Golub Capital BDC Inc. Common Stock (GBDC)

FairStock Score: 63/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At $12.09 on 2026-10-13, Golub Capital BDC is an asset-play by the numbers: P/B 0.85, Graham Number $14.55, margin of safety 16.91%, and a 10.53% dividend yield. Those are attractive for a lender to middle-market, private-equity-sponsored companies. But I want to know what the assets are truly worth. The FairStock P/E is 18.32 on EPS of $0.66, while ROE is only 4.46% and ROCE 4.45%; that is not a high-return business. Debt-to-equity is 1.22, and the Altman Z-Score of 0.37 is a warning that leverage and credit risk matter here. The Piotroski F-Score of 7/9 is a positive sign of accounting strength, and trailing free cash flow of $919.6M gives a 29.3% FCF yield, but for a BDC cash flow can be lumpy and must be weighed against credit marks. Filed results show volatility: in fiscal Q2 2026, the quarter ended 2026-03-31, net income was -$46.8M and diluted EPS -$0.18; in fiscal Q1 2026, ended 2025-12-31, net income was $65.2M and EPS $0.25; in fiscal Q3 2026, ended 2026-06-30, net income was $57.0M and EPS $0.22. For FY2025, net income was $376.6M and EPS $1.42, up from FY2024's $273.8M and $1.36, but below FY2023's $1.52 EPS. Growth metrics shown are negative: revenue growth -31.90%, profit growth -36.70%. Externally managed, non-diversified BDCs rarely have a wide moat; the edge is underwriting discipline. At a discount to book, the stock can work if credit holds; if not, the discount is justified. I prefer to demand a larger margin of safety.

In plain English: Golub Capital BDC lends money to and invests in middle-sized companies, often ones backed by investment firms that buy companies. Its results have been uneven, with a quarterly loss in fiscal Q2 2026, and growth has been weak, but it still earns money and pays a high dividend. At $12.09 on 2026-10-13, the price looks cheap compared with the company's stated asset value, but the business carries meaningful debt and credit risk.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-06-30) · fiscal Q2 2026 10-Q (period ended 2026-03-31) · fiscal Q1 2026 10-Q (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-09-30) · FY2024 10-K (period ended 2024-09-30) · FY2023 10-K (period ended 2023-09-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer