Kayne Anderson BDC, Inc. (KBDC) stock analysis

KBDCNYSEFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 9/3051% below fair value

$12.99+0.03 (+0.23%)

Close on Nov 11, 2026Market cap $857.83MP/E 7.8Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Mixed9 of 30 checks passed

Kayne Anderson BDC passes 9 of the 30 checks behind our score; 15 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: 5/6
Growth: 0/6
Past performance: 1/6
Financial health: 0/6
Dividend: 3/6

What stands out

Margin of safety over 20%
The price is 50.9% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $12.99 is below our fair value estimate of $26.47.
P/E below its 5-year median
Kayne Anderson BDC's P/E of 7.8 is below its own 5-year median of 7.8.
P/E below the industry
Kayne Anderson BDC's P/E of 7.8 is below the US market median of 19.5.

What to watch

Return on equity under 15%
Return on equity was 8.4% over the last twelve months and averaged 11.8% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -8.8%, below the 10% that usually covers the cost of capital.
EPS growing under 10% a year
Diluted EPS grew 4.1% a year over the last three fiscal years.
Interest not well covered
Operating income covers interest expense -1.5 times; we look for at least 5.

Valuation5/6

P/E below its 5-year median
Kayne Anderson BDC's P/E of 7.8 is below its own 5-year median of 7.8.
P/E below the industry
Kayne Anderson BDC's P/E of 7.8 is below the US market median of 19.5.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Kayne Anderson BDC's price-to-book of 0.83 is below the US market median of 1.92.
Trading below fair value
The share price of $12.99 is below our fair value estimate of $26.47.
Margin of safety over 20%
The price is 50.9% below fair value, more than the 20% cushion we look for.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing under 10% a year
Diluted EPS grew 4.1% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
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 performance1/6

Return on equity under 15%
Return on equity was 8.4% over the last twelve months and averaged 11.8% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -8.8%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Kayne Anderson BDC's return on equity of 8.4% is above the US market median of 3.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health0/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest not well covered
Operating income covers interest expense -1.5 times; we look for at least 5.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.21; above 3 is the safe zone and below 1.8 the distress zone.

Dividend3/6

Pays a dividend
Kayne Anderson BDC paid dividends worth 12.3% of the share price over the last twelve months.
Yield above Treasuries
The 12.3% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; Kayne Anderson BDC yields 12.3%.
Dividend stability
Fewer than five years of dividend history.
Not covered by earnings
Dividends take 132% of net income, leaving little room.
Cash-flow cover
Needs dividends paid and free cash flow.

Fair value

How we estimate it

Our estimate per share

$26.47

The share price is 51% below this estimate.

20%+ below

Near fair value

20%+ above

$12.99Price$26.47Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	16.0×	7.8×	19.5×	$26.73	80%
P/B	1.6×	0.9×	1.9×	$25.42	20%
Fair value				$26.47	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 7.8
US market median 19.5

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: $5.23M
Value traded per 1% price move: $5.05M

Downside

Low risk

Typical loss in a bad month: 7.6%
Volatility (annualized): 21%
Sharpe ratio, 1 year: -0.63
Beta to the S&P 500 (5Y): 0.41

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years	Five-year pace
Net income	-29.0%	+27.0%	–	–
EPS, diluted	-17.7%	+4.1%	–	–

Returns and balance sheet

6 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2020	FY2020	FY2025
Return on equity	–	–	8.2%
Return on assets	–	–	4.3%
Interest coverage	–	–	-1.5×
Diluted shares	–	–	70M

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