GOLUB CAPITAL BDC, Inc. GBDC

Nasdaq

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. We were formed in November 2009 to continue and expand the business of our predecessor, Golub Capital Master Funding LLC, which commenced operations in July 2007. We make investments primarily in one stop loans (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. GC Advisors structures these one stop loans as senior secured loans, and we obtain security interests in the assets of the portfolio company that serve as collateral in support of the repayment of these loans. This collateral often takes the form of first-priority liens on the assets of the portfolio company. In many cases, we are the sole lender or we, together with our affiliates, are the sole lenders of one stop loans, which can afford us additional influence over the borrower in terms of monitoring and, if necessary, remediating any underperformance.

Last close 12.12 2026-10-26
Market cap $3.15B 2026-06-30 share count
52-week range 11.77 - 14.40

Valuation FY2025 figures against the last close

P/S—
P/E8.5x
P/FCF—
EV/EBITDA—
Dividend yield11.7%
Diluted EPS1.42

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
SG&A $1.9M$1.5M$1.5M$1.7M$1.4M$1.2M——
Interest expense ——$150.6M$89.4M$65.7M$74.9M——
Net income $376.6M$273.8M$258.6M$153.4M$340.3M$54.9M——
EPS, basic 1.421.361.520.902.030.37——
EPS, diluted 1.421.361.520.902.030.37——
Shares, diluted (wtd. avg.) 266.0M201.3M170.3M170.7M168.0M148.9M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $11.9M$123.1M$140.2M$180.6M$244.3M$184.4M$84.2M—
Total assets $8.98B$8.70B$5.73B$5.68B$5.16B———
Long-term debt $4.90B$4.60B$3.12B$3.08B$2.55B———
Total liabilities $5.00B$4.69B$3.19B$3.14B$2.58B———
Retained earnings -$48.8M-$153.0M-$99.2M-$132.3M-$81.7M———
Total equity $3.98B$4.01B$2.55B$2.54B$2.58B$2.40B$2.22B$968.9M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow -$113.6M$343.9M$195.4M-$416.5M-$306.0M$187.7M——
Financing cash flow -$131.6M-$124.2M-$235.5M$353.1M$366.9M-$87.8M——
Dividends paid $368.2M$338.2M$191.5M$155.2M$139.1M$136.4M——
Buybacks $40.6M$4.8M$16.9M$0$0$45.5M——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001476765-25-000096.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M 400M Net income, FY2020: 54.9M Net income, FY2021: 340.3M Net income, FY2022: 153.4M Net income, FY2023: 258.6M Net income, FY2024: 273.8M Net income, FY2025: 376.6M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — —
Gross profit — — — — — — — —
Net income — — $54.9M $340.3M $153.4M $258.6M $273.8M $376.6M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.