BLK
BlackRock, Inc.
BLK has the edge over GSBD overall, supported by stronger valuation and stronger fundamentals.
GSBD
Goldman Sachs BDC, Inc.
GSBD offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
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.
GSBD Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
GSBD'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 GSBD.
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 GSBD in the historical PE scenario, which offers more potential upside but is not a forecast.
GSBD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.1x | $8.30 | — |
| Cheap | 7.8x | $1.96 | -76% |
| Fair | 13x | $3.37 | -59% |
| Expensive | 26x | $6.43 | -23% |
| Current | 33x | $8.30 | — |
Historical ranges are pointers, not guarantees.
GSBD's PE is in its expensive range at 33x. On analysts' estimates for next year's earnings, today's price would be 7.1x, in its cheap range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
GSBD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Weakening | |
| Limited | |
| High |
Analysts expect GSBD'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 GSBD on earnings, with stronger typical year-over-year growth.
GSBD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.16 | +366% |
| Q3 2026 | $0.25 | -78% |
| Q2 2026 | $0.51 | -59% |
| Q1 2026 | $0.64 | +49% |
| Q4 2025 | $1.03 | +87% |
| Q3 2025 | $1.14 | +61% |
| Q2 2025 | $1.24 | +44% |
| Q1 2025 | $0.43 | -78% |
| Q4 2024 | $0.55 | -70% |
GSBD's earnings per share have fallen from their peak: $0.25 over the past year, against $5.46 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 45% for GSBD.
| 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.
GSBD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $33.6M | -45% |
| Q1 2022 | $51.5M | -21% |
| Q4 2021 | $49M | -68% |
| Q3 2021 | $53.2M | +29% |
| Q2 2021 | $61.6M | +41% |
| Q4 2020 | $155.3M | +713% |
GSBD's revenue has slid since its 2020 peak: $34M last quarter, down 45% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 58% | -32 points |
| Q1 2022 | 80% | -13 points |
| Q4 2021 | 80% | -31 points |
| Q3 2021 | 72% | -7.1 points |
| Q2 2021 | 90% | +9.3 points |
| Q1 2021 | 93% | N/A |
| Q4 2020 | 111% | +62 points |
| Q3 2020 | 79% | N/A |
GSBD's operating margin was 58% last quarter, down 32 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 has the edge over GSBD on cash flow, with more consistent year-over-year improvement.
GSBD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $267.2M | +466% |
| Q2 2026 | $53.6M | -69% |
| Q1 2026 | $10.4M | -92% |
| Q4 2025 | -$29.9M | -328% |
| Q3 2025 | $47.2M | -55% |
| Q2 2025 | $174.5M | +$296.2M |
| Q1 2025 | $133.9M | +1802% |
| Q4 2024 | $13.1M | -84% |
GSBD's free cash flow was $301M over the past year, down 18% from the year before. Free cash flow isn't a meaningful measure for financial services companies like GSBD.
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 |
GSBD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -500K shares |
| 1 year | -2% | -2.3M shares |
| 3 years | +2.3% | +2.5M shares |
| 5 years | +10% | +10.3M shares |
| Available history | +178% | +71.8M shares |
GSBD has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | $15M |
| Q3 2025 | $26.5M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
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.
GSBD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 14.3x | High |
| Q1 2022 | 10.5x | High |
| Q4 2021 | 9.4x | High |
| Q3 2021 | 4.4x | High |
| Q2 2021 | 4.5x | High |
| Q1 2021 | 5.1x | High |
| Q4 2020 | 9.0x | High |
| Q3 2020 | 64.1x | High |
GSBD's net debt is about 14 years of its operating earnings (EBITDA), up from 4.5 years a year ago. Net leverage isn't a meaningful measure for financial services companies like GSBD.
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).
GSBD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.7 | Neutral |
| Stochastic | 12.0 | Oversold |
GSBD's weekly RSI is 37 (neutral) and its Stochastic is 12 (oversold).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK has the edge over GSBD on valuation relative to its sector.
GSBD PE vs Financial Services Sector
| Metric | GSBD | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 13x | 155% above |
| PE % | 92 | 63 | 29 pts above |
GSBD is trading at 33x earnings, a 155% premium to the Financial Services sector's median of 13x.
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 GSBD on trend strength, trading above more of its moving averages.
GSBD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.82 | 5.9% below |
| 20 week MA | $9.20 | 9.8% below |
| 50 week MA | $9.26 | 10% below |
| 100 week MA | $10.3 | 19% below |
| 200 week MA | $12.4 | 33% below |
GSBD is in a downtrend: it's below all five of its weekly moving averages, and 33% 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 GSBD on returns for 2026, with the stronger performance.
GSBD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.9 | $19.3 | -12% |
| 2021 | $19.3 | $19.4 | +0.6% |
| 2022 | $19.4 | $14.6 | -25% |
| 2023 | $14.6 | $14.7 | +0.5% |
| 2024 | $14.7 | $12.8 | -13% |
| 2025 | $12.8 | $9.63 | -25% |
| 2026 YTD | $9.63 | $8.30 | -14% |
GSBD has finished lower in four of the last six years. It's down 14% so far in 2026.