GBDC
Golub Capital BDC, Inc.
GBDC has slightly lower modeled downside risk, despite its lower overall score.
GS
The Goldman Sachs Group, Inc.
GS has the edge over GBDC overall, supported by stronger valuation and stronger fundamentals.
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.
GS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
GS's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like GS.
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.
GS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.6x | $528 | -42% |
| Current | 13x | $914 | — |
| Forward | 13x | $914 | — |
| Fair | 14x | $940 | +2.9% |
| Expensive | 17x | $1,214 | +33% |
Historical ranges are pointers, not guarantees.
GS has the edge over GBDC in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
GS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for GS, with profitability improving. However, they disagree widely on these estimates.
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.
GS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $72.35 | +4% |
| Q3 2026 | $69.58 | +41% |
| Q2 2026 | $64.82 | +43% |
| Q1 2026 | $54.75 | +27% |
| Q4 2025 | $51.32 | +27% |
| Q3 2025 | $49.22 | +44% |
| Q2 2025 | $45.37 | +45% |
| Q1 2025 | $43.08 | +68% |
| Q4 2024 | $40.54 | +77% |
GS has the edge over GBDC on earnings, with more consistent year-over-year improvement.
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% |
GS has the stronger quarterly revenue trend. Revenue is down 18% for GBDC versus up 23% for GS.
| 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.
GS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $18.7B | +23% |
| Q2 2026 | $20.3B | +39% |
| Q1 2026 | $17.2B | +14% |
| Q4 2025 | $13.5B | -3% |
| Q3 2025 | $15.2B | +20% |
| Q2 2025 | $14.6B | +15% |
| Q1 2025 | $15.1B | +6% |
| Q4 2024 | $13.9B | +23% |
GS's revenue is growing: $18.7B last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +2 points |
| Q2 2026 | 42% | +8.1 points |
| Q1 2026 | 38% | +0.2 points |
| Q4 2025 | 44% | +5.6 points |
| Q3 2025 | 36% | +4.1 points |
| Q2 2025 | 34% | +3.2 points |
| Q1 2025 | 37% | +0.6 points |
| Q4 2024 | 38% | +18 points |
GS's operating margin was 37% last quarter, up 2 points from the same quarter a year ago.
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 GS on cash generation, producing positive trailing cash flow while its opponent burns cash.
GS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +72% |
| Q2 2026 | $5.6B | +7.8% |
| Q1 2026 | -$32.4B | +$5.3B |
| Q4 2025 | -$16.8B | -136% |
| Q3 2025 | $2.1B | +$40.6B |
| Q2 2025 | $5.2B | -6.8% |
| Q1 2025 | -$37.7B | -$9.2B |
| Q4 2024 | $46.2B | +$75.1B |
GS's free cash flow was −$40B over the past year, against $15.8B the year before. Free cash flow isn't a meaningful measure for financial services companies like GS.
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.
GS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -3.8M shares |
| 1 year | -4.4% | -13.9M shares |
| 3 years | -12% | -42.8M shares |
| 5 years | -15% | -52.8M shares |
| Available history | -20% | -74.4M shares |
GS has the edge over GBDC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3B |
| Q2 2026 | $4B |
| Q1 2026 | $5B |
| Q4 2025 | $3B |
| Q3 2025 | $2B |
| Q2 2025 | $3B |
| Q1 2025 | $4.4B |
| Q4 2024 | $2B |
GS spent $15B buying back its own shares over the past year, up 32% from the year before.
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.
GS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -5.4x | Net Cash |
| Q2 2026 | -6.1x | Net Cash |
| Q1 2026 | -6.7x | Net Cash |
| Q4 2025 | -6.4x | Net Cash |
| Q3 2025 | -3.5x | Net Cash |
| Q2 2025 | -3.1x | Net Cash |
| Q1 2025 | -3.9x | Net Cash |
| Q4 2024 | -4.7x | Net Cash |
GS has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like GS.
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).
GS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 16.3 | Oversold |
GS's weekly RSI is 45 (neutral) and its Stochastic is 16 (oversold).
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.
GS PE vs Financial Services Sector
| Metric | GS | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.8% above |
| PE % | 46 | 63 | 17 pts below |
GS has the edge over GBDC on valuation relative to its sector.
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.
GS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $895.5 | 2% above |
| 20 week MA | $977.4 | 6.5% below |
| 50 week MA | $945.4 | 3.4% below |
| 100 week MA | $804.5 | 14% above |
| 200 week MA | $602.7 | 52% above |
GS has the edge over GBDC on trend strength, trading above more of its moving averages.
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.
GS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $230.7 | $256.2 | +11% |
| 2021 | $256.2 | $385.0 | +50% |
| 2022 | $385.0 | $345.5 | -10% |
| 2023 | $345.5 | $385.8 | +12% |
| 2024 | $385.8 | $576.2 | +49% |
| 2025 | $576.2 | $907.0 | +57% |
| 2026 YTD | $907.0 | $913.6 | +0.7% |
GS has the edge over GBDC on returns for 2026, with the stronger performance.