BBDC
Barings BDC, Inc.
BBDC's fundamentals are mixed: revenue grew 41%, but earnings per share fell 6.2%. At 8.1x earnings, it's trading right at its usual valuation. Analysts expect earnings to hold roughly steady.
BBDC Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
BBDC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BBDC.
BBDC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.3x | $7.69 | -11% |
| Fair | 7.9x | $8.34 | -3.1% |
| Current | 8.1x | $8.60 | — |
| Forward | 8.4x | $8.60 | — |
| Expensive | 20x | $20.87 | +143% |
Historical ranges are pointers, not guarantees.
BBDC's PE is in its fair range at 8.1x. On analysts' estimates for next year's earnings, today's price would be 8.4x, in its expensive range.
BBDC Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect BBDC's profitability to weaken, with its earnings and revenue holding steady.
BBDC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.02 | -3.8% |
| Q3 2026 | $1.06 | -6.2% |
| Q2 2026 | $1.12 | +1.8% |
| Q1 2026 | $1.12 | -8.2% |
| Q4 2025 | $1.12 | -10% |
| Q3 2025 | $1.13 | -12% |
| Q2 2025 | $1.10 | -15% |
| Q1 2025 | $1.22 | +0.8% |
| Q4 2024 | $1.25 | +5.9% |
BBDC's earnings per share have fallen from their peak: $1.06 over the past year, against $2.84 in early 2021.
BBDC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $56.3M | +127% |
| Q2 2022 | $55.6M | +41% |
| Q1 2022 | $43.8M | +43% |
| Q4 2021 | $23.4M | -28% |
| Q3 2021 | $24.8M | +52% |
| Q2 2021 | $39.5M | +145% |
| Q1 2021 | $30.6M | +64% |
| Q4 2020 | $32.5M | +76% |
BBDC's revenue is growing: $56M last quarter, up 127% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 77% | +19 points |
| Q2 2022 | 81% | +6.6 points |
| Q1 2022 | 70% | -0.6 points |
| Q4 2021 | 49% | -21 points |
| Q3 2021 | 58% | -14 points |
| Q2 2021 | 74% | +5.1 points |
| Q1 2021 | 71% | -0.5 points |
| Q4 2020 | 70% | -4.1 points |
BBDC's operating margin was 77% last quarter, up 19 points from the same quarter a year ago.
BBDC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$24.8M | -251% |
| Q2 2026 | $15.8M | +$68.5M |
| Q1 2026 | $68M | +$75.7M |
| Q4 2025 | $204.5M | +$249.7M |
| Q3 2025 | $16.5M | -32% |
| Q2 2025 | -$52.7M | -138% |
| Q1 2025 | -$7.8M | -258% |
| Q4 2024 | -$45.2M | -132% |
BBDC's free cash flow was $263M over the past year, against −$89M the year before. Free cash flow isn't a meaningful measure for financial services companies like BBDC.
BBDC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.4% | -452K shares |
| 3 years | -1.7% | -1.8M shares |
| 5 years | +60% | +39.4M shares |
| Available history | +113% | +55.6M shares |
BBDC has 105M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $4M |
| Q3 2025 | — |
| Q2 2025 | $888,000 |
| Q1 2025 | $1.5M |
| Q4 2024 | $1.5M |
BBDC spent $4M buying back its own shares over the past year, up 5.3% from the year before.
BBDC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 9.5x | High |
| Q2 2022 | 13.2x | High |
| Q1 2022 | 15.4x | High |
| Q4 2021 | 16.8x | High |
| Q3 2021 | 11.3x | High |
| Q2 2021 | 11.8x | High |
| Q1 2021 | 14.1x | High |
| Q4 2020 | 14.5x | High |
BBDC's net debt is about 9.4 years of its operating earnings (EBITDA), down from 11 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BBDC.
BBDC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.0 | Neutral |
| Stochastic | 33.2 | Neutral |
BBDC's weekly RSI is 48 (neutral) and its Stochastic is 33 (neutral).
BBDC PE vs Financial Services Sector
| Metric | BBDC | Sector median | Relative |
|---|---|---|---|
| PE | 8.1x | 13x | 38% below |
| PE % | 60 | 63 | 3 pts below |
BBDC is trading at 8.1x earnings, a 38% discount to the Financial Services sector's median of 13x.
BBDC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.56 | 0.5% above |
| 20 week MA | $8.72 | 1.4% below |
| 50 week MA | $8.71 | 1.3% below |
| 100 week MA | $9.01 | 4.6% below |
| 200 week MA | $9.01 | 4.6% below |
BBDC has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 4.6% below its 200-week average.
BBDC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.3 | $9.10 | -12% |
| 2021 | $9.10 | $11.0 | +21% |
| 2022 | $11.0 | $8.25 | -25% |
| 2023 | $8.25 | $8.58 | +4% |
| 2024 | $8.58 | $9.52 | +11% |
| 2025 | $9.52 | $8.97 | -5.8% |
| 2026 YTD | $8.97 | $8.60 | -4.1% |
BBDC has finished lower in three of the last six years. It's down 4.1% so far in 2026.