BAC
Bank of America Corporation
BAC has the edge over GBDC overall, supported by stronger valuation and stronger fundamentals.
GBDC
Golub Capital BDC, Inc.
GBDC trails on the overall score without a compensating advantage in the available component scores.
BAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAC.
GBDC Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
GBDC's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like GBDC.
BAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $39.50 | -22% |
| Forward | 10x | $50.51 | — |
| Current | 12x | $50.51 | — |
| Fair | 13x | $53.81 | +6.5% |
| Expensive | 15x | $62.23 | +23% |
Historical ranges are pointers, not guarantees.
BAC has the edge over GBDC in the historical PE scenario, which offers more potential upside but is not a forecast.
GBDC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.8x | $5.08 | -59% |
| Forward | 9.8x | $12.49 | — |
| Fair | 10x | $6.58 | -47% |
| Expensive | 17x | $10.74 | -14% |
| Current | 19x | $12.49 | — |
Historical ranges are pointers, not guarantees.
GBDC's PE is in its expensive range at 19x. On analysts' estimates for next year's earnings, today's price would be 9.8x, in its fair range.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
BAC has the edge over GBDC on the outlook, with more favorable earnings and revenue expectations.
GBDC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect GBDC's earnings and revenue to decline, with profitability weakening.
BAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.92 | +17% |
| Q3 2026 | $4.19 | +14% |
| Q2 2026 | $4.34 | +27% |
| Q1 2026 | $4.02 | +20% |
| Q4 2025 | $3.81 | +19% |
| Q3 2025 | $3.66 | +33% |
| Q2 2025 | $3.41 | +20% |
| Q1 2025 | $3.35 | +16% |
| Q4 2024 | $3.21 | +4.2% |
BAC has the edge over GBDC on earnings, with more consistent year-over-year improvement.
GBDC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.27 | +96% |
| Q2 2026 | $0.65 | -53% |
| Q1 2026 | $0.77 | -29% |
| Q4 2025 | $1.25 | -6% |
| Q3 2025 | $1.42 | +4.4% |
| Q2 2025 | $1.37 | -17% |
| Q1 2025 | $1.08 | -47% |
| Q4 2024 | $1.33 | -27% |
| Q3 2024 | $1.36 | -11% |
GBDC's earnings per share have fallen from their peak: $0.65 over the past year, against $2.61 in early 2021.
BAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $30B | +6.7% |
| Q2 2026 | $31.6B | +19% |
| Q1 2026 | $30.3B | +11% |
| Q4 2025 | $31.2B | +23% |
| Q3 2025 | $28.1B | +11% |
| Q2 2025 | $26.5B | +4.3% |
| Q1 2025 | $27.4B | +6% |
| Q4 2024 | $25.3B | +15% |
BAC has the stronger quarterly revenue trend. Revenue is up 6.7% for BAC versus down 18% for GBDC.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -3.7 points |
| Q2 2026 | 37% | +7.6 points |
| Q1 2026 | 34% | +4.7 points |
| Q4 2025 | 40% | +12 points |
| Q3 2025 | 34% | +4.8 points |
| Q2 2025 | 29% | -0.7 points |
| Q1 2025 | 30% | +1.5 points |
| Q4 2024 | 28% | +14 points |
BAC's operating margin was 30% last quarter, down 3.7 points from the same quarter a year ago.
GBDC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $73.9M | -18% |
| Q2 2022 | $57.6M | -43% |
| Q1 2022 | $109.5M | -1.5% |
| Q4 2021 | $105.4M | -6.1% |
| Q3 2021 | $90.5M | -19% |
| Q2 2021 | $101.3M | -38% |
| Q4 2020 | $112.3M | +56% |
GBDC's revenue has slid since its 2020 peak: $74M last quarter, down 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 51% | -29 points |
| Q2 2022 | 68% | -14 points |
| Q1 2022 | 79% | -3.4 points |
| Q4 2021 | 77% | -6.8 points |
| Q3 2021 | 80% | -5 points |
| Q2 2021 | 82% | -5.5 points |
| Q1 2021 | 82% | N/A |
| Q4 2020 | 84% | +19 points |
GBDC's operating margin was 51% last quarter, down 29 points from the same quarter a year ago, near the bottom of its range since 2019.
BAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$6.5B | -114% |
| Q2 2026 | $29B | +$38.2B |
| Q1 2026 | $41.8B | +$44B |
| Q4 2025 | -$22.9B | -189% |
| Q3 2025 | $46.9B | +$84.2B |
| Q2 2025 | -$9.1B | -150% |
| Q1 2025 | -$2.2B | +$13.4B |
| Q4 2024 | $25.9B | -21% |
BAC's free cash flow was $41.4B over the past year, down 33% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BAC.
GBDC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $192.7M | +$393.2M |
| Q1 2026 | $248.8M | +27% |
| Q4 2025 | $212M | +$586.7M |
| Q3 2025 | $266.1M | +$466.1M |
| Q2 2025 | -$200.4M | -187% |
| Q1 2025 | $195.4M | +31% |
| Q4 2024 | -$374.7M | -329% |
| Q3 2024 | -$200M | -412% |
GBDC has the edge over BAC on cash flow, with more consistent year-over-year improvement.
BAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -72M shares |
| 1 year | -5.3% | -405M shares |
| 3 years | -11% | -854M shares |
| 5 years | -15% | -1.3B shares |
| Available history | -24% | -2.2B shares |
BAC has the edge over GBDC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6B |
| Q2 2026 | $6B |
| Q1 2026 | $7.2B |
| Q4 2025 | $6.3B |
| Q3 2025 | $5.3B |
| Q2 2025 | $5.3B |
| Q1 2025 | $4.5B |
| Q4 2024 | $3.5B |
BAC spent $25.6B buying back its own shares over the past year, up 37% from the year before.
GBDC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -2.2M shares |
| 1 year | -2.4% | -6.4M shares |
| 3 years | +52% | +89.6M shares |
| 5 years | +56% | +93.2M shares |
| Available history | +241% | +184M shares |
GBDC has 260M diluted shares, down 2.4% from a year ago, with $83M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $14.4M |
| Q1 2026 | $27.8M |
| Q4 2025 | $35.9M |
| Q3 2025 | $5.2M |
| Q2 2025 | $34.3M |
| Q3 2024 | $4.8M |
| Q2 2024 | — |
| Q3 2023 | $70,000 |
GBDC spent $83M buying back its own shares over the past year.
BAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.4x | High |
| Q2 2026 | 6.7x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | 8.8x | High |
| Q1 2025 | 8.6x | High |
| Q4 2024 | 9.0x | High |
BAC's net debt is about 6.4 years of its operating earnings (EBITDA), down from 8.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BAC.
GBDC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 12.1x | High |
| Q2 2022 | 10.9x | High |
| Q1 2022 | 8.8x | High |
| Q4 2021 | 8.1x | High |
| Q3 2021 | 7.0x | High |
| Q2 2021 | 5.4x | High |
| Q1 2021 | 4.7x | High |
| Q4 2020 | 22.4x | High |
GBDC's net debt is about 12 years of its operating earnings (EBITDA), up from 7.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like GBDC.
BAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 4.9 | Oversold |
BAC's weekly RSI is 37 (neutral) and its Stochastic is 5 (oversold).
GBDC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.4 | Neutral |
| Stochastic | 49.9 | Neutral |
GBDC's weekly RSI is 45 (neutral) and its Stochastic is 50 (neutral).
BAC PE vs Financial Services Sector
| Metric | BAC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.5% below |
| PE % | 40 | 63 | 23 pts below |
BAC has the edge over GBDC on valuation relative to its sector.
GBDC PE vs Financial Services Sector
| Metric | GBDC | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 13x | 48% above |
| PE % | 88 | 63 | 25 pts above |
GBDC is trading at 19x earnings, a 48% premium to the Financial Services sector's median of 13x.
BAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.1 | 3% below |
| 20 week MA | $57.8 | 13% below |
| 50 week MA | $54.7 | 7.7% below |
| 100 week MA | $50.5 | 0% below |
| 200 week MA | $42.5 | 19% above |
BAC has fallen below most of its moving averages, though it's still 19% above its 200-week average.
GBDC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.4 | 0.6% above |
| 20 week MA | $12.7 | 2% below |
| 50 week MA | $12.9 | 3.3% below |
| 100 week MA | $13.8 | 9.6% below |
| 200 week MA | $14.3 | 13% below |
GBDC has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 13% below its 200-week average.
BAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $30.0 | -15% |
| 2021 | $30.0 | $44.4 | +48% |
| 2022 | $44.4 | $32.5 | -27% |
| 2023 | $32.5 | $33.7 | +3.7% |
| 2024 | $33.7 | $44.3 | +32% |
| 2025 | $44.3 | $56.2 | +27% |
| 2026 YTD | $56.2 | $50.5 | -10% |
BAC has finished higher in four of the last six years. It's down 10% so far in 2026.
GBDC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.5 | $13.8 | -25% |
| 2021 | $13.8 | $15.3 | +11% |
| 2022 | $15.3 | $13.2 | -13% |
| 2023 | $13.2 | $15.1 | +14% |
| 2024 | $15.1 | $15.3 | +1% |
| 2025 | $15.3 | $13.6 | -11% |
| 2026 YTD | $13.6 | $12.5 | -7.8% |
GBDC has the edge over BAC on returns for 2026, with the stronger performance.