Latest Ratios: P/E Ratio 8.7x · EV/EBITDA 12.1x · ROE 8.0%. (2012–2025 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 | $1.0B | $1.1B | $1.4B | $1.6B | $1.4B | $1.9B | $1.0B | $858M | $739M | $857M | $854M |
| Enterprise Value | $2.8B | $2.9B | $3.3B | $3.4B | $3.4B | $3.8B | $2.6B | $1.6B | $1.4B | $1.4B | $1.3B |
| P/E Ratio → | 8.74 | 9.01 | 22.00 | 8.09 | 25.41 | 10.14 | 5.87 | 23.64 | 13.72 | 17.33 | 21.00 |
| P/S Ratio | 4.18 | 4.42 | 7.21 | 3.49 | 10.31 | 8.51 | 5.53 | 10.78 | 8.36 | 11.31 | 13.76 |
| P/B Ratio | 0.73 | 0.75 | 0.88 | 0.99 | 0.93 | 1.21 | 0.64 | 1.27 | 1.04 | 1.18 | 1.28 |
| P/FCF | 3.11 | 3.29 | 564.73 | 5.28 | 51.13 | — | 6.22 | — | — | — | — |
| P/OCF | 3.11 | 3.29 | 564.73 | 5.28 | 51.13 | — | 6.22 | — | — | — | — |
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 | — | 11.99 | 16.92 | 7.39 | 24.80 | 16.48 | 14.08 | 20.33 | 15.75 | 18.33 | 21.70 |
| EV / EBITDA | 12.12 | 12.38 | 47.63 | — | 56.55 | 19.46 | 14.79 | 42.82 | 24.86 | 27.16 | 32.33 |
| EV / EBIT | 11.94 | 12.38 | 47.63 | 9.25 | 56.55 | 19.46 | 14.79 | 42.82 | 24.86 | 27.16 | 32.33 |
| EV / FCF | — | 8.93 | 1324.84 | 11.18 | 123.04 | — | 15.84 | — | — | — | — |
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 | 75.4% | 75.4% | 40.9% | 100.0% | 41.6% | 74.3% | 78.6% | 54.4% | 70.3% | 74.1% | 77.0% |
| Operating Margin | 98.4% | 98.4% | 35.5% | 79.9% | 43.9% | 84.7% | 95.2% | 47.5% | 63.4% | 67.5% | 67.1% |
| Net Profit Margin | 49.2% | 49.2% | 32.7% | 43.1% | 40.4% | 84.0% | 94.4% | 45.4% | 60.8% | 65.4% | 65.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | 4.0% | 12.6% | 3.5% | 11.9% | 15.4% | 5.2% | 7.5% | 7.1% | 6.0% |
| ROA | 3.4% | 3.4% | 1.8% | 5.5% | 1.5% | 5.6% | 7.4% | 2.5% | 4.0% | 4.0% | 3.5% |
| ROIC | 5.3% | 5.3% | 1.5% | 7.8% | 1.3% | 4.3% | 5.7% | 2.0% | 3.2% | 3.2% | 2.8% |
| ROCE | 7.0% | 7.0% | 2.0% | 10.4% | 1.7% | 5.8% | 8.7% | 4.5% | 6.6% | 6.3% | 4.4% |
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 | 1.32 | 1.32 | 1.23 | 1.14 | 1.34 | 1.15 | 1.01 | 1.14 | 0.93 | 0.75 | 0.75 |
| Debt / EBITDA | 7.99 | 7.99 | 28.23 | — | 33.72 | 9.59 | 9.16 | 20.37 | 11.77 | 10.62 | 11.95 |
| Net Debt / Equity | — | 1.29 | 1.19 | 1.11 | 1.31 | 1.13 | 0.99 | 1.12 | 0.92 | 0.73 | 0.74 |
| Net Debt / EBITDA | 7.81 | 7.81 | 27.32 | — | 33.05 | 9.42 | 8.98 | 20.12 | 11.66 | 10.39 | 11.84 |
| Debt / FCF | — | 5.63 | 760.10 | 5.90 | 71.91 | — | 9.62 | — | — | — | — |
| Interest Coverage | 2.11 | 2.11 | 0.60 | 3.26 | 0.75 | 3.29 | 4.45 | 1.04 | 2.13 | 2.61 | 2.92 |
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 | 0.95 | 0.95 | 1.21 | 1.45 | 1.20 | 0.94 | 1.01 | 0.02 | 0.03 | 0.05 | 0.04 |
| Quick Ratio | 0.95 | 0.95 | 1.21 | 1.45 | 1.20 | 0.94 | 1.01 | 0.02 | 0.03 | 0.05 | 0.04 |
| Cash Ratio | 0.59 | 0.59 | 0.83 | 0.84 | 0.66 | 0.56 | 0.58 | 0.01 | 0.01 | 0.03 | 0.01 |
| Asset Turnover | — | 0.07 | 0.05 | 0.13 | 0.04 | 0.06 | 0.06 | 0.05 | 0.06 | 0.06 | 0.05 |
| 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 | 22.4% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 195.8% | 195.8% | 314.5% | 97.5% | 327.3% | 100.3% | 82.7% | 193.2% | 131.1% | 136.1% | 159.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.4% | 11.1% | 4.5% | 12.4% | 3.9% | 9.9% | 17.1% | 4.2% | 7.3% | 5.8% | 4.8% |
| FCF Yield | 32.1% | 30.4% | 0.2% | 19.0% | 2.0% | — | 16.1% | — | — | — | — |
| Buyback Yield | 5.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 27.6% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $116M | $115M | $108M | $102M | $102M | $54M | $40M | $40M | $39M | $36M |
Elevated leverage and credit
As reported in financial statements, GSBD trades at a price-to-book ratio of 0.77, which suggests that the market is pricing in significant credit risk or potential future NAV erosion compared to the broader BDC peer group, where many institutional-backed entities trade closer to parity.
The current P/E of 9.19x appears to reflect investor skepticism regarding the sustainability of earnings in a high-rate environment. This valuation discount warrants further investigation into whether the market is correctly identifying structural risks in the unitranche portfolio or if the stock is currently mispriced relative to its long-term dividend capacity.
Based on the provided quarterly data, GSBD's net margin has experienced extreme fluctuations, dropping to -17.4% in 2026Q1, which indicates that the firm's core earning power is highly sensitive to non-recurring valuation adjustments rather than consistent, cash-based interest income from its underlying loan portfolio.
The wide variance between gross and net margins suggests that the company's profitability is frequently impacted by unrealized losses on Level 3 assets. Investors should monitor whether these margin swings are temporary valuation noise or indicative of a structural deterioration in the quality of the underlying credit originations.
According to recent SEC filings, GSBD's debt-to-equity ratio has trended upward to 1.39x as of 2026Q1, signaling a gradual erosion of the balance sheet cushion and potentially limiting the firm's capacity to fund new originations without resorting to dilutive equity issuance in the near term.
Operating near the upper bound of its historical leverage range leaves the company with limited room to maneuver during periods of market stress. This elevated leverage profile suggests that the firm's ability to absorb potential credit defaults is becoming increasingly constrained compared to more conservatively capitalized peers.
As indicated by the company's financial data, asset turnover has remained consistently low at approximately 0.02, which reflects the inherent nature of a BDC's long-duration loan portfolio and suggests that the firm's ability to generate revenue is primarily driven by yield rather than rapid capital recycling.
The lack of improvement in asset turnover implies that the firm is not significantly accelerating its portfolio rotation to capture higher market rates. This stability in turnover suggests that revenue growth is largely dependent on the existing portfolio's performance rather than operational efficiency gains.
The market frequently misapplies the dividend yield as a proxy for total return, yet as reported in financial statements, GSBD's consistent payout during periods of negative net income suggests that distributions may be funded by capital recycling rather than sustainable, recurring earnings from the loan portfolio.
Investors should prioritize the analysis of NAV per share stability over the headline dividend yield, as the latter can mask underlying capital depletion. Relying on yield alone ignores the potential for long-term value destruction if the firm's dividend policy outpaces its organic capital generation.
Includes 30+ ratios · 14 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 GSBD stock.
Goldman Sachs BDC, Inc.'s current P/E ratio is 8.7x. The historical average is 15.5x. This places it at the 18th percentile of its historical range.
Goldman Sachs BDC, Inc.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.0x.
Goldman Sachs BDC, Inc.'s return on equity (ROE) is 8.0%. The historical average is 7.6%.
Based on historical data, Goldman Sachs BDC, Inc. is trading at a P/E of 8.7x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Goldman Sachs BDC, Inc.'s current dividend yield is 22.45% with a payout ratio of 195.8%.
Goldman Sachs BDC, Inc. has 75.4% gross margin and 98.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Goldman Sachs BDC, Inc.'s Debt/EBITDA ratio is 8.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.