BLK
BlackRock, Inc.
BLK has the edge over GBDC overall, supported by stronger valuation and stronger fundamentals.
GBDC
Golub Capital BDC, Inc.
GBDC has slightly lower modeled downside risk, despite its lower overall score.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
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.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK 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.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
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.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK 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.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the stronger quarterly revenue trend. Revenue is up 19% for BLK versus down 18% for GBDC.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
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.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
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's free cash flow was $920M over the past year, against −$580M the year before. Free cash flow isn't a meaningful measure for financial services companies like GBDC.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has 165M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
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 the edge over BLK on shareholder dilution, with a more favorable share count trend.
| 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.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
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.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
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).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
GBDC PE vs Financial Services Sector
| Metric | GBDC | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 13x | 48% above |
| PE % | 88 | 63 | 25 pts above |
GBDC has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over GBDC on trend strength, trading above more of its moving averages.
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.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over GBDC on returns for 2026, with the stronger performance.
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 finished lower in three of the last six years. It's down 7.8% so far in 2026.