Detailed financial statements for Golub Capital BDC, Inc. (GBDC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Golub Capital BDC, Inc. (GBDC) operates as an externally managed, closed-end investment company, specializing as a business development company (BDC) with a non-diversified portfolio management strategy. The firm provides financing through debt instruments and minority equity stakes to middle-market businesses, predominantly those backed by private equity sponsors.
Analysis Summary
Golub Capital BDC, Inc. reported revenue of $870.8M in the most recent fiscal year, growing at a 5-year CAGR of 43.8%. Net income reached $376.1M, with a 47.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 74.4%, operating margin 55.5%, net margin 20.5%.
Balance sheet quality for GBDC: current ratio of 5.4, net debt of $4.88B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$113.6M represents -30% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $127.9M | $119.1M | $120.8M | $30.9M | $141.7M | $415.2M | $346.3M | $572.5M | $611.1M | $870.8M |
| Cost of Revenue | 0 | $31.5M | $33.2M | $43.5M | $74.9M | $65.7M | $90.7M | $144.9M | $112.4M | $161.2M |
| Gross Profit | $127.9M | $87.6M | $87.6M | -$12.7M | $66.8M | $349.5M | $255.6M | $427.7M | $498.7M | $709.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $34.8M | $5.3M | $5.7M | $5.9M | $12.0M | $12.6M | $11.4M | $1.7M | $16.3M | $22.2M |
| Operating Expenses | $34.8M | $5.3M | $5.7M | $5.9M | $12.0M | $8.6M | $11.4M | $1.7M | $16.3M | $22.2M |
| Operating Income | $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 |
| Interest Expense | $27.7M | $31.5M | $33.2M | $43.5M | $74.9M | $65.7M | $89.4M | $143.2M | $203.2M | $280.6M |
| Pre-tax Income | $69.5M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.8M | $155.6M | $275.4M | $274.4M | $375.7M |
| Income Tax | $333000 | $17000 | 0 | 0 | 0 | $543000 | $72000 | $3.4M | $575000 | -$475000 |
| Net Income | $69.2M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.3M | $155.6M | $272.0M | $273.8M | $376.1M |
| EPS | $1.33 | $1.45 | $1.33 | $-0.28 | $0.37 | $2.03 | $0.90 | $1.52 | $1.36 | $1.42 |
| EPS (Diluted) | $1.33 | $1.45 | $1.33 | $-0.28 | $0.37 | $2.03 | $0.90 | $1.52 | $1.36 | $1.42 |
| Shares Outstanding (Diluted) | $54.8M | $56.9M | $61.7M | $65.5M | $148.9M | $168.0M | $170.7M | $170.3M | $201.3M | $266.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $172.3M | $207.0M | $176.4M | $159.5M |
| Gross Profit | $104.4M | $167.4M | $136.9M | $123.4M |
| Operating Income | $96.1M | $162.1M | $17.3M | $121.1M |
| EBITDA | $96.1M | $162.1M | $14.3M | $121.1M |
| Net Income | $96.3M | $65.3M | -$46.8M | $31.9M |
| EPS | $0.36 | $0.25 | $-0.18 | $0.12 |
| EPS (Diluted) | $0.36 | $0.25 | $-0.18 | $0.12 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.9M | $4.0M | $6.0M | $6.5M | $25.1M | $181.1M | $124.1M | $69.8M | $131.2M | $23.6M |
| Short-term Investments | 0 | 0 | -$159000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.9M | $6.3M | $6.7M | $16.8M | $17.3M | $18.3M | $20.8M | $58.1M | $74.0M | $68.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $95.5M | $10.3M | $12.5M | $23.3M | $205.3M | $199.4M | $233.7M | $127.9M | $205.2M | $204.8M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.76B | $1.75B | $1.84B | $4.39B | $4.44B | $5.16B | $5.68B | $5.73B | $8.71B | $8.98B |
| Accounts Payable | $5.3M | $6.1M | $6.2M | $4.3M | $800000 | $1.8M | $870000 | $24.7M | $56.0M | $38.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $18.2M | $19.4M | $24.0M | $52.4M | $29.2M | $30.8M | $58.9M | $24.7M | $56.0M | $38.3M |
| Long-term Debt | $859.5M | $776.8M | $842.7M | $2.12B | $2.02B | $2.55B | $3.08B | $3.12B | $4.60B | $4.90B |
| Total Liabilities | $877.7M | $796.2M | $866.7M | $2.17B | $2.05B | $2.58B | $3.14B | $3.19B | $4.69B | $5.00B |
| Retained Earnings | $18.8M | $18.6M | $19.2M | -$87.9M | -$228.6M | -$81.7M | -$132.3M | -$99.2M | -$153.0M | -$48.8M |
| Total Equity | $878.8M | $957.9M | $968.9M | $2.22B | $2.40B | $2.58B | $2.54B | $2.55B | $4.01B | $3.98B |
| Total Debt | $859.5M | $776.8M | $842.7M | $2.12B | $2.02B | $2.55B | $3.08B | $3.12B | $4.60B | $4.90B |
| Net Debt | $848.6M | $772.8M | $836.9M | $2.11B | $1.99B | $2.37B | $2.95B | $3.05B | $4.47B | $4.88B |
| Working Capital | $77.3M | -$9.1M | -$11.5M | -$29.1M | $176.0M | $168.5M | $174.7M | $103.1M | $149.2M | $166.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $23.6M | $58.4M | $128.4M | $13.0M |
| Total Assets | $8.98B | $8.89B | $8.53B | $8.34B |
| Total Liabilities | $5.00B | $4.98B | $4.78B | $4.63B |
| Total Equity | $3.98B | $3.91B | $3.75B | $3.70B |
| Total Debt | $4.90B | $4.88B | $4.70B | $4.54B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $69.2M | $82.3M | $82.0M | -$18.6M | $54.9M | $340.3M | $153.4M | $258.6M | $273.8M | $376.6M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $1.4M | $1.0M | $4.1M | $9.6M | -$27.4M | -$2.3M | $33.1M | -$32.2M | $16.1M | -$4.9M |
| Operating Cash Flow | -$56.1M | $62.2M | -$8.5M | -$118.5M | $187.7M | -$306.0M | -$416.5M | $195.4M | $343.9M | -$113.6M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$45.5M | -$14.7M | -$36.4M | -$63.8M | -$4.8M | -$77.8M |
| Dividends Paid | -$59.5M | -$76.8M | -$71.1M | -$75.3M | -$136.4M | -$139.1M | -$155.2M | -$191.5M | -$338.2M | -$368.2M |
| Free Cash Flow | -$56.1M | $62.2M | -$8.5M | -$118.5M | $187.7M | -$306.0M | -$416.5M | $195.4M | $343.9M | -$113.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $266.1M | $212.0M | $35.6M | $192.7M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $266.1M | $212.0M | $35.6M | $192.7M |
| Dividends Paid | -$87.2M | -$84.5M | -$72.3M | -$70.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -6.8% | +1.4% | -74.4% | +359.0% | +193.0% | -16.6% | +65.3% | +6.7% | +42.5% | |
| Net Income Growth (YoY) | +18.9% | -0.4% | -122.7% | +395.3% | +520.1% | -54.3% | +74.9% | +0.6% | +37.4% | |
| EPS Growth (YoY) | +9.0% | -8.3% | -121.1% | +232.1% | +448.6% | -55.7% | +68.9% | -10.5% | +4.4% | |
| Shares Change (YoY) | +3.9% | +8.5% | +6.1% | +127.4% | +12.8% | +1.6% | -0.2% | +18.2% | +32.2% | |
| FCF Growth (YoY) | +210.9% | -113.6% | -1297.0% | +258.4% | -263.1% | -36.1% | +146.9% | +76.0% | -133.0% | |
| Gross Margin | 100.0% | 73.5% | 72.5% | -41.0% | 47.2% | 84.2% | 73.8% | 74.7% | 81.6% | 81.5% |
| Operating Margin | 72.8% | 69.1% | 67.9% | -60.2% | 38.7% | 82.1% | 70.5% | 74.4% | 78.9% | 78.9% |
| EBITDA Margin | 72.8% | 69.1% | 67.9% | -60.2% | 38.7% | 82.1% | 70.5% | 74.4% | 78.2% | 78.9% |
| Net Margin | 54.1% | 69.1% | 67.9% | -60.2% | 38.7% | 82.0% | 44.9% | 47.5% | 44.8% | 43.2% |
| FCF Margin | -43.9% | 52.2% | -7.0% | -383.7% | 132.5% | -73.7% | -120.3% | 34.1% | 56.3% | -13.0% |
| Effective Tax Rate | 0.5% | 0.0% | 0.0% | -0.0% | 0.0% | 0.2% | 0.0% | 1.2% | 0.2% | -0.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.02 | $1.09 | $-0.14 | $-1.81 | $1.26 | $-1.82 | $-2.44 | $1.15 | $1.71 | $-0.43 |
| Dividends Per Share | $1.09 | $1.35 | $1.15 | $1.15 | $0.92 | $0.83 | $0.91 | $1.12 | $1.68 | $1.38 |
| Shares Outstanding (Basic) | $54.8M | $56.9M | $61.7M | $65.5M | $148.9M | $168.0M | $170.7M | $170.3M | $201.3M | $266.0M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Gross Margin | 74.39% |
| Operating Margin | 55.46% |
| Net Margin | 20.51% |
Financial Health
| Debt / Equity | 1.22 |
| Current Ratio | 1.48 |
Key Ratios (10y)
| Year | 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/B | 1.16 | 1.12 | 1.20 | 0.56 | 0.82 | 1.03 | 0.83 | 0.98 | 0.76 | 0.91 |
| P/S | 7.96 | 8.99 | 9.60 | 39.96 | 13.91 | 6.40 | 6.11 | 4.36 | 4.98 | 4.18 |
| Gross Margin | 100.0% | 73.5% | 72.5% | -41.0% | 47.2% | 84.2% | 73.8% | 74.7% | 81.6% | 81.5% |
| Operating Margin | 72.8% | 69.1% | 67.9% | -60.2% | 38.7% | 82.1% | 70.5% | 74.4% | 78.9% | 78.9% |
| Net Margin | 54.1% | 69.1% | 67.9% | -60.2% | 38.7% | 82.0% | 44.9% | 47.5% | 44.8% | 43.2% |
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Explore sector: Financial Services · Asset Management
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