Golub Capital BDC, Inc. Financial Ratios — GBDC Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	2,962.11	2,030.05	1,779.79	597.41	438.57	432.03	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	4.26	4.91	5.1	5.16	4.6	4.08	4.69	4.57	-0.6	1.24	7.08	2.83	4.53	3.79	4.26
Return on Capital (%)	8.61	7.67	11.98	11.63	9.37	8.2	9.83	9.89	- -	2.87	15.98	5.67	8.67	7.33	- -
Return on Invested Capital (%)	4.79	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	76.83	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	117.53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	117.53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-30.3	-260.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	85.4	87.64	89.67	92.13	92.3	92.61	93.96	93.55	146.78	82.1	97.53	93.58	94.64	100.66	92.1
Profit Margin (%)	85.4	87.64	89.67	92.13	92.3	92.17	93.94	93.55	146.78	82.1	97.37	92.84	93.35	100.45	92.35
Net Income to Common Margin (%)	85.4	87.64	89.67	92.13	92.3	92.17	93.94	93.55	146.78	82.1	97.37	92.84	93.35	100.45	92.35
Effective Tax Rate (%)	- -	- -	- -	- -	- -	0.48	0.02	- -	- -	- -	0.16	0.79	1.37	0.21	- -
Dvd Payout Ratio (%)	112.19	93.35	93.13	84.1	84.8	85.99	93.31	86.69	-405.31	248.63	40.88	101.15	74.03	123.52	97.76
Sustainable Growth Rate (%)	- -	- -	203.63	322.79	270.55	83.69	29.35	57.49	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	475	352	421	698	806	860	777	843	2,119	2,018	2,551	3,076	3,118	4,599	4,901
ST Debt	238	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	238	352	421	698	806	860	777	843	2,119	2,018	2,551	3,076	3,118	4,599	4,901
Total Debt/EBITDA	16.19	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	6.52	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	16.19	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	6.52	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	4.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	4.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	4.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.07	0.05	0.25	0.25	0.26	1.08	1.06	1.05	-2	-5.14	-1.58	-2.33	-1.73	-1.75	-0.54
Long-Term Debt/Equity (%)	75.09	93.91	63.94	95.2	99.4	97.81	81.09	86.98	95.35	84.21	98.79	120.9	122.37	114.57	123.06
Long-Term Debt/Capital (%)	50.04	99.89	99.35	99.48	99.47	97.85	97.66	97.76	104.32	112.76	103.3	104.49	103.28	103.43	101
Long-Term Debt/Total Assets (%)	42.47	47.99	38.56	48.33	49.34	48.94	44.28	45.91	48.23	45.4	49.4	54.15	54.38	52.84	54.58
Total Debt/Equity (%)	150.17	93.91	63.94	95.2	99.4	97.81	81.09	86.98	95.35	84.21	98.79	120.9	122.37	114.57	123.06
Total Debt/Capital (%)	100.08	99.89	99.35	99.48	99.47	97.85	97.66	97.76	104.32	112.76	103.3	104.49	103.28	103.43	101
Total Debt/Total Assets (%)	84.94	47.99	38.56	48.33	49.34	48.94	44.28	45.91	48.23	45.4	49.4	54.15	54.38	52.84	54.58
Net Debt to Equity	60.44	-3.7	-2.48	-0.7	-0.67	-1.25	-0.42	-0.62	-0.29	-1.05	-7.01	-4.88	-2.74	-3.27	-0.59
Net Debt/Capital (%)	44.64	-4.1	-4	-0.74	-0.68	-1.26	-0.5	-0.71	-0.32	-1.42	-7.91	-4.4	-2.37	-3.04	-0.49
EBITDA	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	2.08	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	2.28	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	2.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	-0.56	-1.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.07	0.05	0.25	0.25	0.26	1.08	1.06	1.05	-2	-5.14	-1.58	-2.33	-1.73	-1.75	-0.54
Long-Term Debt/Equity (%)	75.09	93.91	63.94	95.2	99.4	97.81	81.09	86.98	95.35	84.21	98.79	120.9	122.37	114.57	123.06
Long-Term Debt/Capital (%)	50.04	99.89	99.35	99.48	99.47	97.85	97.66	97.76	104.32	112.76	103.3	104.49	103.28	103.43	101
Long-Term Debt/Total Assets (%)	42.47	47.99	38.56	48.33	49.34	48.94	44.28	45.91	48.23	45.4	49.4	54.15	54.38	52.84	54.58
Total Debt/Equity (%)	150.17	93.91	63.94	95.2	99.4	97.81	81.09	86.98	95.35	84.21	98.79	120.9	122.37	114.57	123.06
Total Debt/Capital (%)	100.08	99.89	99.35	99.48	99.47	97.85	97.66	97.76	104.32	112.76	103.3	104.49	103.28	103.43	101
Total Debt/Total Assets (%)	84.94	47.99	38.56	48.33	49.34	48.94	44.28	45.91	48.23	45.4	49.4	54.15	54.38	52.84	54.58
CFO/Total Liabilities	-48.59	-44.09	-68.66	-35.96	-12.55	-6.39	7.81	-0.98	-5.45	9.16	-11.85	-13.28	6.13	7.33	-2.27
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.14	0.3	0.4	0.33	0.33	0.4	0.52	0.52	0.18	0.33	0.5	0.32	0.44	0.39	0.48

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	1.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	279.72	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	-279.72	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	103	149	249	323	377	500	602	663	764	1,337	1,945	1,681	2,199	3,023	3,642
- Cash & Cash Equivalents	46	14	16	5	5	11	4	6	7	25	181	124	70	131	24
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	475	352	421	698	806	860	777	843	2,119	2,018	2,551	3,076	3,118	4,599	4,901
Enterprise Value	73	487	653	1,015	1,178	1,348	1,374	1,500	2,877	3,330	4,316	4,633	5,247	7,491	8,519
Total Capital	475	353	424	701	810	878	795	862	2,032	1,789	2,470	2,944	3,019	4,447	4,852
Total Debt/Capital (%)	100.08	99.89	99.35	99.48	99.47	97.85	97.66	97.76	104.32	112.76	103.3	104.49	103.28	103.43	101
Total Debt / EV	6.55	0.72	0.64	0.69	0.68	0.64	0.57	0.56	0.74	0.61	0.59	0.66	0.59	0.61	0.58
EV/Sales	2.9	13.45	12.59	14.31	15.36	17.96	15.69	17.12	- -	49.82	12.35	28.03	18.94	27.48	20.89
EV/EBITDA	2.47	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	2.47	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	22.1	- -	- -	17.74	- -	- -	26.86	21.78	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	22.1	- -	- -	17.74	- -	- -	26.86	21.78	- -
Diluted Market Cap	103	149	249	323	377	500	602	663	764	1,337	1,945	1,681	2,199	3,023	3,642
Diluted Enterprise Value	532	487	653	1,015	1,178	1,348	1,374	1,500	2,877	3,330	4,316	4,633	5,247	7,491	8,519
EV per Share	3.5	19.04	17.97	21.26	22.78	24.61	22.89	24.29	43.93	22.36	25.69	27.15	30.8	37.22	32.03
TTM Sales	25	36	52	71	77	75	88	88	-13	67	349	165	277	273	408
TTM EBITDA	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-112	-158	-298	-256	-103	-56	62	-8	-118	188	-306	-416	195	344	-114
TTM Free Cash Flow to Firm	-112	-158	-298	-256	-103	-56	62	-8	-118	188	-306	-416	195	344	-114

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	-0.87	-0.94	-0.84	-1.26	-3.66	-8.91	9.67	-78.2	-6.45	7.12	-6.36	-4.04	11.26	8.79	-32.06
EV/EBIT	2.47	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	73	487	653	1,015	1,178	1,348	1,374	1,500	2,877	3,330	4,316	4,633	5,247	7,491	8,519
Low Price	14	14.01	14.4	15.57	15.89	14.8	17.34	17.35	16.21	9.08	12.31	11.94	12.09	13.95	12.68
EV/Sales	2.9	13.45	12.59	14.31	15.36	17.96	15.69	17.12	- -	49.82	12.35	28.03	18.94	27.48	20.89
EV/EBITDA	2.47	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	4.84	4.69	5.35	4.94	5.33	7.22	7.31	8.09	- -	24.37	5.72	10.96	8.5	11.04	9.67
Price/Earnings Average	4.94	4.27	4.95	5.22	5.49	6.48	7.12	7.68	-37.98	25.5	5.17	12.42	7.42	10.6	10.52
Price/Earnings High	17.46	12.96	14.65	14.16	13.46	15.65	14.96	14.67	-70.11	51.16	8.01	18.05	9.94	13.03	11.31
Price/Earnings Low	13.59	11.29	11.25	11.37	11.61	11.72	12.65	13.07	-57.14	24.64	6.08	13.28	7.96	10.25	8.96
Price/Book Value	-274.82	399.47	89.84	87.88	88.17	26.46	32.27	34.35	-8.71	-5.85	-23.85	-12.72	-22.2	-19.79	-75.01
Price/Book Value Average	-280.64	363.37	83.25	92.87	90.71	23.75	31.43	32.62	-8.04	-6.13	-21.58	-14.41	-19.37	-19	-81.64
Price/Book Value High	-990.8	1,103.7	246.27	251.93	222.59	57.33	66.03	62.27	-14.84	-12.29	-33.41	-20.96	-25.97	-23.35	-87.72
Price/Book Value Low	-771.05	961.62	189.14	202.4	191.92	42.94	55.85	55.49	-12.1	-5.92	-25.36	-15.42	-20.79	-18.38	-69.47
Price/Tangible Book Value	0.33	0.4	0.38	0.44	0.47	0.57	0.63	0.68	0.34	0.56	0.75	0.66	0.86	0.75	0.91
Price/Tangible Book Value Average	0.33	0.36	0.35	0.47	0.48	0.51	0.61	0.65	0.32	0.58	0.68	0.75	0.75	0.72	1
Price/Tangible Book Value High	1.18	1.1	1.04	1.26	1.18	1.23	1.28	1.24	0.59	1.17	1.06	1.09	1.01	0.89	1.07
Price/Tangible Book Value Low	0.92	0.96	0.8	1.01	1.01	0.92	1.09	1.11	0.48	0.56	0.8	0.8	0.81	0.7	0.85
Price/Sales	4.14	4.11	4.79	4.55	4.92	6.66	6.87	7.57	-60.38	20.01	5.57	10.17	7.94	11.09	8.93
Price/Sales Average	4.22	3.74	4.44	4.81	5.06	5.98	6.69	7.19	-55.75	20.93	5.04	11.53	6.93	10.65	9.72
Price/Sales High	14.91	11.36	13.14	13.04	12.42	14.42	14.05	13.72	-102.9	42	7.8	16.76	9.28	13.08	10.44
Price/Sales Low	11.6	9.9	10.09	10.48	10.71	10.8	11.88	12.23	-83.87	20.23	5.92	12.33	7.43	10.3	8.27
Price/Cash Flow	-0.87	-0.94	-0.84	-1.26	-3.66	-8.91	9.67	-78.2	-6.45	7.12	-6.36	-4.04	11.26	8.79	-32.06
Price/Cash Flow Average	-0.89	-0.86	-0.77	-1.34	-3.76	-8	9.42	-74.26	-5.96	7.45	-5.75	-4.57	9.82	8.44	-34.89
Price/Cash Flow High	-3.15	-2.6	-2.29	-3.62	-9.23	-19.31	19.79	-141.76	-11	14.96	-8.9	-6.65	13.16	10.37	-37.49
Price/Cash Flow Low	-2.45	-2.27	-1.76	-2.91	-7.96	-14.46	16.74	-126.33	-8.96	7.2	-6.76	-4.89	10.54	8.16	-29.69
Price/Free Cash Flow Average	-0.89	-0.86	-0.77	-1.34	-3.76	-8	9.42	-74.26	-5.96	7.45	-5.75	-4.57	9.82	8.44	-34.89
Price/Free Cash Flow High	-3.15	-2.6	-2.29	-3.62	-9.23	-19.31	19.79	-141.76	-11	14.96	-8.9	-6.65	13.16	10.37	-37.49
Price/Free Cash Flow Low	-2.45	-2.27	-1.76	-2.91	-7.96	-14.46	16.74	-126.33	-8.96	7.2	-6.76	-4.89	10.54	8.16	-29.69
EV/Sales Average	21.39	13.08	12.24	14.56	15.5	17.28	15.51	16.74	- -	50.75	11.82	29.39	17.93	27.04	21.68
EV/Sales High	32.08	20.7	20.94	22.8	22.86	25.72	22.87	23.27	- -	71.82	14.58	34.62	20.28	29.48	22.4
EV/Sales Low	28.77	19.24	17.89	20.23	21.15	22.1	20.71	21.78	- -	50.05	12.7	30.19	18.43	26.69	20.23
EV/EBITDA Average	18.2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	27.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	24.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	18.2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	27.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	24.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	4.99	5.82	6.84	6.76	7.3	9.12	10.02	10.74	11.67	8.98	11.58	9.85	12.91	15.02	13.69
High Price	17.99	16.08	18.75	19.38	18.43	19.76	20.5	19.47	19.89	18.85	16.22	16.23	15.1	17.72	16.01
Enterprise Value Average	535	474	635	1,034	1,189	1,297	1,359	1,466	2,819	3,392	4,130	4,858	4,967	7,370	8,841
Enterprise Value High	802	750	1,086	1,618	1,753	1,931	2,004	2,039	3,416	4,800	5,095	5,722	5,620	8,035	9,136
Enterprise Value Low	719	697	928	1,436	1,622	1,660	1,814	1,908	3,175	3,345	4,438	4,990	5,107	7,276	8,250

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	23	27	46	50	54	58	63	63	140	167	170	171	170	264	266
Diluted Weighted Avg Shares	21	26	36	48	52	55	60	62	65	149	168	171	170	201	266
Basic Weighted Avg Shares	21	26	36	48	52	55	60	62	65	149	168	171	170	201	266
Revenue per Share	1.21	1.42	1.43	1.49	1.48	1.37	1.46	1.42	-0.19	0.45	2.08	0.97	1.63	1.35	1.53
EBITDA per Share	1.42	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.42	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.03	1.24	1.28	1.37	1.37	1.26	1.37	1.33	-0.28	0.37	2.03	0.9	1.52	1.36	1.42
Basic EPS from Cont Ops	1.03	1.24	1.28	1.37	1.37	1.26	1.37	1.33	-0.28	0.37	2.03	0.9	1.52	1.36	1.42
Diluted EPS, GAAP	1.03	1.24	1.28	1.37	1.37	1.26	1.37	1.33	-0.28	0.37	2.03	0.9	1.52	1.36	1.42
Diluted EPS from Cont Ops	1.03	1.24	1.28	1.37	1.37	1.26	1.37	1.33	-0.28	0.37	2.03	0.9	1.52	1.36	1.42
Dividend per Share	1.16	1.16	1.19	1.15	1.16	1.09	1.28	1.15	1.15	0.92	0.83	0.91	1.12	1.68	1.38
Cash Flow per Share	-5.7	-6.18	-8.19	-5.35	-2	-1.02	1.04	-0.14	-1.81	1.26	-1.82	-2.44	1.15	1.71	-0.43
Free Cash Flow per Basic Share	-5.7	-6.18	-8.19	-5.35	-2	-1.02	1.04	-0.14	-1.81	1.26	-1.82	-2.44	1.15	1.71	-0.43
Cash & Equivalents per Share	24.44	0.54	0.45	0.11	0.11	0.2	0.07	0.1	0.1	0.17	1.08	0.73	0.41	0.65	0.09
Book Value per Share	-0.02	0.01	0.08	0.08	0.08	0.34	0.31	0.31	-1.34	-1.53	-0.49	-0.77	-0.58	-0.76	-0.18
Tangible Book Value per Share	15.29	14.65	18.1	15.34	15.68	16.04	15.96	15.69	33.94	16.09	15.37	14.91	14.96	19.95	14.97

Golub Capital BDC, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)