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Earnings transcript
Read the complete earnings call transcript.
GBDC
Golub Capital BDC, Inc.
$12.7
0.2
(1.6%)
| Exchange: | NASDAQ |
| Market Cap: | 3.343B |
| Shares Outstanding: | 18.362M |
About The Company
| Sector: | Financial Services | |||||
| Industry: | Asset Management | |||||
| CEO: | David Golub | |||||
| Full Time Employees: | 875 | |||||
| Address: |
| |||||
| Website: | https://www.golubcapitalbdc.com |
Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails. It seeks to invest in the United States. It primarily invests in first lien traditional senior debt, first lien one stop, junior debt and equity, senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 427,664 | 475,729 | 688,456 |
| Gross Profit | 284,434 | 272,570 | 407,833 |
| EBITDA | 262,212 | 274,360 | 375,608 |
| Operating Income | 262,212 | 274,360 | 375,608 |
| Net Income | 258,631 | 273,785 | 376,646 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 5,733,472 | 8,705,978 | 8,978,299 |
| Total Liabilities | 3,185,594 | 4,691,449 | 4,995,732 |
| Total Stockholders Equity | 2,547,878 | 4,014,529 | 3,982,567 |
| Total Debt | 3,117,719 | 4,599,430 | 0 |
| Cash and Cash Equivalents | 69,825 | 131,164 | 100,762 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 195,370 | 343,914 | -113,593 |
| Capital Expenditure | 0 | 0 | 0 |
| Free Cash Flow | 195,370 | 343,914 | -113,593 |
| Net Income | 258,631 | 273,785 | -4,168 |
| Net Change in Cash | -40,347 | 219,346 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 764,322.850 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 764,322.950 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 764,322.900 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 483,608.124 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 483,608.187 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 483,608.156 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 326,155.093 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 344,679.287 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 335,417.190 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 27,633.888 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 27,633.891 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 27,633.890 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 1.260 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 1.300 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 1.230 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 1 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: GBDC reported a strong quarter in the fiscal period ended December 31, 2024, as highlighted in the earnings call transcript. Key financial results indicate solid revenue and net income figures, supported by consistent operating cash flow and free cash flow as per the cash flow statements, reflecting operational efficiency.
- Middle-Market Focus: The company’s strategic emphasis on the middle-market lending space, as reiterated in the earnings call, provides a competitive advantage by targeting a niche with less competition and potentially higher yields, aligning with its core business model described in the company profile.
- High Dividend Yield: GBDC’s dividend yield (as per key metrics TTM) remains attractive for income-focused investors, supported by stable net dividends paid in the cash flow statements, positioning it favorably within the financial sector for yield-seeking portfolios.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates GBDC intrinsic value between $17.64 – $25.14 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about GBDC valuation
Is Golub Capital BDC, Inc. (GBDC) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Golub Capital BDC, Inc. (GBDC) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is GBDC a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether GBDC trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is GBDC’s P/E ratio?
You can see GBDC’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for GBDC?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is GBDC a good long-term investment?
Whether GBDC fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
GBDC
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1.6
Trading Metrics:
| Open: | 12.46 | Previous Close: | 12.5 | |
| Day Low: | — | Day High: | — | |
| Year Low: | Year High: | |||
| Price Avg 50: | Price Avg 200: | |||
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