Latest Ratios: P/E Ratio 9.0x · EV/EBITDA 11.9x · ROE 9.4%. (2009–2025 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 | $3.3B | $3.6B | $3.0B | $2.5B | $2.1B | $2.7B | $2.0B | $1.2B | $1.2B | $1.1B | $1.0B |
| Enterprise Value | $8.2B | $8.5B | $7.5B | $5.5B | $5.1B | $5.0B | $4.0B | $3.3B | $2.0B | $1.8B | $1.9B |
| P/E Ratio → | 8.98 | 9.64 | 11.11 | 9.65 | 13.77 | 7.79 | 35.78 | — | 14.10 | 12.98 | 13.96 |
| P/S Ratio | 3.81 | 4.18 | 4.98 | 4.36 | 6.11 | 6.40 | 13.91 | 39.96 | 9.58 | 8.99 | 7.96 |
| P/B Ratio | 0.85 | 0.91 | 0.76 | 0.98 | 0.83 | 1.03 | 0.82 | 0.56 | 1.19 | 1.12 | 1.16 |
| P/FCF | — | — | 8.84 | 12.79 | — | — | 10.50 | — | — | 17.22 | — |
| P/OCF | — | — | 8.84 | 12.79 | — | — | 10.50 | — | — | 17.22 | — |
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 | — | 9.78 | 12.29 | 9.69 | 14.63 | 12.11 | 27.98 | 108.40 | 16.51 | 15.48 | 14.59 |
| EV / EBITDA | 11.93 | 12.39 | 15.71 | 13.02 | 20.75 | 14.75 | 72.25 | — | 24.33 | 22.40 | 20.06 |
| EV / EBIT | 11.93 | 12.39 | 15.71 | 13.02 | 20.75 | 14.75 | 72.25 | — | 24.33 | 22.40 | 20.06 |
| EV / FCF | — | — | 21.83 | 28.39 | — | — | 21.12 | — | — | 29.65 | — |
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 | 81.5% | 81.5% | 81.6% | 74.7% | 73.8% | 84.2% | 47.2% | -41.0% | 72.5% | 73.5% | 100.0% |
| Operating Margin | 78.9% | 78.9% | 78.9% | 74.4% | 70.5% | 82.1% | 38.7% | -60.2% | 67.9% | 69.1% | 72.8% |
| Net Profit Margin | 43.2% | 43.2% | 44.8% | 47.5% | 44.9% | 82.0% | 38.7% | -60.2% | 67.9% | 69.1% | 54.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 8.3% | 10.7% | 6.1% | 13.7% | 2.4% | -1.2% | 8.5% | 9.0% | 8.2% |
| ROA | 4.3% | 4.3% | 3.8% | 4.8% | 2.9% | 7.1% | 1.2% | -0.6% | 4.6% | 4.7% | 4.1% |
| ROIC | 5.9% | 5.9% | 5.1% | 5.7% | 3.4% | 5.4% | 0.9% | -0.5% | 3.5% | 3.6% | 4.2% |
| ROCE | 7.8% | 7.8% | 6.7% | 7.5% | 4.5% | 7.1% | 1.3% | -0.6% | 4.6% | 4.7% | 5.5% |
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 | 1.15 | 1.22 | 1.21 | 0.99 | 0.84 | 0.95 | 0.87 | 0.81 | 0.98 |
| Debt / EBITDA | 7.13 | 7.13 | 9.62 | 7.32 | 12.60 | 7.49 | 36.77 | — | 10.28 | 9.44 | 9.24 |
| Net Debt / Equity | — | 1.22 | 1.11 | 1.20 | 1.16 | 0.92 | 0.83 | 0.95 | 0.86 | 0.81 | 0.97 |
| Net Debt / EBITDA | 7.09 | 7.09 | 9.35 | 7.15 | 12.09 | 6.95 | 36.31 | — | 10.21 | 9.39 | 9.12 |
| Debt / FCF | — | — | 12.99 | 15.60 | — | — | 10.62 | — | — | 12.43 | — |
| Interest Coverage | 2.45 | 2.45 | 2.25 | 2.97 | 2.73 | 5.18 | 0.73 | -0.43 | 2.47 | 2.61 | 3.36 |
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 | 5.35 | 5.35 | 3.66 | 5.17 | 3.97 | 6.46 | 7.02 | 0.44 | 0.52 | 0.53 | 5.25 |
| Quick Ratio | 5.35 | 5.35 | 3.66 | 5.17 | 3.97 | 6.46 | 7.02 | 0.44 | 0.52 | 0.53 | 5.25 |
| Cash Ratio | 0.62 | 0.62 | 2.34 | 2.82 | 2.11 | 5.87 | 0.86 | 0.12 | 0.25 | 0.21 | 0.60 |
| Asset Turnover | — | 0.10 | 0.07 | 0.10 | 0.06 | 0.08 | 0.03 | 0.01 | 0.07 | 0.07 | 0.07 |
| 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 | 10.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 97.9% | 97.9% | 123.5% | 70.4% | 99.8% | 40.9% | 248.6% | — | 86.7% | 93.3% | 86.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.1% | 10.4% | 9.0% | 10.4% | 7.3% | 12.8% | 2.8% | — | 7.1% | 7.7% | 7.2% |
| FCF Yield | — | — | 11.3% | 7.8% | — | — | 9.5% | — | — | 5.8% | — |
| Buyback Yield | 2.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 13.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $266M | $201M | $170M | $171M | $168M | $149M | $65M | $62M | $57M | $55M |
Portfolio credit quality deterioration
According to current market data, GBDC trades at a P/B ratio of 0.84, which, when compared to its historical averages and peer group, suggests that investors are pricing in significant concerns regarding the underlying quality of the loan portfolio and potential future credit losses.
The current P/E multiple of 8.87 appears to reflect a market skeptical of the sustainability of earnings in a high-rate environment. This valuation level warrants further investigation, as it may undervalue the firm's incumbency advantage if credit defaults remain contained, or conversely, it may be an accurate reflection of the risks inherent in the current portfolio.
Based on reported figures, GBDC's ROIC has trended downward to 0.2% in 2026Q2, a sharp decline from the 1.8% peak observed in 2024Q2, indicating that the firm is struggling to generate meaningful returns on its invested capital amidst a more challenging middle-market credit environment.
The decay in ROIC suggests that the firm's ability to compound value is currently impaired by both margin compression and potential asset impairments. Investors should monitor whether this trend is a temporary byproduct of the recent merger integration or a more permanent shift in the firm's ability to deploy capital effectively.
As reported in recent financial statements, GBDC's DSO has fluctuated significantly, reaching 35 days in 2026Q2 compared to 31 days in 2026Q1, which suggests that the timing of interest collections and loan repayments is becoming less predictable, potentially impacting the firm's overall working capital efficiency.
The inconsistency in these efficiency metrics appears to mirror the broader volatility in the firm's cash flow profile. This lack of stability in the cash conversion cycle may indicate that the firm is facing increased friction in its collection processes, which warrants further investigation into the health of its underlying borrower base.
The P/E ratio is frequently misapplied to GBDC, as it fails to account for the non-cash mark-to-market adjustments on Level 3 assets that distort net income, making it a poor proxy for the firm's actual cash-generating capacity and dividend-paying ability.
Analysts should instead prioritize Net Investment Income (NII) as the primary metric for evaluating performance, as it better reflects the recurring interest income generated by the loan book. Relying on P/E ratios obscures the impact of unrealized gains and losses, which can lead to flawed conclusions regarding the firm's true earning power.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying GBDC stock.
Golub Capital BDC, Inc.'s current P/E ratio is 9.0x. The historical average is 13.4x. This places it at the 7th percentile of its historical range.
Golub Capital BDC, Inc.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.9x.
Golub Capital BDC, Inc.'s return on equity (ROE) is 9.4%. The historical average is 9.2%.
Based on historical data, Golub Capital BDC, Inc. is trading at a P/E of 9.0x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Golub Capital BDC, Inc.'s current dividend yield is 10.86% with a payout ratio of 97.9%.
Golub Capital BDC, Inc. has 81.5% gross margin and 78.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Golub Capital BDC, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.