GSBD
Goldman Sachs BDC, Inc.
GSBD trails on the overall score without a compensating advantage in the available component scores.
MS
Morgan Stanley
MS has the edge over GSBD overall, supported by stronger valuation and stronger fundamentals.
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.
MS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MS.
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.
MS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $134 | -29% |
| Fair | 14x | $178 | -5.7% |
| Forward | 14x | $189 | — |
| Current | 15x | $189 | — |
| Expensive | 18x | $223 | +18% |
Historical ranges are pointers, not guarantees.
MS has the edge over GSBD in the historical PE scenario, which offers more potential upside but is not a forecast.
GSBD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Weakening | |
| Limited | |
| High |
Analysts expect GSBD's earnings and revenue to decline, with profitability weakening.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over GSBD on the outlook, with more favorable earnings and revenue expectations.
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.
MS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.39 | +6.3% |
| Q3 2026 | $12.60 | +29% |
| Q2 2026 | $12.37 | +40% |
| Q1 2026 | $11.04 | +29% |
| Q4 2025 | $10.21 | +28% |
| Q3 2025 | $9.76 | +48% |
| Q2 2025 | $8.84 | +45% |
| Q1 2025 | $8.53 | +55% |
| Q4 2024 | $7.95 | +53% |
MS has the edge over GSBD on earnings, with more consistent year-over-year improvement.
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% |
MS has the stronger quarterly revenue trend. Revenue is down 45% for GSBD versus up 12% for MS.
| 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.
MS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
| Q2 2025 | $16.8B | +12% |
| Q1 2025 | $17.7B | +17% |
| Q4 2024 | $16.2B | +26% |
MS's revenue has grown year over year for 14 quarters in a row: $20.3B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.2 points |
| Q2 2026 | 34% | +6.9 points |
| Q1 2026 | 34% | +2.8 points |
| Q4 2025 | 32% | +2 points |
| Q3 2025 | 33% | +5.6 points |
| Q2 2025 | 28% | +0.4 points |
| Q1 2025 | 31% | +2.2 points |
| Q4 2024 | 30% | +14 points |
MS's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
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 has the edge over MS on cash generation, producing positive trailing cash flow while its opponent burns cash.
MS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$46B | -$42.7B |
| Q2 2026 | -$2.7B | -123% |
| Q1 2026 | -$7.1B | +$16.9B |
| Q4 2025 | -$2.4B | -120% |
| Q3 2025 | -$3.3B | +$14B |
| Q2 2025 | $11.8B | +368% |
| Q1 2025 | -$24B | -650% |
| Q4 2024 | $11.8B | +$29.6B |
MS's free cash flow was −$58.3B over the past year, against −$3.7B the year before. Free cash flow isn't a meaningful measure for financial services companies like MS.
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 MS 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 | — |
MS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -1.5% | -24M shares |
| 3 years | -4.7% | -77M shares |
| 5 years | -14% | -246M shares |
| Available history | -4.5% | -74M shares |
MS has 1.6B diluted shares, down 1.5% from a year ago.
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.
MS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 8.2x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 8.4x | High |
| Q2 2025 | 8.7x | High |
| Q1 2025 | 8.7x | High |
| Q4 2024 | 7.9x | High |
MS's net debt is about 7.8 years of its operating earnings (EBITDA), down from 8.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MS.
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).
MS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 18.7 | Oversold |
MS's weekly RSI is 45 (neutral) and its Stochastic is 19 (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.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS has the edge over GSBD on valuation relative to its sector.
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.
MS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $186.5 | 1.5% above |
| 20 week MA | $203.3 | 6.9% below |
| 50 week MA | $191.9 | 1.4% below |
| 100 week MA | $164.9 | 15% above |
| 200 week MA | $129.3 | 46% above |
MS has the edge over GSBD on trend strength, trading above more of its moving averages.
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.
MS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.1 | $68.1 | +33% |
| 2021 | $68.1 | $99.3 | +46% |
| 2022 | $99.3 | $86.1 | -13% |
| 2023 | $86.1 | $93.3 | +8.3% |
| 2024 | $93.3 | $126.8 | +36% |
| 2025 | $126.8 | $181.9 | +43% |
| 2026 YTD | $181.9 | $189.2 | +4% |
MS has the edge over GSBD on returns for 2026, with the stronger performance.