Estados financieros detallados de Golub Capital BDC, Inc. (GBDC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Golub Capital BDC, Inc. registró ingresos de $870.8M en el último ejercicio fiscal, con un CAGR de 5 años del 43.8%. El beneficio neto alcanzó $376.1M, con un CAGR a 5 años del 47.0%.
Márgenes de los últimos 12 meses: margen bruto 74.4%, margen operativo 55.5%, margen neto 20.5%.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $127.9M | $119.1M | $120.8M | $30.9M | $141.7M | $415.2M | $346.3M | $572.5M | $611.1M | $870.8M |
| Coste de Ventas | 0 | $31.5M | $33.2M | $43.5M | $74.9M | $65.7M | $90.7M | $144.9M | $112.4M | $161.2M |
| Beneficio Bruto | $127.9M | $87.6M | $87.6M | -$12.7M | $66.8M | $349.5M | $255.6M | $427.7M | $498.7M | $709.6M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $34.8M | $5.3M | $5.7M | $5.9M | $12.0M | $12.6M | $11.4M | $1.7M | $16.3M | $22.2M |
| Gastos Operativos | $34.8M | $5.3M | $5.7M | $5.9M | $12.0M | $8.6M | $11.4M | $1.7M | $16.3M | $22.2M |
| Beneficio Operativo | $93.0M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.8M | $244.2M | $426.0M | $482.4M | $687.4M |
| EBITDA | $93.0M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.8M | $244.2M | $426.0M | $478.0M | $687.4M |
| Gastos por Intereses | $27.7M | $31.5M | $33.2M | $43.5M | $74.9M | $65.7M | $89.4M | $143.2M | $203.2M | $280.6M |
| Beneficio Antes de Impuestos | $69.5M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.8M | $155.6M | $275.4M | $274.4M | $375.7M |
| Impuestos | $333000 | $17000 | 0 | 0 | 0 | $543000 | $72000 | $3.4M | $575000 | -$475000 |
| Beneficio Neto | $69.2M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.3M | $155.6M | $272.0M | $273.8M | $376.1M |
| BPA | $1.33 | $1.45 | $1.33 | $-0.28 | $0.37 | $2.03 | $0.90 | $1.52 | $1.36 | $1.42 |
| BPA Diluido | $1.33 | $1.45 | $1.33 | $-0.28 | $0.37 | $2.03 | $0.90 | $1.52 | $1.36 | $1.42 |
| Acciones en Circulación (Diluidas) | $54.8M | $56.9M | $61.7M | $65.5M | $148.9M | $168.0M | $170.7M | $170.3M | $201.3M | $266.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $172.3M | $207.0M | $176.4M | $159.5M |
| Beneficio Bruto | $104.4M | $167.4M | $136.9M | $123.4M |
| Beneficio Operativo | $96.1M | $162.1M | $17.3M | $121.1M |
| EBITDA | $96.1M | $162.1M | $14.3M | $121.1M |
| Beneficio Neto | $96.3M | $65.3M | -$46.8M | $31.9M |
| BPA | $0.36 | $0.25 | $-0.18 | $0.12 |
| BPA Diluido | $0.36 | $0.25 | $-0.18 | $0.12 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10.9M | $4.0M | $6.0M | $6.5M | $25.1M | $181.1M | $124.1M | $69.8M | $131.2M | $23.6M |
| Inversiones a Corto | 0 | 0 | -$159000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $5.9M | $6.3M | $6.7M | $16.8M | $17.3M | $18.3M | $20.8M | $58.1M | $74.0M | $68.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $95.5M | $10.3M | $12.5M | $23.3M | $205.3M | $199.4M | $233.7M | $127.9M | $205.2M | $204.8M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $1.76B | $1.75B | $1.84B | $4.39B | $4.44B | $5.16B | $5.68B | $5.73B | $8.71B | $8.98B |
| Cuentas por Pagar | $5.3M | $6.1M | $6.2M | $4.3M | $800000 | $1.8M | $870000 | $24.7M | $56.0M | $38.3M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $18.2M | $19.4M | $24.0M | $52.4M | $29.2M | $30.8M | $58.9M | $24.7M | $56.0M | $38.3M |
| Deuda a Largo | $859.5M | $776.8M | $842.7M | $2.12B | $2.02B | $2.55B | $3.08B | $3.12B | $4.60B | $4.90B |
| Pasivos Totales | $877.7M | $796.2M | $866.7M | $2.17B | $2.05B | $2.58B | $3.14B | $3.19B | $4.69B | $5.00B |
| Reservas | $18.8M | $18.6M | $19.2M | -$87.9M | -$228.6M | -$81.7M | -$132.3M | -$99.2M | -$153.0M | -$48.8M |
| Patrimonio Neto | $878.8M | $957.9M | $968.9M | $2.22B | $2.40B | $2.58B | $2.54B | $2.55B | $4.01B | $3.98B |
| Deuda Total | $859.5M | $776.8M | $842.7M | $2.12B | $2.02B | $2.55B | $3.08B | $3.12B | $4.60B | $4.90B |
| Deuda Neta | $848.6M | $772.8M | $836.9M | $2.11B | $1.99B | $2.37B | $2.95B | $3.05B | $4.47B | $4.88B |
| Capital Circulante | $77.3M | -$9.1M | -$11.5M | -$29.1M | $176.0M | $168.5M | $174.7M | $103.1M | $149.2M | $166.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $23.6M | $58.4M | $128.4M | $13.0M |
| Activos Totales | $8.98B | $8.89B | $8.53B | $8.34B |
| Pasivos Totales | $5.00B | $4.98B | $4.78B | $4.63B |
| Patrimonio Neto | $3.98B | $3.91B | $3.75B | $3.70B |
| Deuda Total | $4.90B | $4.88B | $4.70B | $4.54B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $69.2M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.3M | $153.4M | $258.6M | $273.8M | $376.6M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $1.4M | $1.0M | $4.1M | $9.6M | -$27.4M | -$2.3M | $33.1M | -$32.2M | $16.1M | -$4.9M |
| Flujo de Caja Operativo | -$56.1M | $62.2M | -$8.5M | -$118.5M | $187.7M | -$306.0M | -$416.5M | $195.4M | $343.9M | -$113.6M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | -$45.5M | -$14.7M | -$36.4M | -$63.8M | -$4.8M | -$77.8M |
| Dividendos Pagados | -$59.5M | -$76.8M | -$71.1M | -$75.3M | -$136.4M | -$139.1M | -$155.2M | -$191.5M | -$338.2M | -$368.2M |
| Flujo de Caja Libre | -$56.1M | $62.2M | -$8.5M | -$118.5M | $187.7M | -$306.0M | -$416.5M | $195.4M | $343.9M | -$113.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $266.1M | $212.0M | $35.6M | $192.7M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $266.1M | $212.0M | $35.6M | $192.7M |
| Dividendos Pagados | -$87.2M | -$84.5M | -$72.3M | -$70.8M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -6.8% | +1.4% | -74.4% | +359.0% | +193.0% | -16.6% | +65.3% | +6.7% | +42.5% |
| Crecimiento Beneficio Neto (anual) | | +18.9% | -0.4% | -122.7% | +395.3% | +520.1% | -54.3% | +74.9% | +0.6% | +37.4% |
| Crecimiento BPA (anual) | | +9.0% | -8.3% | -121.1% | +232.1% | +448.6% | -55.7% | +68.9% | -10.5% | +4.4% |
| Cambio en Acciones (anual) | | +3.9% | +8.5% | +6.1% | +127.4% | +12.8% | +1.6% | -0.2% | +18.2% | +32.2% |
| Crecimiento FCF (anual) | | +210.9% | -113.6% | -1297.0% | +258.4% | -263.1% | -36.1% | +146.9% | +76.0% | -133.0% |
| Margen Bruto | 100.0% | 73.5% | 72.5% | -41.0% | 47.2% | 84.2% | 73.8% | 74.7% | 81.6% | 81.5% |
| Margen Operativo | 72.8% | 69.1% | 67.9% | -60.2% | 38.7% | 82.1% | 70.5% | 74.4% | 78.9% | 78.9% |
| Margen EBITDA | 72.8% | 69.1% | 67.9% | -60.2% | 38.7% | 82.1% | 70.5% | 74.4% | 78.2% | 78.9% |
| Margen Neto | 54.1% | 69.1% | 67.9% | -60.2% | 38.7% | 82.0% | 44.9% | 47.5% | 44.8% | 43.2% |
| Margen FCF | -43.9% | 52.2% | -7.0% | -383.7% | 132.5% | -73.7% | -120.3% | 34.1% | 56.3% | -13.0% |
| Tasa Impositiva Efectiva | 0.5% | 0.0% | 0.0% | -0.0% | 0.0% | 0.2% | 0.0% | 1.2% | 0.2% | -0.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.02 | $1.09 | $-0.14 | $-1.81 | $1.26 | $-1.82 | $-2.44 | $1.15 | $1.71 | $-0.43 |
| Dividendo por Acción | $1.09 | $1.35 | $1.15 | $1.15 | $0.92 | $0.83 | $0.91 | $1.12 | $1.68 | $1.38 |
| Acciones en Circulación (Básicas) | $54.8M | $56.9M | $61.7M | $65.5M | $148.9M | $168.0M | $170.7M | $170.3M | $201.3M | $266.0M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Margen bruto | 74.39% |
| Margen operativo | 55.46% |
| Margen neto | 20.51% |
Salud financiera
| Deuda / Patrimonio | 1.22 |
| Ratio corriente | 1.48 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 13.96 | 12.98 | 14.12 | -67.29 | 35.78 | 7.79 | 13.77 | 9.65 | 11.11 | 9.64 |
| P/VC | 1.16 | 1.12 | 1.20 | 0.56 | 0.82 | 1.03 | 0.83 | 0.98 | 0.76 | 0.91 |
| P/V | 7.96 | 8.99 | 9.60 | 39.96 | 13.91 | 6.40 | 6.11 | 4.36 | 4.98 | 4.18 |
| Margen Bruto | 100.0% | 73.5% | 72.5% | -41.0% | 47.2% | 84.2% | 73.8% | 74.7% | 81.6% | 81.5% |
| Margen Operativo | 72.8% | 69.1% | 67.9% | -60.2% | 38.7% | 82.1% | 70.5% | 74.4% | 78.9% | 78.9% |
| Margen Neto | 54.1% | 69.1% | 67.9% | -60.2% | 38.7% | 82.0% | 44.9% | 47.5% | 44.8% | 43.2% |