Golub Capital BDC (GBDC) Financials

$13.84 -0.14 (-1.00%)

As of 03:09 PM Eastern

Annual Income Statements for Golub Capital BDC

This table shows Golub Capital BDC's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	55	340	151	259	274
Consolidated Net Income / (Loss)	55	340	153	259	274
Net Income / (Loss) Continuing Operations	55	340	151	259	274
Total Pre-Tax Income	55	340	151	262	275
Total Operating Income	139	168	196	293	384
Total Gross Profit	224	241	420	586	706
Total Revenue	299	307	420	586	706
Operating Revenue	299	307	420	586	706
Total Cost of Revenue	75	66	0.00	0.00	0.00
Total Operating Expenses	85	74	104	160	129
Selling, General & Admin Expense	12	13	13	15	16
Other Operating Expenses / (Income)	73	61	92	145	112
Total Other Income / (Expense), net	-84	173	-164	-164	-302
Interest Expense	-	-	89	151	212
Interest & Investment Income	-62	161	-58	14	-31
Other Income / (Expense), net	-22	11	-17	-27	-58
Income Tax Expense	0.00	-	0.07	3.68	1.20
Basic Earnings per Share	$0.37	$2.03	$0.90	$1.52	$1.36
Weighted Average Basic Shares Outstanding	148.91M	167.99M	170.67M	170.32M	201.26M
Diluted Earnings per Share	$0.37	$2.03	$0.90	$1.52	$1.36
Weighted Average Diluted Shares Outstanding	148.91M	167.99M	170.67M	170.32M	201.26M
Weighted Average Basic & Diluted Shares Outstanding	-	-	170.90M	169.59M	264.28M
Cash Dividends to Common per Share	$1.37	$1.16	$1.20	$1.40	$1.89

This table shows Golub Capital BDC's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	-13	62	-25	40	75	169	76	86	-75	187	111
Consolidated Net Income / (Loss)	-13	36	-25	40	73	171	76	94	-75	179	111
Net Income / (Loss) Continuing Operations	-13	62	-25	40	75	169	76	86	-75	187	111
Total Pre-Tax Income	-66	116	-87	-30	75	304	76	86	-167	280	111
Total Operating Income	49	59	42	84	74	93	84	87	25	187	96
Total Gross Profit	108	177	120	132	110	224	159	124	89	333	243
Total Revenue	108	140	120	132	149	184	159	169	89	289	243
Operating Revenue	108	140	120	132	149	184	159	169	89	289	243
Total Cost of Revenue	0.00	-37	0.00	0.00	39	-39	0.00	44	0.00	-44	0.00
Total Operating Expenses	59	-2.03	78	47	41	-7.38	39	33	64	-7.78	45
Selling, General & Admin Expense	3.49	3.20	3.70	3.60	3.60	3.95	3.93	3.87	3.95	4.55	5.30
Other Operating Expenses / (Income)	55	-5.22	75	44	38	-11	35	29	60	-12	40
Total Other Income / (Expense), net	-115	-63	-129	-114	6.64	73	-44	-5.35	-193	-61	-87
Interest Expense	23	-	34	36	-	-	42	-	60	-	80
Interest & Investment Income	-79	17	-110	-81	0.08	206	-9.33	0.35	-131	108	44
Other Income / (Expense), net	-13	-14	15	3.29	6.56	-52	7.28	-5.70	-1.87	-58	-51
Income Tax Expense	0.48	-0.41	-0.25	-0.05	0.00	3.97	0.50	0.57	-0.19	0.32	-0.48
Basic Earnings per Share	$0.09	$0.05	$0.15	$0.34	$0.43	$0.60	$0.45	$0.55	$0.05	$0.31	$0.42
Weighted Average Basic Shares Outstanding	170.90M	170.67M	170.90M	170.84M	169.98M	170.32M	169.65M	170.64M	199.97M	201.26M	264.34M
Diluted Earnings per Share	$0.09	$0.05	$0.15	$0.34	$0.43	$0.60	$0.45	$0.55	$0.05	$0.31	$0.42
Weighted Average Diluted Shares Outstanding	170.90M	170.67M	170.90M	170.84M	169.98M	170.32M	169.65M	170.64M	199.97M	201.26M	264.34M
Weighted Average Basic & Diluted Shares Outstanding	-	170.90M	170.90M	169.96M	169.59M	169.59M	170.59M	171.52M	264.61M	264.28M	265.50M
Cash Dividends to Common per Share	$0.30	$0.30	$0.33	$0.33	$0.33	$0.41	$0.44	$0.46	$0.50	$0.49	$0.48

This table details how cash moves in and out of Golub Capital BDC's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	100	61	-63	-40	220
Net Cash From Operating Activities	188	-306	-416	195	344
Net Cash From Continuing Operating Activities	188	-304	-416	195	349
Net Income / (Loss) Continuing Operations	55	340	153	259	274
Consolidated Net Income / (Loss)	55	340	153	259	274
Depreciation Expense	62	-162	57	-14	32
Amortization Expense	28	22	0.01	-5.07	0.98
Non-Cash Adjustments To Reconcile Net Income	70	-505	-628	-29	26
Changes in Operating Assets and Liabilities, net	-27	1.16	0.86	-15	16
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	-88	367	353	-236	-124
Net Cash From Continuing Financing Activities	-88	367	353	-236	-124
Repayment of Debt	-1,325	-2,838	-748	-633	-2,710
Repurchase of Common Equity	-46	0.00	0.00	-17	-4.81
Payment of Dividends	-136	-139	-155	-191	-338
Issuance of Debt	1,118	3,359	1,293	653	2,929
Cash Interest Paid	75	49	72	138	180

This table details how cash moves in and out of Golub Capital BDC's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-53	60	-15	-28	33	-31	33	289	4.02	-106	-137
Net Cash From Operating Activities	-186	159	53	30	49	64	164	149	231	-200	-375
Net Cash From Continuing Operating Activities	-181	159	52	30	49	64	164	149	226	-190	-376
Net Income / (Loss) Continuing Operations	15	8.08	26	59	73	102	76	94	9.25	95	111
Consolidated Net Income / (Loss)	15	8.08	26	59	73	102	76	94	9.25	95	111
Depreciation Expense	39	49	41	-	-	-	9.30	-26	53	-3.56	-44
Amortization Expense	0.43	-3.00	-1.72	-1.27	-1.18	-0.90	-1.52	-0.82	-0.52	3.84	2.94
Non-Cash Adjustments To Reconcile Net Income	-253	125	-26	17	-30	10	81	76	203	-333	-426
Changes in Operating Assets and Liabilities, net	17	-19	14	-2.71	6.67	-33	-0.61	6.62	-38	48	-20
Net Cash From Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	134	-99	-67	-58	-15	-95	-131	140	-227	94	238
Net Cash From Continuing Financing Activities	134	-99	-67	-58	-15	-95	-131	140	-227	94	238
Repayment of Debt	-93	-147	-88	-227	-154	-164	-635	-378	-972	-725	-3,044
Payment of Dividends	-39	-40	-47	-44	-45	-56	-60	-64	-76	-139	-108
Issuance of Debt	277	98	77	235	202	139	564	582	821	962	3,390
Cash Interest Paid	16	26	28	36	35	40	38	34	39	69	69

This table presents Golub Capital BDC's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Total Assets	5,165	5,681	5,733	8,704
Total Current Assets	5,132	5,673	5,727	8,691
Cash & Equivalents	176	117	66	123
Restricted Cash	62	56	70	227
Short-Term Investments	4,897	5,446	5,518	8,237
Accounts Receivable	25	21	58	74
Other Current Assets	0.09	32	15	29
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00
Total Noncurrent Assets	7.20	8.04	7.87	15
Other Noncurrent Operating Assets	7.20	8.04	7.87	15
Total Liabilities & Shareholders' Equity	5,165	5,681	5,733	8,704
Total Liabilities	2,582	3,137	3,186	4,689
Total Current Liabilities	19	27	32	56
Accounts Payable	19	27	32	56
Other Current Liabilities	-	-	0.00	0.00
Total Noncurrent Liabilities	2,551	3,110	3,153	4,633
Long-Term Debt	2,551	3,076	3,118	4,599
Other Noncurrent Operating Liabilities	12	34	36	34
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,583	2,545	2,548	4,015
Total Preferred & Common Equity	2,583	2,545	2,548	4,015
Preferred Stock	-	0.00	0.00	0.00
Total Common Equity	2,583	2,545	2,548	4,015
Common Stock	2,664	2,677	2,647	4,168
Retained Earnings	-82	-132	-99	-153

This table presents Golub Capital BDC's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Total Assets	5,666	5,672	5,737	5,700	5,943	8,477	9,009
Total Current Assets	5,611	5,684	5,754	5,699	5,934	8,484	9,020
Cash & Equivalents	96	77	85	71	293	141	104
Restricted Cash	63	50	79	97	160	316	111
Short-Term Investments	5,453	5,511	5,550	5,468	5,419	7,902	8,720
Accounts Receivable	29	31	30	54	62	102	73
Other Current Assets	-	15	10	9.23	-	21	12
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	26	12	7.48	25	33	27	24
Other Noncurrent Operating Assets	26	12	7.48	25	33	27	24
Total Liabilities & Shareholders' Equity	5,666	5,672	5,737	5,700	5,943	8,477	9,009
Total Liabilities	3,152	3,166	3,221	3,136	3,349	4,424	4,991
Total Current Liabilities	33	31	31	35	53	93	62
Accounts Payable	33	31	31	35	16	93	59
Other Current Liabilities	-	-	-	-	-	-	2.91
Total Noncurrent Liabilities	3,120	3,134	3,190	3,101	3,296	4,330	4,930
Long-Term Debt	3,084	3,098	3,152	3,065	3,267	4,315	4,891
Other Noncurrent Operating Liabilities	35	37	38	35	29	15	39
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,514	2,506	2,516	2,564	2,594	4,054	4,018
Total Preferred & Common Equity	2,514	2,506	2,516	2,564	2,594	4,054	4,018
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,514	2,506	2,516	2,564	2,594	4,054	4,018
Common Stock	2,677	2,667	2,660	2,662	2,677	4,218	4,186
Retained Earnings	-163	-161	-144	-98	-83	-164	-169

This table displays calculated financial ratios and metrics derived from Golub Capital BDC's official financial filings.

Metric	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	2.69%	36.79%	39.45%	20.50%
EBITDA Growth	0.00%	-81.24%	508.12%	4.22%	45.71%
EBIT Growth	0.00%	53.32%	0.15%	48.04%	22.64%
NOPAT Growth	0.00%	20.58%	16.95%	47.20%	32.32%
Net Income Growth	0.00%	520.13%	-54.91%	68.56%	5.86%
EPS Growth	0.00%	448.65%	-55.67%	68.89%	-10.53%
Operating Cash Flow Growth	0.00%	-263.07%	-36.08%	146.91%	76.03%
Free Cash Flow Firm Growth	0.00%	0.00%	18.76%	40.33%	32.61%
Invested Capital Growth	0.00%	0.00%	-53.03%	1,464.58%	117.74%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	8.24%	17.34%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-6.57%	54.19%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.90%	37.76%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	10.22%	34.36%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	107.83%	3.15%
EPS Q/Q Growth	0.00%	0.00%	0.00%	56.70%	-17.58%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-32.67%	-43.44%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	67.04%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	159.54%	-34.16%
Profitability Metrics	-	-	-	-	-
Gross Margin	74.96%	78.59%	100.00%	100.00%	100.00%
EBITDA Margin	69.22%	12.64%	56.21%	42.01%	50.80%
Operating Margin	46.52%	54.62%	46.72%	49.99%	54.36%
EBIT Margin	39.04%	58.29%	42.68%	45.31%	46.12%
Profit (Net Income) Margin	18.35%	110.84%	36.54%	44.16%	38.80%
Tax Burden Percent	100.00%	100.00%	101.28%	98.63%	99.57%
Interest Burden Percent	47.01%	190.15%	84.53%	98.82%	84.50%
Effective Tax Rate	0.00%	0.00%	0.05%	1.40%	0.43%
Return on Invested Capital (ROIC)	0.00%	18,978.16%	15,101.87%	4,178.62%	1,851.41%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	18,964.78%	15,103.53%	4,179.80%	1,854.73%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-18,951.80%	-15,095.88%	-4,168.46%	-1,843.06%
Return on Equity (ROE)	0.00%	26.35%	5.99%	10.16%	8.34%
Cash Return on Invested Capital (CROIC)	0.00%	18,778.16%	15,174.03%	4,002.65%	1,777.30%
Operating Return on Assets (OROA)	0.00%	3.46%	3.31%	4.65%	4.51%
Return on Assets (ROA)	0.00%	6.59%	2.83%	4.53%	3.79%
Return on Common Equity (ROCE)	0.00%	26.35%	5.99%	10.16%	8.34%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.18%	6.03%	10.15%	6.82%
Net Operating Profit after Tax (NOPAT)	139	168	196	289	382
NOPAT Margin	46.52%	54.62%	46.70%	49.29%	54.13%
Net Nonoperating Expense Percent (NNEP)	0.00%	13.38%	-1.66%	-1.18%	-3.32%
Return On Investment Capital (ROIC_SIMPLE)	-	3.27%	3.49%	5.09%	4.43%
Cost of Revenue to Revenue	25.04%	21.41%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	4.00%	4.12%	2.98%	2.53%	2.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.44%	24.01%	24.80%	27.27%	18.23%
Earnings before Interest and Taxes (EBIT)	117	179	179	265	325
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	207	39	236	246	358
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.82	0.94
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.82	0.94
Price to Revenue (P/Rev)	0.00	0.00	0.00	3.55	5.35
Price to Earnings (P/E)	0.00	0.00	0.00	8.05	13.80
Dividend Yield	14.53%	10.54%	12.82%	11.41%	13.24%
Earnings Yield	0.00%	0.00%	0.00%	12.42%	7.25%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.99	1.21	1.22	1.15
Long-Term Debt to Equity	0.00	0.99	1.21	1.22	1.15
Financial Leverage	0.00	-1.00	-1.00	-1.00	-0.99
Leverage Ratio	0.00	2.00	2.12	2.24	2.20
Compound Leverage Factor	0.00	3.80	1.79	2.22	1.86
Debt to Total Capital	0.00%	49.70%	54.73%	55.03%	53.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	49.70%	54.73%	55.03%	53.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	50.31%	45.27%	44.97%	46.60%
Debt to EBITDA	0.00	65.73	13.03	12.67	12.83
Net Debt to EBITDA	0.00	-66.55	-10.78	-10.31	-11.13
Long-Term Debt to EBITDA	0.00	65.73	13.03	12.67	12.83
Debt to NOPAT	0.00	15.22	15.69	10.80	12.04
Net Debt to NOPAT	0.00	-15.41	-12.97	-8.79	-10.44
Long-Term Debt to NOPAT	0.00	15.22	15.69	10.80	12.04
Altman Z-Score	0.00	0.00	0.00	1.81	1.85
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	275.96	212.66	177.49	155.20
Quick Ratio	0.00	274.13	209.34	174.84	150.61
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	166	197	277	367
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	2.20	1.84	1.73
Operating Cash Flow to Interest Expense	0.00	0.00	-4.66	1.30	1.62
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-4.66	1.30	1.62
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.06	0.08	0.10	0.10
Accounts Receivable Turnover	0.00	12.13	18.21	14.85	10.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	3.53	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	30.10	20.04	24.57	34.16
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	103.26	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	-73.16	20.04	24.57	34.16
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	1.77	0.83	13	28
Invested Capital Turnover	0.00	347.47	323.40	84.77	34.20
Increase / (Decrease) in Invested Capital	0.00	1.77	-0.94	12	15
Enterprise Value (EV)	0.00	0.00	0.00	-455	-210
Market Capitalization	0.00	0.00	0.00	2,082	3,778
Book Value per Share	$0.00	$15.37	$14.91	$15.02	$15.17
Tangible Book Value per Share	$0.00	$15.37	$14.91	$15.02	$15.17
Total Capital	0.00	5,134	5,621	5,666	8,614
Total Debt	0.00	2,551	3,076	3,118	4,599
Total Long-Term Debt	0.00	2,551	3,076	3,118	4,599
Net Debt	0.00	-2,583	-2,544	-2,536	-3,988
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-21	26	41	48
Debt-free Net Working Capital (DFNWC)	0.00	5,114	5,647	5,695	8,635
Net Working Capital (NWC)	0.00	5,114	5,647	5,695	8,635
Net Nonoperating Expense (NNE)	84	-173	43	30	108
Net Nonoperating Obligations (NNO)	0.00	-2,581	-2,544	-2,535	-3,986
Total Depreciation and Amortization (D&A)	90	-140	57	-19	33
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-6.84%	6.30%	6.95%	6.73%
Debt-free Net Working Capital to Revenue	0.00%	1,665.77%	1,344.62%	972.45%	1,223.67%
Net Working Capital to Revenue	0.00%	1,665.77%	1,344.62%	972.45%	1,223.67%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.90	$1.52	$1.36
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	170.67M	170.32M	201.26M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.90	$1.52	$1.36
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	170.67M	170.32M	201.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	170.90M	169.59M	264.28M
Normalized Net Operating Profit after Tax (NOPAT)	97	117	196	289	382
Normalized NOPAT Margin	32.56%	38.23%	46.70%	49.29%	54.13%
Pre Tax Income Margin	18.35%	110.84%	36.08%	44.78%	38.97%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.01	1.76	1.53
NOPAT to Interest Expense	0.00	0.00	2.19	1.92	1.80
EBIT Less CapEx to Interest Expense	0.00	0.00	2.01	1.76	1.53
NOPAT Less CapEx to Interest Expense	0.00	0.00	2.19	1.92	1.80
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	248.63%	40.88%	101.15%	74.03%	123.52%
Augmented Payout Ratio	331.61%	40.88%	101.15%	80.55%	125.28%

This table displays calculated financial ratios and metrics derived from Golub Capital BDC's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	38.89%	53.19%	38.79%	31.87%	32.29%	28.00%	-40.13%	56.53%	52.54%
EBITDA Growth	0.00%	0.00%	73.42%	512.35%	4.94%	-56.71%	2.84%	-37.23%	-4.82%	229.59%	-95.35%
EBIT Growth	0.00%	0.00%	-3.08%	124.92%	123.13%	-11.33%	60.17%	-7.21%	-71.08%	221.57%	-50.41%
NOPAT Growth	0.00%	0.00%	-34.61%	36.07%	116.99%	53.54%	185.06%	46.38%	-76.18%	104.56%	15.62%
Net Income Growth	0.00%	0.00%	-140.25%	-39.52%	664.93%	368.56%	398.42%	131.32%	-202.09%	4.90%	46.90%
EPS Growth	0.00%	0.00%	-59.46%	-12.82%	377.78%	1,100.00%	200.00%	61.76%	-88.37%	-48.33%	-6.67%
Operating Cash Flow Growth	0.00%	0.00%	129.12%	114.37%	126.05%	-59.65%	209.21%	401.54%	375.71%	-411.94%	-329.02%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.86%	-59.67%	-149.36%	116.62%	103.73%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	1,464.58%	239.95%	623.32%	296.91%	117.74%	-52.13%
Revenue Q/Q Growth	25.11%	30.04%	-14.03%	9.53%	13.35%	23.56%	-13.76%	5.98%	-46.99%	223.07%	-15.96%
EBITDA Q/Q Growth	434.23%	20.55%	5.97%	-10.28%	-8.44%	-50.27%	151.76%	-45.23%	38.82%	72.20%	-96.45%
EBIT Q/Q Growth	-7.69%	26.09%	25.58%	53.88%	-8.42%	-49.89%	126.83%	-10.85%	-71.46%	457.12%	-65.02%
NOPAT Q/Q Growth	-21.73%	75.28%	-50.86%	101.83%	24.82%	24.02%	-8.76%	3.64%	-79.69%	964.87%	-48.43%
Net Income Q/Q Growth	-119.32%	381.82%	-169.74%	259.29%	80.45%	133.74%	-55.58%	23.47%	-179.64%	340.18%	-37.80%
EPS Q/Q Growth	-76.92%	-44.44%	200.00%	126.67%	26.47%	39.53%	-25.00%	22.22%	-90.91%	520.00%	35.48%
Operating Cash Flow Q/Q Growth	10.09%	185.28%	-66.70%	-43.71%	62.98%	32.09%	155.18%	-8.71%	54.59%	-186.62%	-87.34%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	61.77%	39.43%	-16.99%	-34.38%	-46.90%	-270.66%	464.28%	-38.28%
Invested Capital Q/Q Growth	0.00%	0.00%	-1,677.47%	27.85%	-130.91%	159.54%	41.10%	169.79%	-13.12%	-34.16%	-68.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	126.53%	100.00%	100.00%	73.55%	121.41%	100.00%	73.82%	100.00%	115.28%	100.00%
EBITDA Margin	70.13%	65.02%	80.15%	65.65%	53.03%	21.34%	62.30%	32.20%	84.31%	44.94%	1.90%
Operating Margin	45.16%	42.46%	34.80%	64.12%	49.43%	50.27%	52.83%	51.67%	28.10%	64.91%	39.61%
EBIT Margin	33.48%	32.46%	47.42%	66.62%	53.82%	21.83%	57.41%	48.29%	26.00%	44.84%	18.67%
Profit (Net Income) Margin	-12.01%	26.03%	-21.12%	30.71%	48.90%	92.50%	47.64%	55.50%	-83.38%	61.99%	45.88%
Tax Burden Percent	19.47%	31.42%	29.09%	-135.70%	97.37%	56.05%	99.34%	108.68%	44.50%	63.91%	100.39%
Interest Burden Percent	-184.33%	255.24%	-153.13%	-33.97%	93.30%	756.04%	83.53%	105.75%	-720.50%	216.32%	244.85%
Effective Tax Rate	0.00%	-0.35%	0.00%	0.00%	0.00%	1.31%	0.66%	0.66%	0.00%	0.11%	-0.43%
Return on Invested Capital (ROIC)	0.00%	21,559.23%	0.00%	0.00%	0.00%	4,205.88%	12,533.39%	1,697.86%	1,119.33%	2,217.63%	2,317.70%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	21,560.14%	0.00%	0.00%	0.00%	4,202.76%	12,533.70%	1,697.58%	1,122.14%	2,217.88%	2,317.25%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-21,553.11%	0.00%	0.00%	0.00%	-4,191.36%	-12,520.79%	-1,684.27%	-1,118.53%	-2,203.93%	-2,307.71%
Return on Equity (ROE)	0.00%	6.12%	2.58%	1.54%	4.95%	14.52%	12.61%	13.59%	0.80%	13.69%	9.99%
Cash Return on Invested Capital (CROIC)	0.00%	23,739.13%	0.00%	0.00%	0.00%	4,002.65%	1,637.66%	557.53%	511.10%	1,777.30%	2,989.34%
Operating Return on Assets (OROA)	0.00%	2.51%	3.80%	5.86%	5.08%	2.24%	6.31%	5.50%	2.20%	4.38%	2.00%
Return on Assets (ROA)	0.00%	2.02%	-1.69%	2.70%	4.61%	9.49%	5.23%	6.32%	-7.06%	6.06%	4.92%
Return on Common Equity (ROCE)	0.00%	6.12%	2.58%	1.54%	4.95%	14.52%	12.61%	13.59%	0.80%	13.69%	9.99%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	2.58%	1.54%	4.95%	0.00%	14.03%	15.92%	6.55%	0.00%	7.70%
Net Operating Profit after Tax (NOPAT)	34	60	29	59	74	92	83	87	18	187	97
NOPAT Margin	31.61%	42.61%	24.36%	44.89%	49.43%	49.61%	52.49%	51.33%	19.67%	64.84%	39.78%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.91%	-4.33%	-1.48%	-0.06%	3.11%	-0.30%	0.28%	-2.81%	-0.25%	0.45%
Return On Investment Capital (ROIC_SIMPLE)	-	1.06%	0.52%	1.05%	1.30%	1.62%	1.48%	1.48%	0.21%	2.17%	1.08%
Cost of Revenue to Revenue	0.00%	-26.53%	0.00%	0.00%	26.46%	-21.41%	0.00%	26.18%	0.00%	-15.28%	0.00%
SG&A Expenses to Revenue	3.25%	2.29%	3.07%	2.73%	2.41%	2.14%	2.47%	2.30%	4.42%	1.57%	2.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	54.84%	-1.45%	65.20%	35.88%	27.77%	-4.00%	24.63%	19.58%	71.90%	-2.69%	18.52%
Earnings before Interest and Taxes (EBIT)	36	45	57	88	80	40	91	81	23	129	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	75	91	96	86	79	39	99	54	75	130	4.61
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.69	0.73	0.74	0.82	0.86	0.97	0.61	0.94	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.69	0.73	0.74	0.82	0.86	0.97	0.61	0.94	0.97
Price to Revenue (P/Rev)	0.00	0.00	3.84	3.68	3.45	3.55	3.54	3.81	4.10	5.35	4.95
Price to Earnings (P/E)	0.00	0.00	27.67	28.51	12.25	8.05	6.14	6.22	9.65	13.80	12.63
Dividend Yield	15.45%	12.82%	12.07%	11.71%	11.75%	11.41%	11.60%	11.11%	12.60%	13.24%	13.06%
Earnings Yield	0.00%	0.00%	3.61%	3.51%	8.16%	12.42%	16.30%	16.08%	10.37%	7.25%	7.92%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.21	1.23	1.24	1.25	1.22	1.20	1.26	1.06	1.15	1.22
Long-Term Debt to Equity	0.00	1.21	1.23	1.24	1.25	1.22	1.20	1.26	1.06	1.15	1.22
Financial Leverage	0.00	-1.00	-1.01	-1.00	-1.01	-1.00	-1.00	-0.99	-1.00	-0.99	-1.00
Leverage Ratio	0.00	2.12	2.25	2.26	2.28	2.24	2.24	2.28	2.16	2.20	2.23
Compound Leverage Factor	0.00	5.40	-3.45	-0.77	2.13	16.95	1.87	2.41	-15.59	4.76	5.47
Debt to Total Capital	0.00%	54.73%	55.10%	55.28%	55.61%	55.03%	54.45%	55.74%	51.56%	53.40%	54.90%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	54.73%	55.10%	55.28%	55.61%	55.03%	54.45%	55.74%	51.56%	53.40%	54.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	45.27%	44.90%	44.72%	44.39%	44.97%	45.55%	44.26%	48.44%	46.60%	45.10%
Debt to EBITDA	0.00	13.03	11.14	14.04	11.97	12.67	12.32	11.31	18.56	12.83	18.53
Net Debt to EBITDA	0.00	-10.78	-9.13	-11.52	-9.73	-10.31	-10.33	-9.02	-17.40	-11.13	-15.32
Long-Term Debt to EBITDA	0.00	13.03	11.14	14.04	11.97	12.67	12.32	11.31	18.56	12.83	18.53
Debt to NOPAT	0.00	15.69	13.81	18.89	12.03	10.80	9.25	9.77	15.18	12.04	12.37
Net Debt to NOPAT	0.00	-12.97	-11.32	-15.49	-9.78	-8.79	-7.75	-7.79	-14.23	-10.44	-10.23
Long-Term Debt to NOPAT	0.00	15.69	13.81	18.89	12.03	10.80	9.25	9.77	15.18	12.04	12.37
Altman Z-Score	0.00	0.00	1.59	1.64	1.65	1.69	1.75	1.78	1.57	1.78	1.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	212.66	172.42	182.13	184.31	177.49	161.89	112.84	90.97	155.20	146.11
Quick Ratio	0.00	209.34	171.40	180.03	181.45	174.84	158.88	109.81	87.35	150.61	144.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	42	69	96	79	52	28	-47	172	106
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	1.24	1.89	0.00	0.00	1.25	0.00	-0.78	0.00	1.33
Operating Cash Flow to Interest Expense	-8.01	0.00	1.55	0.82	0.00	0.00	3.94	0.00	3.84	0.00	-4.71
Operating Cash Flow Less CapEx to Interest Expense	-8.01	0.00	1.55	0.82	0.00	0.00	3.94	0.00	3.84	0.00	-4.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.08	0.08	0.09	0.09	0.10	0.11	0.11	0.08	0.10	0.11
Accounts Receivable Turnover	0.00	18.21	15.75	15.98	18.07	14.85	14.99	14.17	9.08	10.68	12.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.08	0.00	0.00	1.87	0.07	0.00	0.00
Days Sales Outstanding (DSO)	0.00	20.04	23.17	22.84	20.19	24.57	24.34	25.75	40.18	34.16	29.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	4,796.16	0.00	0.00	195.25	4,898.11	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	20.04	23.17	22.84	-4,775.96	24.57	24.34	-169.50	-4,857.93	34.16	29.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.83	-13	-9.45	-22	13	18	49	43	28	8.77
Invested Capital Turnover	0.00	505.94	-69.29	-105.72	-49.61	84.77	238.79	33.08	56.91	34.20	58.26
Increase / (Decrease) in Invested Capital	0.00	0.00	-13	-9.45	-22	12	31	59	65	15	-9.55
Enterprise Value (EV)	0.00	0.00	-785	-702	-696	-455	-363	-86	-1,581	-210	-137
Market Capitalization	0.00	0.00	1,742	1,838	1,867	2,082	2,208	2,518	2,464	3,778	3,907
Book Value per Share	$0.00	$14.91	$14.71	$14.66	$14.80	$15.02	$15.11	$15.20	$23.63	$15.17	$15.20
Tangible Book Value per Share	$0.00	$14.91	$14.71	$14.66	$14.80	$15.02	$15.11	$15.20	$23.63	$15.17	$15.20
Total Capital	0.00	5,621	5,598	5,604	5,668	5,666	5,629	5,861	8,369	8,614	8,908
Total Debt	0.00	3,076	3,084	3,098	3,152	3,118	3,065	3,267	4,315	4,599	4,891
Total Long-Term Debt	0.00	3,076	3,084	3,098	3,152	3,118	3,065	3,267	4,315	4,599	4,891
Net Debt	0.00	-2,544	-2,527	-2,540	-2,563	-2,536	-2,570	-2,605	-4,045	-3,988	-4,044
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	26	-33	15	8.72	41	29	9.50	31	48	24
Debt-free Net Working Capital (DFNWC)	0.00	5,647	5,579	5,653	5,723	5,695	5,664	5,881	8,391	8,635	8,958
Net Working Capital (NWC)	0.00	5,647	5,579	5,653	5,723	5,695	5,664	5,881	8,391	8,635	8,958
Net Nonoperating Expense (NNE)	47	23	55	19	0.80	-79	7.71	-7.03	92	8.21	-15
Net Nonoperating Obligations (NNO)	0.00	-2,544	-2,527	-2,516	-2,538	-2,535	-2,546	-2,544	-4,011	-3,986	-4,009
Total Depreciation and Amortization (D&A)	39	46	39	-1.27	-1.18	-0.90	7.78	-27	52	0.28	-41
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	6.30%	-7.31%	3.10%	1.61%	6.95%	4.57%	1.44%	5.09%	6.73%	3.05%
Debt-free Net Working Capital to Revenue	0.00%	1,344.62%	1,229.87%	1,132.19%	1,057.79%	972.45%	907.09%	889.36%	1,395.17%	1,223.67%	1,135.04%
Net Working Capital to Revenue	0.00%	1,344.62%	1,229.87%	1,132.19%	1,057.79%	972.45%	907.09%	889.36%	1,395.17%	1,223.67%	1,135.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.05	$0.15	$0.34	$0.43	$0.60	$0.45	$0.55	$0.05	$0.31	$0.42
Adjusted Weighted Average Basic Shares Outstanding	0.00	170.67M	170.90M	170.84M	169.98M	170.32M	169.65M	170.64M	199.97M	201.26M	264.34M
Adjusted Diluted Earnings per Share	$0.00	$0.05	$0.15	$0.34	$0.43	$0.60	$0.45	$0.55	$0.05	$0.31	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	0.00	170.67M	170.90M	170.84M	169.98M	170.32M	169.65M	170.64M	199.97M	201.26M	264.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	170.90M	170.90M	169.96M	169.59M	169.59M	170.59M	171.52M	264.61M	264.28M	265.50M
Normalized Net Operating Profit after Tax (NOPAT)	34	42	29	59	52	92	83	87	18	187	67
Normalized NOPAT Margin	31.61%	29.72%	24.36%	44.89%	34.60%	49.61%	52.49%	51.33%	19.67%	64.84%	27.73%
Pre Tax Income Margin	-61.71%	82.86%	-72.61%	-22.63%	50.22%	165.03%	47.96%	51.07%	-187.36%	97.00%	45.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.55	0.00	1.66	2.42	0.00	0.00	2.20	0.00	0.39	0.00	0.57
NOPAT to Interest Expense	1.46	0.00	0.86	1.63	0.00	0.00	2.01	0.00	0.29	0.00	1.21
EBIT Less CapEx to Interest Expense	1.55	0.00	1.66	2.42	0.00	0.00	2.20	0.00	0.39	0.00	0.57
NOPAT Less CapEx to Interest Expense	1.46	0.00	0.86	1.63	0.00	0.00	2.01	0.00	0.29	0.00	1.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	101.15%	252.67%	441.98%	141.05%	74.03%	56.69%	54.31%	96.20%	123.52%	125.03%
Augmented Payout Ratio	0.00%	101.15%	252.67%	467.01%	154.55%	80.55%	56.69%	56.06%	96.22%	125.28%	125.03%

Frequently Asked Questions About Golub Capital BDC's Financials

When does Golub Capital BDC's financial year end?

According to the most recent income statement we have on file, Golub Capital BDC's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Golub Capital BDC's net income changed over the last 4 years?

Golub Capital BDC's net income appears to be on an upward trend, with a most recent value of $273.79 million in 2024, rising from $54.87 million in 2020. The previous period was $258.63 million in 2023.

What is Golub Capital BDC's operating income?

Golub Capital BDC's total operating income in 2024 was $383.63 million, based on the following breakdown:

Total Gross Profit: $705.67 million
Total Operating Expenses: $128.65 million

How has Golub Capital BDC revenue changed over the last 4 years?

Over the last 4 years, Golub Capital BDC's total revenue changed from $298.95 million in 2020 to $705.67 million in 2024, a change of 136.0%.

How much debt does Golub Capital BDC have?

Golub Capital BDC's total liabilities were at $4.69 billion at the end of 2024, a 47.2% increase from 2023, and a 81.6% increase since 2021.

How much cash does Golub Capital BDC have?

In the past 3 years, Golub Capital BDC's cash and equivalents has ranged from $65.62 million in 2023 to $175.59 million in 2021, and is currently $123.12 million as of their latest financial filing in 2024.

How has Golub Capital BDC's book value per share changed over the last 4 years?

Over the last 4 years, Golub Capital BDC's book value per share changed from 0.00 in 2020 to 15.17 in 2024, a change of 1,517.2%.

Remove Ads

Related Companies

This page (NASDAQ:GBDC) was last updated on 4/16/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Golub Capital BDC (GBDC) Financials

Frequently Asked Questions About Golub Capital BDC's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Golub Capital BDC (GBDC) Financials

Annual Income Statements for Golub Capital BDC

Quarterly Income Statements for Golub Capital BDC

Annual Cash Flow Statements for Golub Capital BDC

Quarterly Cash Flow Statements for Golub Capital BDC

Annual Balance Sheets for Golub Capital BDC

Quarterly Balance Sheets for Golub Capital BDC

Annual Metrics and Ratios for Golub Capital BDC

Quarterly Metrics and Ratios for Golub Capital BDC

Frequently Asked Questions About Golub Capital BDC's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools