Golub Capital BDC, Inc. (GBDC) 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

+983.5%

$138.20

vs $12.76 price

Levered DCF

-$58.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.63

Distress zone

Rating

B-

Overall 3 / 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	9.64×	11.11×	9.65×	13.77×	7.79×	35.78×	-67.29×	14.12×
P/B	0.91×	0.76×	0.98×	0.83×	1.03×	0.82×	0.56×	1.2×
P/S	4.18×	4.98×	4.36×	6.11×	6.4×	13.91×	39.96×	9.6×
EV / EBITDA	12.39×	15.71×	13.02×	20.75×	14.75×	72.25×	-180.14×	24.35×
Gross margin	81.5%	81.6%	74.7%	73.8%	84.2%	47.2%	-41.0%	72.5%
Operating margin	78.9%	78.9%	74.4%	70.5%	82.1%	38.7%	-60.2%	67.9%
Net margin	43.2%	44.8%	47.5%	44.9%	82.0%	38.7%	-60.2%	67.9%
Current ratio	5.35×	3.66×	5.17×	3.97×	6.46×	7.02×	0.44×	0.52×
Debt / equity	1.23×	1.15×	1.22×	1.21×	0.99×	0.84×	0.95×	0.87×
Interest coverage	2.45×	2.37×	2.97×	2.73×	5.18×	0.73×	-0.43×	2.47×
Dividend yield	10.1%	11.1%	7.7%	7.3%	5.2%	6.9%	6.1%	6.1%
Payout ratio	97.9%	123.5%	70.4%	99.8%	40.9%	248.6%	-405.3%	86.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	6.8%	10.7%	6.1%	13.2%	2.3%	-0.8%	8.5%
Return on invested capital	7.7%	5.6%	7.4%	4.3%	6.7%	1.2%	-0.4%	4.6%
Return on assets	4.2%	3.1%	4.7%	2.7%	6.6%	1.2%	-0.4%	4.5%
Free cash flow yield	-3.1%	11.3%	7.8%	-19.7%	-11.5%	9.5%	-9.6%	-0.7%
Earnings yield	10.3%	9.0%	10.9%	7.4%	12.8%	2.8%	-1.5%	7.1%
Enterprise value	$8.5B	$7.5B	$5.5B	$5.1B	$5B	$4B	$3.3B	$2B
Net debt / EBITDA	7.09×	9.35×	7.15×	12.09×	6.95×	36.31×	-113.73×	10.21×
Cash conversion cycle (days)	-58	-138	-25	18	6	41	162	-48