Putnam BDC Income ETF (PBDC) Valuation
PBDC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 14.4 trailing earnings
- Forward P/E
- 9.2 analyst estimates
- Price / sales
- 3.99
- Price / book
- 0.92
- EV / EBITDA
- 12.1
- Earnings yield
- 6.94% inverse of P/E
- Dividend yield
- 12.02% of the holdings
- Return on equity
- 6.4% combined
- Net margin
- 27.7% combined
- Beta
- 0.70 weighted, vs S&P 500
PBDC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PBDC | 14.4 | 9.2 | 3.99 | 0.92 | 12.02% | 6.4% | 27.7% | 6.7% |
| 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.
PBDC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 85.8% | 14.4 | 9.2 | 3.99 | 0.92 | 12.02% | 6.4% |
PBDC 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 PBDC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PBDC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ARCC | Ares Capital Corporation | 11.55% | 14.0 | 10.0 | 4.3 | 10.26% | 15.57% |
| ORCC | Owl Rock Capital Corp | 9.86% | — | — | — | — | — |
| OTF | Blue Owl Technology Finance Corp. | 8.99% | 11.4 | 7.4 | 3.2 | 15.33% | 14.84% |
| MAIN | Main Street Capital Corporation | 8.87% | 10.8 | 13.4 | 8.8 | 5.91% | 15.46% |
| HTGC | Hercules Capital, Inc. | 8.85% | 8.1 | 8.6 | 5.4 | 11.48% | 20.46% |
| GBDC | Golub Capital BDC, Inc. | 5.33% | 18.4 | 9.8 | 3.9 | 10.89% | 5.46% |
| TRIN | Trinity Capital Inc. | 4.85% | 9.1 | 8.3 | 4.6 | 12.68% | 9.99% |
| TSLX | Sixth Street Specialty Lending, Inc. | 4.39% | 18.3 | 10.2 | 4.0 | 9.86% | 4.51% |
| BXSL | Blackstone Secured Lending Fund | 4.27% | — | — | — | — | — |
| CSWC | Capital Southwest Corporation | 3.58% | 12.8 | 11.4 | 6.2 | 13.17% | 5.29% |
| KBDC | Kayne Anderson BDC, Inc. | 3.56% | 11.4 | 8.4 | 10.5 | 12.87% | 5.87% |
| MSCF | MSC Income Fund, Inc. | 3.30% | — | — | — | — | — |
| BBDC | Barings BDC, Inc. | 3.14% | 10.3 | 7.9 | 3.3 | 12.32% | 5.74% |
| OCSL | Oaktree Specialty Lending Corporation | 2.79% | 24.1 | 8.9 | 3.5 | 11.41% | 2.18% |
| FSK | FS KKR Capital Corp. | 2.76% | — | 7.9 | 2.2 | 17.04% | −6.80% |
| BCSF | Bain Capital Specialty Finance, Inc. | 1.83% | 10.4 | 10.1 | 2.5 | 16.37% | 3.32% |
| RWAY_old | RWAY | 1.69% | — | — | — | — | — |
| PFLT | PennantPark Floating Rate Capital Ltd. | 1.51% | 12.8 | 6.6 | 2.4 | 15.35% | 2.22% |
| NMFC | New Mountain Finance Corporation | 1.48% | — | 6.8 | 2.2 | 16.91% | −1.98% |
| AINV | Apollo Investment Corp | 1.41% | — | — | — | — | — |
| PSEC | Prospect Capital Corporation | 1.21% | 26.7 | 9.4 | 1.3 | 26.25% | 0.85% |
| FDUS | Fidus Investment Corporation | 0.96% | 9.1 | 10.5 | 4.4 | 11.27% | 1.98% |
| TCPC | BlackRock TCP Capital Corp. | 0.86% | — | 9.9 | 2.0 | 18.20% | −4.96% |
| SSSS | SuRo Capital Corp | 0.28% | — | — | — | — | — |
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 PBDC valuation
Adding up its 18 holdings with company data, PBDC trades at 14.4 times trailing earnings and 9.2 times analysts' forward estimates, with a price-to-book ratio of 0.92 and a dividend yield of 12.02%. Its earnings yield of 6.94% is 1.62 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 70.6% of the fund and earn 103.2% of its combined profit. Companies that lost money over the past year are 6.7% 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 78.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PBDC chart, PBDC performance, PBDC holdings, PBDC dividends.
PBDC valuation FAQ
What is the P/E ratio of PBDC?
Based on its holdings, PBDC has a trailing P/E of 14.4 and a forward P/E of 9.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PBDC?
The trailing earnings yield is 6.94% (1 ÷ P/E) and the forward earnings yield 10.90%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PBDC more expensive than the S&P 500?
PBDC trades at 14.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 9.2 and 19.9.
What is the price-to-book ratio of PBDC?
The holdings of PBDC trade at 0.92 times book value, with a combined return on equity of 6.4%.