Barings BDC, Inc. (BBDC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+947.8%

$91.99

vs $8.78 price

Levered DCF

$12.32

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.19

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.46×	9.2×	7.15×	179.12×	9.26×	54.12×	8.86×	-3.93×
P/B	0.83×	0.85×	0.77×	0.7×	0.97×	0.62×	0.9×	0.8×
P/S	3.88×	4.84×	3.18×	3.83×	6.01×	12.09×	6.82×	5.6×
EV / EBITDA	11.87×	20.96×	10.67×	7.28×	25.32×	0.16×	20.06×	30.65×
Gross margin	74.0%	59.1%	100.0%	100.0%	72.4%	46.4%	100.0%	100.0%
Operating margin	85.2%	54.4%	74.2%	79.0%	64.9%	22.3%	74.9%	64.1%
Net margin	41.0%	52.7%	44.3%	2.1%	64.8%	22.1%	76.9%	-142.5%
Current ratio	3.91×	4.6×	10.15×	4.6×	9.79×	16.31×	8.26×	0.08×
Debt / equity	1.23×	1.22×	1.2×	1.21×	1.85×	1.32×	1.17×	2.02×
Interest coverage	2.49×	1.33×	2.53×	3.04×	2.35×	0.42×	2.17×	2.15×
Dividend yield	13.0%	10.9%	11.9%	11.2%	7.4%	7.0%	5.2%	4.7%
Payout ratio	122.9%	99.8%	85.2%	2002.3%	68.9%	383.1%	46.3%	-18.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	9.3%	10.7%	0.4%	10.5%	1.1%	10.2%	-20.3%
Return on invested capital	7.9%	4.1%	7.9%	5.0%	3.7%	0.5%	4.5%	4.5%
Return on assets	3.9%	4.1%	4.8%	0.2%	3.6%	0.5%	4.6%	-9.8%
Free cash flow yield	16.6%	11.6%	8.4%	10.3%	-55.1%	-48.8%	-6.1%	-44.1%
Earnings yield	10.6%	10.9%	13.9%	0.6%	10.8%	1.8%	11.3%	-25.4%
Enterprise value	$2.3B	$2.4B	$2.3B	$2.1B	$2B	$1.3B	$1.2B	$1.6B
Net debt / EBITDA	6.95×	12.07×	6.39×	4.44×	16.25×	0.1×	11.16×	21.91×
Cash conversion cycle (days)	19	-26	67	104	387	501	244	132