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Business development company providing senior secured direct loans to US middle-market private equity-backed companies.
Business development company providing senior secured direct loans to US middle-market private equity-backed companies.
Earns interest on loans made mostly at floating rates to private-equity-owned mid-sized companies, so rate cuts lower its income while credit losses cut returns. As a business development company, it must pass most of its taxable income to shareholders as dividends, and an affiliate of Golub Capital, the lender, manages it for fees.
Moat: narrow (scale, brand). Golub Capital's long sponsor relationships and origination scale in the middle-market direct lending niche.
Headquarters: New York, US · Employees: 1,000
Size Golub Capital BDC (GBDC) is a United States Financials company (Financial Conglomerates) with a market value of $3.31B, the 1480th largest of 3,117 United States companies the cockpit tracks. Shares closed at $12.74 on 6 Nov 2026.
Performance Over six months the shares fell 3.2%, against +8.9% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 8.8% over the last twelve months (peer median +17.3%); the operating margin is 60.1% (peer median 22.6%).
Valuation It trades at 9.9× forward earnings against a peer median of 15.0× (6th cheapest of 16).
Credit Golub Capital BDC has 7 bonds outstanding ($3.80B), rated BBB- by the agencies and trading like BB at a weighted spread of 181 bp.
Short interest Short interest is 5.7% of the free float (15 Oct 2026).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $742M | $803M | $647M | $559M | $408M |
| Revenue growth | — | +24% | +16% | +37% | — |
| Gross profit | $576M | $629M | $525M | $406M | $312M |
| EBITDA | $446M | $661M | $467M | $393M | $282M |
| Net income | $172M | $377M | $274M | $259M | $153M |
| Free cash flow | $254M | $326M | $382M | $201M | $199M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $4.54B | $4.90B | $4.60B | $3.12B | $3.08B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Golub Capital BDC GBDC | $3.31B | -3% | -9% | 60% | 9.9× | n/a |
| Ares Capital ARCC | $13.8B | +1% | -8% | 61% | 9.9× | n/a |
| Blue Owl Capital OBDC | $5.39B | -4% | +1% | 54% | 8.2× | n/a |
| Morgan Stanley Direct Lending Fund MSDL | $1.15B | -12% | -15% | 56% | 7.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GBDC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +4.9% | 9th lowest of 21 |
| 6-month return | -3.2% | +8.9% | 8th lowest of 21 |
| Distance from 52-week high | -11.6% | -14.3% | 10th highest of 21 |
| Revenue growth (TTM) | -8.8% | +17.3% | 3rd lowest of 18 |
| Operating margin | 60.1% | 22.6% | 6th highest of 19 |
| Forward P/E | 9.9× | 15.0× | 6th cheapest of 16 |
| Bond spread | 181 bp | 172 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Golub Capital BDC GBDC | United States | $3.31B | -3% | -9% | 60% | 9.9× | n/a | n/a |
| BB Biotech BION.SW | Switzerland | $3.45B | +13% | +125% | 491% | 20.0× | n/a | n/a |
| Roko ROKO-B.ST | Sweden | $2.97B | +14% | +20% | 18% | 25.6× | n/a | n/a |
| Kyivstar KYIV | United States | $2.96B | -4% | +26% | 36% | 9.0× | n/a | n/a |
| Strive ASST | United States | $2.73B | +35% | +650% | -14,416% | 4.2× | n/a | n/a |
| Legend 3396.HK | Hong Kong | $4.03B | +34% | +27% | 4% | 4.8× | n/a | n/a |
| Wendel MF.PA | France | $4.14B | 0% | -13% | 12% | 29.9× | n/a | n/a |
| Zhejiang Provincial New Energy Investment 600032.SS | China | $2.59B | -27% | -6% | 27% | n/a | n/a | n/a |
| Hyperliquid Strategies PURR | United States | $2.45B | +104% | n/a | -60% | 24.0× | n/a | n/a |
| Bure Equity BURE.ST | Sweden | $2.30B | +12% | -3% | 2,018% | n/a | n/a | n/a |
| Financiere Moncey FMONC.PA | France | $2.19B | -21% | n/a | n/a | n/a | n/a | n/a |
| Authum Investment & Infrastucture AIIL.NS | India | $5.14B | +16% | -23% | 79% | n/a | n/a | n/a |
| Zegona Communications ZEG.L | United Kingdom | $5.17B | -5% | +55% | 8% | 46.4× | n/a | n/a |
| Main Street Capital MAIN | United States | $5.33B | +6% | +3% | 91% | 15.0× | n/a | n/a |
| Kinnevik KINV-A.ST | Sweden | $2.04B | +27% | +675% | -9,423% | 7,720.0× | n/a | n/a |
| Blue Owl Capital OBDC | United States | $5.39B | -4% | +1% | 54% | 8.2× | n/a | n/a |
| Georgia Capital CGEO.L | United Kingdom | $2.03B | +20% | n/a | n/a | n/a | n/a | n/a |
| Storskogen STOR-B.ST | Sweden | $1.97B | +25% | +2% | 6% | 11.6× | n/a | n/a |
| Azimut AZM.MI | Italy | $5.70B | -1% | +17% | 46% | 10.6× | n/a | n/a |
| Onex ONEX.TO | Canada | $5.91B | -7% | +2% | 173% | 22.3× | n/a | n/a |
| Brookfield Business BBUC.TO | Canada | $6.15B | -9% | +106% | 13% | 5.4× | n/a | n/a |
Golub Capital BDC has 7 bonds outstanding with $3.80B face value. The agencies rate it BBB-; its bonds trade like BB. Weighted yield 6.33%, a spread of 181 bp over government bonds.