Goldman Sachs BDC, Inc. (GSBD) 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

+163.9%

$23.63

vs $8.96 price

Levered DCF

$4.96

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.34

Distress zone

Rating

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	9.01×	22×	8.09×	25.41×	10.14×	5.87×	23.64×	13.72×
P/B	0.75×	0.88×	0.99×	0.93×	1.21×	0.64×	1.27×	1.04×
P/S	4.42×	7.21×	3.49×	10.31×	8.51×	5.53×	10.78×	8.36×
EV / EBITDA	12.38×	47.63×	9.25×	56.55×	19.46×	14.79×	42.82×	24.86×
Gross margin	75.4%	40.9%	100.0%	41.6%	74.3%	78.6%	54.4%	70.3%
Operating margin	98.4%	35.5%	79.9%	43.9%	84.7%	95.2%	47.5%	63.4%
Net margin	49.2%	32.7%	43.1%	40.4%	84.0%	94.4%	45.4%	60.8%
Current ratio	0.95×	1.21×	1.45×	1.2×	0.94×	1.01×	0.02×	0.03×
Debt / equity	1.32×	1.23×	1.14×	1.34×	1.15×	1.01×	1.14×	0.93×
Interest coverage	2.14×	0.6×	3.26×	0.75×	3.29×	4.45×	1.04×	2.13×
Dividend yield	21.8%	14.2%	12.0%	12.8%	9.9%	14.1%	8.1%	9.5%
Payout ratio	195.8%	314.5%	97.5%	327.3%	100.3%	82.7%	193.2%	131.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	4.0%	12.2%	3.7%	11.9%	10.9%	5.3%	7.6%
Return on invested capital	7.0%	1.8%	10.2%	1.6%	5.5%	5.4%	2.5%	3.9%
Return on assets	3.5%	1.7%	5.6%	1.5%	5.4%	5.3%	2.5%	3.8%
Free cash flow yield	30.4%	0.2%	19.0%	2.0%	-1.5%	16.1%	-4.1%	-6.7%
Earnings yield	11.1%	4.5%	12.3%	3.9%	9.9%	17.1%	4.2%	7.3%
Enterprise value	$2.9B	$3.3B	$3.4B	$3.4B	$3.8B	$2.6B	$1.6B	$1.4B
Net debt / EBITDA	7.81×	27.32×	4.88×	33.05×	9.42×	8.98×	20.12×	11.66×
Cash conversion cycle (days)	-336	-184	31	-188	-339	-464	-179	-246