Goldman Sachs BDC, Inc. Financial Ratios — GSBD Stock

Profitability (USD)

	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
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	1,789.29	504.8	203.02	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	5.27	4.62	4.44	3.5	3.98	3.98	2.52	7.36	5.61	1.54	5.51	1.76	3.41
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	87.97	89.87	89.7	87.22	91.05	90.14	87.31	121.12	114.09	105.39	96.81	86.84	93.38
Profit Margin (%)	- -	83.03	89.58	88.72	85.05	88.28	86.43	83.51	120.14	113.13	97.11	94.17	79.87	90.27
Net Income to Common Margin (%)	- -	83.03	89.58	88.72	85.05	88.28	86.43	83.51	120.14	113.13	97.11	94.17	79.87	90.27
Effective Tax Rate (%)	- -	5.62	0.32	1.1	2.49	3.04	4.12	4.36	0.81	0.84	7.86	2.72	8.02	3.33
Dvd Payout Ratio (%)	- -	45.87	112.52	136.33	159.58	136.1	131.1	193.24	82.68	100.32	327.26	97.49	314.48	195.79
Sustainable Growth Rate (%)	- -	- -	-223.94	-183.38	-120.95	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	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
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	700	419	886	974	1,169	1,388	1,627	1,861	2,013	1,827	1,929	1,878
ST Debt	- -	- -	350	- -	388	431	509	618	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	350	419	498	543	659	770	1,627	1,861	2,013	1,827	1,929	1,878
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.36	0.01	0.42	1.27	2.16	-5.6	-6.51	-6.82	-0.16	-1.55	-5.74	-6.37	-10.37	-13.5
Long-Term Debt/Equity (%)	- -	- -	60.91	60.84	74.89	74.75	92.85	113.84	100.74	115.3	133.96	114.04	122.68	131.97
Long-Term Debt/Capital (%)	- -	- -	49.71	96.68	54.65	60.21	61.16	59.78	100.32	103.04	111.41	114.01	124.01	132.12
Long-Term Debt/Total Assets (%)	- -	- -	36.18	36.99	41.84	41.78	47.18	52.18	49.12	52.42	56.04	51.86	53.54	55.51
Total Debt/Equity (%)	- -	- -	121.83	60.84	133.19	134.16	164.61	205.31	100.74	115.3	133.96	114.04	122.68	131.97
Total Debt/Capital (%)	- -	- -	99.42	96.68	97.19	108.07	108.44	107.81	100.32	103.04	111.41	114.01	124.01	132.12
Total Debt/Total Assets (%)	- -	- -	72.35	36.99	74.41	74.99	83.65	94.09	49.12	52.42	56.04	51.86	53.54	55.51
Net Debt to Equity	-2.99	-1.22	120.33	57.55	74.21	73.15	91.98	112.45	-1.99	-2.09	-2.64	-3.27	-3.93	-3.04
Net Debt/Capital (%)	89.29	100.54	99.41	96.5	54.42	59.69	60.94	59.49	-2.02	-1.9	-2.24	-3.38	-4.14	-3.14
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.36	0.01	0.42	1.27	2.16	-5.6	-6.51	-6.82	-0.16	-1.55	-5.74	-6.37	-10.37	-13.5
Long-Term Debt/Equity (%)	- -	- -	60.91	60.84	74.89	74.75	92.85	113.84	100.74	115.3	133.96	114.04	122.68	131.97
Long-Term Debt/Capital (%)	- -	- -	49.71	96.68	54.65	60.21	61.16	59.78	100.32	103.04	111.41	114.01	124.01	132.12
Long-Term Debt/Total Assets (%)	- -	- -	36.18	36.99	41.84	41.78	47.18	52.18	49.12	52.42	56.04	51.86	53.54	55.51
Total Debt/Equity (%)	- -	- -	121.83	60.84	133.19	134.16	164.61	205.31	100.74	115.3	133.96	114.04	122.68	131.97
Total Debt/Capital (%)	- -	- -	99.42	96.68	97.19	108.07	108.44	107.81	100.32	103.04	111.41	114.01	124.01	132.12
Total Debt/Total Assets (%)	- -	- -	72.35	36.99	74.41	74.99	83.65	94.09	49.12	52.42	56.04	51.86	53.54	55.51
CFO/Total Liabilities	- -	-2,404.47	-71.14	-27.34	-5.97	-8.61	-7.17	-4.41	9.77	-1.54	1.31	15.65	0.12	16.61
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	0.03	0.05	0.96	1.05	0.86	0.6	0.58	0.41	0.63	0.34	0.47	0.29	0.18

Working Capital (USD)

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	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
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	11.08	6.68	5.5	5.24	6.95	8.13	6.83	51.42	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	32.94	54.65	66.32	69.64	52.49	44.88	53.42	7.1	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	661	854	857	739	858	1,031	1,948	1,403	1,587	1,388	1,073
- Cash & Cash Equivalents	2	7	9	23	5	12	6	9	32	34	40	52	62	43
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	700	419	886	974	1,169	1,388	1,627	1,861	2,013	1,827	1,929	1,878
Enterprise Value	-2	-7	691	1,057	1,736	1,819	1,901	2,237	2,626	3,776	3,376	3,361	3,255	2,907
Total Capital	- -	- -	704	433	912	901	1,078	1,288	1,622	1,807	1,807	1,602	1,556	1,421
Total Debt/Capital (%)	- -	- -	99.42	96.68	97.19	108.07	108.44	107.81	100.32	103.04	111.41	114.01	124.01	132.12
Total Debt / EV	- -	- -	1.01	0.4	0.51	0.54	0.61	0.62	0.62	0.49	0.6	0.54	0.59	0.65
EV/Sales	- -	- -	16.77	20.11	36.31	32.41	30.61	51.67	17.92	22.2	59.61	16.16	41.36	22.01
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	15.84	- -	123.04	11.18	1,324.84	8.93
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	15.84	- -	123.04	11.18	1,324.84	8.93
Diluted Market Cap	- -	- -	- -	661	854	857	739	858	1,031	1,948	1,403	1,587	1,388	1,073
Diluted Enterprise Value	-2	-7	691	1,057	1,736	1,819	1,901	2,237	2,626	3,776	3,376	3,361	3,255	2,907
EV per Share	- -	- -	23.25	30.39	47.79	47.08	47.31	55.48	48.69	37.13	33.01	31.03	28.39	25.15
TTM Sales	- -	22	41	53	48	56	62	43	147	170	57	208	79	132
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	-539	-280	-121	-31	-49	-49	-35	166	-30	27	301	2	326
TTM Free Cash Flow to Firm	- -	-539	-280	-121	-31	-49	-49	-35	166	-30	27	301	2	326

Multiples (USD)

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	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
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	-5.44	-27.25	-17.38	-15	-24.32	6.22	-65.26	51.13	5.28	564.73	3.29
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-2	-7	691	1,057	1,736	1,819	1,901	2,237	2,626	3,776	3,376	3,361	3,255	2,907
Low Price	- -	- -	- -	17.15	16.66	21	17.73	18.08	8	17	13.54	12.75	11.87	9.26
EV/Sales	- -	- -	16.77	20.11	36.31	32.41	30.61	51.67	17.92	22.2	59.61	16.16	41.36	22.01
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	14.17	21.01	17.29	13.76	23.73	5.86	10.13	25.51	8.1	22.07	8.99
Price/Earnings Average	- -	- -	- -	15.97	18.29	17.99	15.59	22.66	5.14	10.12	32.58	7.94	26.49	10.81
Price/Earnings High	- -	- -	- -	18.96	21.27	19.96	17.03	25.06	6.89	10.91	38.3	9.13	29.08	13.02
Price/Earnings Low	- -	- -	- -	12.79	14.88	16.37	13.27	20.16	2.45	8.98	25.17	7.05	21.65	8.97
Price/Book Value	- -	- -	- -	45.94	33.29	-11.79	-8.13	-8.53	-196.41	-35.48	-6.81	-7.07	-3.71	-2.35
Price/Book Value Average	- -	- -	- -	51.75	28.98	-12.27	-9.21	-8.14	-172.36	-35.46	-8.7	-6.92	-4.46	-2.82
Price/Book Value High	- -	- -	- -	61.46	33.7	-13.61	-10.06	-9.01	-231.13	-38.24	-10.22	-7.97	-4.89	-3.4
Price/Book Value Low	- -	- -	- -	41.46	23.58	-11.16	-7.84	-7.25	-82.18	-31.48	-6.72	-6.15	-3.64	-2.34
Price/Tangible Book Value	- -	- -	- -	0.96	1.28	1.18	1.04	1.27	0.64	1.21	0.93	0.99	0.88	0.75
Price/Tangible Book Value Average	- -	- -	- -	1.08	1.12	1.23	1.18	1.21	0.56	1.21	1.19	0.97	1.06	0.91
Price/Tangible Book Value High	- -	- -	- -	1.28	1.3	1.36	1.29	1.34	0.75	1.3	1.4	1.12	1.16	1.09
Price/Tangible Book Value Low	- -	- -	- -	0.87	0.91	1.12	1	1.08	0.27	1.07	0.92	0.86	0.87	0.75
Price/Sales	- -	- -	- -	12.57	17.87	15.27	11.89	19.82	7.04	11.45	24.77	7.63	17.63	8.12
Price/Sales Average	- -	- -	- -	14.17	15.56	15.88	13.48	18.92	6.17	11.45	31.64	7.47	21.16	9.76
Price/Sales High	- -	- -	- -	16.82	18.09	17.62	14.72	20.93	8.28	12.35	37.19	8.6	23.22	11.76
Price/Sales Low	- -	- -	- -	11.35	12.66	14.46	11.47	16.84	2.94	10.16	24.45	6.64	17.29	8.1
Price/Cash Flow	- -	- -	- -	-5.44	-27.25	-17.38	-15	-24.32	6.22	-65.26	51.13	5.28	564.73	3.29
Price/Cash Flow Average	- -	- -	- -	-6.13	-23.72	-18.09	-17	-23.22	5.46	-65.22	65.31	5.17	677.84	3.96
Price/Cash Flow High	- -	- -	- -	-7.28	-27.58	-20.06	-18.57	-25.68	7.32	-70.33	76.77	5.95	743.95	4.77
Price/Cash Flow Low	- -	- -	- -	-4.91	-19.3	-16.46	-14.47	-20.66	2.6	-57.9	50.46	4.59	554	3.29
Price/Free Cash Flow Average	- -	- -	- -	-6.13	-23.72	-18.09	-17	-23.22	5.46	-65.22	65.31	5.17	677.84	3.96
Price/Free Cash Flow High	- -	- -	- -	-7.28	-27.58	-20.06	-18.57	-25.68	7.32	-70.33	76.77	5.95	743.95	4.77
Price/Free Cash Flow Low	- -	- -	- -	-4.91	-19.3	-16.46	-14.47	-20.66	2.6	-57.9	50.46	4.59	554	3.29
EV/Sales Average	- -	- -	16.77	21.71	33.99	33.03	32.2	50.77	17.05	22.19	66.47	16	44.89	23.65
EV/Sales High	- -	- -	16.77	24.36	36.53	34.76	33.44	52.78	19.16	23.09	72.03	17.13	46.95	25.64
EV/Sales Low	- -	- -	16.77	18.89	31.1	31.6	30.19	48.69	13.82	20.91	59.28	15.17	41.02	21.99
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	19	23.52	22.18	18.38	21.28	19.12	19.16	13.72	14.65	12.1	9.28
High Price	- -	- -	- -	25.42	23.81	25.6	22.75	22.47	22.5	20.65	20.6	16.52	15.94	13.44
Enterprise Value Average	-2	-7	691	1,141	1,625	1,854	1,999	2,198	2,500	3,775	3,765	3,329	3,533	3,124
Enterprise Value High	-2	-7	691	1,280	1,746	1,951	2,077	2,285	2,809	3,928	4,080	3,564	3,695	3,388
Enterprise Value Low	-2	-7	691	993	1,486	1,773	1,875	2,108	2,026	3,556	3,358	3,155	3,229	2,905

Shares Outstanding	35	35	35	36	36	40	40	40	102	102	103	110	117	113
Diluted Weighted Avg Shares	- -	30	30	35	36	39	40	40	54	102	102	108	115	116
Basic Weighted Avg Shares	- -	30	30	35	36	39	40	40	54	102	102	108	115	116
Revenue per Share	- -	0.73	1.39	1.51	1.32	1.45	1.55	1.07	2.72	1.67	0.55	1.92	0.69	1.14
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	0.6	1.24	1.34	1.12	1.28	1.34	0.9	3.26	1.89	0.54	1.81	0.55	1.03
Basic EPS from Cont Ops	- -	0.6	1.24	1.34	1.12	1.28	1.34	0.9	3.26	1.89	0.54	1.81	0.55	1.03
Diluted EPS, GAAP	- -	0.6	1.24	1.34	1.12	1.28	1.34	0.9	3.26	1.89	0.54	1.81	0.55	1.03
Diluted EPS from Cont Ops	- -	0.6	1.24	1.34	1.12	1.28	1.34	0.9	3.26	1.89	0.54	1.81	0.55	1.03
Dividend per Share	- -	0.28	1.4	1.83	1.79	1.75	1.75	1.73	2.7	1.9	1.76	1.76	1.72	2.02
Cash Flow per Share	- -	-18.14	-9.4	-3.49	-0.86	-1.28	-1.23	-0.87	3.07	-0.29	0.27	2.78	0.02	2.82
Free Cash Flow per Basic Share	- -	-18.14	-9.4	-3.49	-0.86	-1.28	-1.23	-0.87	3.07	-0.29	0.27	2.78	0.02	2.82
Cash & Equivalents per Share	- -	0.25	0.29	0.65	0.13	0.3	0.15	0.23	0.6	0.33	0.39	0.48	0.54	0.37
Book Value per Share	- -	- -	0.14	0.41	0.71	-1.88	-2.26	-2.5	-0.1	-0.54	-2.02	-2.07	-3.26	-3.95
Tangible Book Value per Share	- -	20.44	19.32	19.8	18.31	18.79	17.67	16.77	29.94	15.88	14.69	14.79	13.71	12.31

Goldman Sachs BDC, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)