BBDC

MKT CAP:$920M

Barings BDC, Inc.

Market Cap

$920M

Financial Services·Financial - Credit Services·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$8.87-$0.38 (-4.06%)

Apr 22, 2026

Company Details

Barings BDC, Inc. (NYSE: BBDC) is a publicly traded, externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. It seeks to invest primarily in senior sec...

CEO

Thomas McDonnell

IPO Date

Feb 22, 2007

Website

www.barings.com/en-us/guest/funds/barings-bdc

Key Metrics TTM

Revenue

$229M

+8.7% YoY

Net Income

$102M

EPS (Diluted)

$0.97

Free Cash Flow

$250M

Revenue / Share

$2.18

Gross Margin

80.4%

Operating Margin

64.9%

Net Margin

44.5%

FCF Margin

109.2%

P/S

4.0x

P/E

9.0x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

Q4 2025

Feb 19, 2026

$57M+14.5%EPS $0.24

Q3 2025

Nov 6, 2025

$71M+47.8%EPS $0.22

Q2 2025

Aug 7, 2025

$46M+6.9%EPS $0.20

Q1 2025

May 8, 2025

$55M-21.4%EPS $0.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$44M	$44M	$31M
Q2 22	$56M	$56M	$45M
Q3 22	$56M	$56M	$43M
Q4 22	$63M	$63M	$54M
Q1 23	$67M	$67M	$47M
Q2 23	$75M	$75M	$55M
Q3 23	$71M	$71M	$56M
Q4 23	$76M	$76M	$57M
Q1 24	$70M	$70M	$51M
Q2 24	$43M	$22M	$20M
Q3 24	$48M	$25M	$23M
Q4 24	$50M	$29M	$27M
Q1 25	$55M	$35M	$33M
Q2 25	$46M	$24M	$21M
Q3 25	$71M	$57M	$48M
Q4 25	$57M	$69M	$47M

Valuation

Quarter	P/S	P/E
Q1 22	6.5x	11.2x
Q2 22	7.1x	48.0x
Q3 22	5.0x	51.8x
Q4 22	4.2x	197.1x
Q1 23	3.5x	36.5x
Q2 23	3.2x	9.5x
Q3 23	3.4x	9.6x
Q4 23	3.3x	7.4x
Q1 24	3.3x	7.4x
Q2 24	4.0x	9.2x
Q3 24	4.4x	9.0x
Q4 24	4.8x	9.1x
Q1 25	5.1x	10.2x
Q2 25	4.8x	9.6x
Q3 25	4.2x	9.1x
Q4 25	4.1x	9.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$106M	$106M
Q2 22	-$13M	-$13M
Q3 22	$122M	$122M
Q4 22	-$23M	-$23M
Q1 23	-$92M	-$92M
Q2 23	$65M	$65M
Q3 23	-$35M	-$35M
Q4 23	$139M	$139M
Q1 24	$5M	$5M
Q2 24	$138M	$138M
Q3 24	$20M	$20M
Q4 24	-$45M	-$45M
Q1 25	-$8M	-$8M
Q2 25	$37M	$37M
Q3 25	$16M	$16M
Q4 25	$205M	$205M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+43.0%	+46.1%
Q2 22	+40.7%	+4.5%
Q3 22	+126.9%	+25.7%
Q4 22	+171.0%	-22.9%
Q1 23	+53.6%	+54.4%
Q2 23	+35.5%	+94.1%
Q3 23	+25.8%	+17.2%
Q4 23	+19.5%	+101.1%
Q1 24	+3.9%	-5.3%
Q2 24	-43.1%	+11.9%
Q3 24	-32.2%	+63.4%
Q4 24	-33.8%	+26.8%
Q1 25	-21.4%	+14.5%
Q2 25	+6.9%	+5.9%
Q3 25	+47.8%	-7.3%
Q4 25	+14.5%	-54.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$13M
Q2 22	$11M
Q3 22	$13M
Q4 22	$9M
Q1 23	$20M
Q2 23	$21M
Q3 23	$15M
Q4 23	$19M
Q1 24	$19M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$154M	$0	$154M
Q2 22	$198M	$0	$198M
Q3 22	$137M	$0	$137M
Q4 22	$139M	$0	$139M
Q1 23	$55M	$0	$55M
Q2 23	$80M	$0	$80M
Q3 23	$50M	$0	$50M
Q4 23	$71M	$0	$71M
Q1 24	$51M	$0	$51M
Q2 24	$69M	$0	$69M
Q3 24	$63M	$0	$63M
Q4 24	$78M	$0	$78M
Q1 25	$93M	$0	$93M
Q2 25	$45M	$0	$45M
Q3 25	$70M	$0	$70M
Q4 25	$67M	$0	$67M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	83M	+26.5%	+26.5%
Q2 22	111M	+34.0%	+69.6%
Q3 22	109M	-1.3%	+67.3%
Q4 22	109M	-0.6%	+66.3%
Q1 23	108M	-0.6%	+30.6%
Q2 23	107M	-0.5%	-3.1%
Q3 23	107M	-0.8%	-2.5%
Q4 23	106M	-0.1%	-2.1%
Q1 24	106M	-0.3%	-1.7%
Q2 24	106M	-0.1%	-1.4%
Q3 24	106M	-0.2%	-0.8%
Q4 24	106M	-0.2%	-0.8%
Q1 25	105M	-0.1%	-0.6%
Q2 25	105M	-0.1%	-0.6%
Q3 25	105M	-0.1%	-0.5%
Q4 25	105M	0.0%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$22M	2
Q2 22	$28M	2
Q3 22	$28M	2
Q4 22	$32M	2
Q1 23	$34M	2
Q2 23	$38M	2
Q3 23	$35M	2
Q4 23	$38M	2
Q1 24	$35M	2
Q2 24	$21M	2
Q3 24	$24M	2
Q4 24	$25M	2
Q1 25	$27M	2
Q2 25	$23M	2
Q3 25	$36M	2
Q4 25	$29M	2

Revenue / Employee