.34vs $0.36-5.6% | $188Mvs $202M-6.7% |
| Q1 2026 | Feb 4, 2026 | $0.38vs $0.38+0.0% | $207Mvs $210M-1.3% |
| Q4 2025 | Nov 18, 2025 | $0.39vs $0.39-0.3% | $184Mvs $222M-16.8% |
| Q3 2025 | Aug 4, 2025 | $0.39vs $0.38+2.6% | $219Mvs $221M-1.0% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Golub Capital BDC, Inc. (GBDC)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $12.75 | $3.32B | 8.98 | 42.5% | 43.19% | 9.41% | 10.86% | |
| $18.47 | $13.26B | 9.93 | 32.87% | 43.69% | 8.11% | — | |
| $4.90 | $991.12M | 6.45 | -18.64% | — | — | — | |
| $4.75 | $192.85M | 3.89 | 36.55% | -19.55% | -3.39% | — | |
| $10.39 | $722.08M | 10.29 | 17.9% | 23.81% | 4.42% | — | |
| $12.03 | $1.06B | 30.85 | 60.93% | 17.43% | 3.45% | — |
Compare GBDC vs Peers
Golub Capital BDC, Inc. (GBDC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
GBDC SEC Filings & Documents
Golub Capital BDC, Inc. (GBDC) SEC filings — annual & quarterly reports (10-K, 10-Q)
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GBDC Frequently Asked Questions
Golub Capital BDC, Inc. (GBDC) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Golub Capital BDC, Inc.'s revenue?
Golub Capital BDC, Inc. (GBDC) reported $761.4M in revenue for fiscal year 2025.
How fast is Golub Capital BDC, Inc. growing?
Golub Capital BDC, Inc. (GBDC) grew revenue by 42.5% over the past year. This is strong growth.
Is GBDC profitable?
Yes, Golub Capital BDC, Inc. (GBDC) is profitable, generating $204.9M in net income for fiscal year 2025 (43.2% net margin).
Dividend & Returns
Does GBDC pay dividends?
Yes, Golub Capital BDC, Inc. (GBDC) pays a dividend with a yield of 10.86%. This makes it attractive for income-focused investors.
What is GBDC's return on equity?
Golub Capital BDC, Inc. (GBDC) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.
What is Golub Capital BDC, Inc.'s free cash flow?
Golub Capital BDC, Inc. (GBDC) generated $313.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.