Latest Ratios: P/E Ratio 8.8x · EV/EBITDA 11.8x · ROE 8.7%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $897M | $965M | $1.0B | $918M | $839M | $720M | $447M | $516M | $450M | $441M | $668M |
| Enterprise Value | $2.3B | $2.3B | $2.4B | $2.3B | $2.1B | $2.0B | $1.3B | $1.2B | $1.6B | $815M | $1.1B |
| P/E Ratio → | 8.84 | 9.46 | 9.20 | 7.15 | 179.12 | 9.26 | 54.12 | 8.86 | — | — | 19.51 |
| P/S Ratio | 3.61 | 3.88 | 4.84 | 3.18 | 3.83 | 6.01 | 12.09 | 6.82 | 5.60 | 3.59 | 5.87 |
| P/B Ratio | 0.78 | 0.83 | 0.85 | 0.77 | 0.70 | 0.97 | 0.62 | 0.90 | 0.80 | 0.69 | 1.09 |
| P/FCF | 5.59 | 6.01 | 8.58 | 11.94 | 9.72 | — | — | — | — | 55.67 | — |
| P/OCF | 5.59 | 6.01 | 8.58 | 11.94 | 9.72 | — | — | — | — | 55.39 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.36 | 11.40 | 7.91 | 9.80 | 16.76 | 35.21 | 15.37 | 19.66 | 6.63 | 9.64 |
| EV / EBITDA | 11.84 | 12.20 | 20.96 | 10.67 | 12.40 | 25.85 | 158.21 | 20.53 | 30.65 | 8.03 | 11.82 |
| EV / EBIT | 10.67 | 12.20 | 20.96 | 10.67 | 12.40 | 25.85 | 158.21 | 20.53 | 30.67 | 8.03 | 11.83 |
| EV / FCF | — | 14.51 | 20.23 | 29.74 | 24.89 | — | — | — | — | 102.85 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.0% | 74.0% | 59.1% | 100.0% | 100.0% | 72.4% | 46.4% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 85.2% | 85.2% | 54.4% | 74.2% | 79.0% | 64.9% | 22.3% | 74.9% | 64.1% | 82.5% | 81.5% |
| Net Profit Margin | 41.0% | 41.0% | 52.7% | 44.3% | 2.1% | 64.8% | 22.1% | 76.9% | -142.5% | -23.3% | 30.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.7% | 8.7% | 9.2% | 10.7% | 0.5% | 10.6% | 1.3% | 10.3% | -19.0% | -4.6% | 6.1% |
| ROA | 3.8% | 3.8% | 4.1% | 4.8% | 0.2% | 4.0% | 0.6% | 4.8% | -9.6% | -2.4% | 3.1% |
| ROIC | 6.1% | 6.1% | 3.2% | 6.1% | 5.5% | 3.1% | 0.4% | 2.9% | 2.7% | 6.5% | 6.4% |
| ROCE | 8.1% | 8.1% | 4.3% | 8.0% | 7.2% | 4.1% | 0.6% | 6.3% | 5.8% | 8.6% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.23 | 1.23 | 1.22 | 1.20 | 1.21 | 1.85 | 1.32 | 1.17 | 2.02 | 0.88 | 0.88 |
| Debt / EBITDA | 7.49 | 7.49 | 12.75 | 6.71 | 8.36 | 17.67 | 114.72 | 11.81 | 22.16 | 5.57 | 5.78 |
| Net Debt / Equity | — | 1.17 | 1.15 | 1.14 | 1.10 | 1.74 | 1.19 | 1.13 | 2.00 | 0.58 | 0.70 |
| Net Debt / EBITDA | 7.14 | 7.14 | 12.07 | 6.39 | 7.56 | 16.58 | 103.90 | 11.42 | 21.91 | 3.68 | 4.62 |
| Debt / FCF | — | 8.49 | 11.65 | 17.80 | 15.17 | — | — | — | — | 47.18 | — |
| Interest Coverage | 2.24 | 2.24 | 1.33 | 2.53 | 3.04 | 2.35 | 0.42 | 2.17 | 2.15 | 3.47 | 3.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.91 | 3.91 | 4.60 | 10.15 | 4.60 | 9.79 | 16.31 | 8.26 | 0.08 | 12.61 | 11.02 |
| Quick Ratio | 3.91 | 3.91 | 4.60 | 10.15 | 4.60 | 9.79 | 16.31 | 8.26 | 0.08 | 12.61 | 11.02 |
| Cash Ratio | 1.59 | 1.59 | 2.67 | 5.64 | 3.16 | 2.42 | 9.07 | 2.47 | 0.02 | 12.00 | 9.92 |
| Asset Turnover | — | 0.09 | 0.08 | 0.11 | 0.08 | 0.06 | 0.02 | 0.06 | 0.07 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 13.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 122.9% | 122.9% | — | 85.2% | 2002.3% | 68.9% | 383.1% | 46.3% | — | — | 194.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.3% | 10.6% | 10.9% | 14.0% | 0.6% | 10.8% | 1.8% | 11.3% | — | — | 5.1% |
| FCF Yield | 17.9% | 16.6% | 11.6% | 8.4% | 10.3% | — | — | — | — | 1.8% | — |
| Buyback Yield | 0.7% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 14.6% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $105M | $106M | $107M | $103M | $65M | $49M | $50M | $50M | $46M | $36M |
Portfolio credit quality volatility
According to current market data, BBDC trades at a price-to-book ratio of 0.75x, which, based on reported figures, suggests that investors remain skeptical of the underlying asset quality following the integration of legacy portfolios from Sierra and MVC Capital acquisitions.
The current forward P/E of 8.41x appears to price in a conservative growth outlook, likely reflecting market concerns regarding the sustainability of net investment income. This valuation discount relative to peers warrants further investigation into whether the market is over-penalizing the firm for legacy asset marks that may not reflect the current Barings-managed portfolio's true earning potential.
As reported in financial statements, BBDC's ROIC has remained muted, fluctuating between 0.6% and 1.6% over the last ten quarters, which suggests that the firm is struggling to generate meaningful returns on its invested capital base during this period of portfolio transition.
The persistent compression in ROIC appears to be a function of both the integration of lower-yielding legacy assets and the high fixed-cost structure inherent in its external management model. Investors should monitor whether the rotation of these legacy assets into higher-conviction, Barings-originated credits can drive a structural improvement in capital efficiency over the coming fiscal years.
Based on recent SEC filings, the company's DSO has shown significant volatility, peaking at 164 days in 2025Q4, which implies that the timing of interest collections and portfolio adjustments is creating meaningful friction in the firm's ability to manage its working capital efficiently.
This variability in collection cycles suggests that the firm's cash conversion process is highly sensitive to the underlying borrower payment behavior, which may be exacerbated by the diverse nature of the acquired loan books. Such inefficiencies may limit the firm's agility in deploying capital toward new, higher-quality originations without relying on external financing.
As indicated by quarterly financial statements, BBDC maintains a debt-to-equity ratio of 1.23x as of 2026Q1, which suggests that the firm is operating near the midpoint of its target leverage range and possesses limited capacity for aggressive expansion without further dilutive equity capital raises.
The interest coverage ratio, which has trended toward 2.08x, appears to be under pressure, indicating that debt service is becoming less comfortable as the firm navigates a volatile interest rate environment. This leverage profile warrants close monitoring, as any further deterioration in credit quality could trigger covenant constraints or necessitate defensive capital management.
Based on an analysis of BBDC's financial structure, the dividend yield is the most commonly misapplied metric, as it frequently obscures the underlying sustainability of the payout when evaluated against the firm's volatile net investment income and reliance on non-cash PIK interest income.
Investors should prioritize the NII-to-dividend coverage ratio over the headline yield, as the latter may provide a false sense of security regarding the firm's ability to maintain distributions. Relying on yield alone ignores the potential for future dividend adjustments if the portfolio's non-accrual rates rise or if fee support agreements are terminated.
Includes 30+ ratios · 22 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BBDC stock.
Barings BDC, Inc.'s current P/E ratio is 8.8x. The historical average is 24.3x. This places it at the 12th percentile of its historical range.
Barings BDC, Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
Barings BDC, Inc.'s return on equity (ROE) is 8.7%. The historical average is 6.8%.
Based on historical data, Barings BDC, Inc. is trading at a P/E of 8.8x. This is at the 12th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Barings BDC, Inc.'s current dividend yield is 13.90% with a payout ratio of 122.9%.
Barings BDC, Inc. has 74.0% gross margin and 85.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Barings BDC, Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.