GSBD
Goldman Sachs BDC, Inc.
GSBD's fundamentals are mixed, but it looks expensive: trading at 33x earnings, more than twice its usual 14x. Analysts expect earnings to decline.
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.
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.
GSBD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Weakening | |
| Limited | |
| High |
Analysts expect GSBD's earnings and revenue to decline, with profitability weakening.
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.
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.
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.
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 112M diluted shares, down 2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | $15M |
| Q3 2025 | $26.5M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
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.
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).
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.
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.
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.