Golub Capital BDC, Inc. (GBDC) Key Metrics
GBDC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.15B
- Enterprise value
- $7.66B
- P/E (TTM)
- 18.4 10-yr median 12.7
- Forward P/E
- 9.8
- PEG ratio
- 1.40
- Price / sales
- 3.9 10-yr median 10.4
- Price / book
- 0.9 10-yr median 0.9
- EV / EBITDA
- 18.9 10-yr median 17.1
- Dividend yield
- 10.89% $1.32 a year
- Beta
- 0.44
GBDC key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsGBDC valuation Price multiples at each fiscal year-end price.
GBDC returns How much profit the business earns on the capital it uses.
GBDC per-share figures Results divided by the shares outstanding at year-end.
GBDC financial health Debt, liquidity and how easily interest is covered.
GBDC efficiency & capital use Working capital cycle and where the cash goes.
GBDC valuation history
GBDC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GBDC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GBDC cash returned to shareholders
GBDC price vs earnings per share
GBDC key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.64B | $3.04B | $2.50B | $2.11B | $2.66B | $1.97B | $1.23B | $1.13B | $1.05B | $996.6M |
| Enterprise value | $8.52B | $7.51B | $5.55B | $5.07B | $5.03B | $3.96B | $3.35B | $1.97B | $1.82B | $1.85B |
| P/E ratio | 9.7 | 11.1 | 9.7 | 13.8 | 7.8 | 35.9 | — | 13.8 | 12.7 | 14.4 |
| Price / sales | 4.2 | 5.0 | 8.8 | 12.3 | 7.6 | 29.5 | 7.2 | 12.9 | 12.0 | 13.3 |
| Price / book | 0.9 | 0.8 | 1.0 | 0.8 | 1.0 | 0.8 | 0.6 | 1.2 | 1.1 | 1.1 |
| Price / free cash flow | — | 8.8 | 12.8 | — | — | 10.5 | — | — | 16.9 | — |
| Price / operating cash flow | — | 8.8 | 12.8 | — | — | 10.5 | — | — | 16.9 | — |
| EV / sales | 9.8 | 12.3 | 19.5 | 29.4 | 14.4 | 59.3 | 19.4 | 22.5 | 20.8 | 24.6 |
| EV / EBITDA | 12.4 | 15.7 | 18.9 | 17.8 | 14.3 | 67.9 | — | 17.1 | 16.0 | 19.0 |
| EV / free cash flow | — | 21.8 | 28.4 | — | — | 21.1 | — | — | 29.3 | — |
| Earnings yield | 10.3% | 9.0% | 10.4% | 7.3% | 12.8% | 2.8% | −1.5% | 7.2% | 7.8% | 6.9% |
| Free cash flow yield | −3.1% | 11.3% | 7.8% | −19.7% | −11.5% | 9.5% | −9.6% | −0.7% | 5.9% | −5.6% |
| Dividend yield | 10.1% | 11.1% | 7.7% | 7.3% | 5.2% | 6.9% | 6.1% | 6.3% | 7.3% | 6.0% |
| Shareholder yield (dividends + buybacks) | 12.2% | 11.3% | 10.2% | 9.1% | 5.8% | 9.2% | 6.1% | 6.3% | 7.3% | 6.0% |
| Share price at fiscal year-end | $13.69 | $15.11 | $14.67 | $12.39 | $15.81 | $13.24 | $18.45 | $18.36 | $18.43 | $18.19 |
| Per share | ||||||||||
| Revenue per share | $3.27 | $3.04 | $1.67 | $1.01 | $2.08 | $0.45 | $2.58 | $1.42 | $1.54 | $1.37 |
| Earnings per share | $1.41 | $1.36 | $1.52 | $0.90 | $2.03 | $0.37 | −$0.28 | $1.33 | $1.45 | $1.26 |
| Operating cash flow per share | −$0.43 | $1.71 | $1.15 | −$2.44 | −$1.82 | $1.26 | −$1.77 | −$0.14 | $1.09 | −$1.02 |
| Free cash flow per share | −$0.43 | $1.71 | $1.15 | −$2.44 | −$1.82 | $1.26 | −$1.77 | −$0.14 | $1.09 | −$1.02 |
| Cash per share | $0.09 | $0.65 | $0.41 | $0.73 | $1.08 | $0.17 | $0.10 | $0.10 | $0.07 | $0.20 |
| Book value per share | $14.97 | $19.95 | $14.96 | $14.91 | $15.37 | $16.09 | $33.22 | $15.69 | $16.83 | $16.04 |
| Tangible book value per share | $14.97 | $19.95 | $14.96 | $14.91 | $15.37 | $16.09 | $33.22 | $15.69 | $16.83 | $16.04 |
| Dividends per share | $1.38 | $1.68 | $1.12 | $0.91 | $0.83 | $0.92 | $1.13 | $1.15 | $1.35 | $1.09 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $18.42 | $22.85 | $18.30 | $18.02 | $15.19 | $13.55 | $31.68 | $13.65 | $13.65 | $15.69 |
| Shares outstanding | 266.0M | 201.3M | 170.3M | 170.7M | 168.0M | 148.9M | 66.9M | 61.7M | 56.9M | 54.8M |
| Change in shares outstanding | +32.2% | +18.2% | −0.2% | +1.6% | +12.8% | +122.6% | +8.4% | +8.5% | +3.9% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.4% | 8.3% | 10.2% | 6.0% | 13.7% | 2.4% | −1.2% | 8.5% | 9.0% | 8.2% |
| Return on invested capital (ROIC) | 7.9% | 6.8% | 5.2% | 4.5% | 7.3% | 0.6% | −0.5% | 6.5% | 6.6% | 5.8% |
| Return on assets (ROA) | 4.3% | 3.8% | 4.5% | 2.8% | 7.1% | 1.2% | −0.6% | 4.6% | 4.7% | 4.1% |
| Return on tangible assets | 4.2% | 3.1% | 4.5% | 2.7% | 6.6% | 1.2% | −0.4% | 4.5% | 4.7% | 3.9% |
| Free cash flow margin | −13.0% | 56.3% | 68.7% | −241.3% | −87.6% | 280.8% | −68.8% | −9.7% | 71.0% | −74.7% |
| Income quality (OCF / net income) | −0.30 | 1.26 | 0.76 | −2.71 | −0.90 | 3.42 | — | −0.10 | 0.76 | −0.81 |
| Financial health | ||||||||||
| Total debt | $4.90B | $4.60B | $3.12B | $3.08B | $2.55B | $2.02B | $2.12B | $842.7M | $776.8M | $859.5M |
| Cash & short-term investments | $23.6M | $131.2M | $69.8M | $124.1M | $181.1M | $25.1M | $6.5M | $5.9M | $4.0M | $10.9M |
| Net debt | $4.88B | $4.47B | $3.05B | $2.95B | $2.37B | $1.99B | $2.11B | $836.9M | $772.8M | $848.6M |
| Debt / equity | 1.23 | 1.15 | 1.22 | 1.21 | 0.99 | 0.84 | 0.95 | 0.87 | 0.81 | 0.98 |
| Debt / assets | 0.55 | 0.53 | 0.54 | 0.54 | 0.49 | 0.45 | 0.48 | 0.46 | 0.44 | 0.49 |
| Net debt / EBITDA | 7.09 | 9.35 | 10.41 | 10.38 | 6.75 | 34.12 | — | 7.27 | 6.79 | 8.75 |
| Current ratio | 5.35 | 3.66 | 5.17 | 5.43 | 6.46 | 7.02 | 0.59 | 0.52 | 0.53 | 5.25 |
| Quick ratio | 5.35 | 3.66 | −2.84 | −2.11 | 6.46 | 0.11 | −1.99 | 77.00 | 0.53 | 5.25 |
| Interest coverage | 2.4 | 2.4 | 2.0 | 2.9 | 5.2 | 0.7 | -0.4 | 3.5 | 3.6 | 3.5 |
| Working capital | $166.5M | $149.2M | $103.1M | $118.3M | $168.5M | $176.0M | −$16.0M | −$11.5M | −$9.1M | $77.3M |
| Invested capital | $8.86B | $8.48B | $5.60B | $5.50B | $4.95B | $4.39B | $4.34B | $1.81B | $1.73B | $1.73B |
| Tangible asset value | $3.98B | $4.01B | $2.55B | $2.54B | $2.58B | $2.40B | $2.22B | $968.9M | $957.9M | $878.8M |
| Net current asset value | −$4.79B | −$4.49B | −$3.06B | −$2.99B | −$2.38B | −$1.84B | −$2.15B | −$854.2M | −$786.0M | −$782.2M |
| Graham number | $21.83 | $24.71 | $22.61 | $17.37 | $26.47 | $11.55 | — | $21.65 | $23.40 | $21.35 |
| Graham net-net per share | −$18.50 | −$22.38 | −$17.46 | −$16.97 | −$14.21 | −$12.82 | −$31.42 | −$28.72 | −$13.84 | −$15.74 |
| Capital allocation | ||||||||||
| Dividends paid | $368.2M | $338.2M | $191.5M | $155.2M | $139.1M | $136.4M | $75.3M | $71.1M | $76.8M | $59.5M |
| Share buybacks (net) | $77.8M | $4.8M | $63.8M | $36.4M | $14.7M | $45.5M | — | — | $0 | $0 |
| Dividend payout ratio | 97.9% | 123.5% | 74.0% | 101.2% | 40.9% | 248.6% | — | 86.7% | 93.3% | 86.0% |
| Dividends + buybacks / free cash flow | — | 99.7% | 130.7% | — | — | 97.0% | — | — | 123.5% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | — | 0.0% | 0.0% | — | — | 0.0% | — | — | 0.0% | — |
| Capex / depreciation | 0.00 | — | — | — | 0.00 | 0.00 | — | — | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| SG&A / revenue | 2.5% | 2.7% | 5.2% | 7.3% | 3.6% | 17.9% | 3.4% | 6.5% | 6.0% | 7.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 29.8 | 39.5 | 50.6 | 41.3 | 18.6 | 93.0 | 24.8 | 26.9 | 25.4 | 28.3 |
| Days of inventory on hand | — | — | -232.7 | 379.2 | 539.6 | 700.3 | -1,710.9 | -4,751.7 | 0.0 | 0.0 |
| Days payables outstanding | 106.7 | 131.2 | -30.1 | 54.0 | 6.9 | 92.6 | 44.9 | 31.9 | 33.1 | 32.2 |
| Cash conversion cycle (days) | -77.0 | -91.7 | -152.0 | 366.4 | 551.3 | 700.6 | -1,731.0 | -4,756.7 | -7.7 | -3.9 |
| Receivables turnover | 12.26 | 9.25 | 7.21 | 8.84 | 19.67 | 3.93 | 14.69 | 13.55 | 14.35 | 12.91 |
| Payables turnover | 3.42 | 2.78 | −12.13 | 6.75 | 52.74 | 3.94 | 8.12 | 11.45 | 11.02 | 11.33 |
| Inventory turnover | — | — | −1.57 | 0.96 | 0.68 | 0.52 | — | — | 62,909,000.00 | 57,010,000.00 |
| Asset turnover | 0.10 | 0.08 | 0.05 | 0.03 | 0.07 | 0.02 | 0.06 | 0.05 | 0.05 | 0.04 |
| Average receivables | $71.0M | $66.0M | $39.4M | $19.5M | $17.8M | $17.0M | $11.7M | $6.5M | $6.1M | $5.8M |
| Average payables | $47.1M | $40.4M | $25.8M | $14.3M | $1.3M | $20.1M | $22.8M | $6.2M | $5.7M | $5.0M |
| Average inventory | — | — | $199.8M | $100.7M | $101.0M | $151.8M | −$867.0M | −$917.8M | $1 | $1 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from GBDC's annual financial statements (latest annual report filed November 18, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
GBDC valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Golub Capital BDC traded at 9.7 times earnings, against a 10-year median of 12.7. Based on the latest twelve months, the trailing P/E is 18.4 and the forward P/E is 9.8. Golub Capital BDC earned a return on equity of 9.4% and a return on invested capital of 7.9% in fiscal 2025. It ended the year with $4.9 billion of debt and $23.6 million in cash and short-term investments, net debt of $4.9 billion. It returned $446.0 million to shareholders: $368.2 million in dividends and $77.8 million in share buybacks. The share count rose 385.4% from 54.8M to 266.0M over 9 years.
See the GBDC income statement, the GBDC chart for price history, or the GBDC stock overview for the latest quote and news.
GBDC key metrics FAQ
What is Golub Capital BDC's P/E ratio?
Golub Capital BDC's trailing P/E ratio is 18.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.8. At the end of fiscal 2025 it was 9.7, compared with a 10-year median of 12.7.
What is Golub Capital BDC's EV/EBITDA?
Golub Capital BDC's enterprise value was 12.4 times EBITDA at the end of fiscal 2025 (enterprise value $8.5 billion, EBITDA $687.4 million); the current EV/EBITDA is 18.9.
What is Golub Capital BDC's return on equity?
Golub Capital BDC's return on equity (ROE) was 9.4% in fiscal 2025: net income of $376.1 million on average shareholders' equity of $4.0 billion.
What is Golub Capital BDC's ROIC?
Golub Capital BDC's return on invested capital was 7.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Golub Capital BDC have?
Golub Capital BDC had total debt of $4.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.23 and $4.9 billion of net debt (7.09 times EBITDA).
What is Golub Capital BDC's dividend yield?
Golub Capital BDC's forward dividend yield is 10.89%. Golub Capital BDC paid $368.2 million in dividends in fiscal 2025 ($1.38 per share), a payout ratio of 97.9%.
Does Golub Capital BDC buy back its shares?
Yes. Golub Capital BDC spent $77.8 million on net share repurchases in fiscal 2025 Shares outstanding changed +32.2% over the year, to 266.0M..
What is Golub Capital BDC's free cash flow yield?
Golub Capital BDC generated -$113.6 million of free cash flow in fiscal 2025, a free cash flow yield of −3.1% on its market value at year-end ($3.6 billion).
What is Golub Capital BDC's current ratio?
Golub Capital BDC's current ratio was 5.35 at the end of fiscal 2025: current assets were 5.35 times current liabilities.