UBS AG London Branch ELKS 4 (BDCZ) Valuation
BDCZ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.1 trailing earnings
- Forward P/E
- 9.1 analyst estimates
- Price / sales
- 2.80
- Price / book
- 0.78
- EV / EBITDA
- 11.3
- Earnings yield
- 3.98% inverse of P/E
- Dividend yield
- 13.55% of the holdings
- Return on equity
- 3.1% combined
- Net margin
- 11.1% combined
- Beta
- 0.76 weighted, vs S&P 500
BDCZ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| BDCZ | 25.1 | 9.1 | 2.80 | 0.78 | 13.55% | 3.1% | 11.1% | 19.6% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
BDCZ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 87.5% | 25.1 | 9.1 | 2.80 | 0.78 | 13.55% | 3.1% |
BDCZ earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How BDCZ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
BDCZ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ARCC | Ares Capital Corporation | 17.05% | 14.0 | 10.0 | 4.3 | 10.26% | 35.06% |
| FSK | FS KKR Capital Corp. | 11.26% | — | 7.9 | 2.2 | 17.04% | −42.25% |
| ORCC | Owl Rock Capital Corp | 8.73% | — | — | — | — | — |
| MAIN | Main Street Capital Corporation | 5.62% | 10.8 | 13.4 | 8.8 | 5.91% | 14.92% |
| PSEC | Prospect Capital Corporation | 5.61% | 26.7 | 9.4 | 1.3 | 26.25% | 6.05% |
| GBDC | Golub Capital BDC, Inc. | 4.65% | 18.4 | 9.8 | 3.9 | 10.89% | 7.27% |
| TSLX | Sixth Street Specialty Lending, Inc. | 4.60% | 18.3 | 10.2 | 4.0 | 9.86% | 7.21% |
| GSBD | Goldman Sachs BDC, Inc. | 4.55% | 16.8 | 10.8 | 2.9 | 16.15% | 7.78% |
| HTGC | Hercules Capital, Inc. | 4.21% | 8.1 | 8.6 | 5.4 | 11.48% | 14.86% |
| NMFC | New Mountain Finance Corporation | 3.51% | — | 6.8 | 2.2 | 16.91% | −7.18% |
| OCSL | Oaktree Specialty Lending Corporation | 3.46% | 24.1 | 8.9 | 3.5 | 11.41% | 4.12% |
| AINV | Apollo Investment Corp | 2.48% | — | — | — | — | — |
| TCPC | BlackRock TCP Capital Corp. | 2.37% | — | 9.9 | 2.0 | 18.20% | −20.95% |
| CGBD | Carlyle Secured Lending, Inc. | 2.18% | 20.8 | 7.9 | 2.8 | 13.47% | 3.01% |
| BCSF | Bain Capital Specialty Finance, Inc. | 2.17% | 10.4 | 10.1 | 2.5 | 16.37% | 6.01% |
| SLRC | SLR Investment Corp. | 2.05% | 8.4 | 9.0 | 3.0 | 12.65% | 7.04% |
| NEWT | NewtekOne, Inc. | 1.96% | 5.0 | 5.2 | 0.8 | 6.90% | 11.27% |
| CSWC | Capital Southwest Corporation | 1.89% | 12.8 | 11.4 | 6.2 | 13.17% | 4.26% |
| BBDC | Barings BDC, Inc. | 1.73% | 10.3 | 7.9 | 3.3 | 12.32% | 4.83% |
| GAIN | Gladstone Investment Corporation | 1.66% | 3.6 | 41.2 | 3.9 | 6.38% | 13.36% |
| TPVG | TriplePoint Venture Growth BDC Corp. | 1.56% | 4.5 | 6.8 | 2.0 | 29.41% | 10.03% |
| PFLT | PennantPark Floating Rate Capital Ltd. | 1.49% | 12.8 | 6.6 | 2.4 | 15.35% | 3.35% |
| PNNT | PennantPark Investment Corporation | 1.41% | 20.3 | 6.0 | 1.9 | 15.79% | 1.99% |
| FDUS | Fidus Investment Corporation | 1.29% | 9.1 | 10.5 | 4.4 | 11.27% | 4.06% |
| GLAD | Gladstone Capital Corporation | 1.20% | 8.9 | 10.8 | 4.3 | 9.53% | 3.90% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About BDCZ valuation
Adding up its 23 holdings with company data, BDCZ trades at 25.1 times trailing earnings and 9.1 times analysts' forward estimates, with a price-to-book ratio of 0.78 and a dividend yield of 13.55%. Its earnings yield of 3.98% is 1.35 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 69.8% of the fund and earn 47.8% of its combined profit. Companies that lost money over the past year are 19.6% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 88.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: BDCZ chart, BDCZ performance, BDCZ holdings, BDCZ dividends.
BDCZ valuation FAQ
What is the P/E ratio of BDCZ?
Based on its holdings, BDCZ has a trailing P/E of 25.1 and a forward P/E of 9.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of BDCZ?
The trailing earnings yield is 3.98% (1 ÷ P/E) and the forward earnings yield 10.93%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is BDCZ more expensive than the S&P 500?
BDCZ trades at 25.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 9.1 and 19.9.
What is the price-to-book ratio of BDCZ?
The holdings of BDCZ trade at 0.78 times book value, with a combined return on equity of 3.1%.