GOLUB CAPITAL BDC, Inc. (GBDC) stock analysis
Close on Nov 13, 2026Market cap $3.26BP/E 19.3Yield 13.16%
StockData Score
Prices as of Nov 13, 2026How the score works
Mixed11 of 30 checks passed
Golub Capital Bdc passes 11 of the 30 checks behind our score; 10 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 1/6
- Past performance
- 2/6
- Financial health
- 4/6
- Dividend
- 3/6
What stands out
No debt
Golub Capital Bdc has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 47.0% a year on average over the last five fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 16.4% a year over the last three fiscal years.
Interest well covered
No meaningful interest expense to cover.
What to watch
Margin of safety under 20%
The price is 10.4% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $12.54 is above our fair value estimate of $11.36.
Return on equity under 15%
Return on equity was 4.5% over the last twelve months and averaged 9.5% over five years; we look for 15% on both.
Earnings growth not accelerating
Net income grew -54.3% over the last twelve months, against a 5-year average of 47.0% a year.
Valuation1/6
P/E above its 5-year median
Golub Capital Bdc's P/E of 19.3 is above its own 5-year median of 11.2.
P/E above the industry
Golub Capital Bdc's P/E of 19.3 is above the US market median of 19.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Golub Capital Bdc's price-to-book of 0.88 is below the US market median of 1.86.
Trading above fair value
The share price of $12.54 is above our fair value estimate of $11.36.
Margin of safety under 20%
The price is 10.4% above fair value, so there is no margin of safety.
Growth1/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing 10%+ a year
Diluted EPS grew 16.4% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -54.3% over the last twelve months, against a 5-year average of 47.0% a year.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance2/6
Return on equity under 15%
Return on equity was 4.5% over the last twelve months and averaged 9.5% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Golub Capital Bdc's return on equity of 4.5% is above the US market median of 3.5%.
Earnings grew over 5 years
Net income grew 47.0% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health4/6
No debt
Golub Capital Bdc has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.38; above 3 is the safe zone and below 1.8 the distress zone.
Dividend3/6
Pays a dividend
Golub Capital Bdc paid dividends worth 11.0% of the share price over the last twelve months.
Yield above Treasuries
The 11.0% yield is above the 4.7% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; Golub Capital Bdc yields 11.0%.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 6 fiscal years.
Not covered by earnings
Dividends take 183% of net income, leaving little room.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$11.36
The share price is 10% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 16.0× | 11.2× | 19.3× | $10.43 | 62% |
| P/B | 1.5× | 1.0× | 1.9× | $21.34 | 15% |
| Earnings power | 7.6% cost of equity | – | – | $7.19 | 23% |
| Fair value | $11.36 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 11.2
- US market median 19.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $16.39M
- Value traded per 1% price move
- $19.64M
Downside
Low risk
- Typical loss in a bad month
- 10.5%
- Volatility (annualized)
- 21%
- Sharpe ratio, 1 year
- -0.74
- Beta to the S&P 500 (5Y)
- 0.47
Typical bad-month loss, week by week
Margins need revenue and profit figures
This company does not report the lines needed to calculate margins.
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Net income | +37.6% | +34.9% | +47.0% | – | |
| EPS, diluted | +4.4% | +16.4% | +30.9% | – | |
| Dividend per share | -12.7% | +11.2% | +3.8% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 2.4% | 9.4% | |
| Return on assets | – | – | 4.3% | |
| Diluted shares | – | 149M | 266M |
Cash use needs five years of cash flow figures
Golub Capital Bdc does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$376.65M
- Cash generatingOperating cash flow above zero-$113.59M
- Return on assets improvedROA up on the prior year4.8% → 4.3%
- Earnings backed by cashOperating cash flow above net income-$113.59M vs $376.65M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise201M → 266M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –
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