GSBD

MKT CAP:$1B

Goldman Sachs BDC, Inc.

Market Cap

$1B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$9.57+$0.29 (+3.18%)

Apr 24, 2026

Company Details

Goldman Sachs BDC, Inc. is a business development company specializing in middle market and mezzanine investment in private companies. It seeks to make capital appreciation through direct originations of secured debt, senior secured debt, j...

CEO

David Nathan Miller

IPO Date

Mar 18, 2015

Website

www.goldmansachsbdc.com/content/gsam/us/en/bdc/homepage.html

Key Metrics TTM

Revenue

$291M

+42.2% YoY

Net Income

$133M

EPS (Diluted)

$1.15

Free Cash Flow

$158M

Revenue / Share

$2.55

Gross Margin

62.1%

Operating Margin

43.8%

Net Margin

45.7%

FCF Margin

54.4%

P/S

3.7x

P/E

8.0x

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 6, 2025

$56M-21.1%EPS $0.22

Q2 2025

Aug 7, 2025

$69M+418.3%EPS $0.34

Q1 2025

May 8, 2025

$97M+31.8%EPS $0.27

FY 2024

Feb 27, 2025

$192M-57.7%EPS $0.55

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$49M	$34M	$39M
Q1 22	$52M	$36M	$41M
Q2 22	$34M	$17M	$19M
Q3 22	$17M	-$5M	-$7M
Q4 22	$34M	$8M	$6M
Q1 23	$57M	$29M	$29M
Q2 23	$97M	$69M	$67M
Q3 23	$84M	$55M	$53M
Q4 23	$82M	$54M	$52M
Q1 24	$74M	$46M	$44M
Q2 24	-$22M	-$51M	-$53M
Q3 24	$71M	$41M	$39M
Q4 24	$70M	$42M	$39M
Q1 25	$97M	$69M	$23M
Q2 25	$69M	$42M	$40M
Q3 25	$56M	$28M	$26M

Valuation

Quarter	P/S	P/E
Q4 21	8.5x	10.2x
Q1 22	9.5x	11.9x
Q2 22	9.6x	13.3x
Q3 22	9.8x	16.5x
Q4 22	11.0x	27.3x
Q1 23	10.6x	34.9x
Q2 23	7.4x	16.9x
Q3 23	5.7x	10.4x
Q4 23	5.1x	8.3x
Q1 24	5.1x	8.2x
Q2 24	8.1x	19.6x
Q3 24	7.9x	21.3x
Q4 24	7.7x	23.7x
Q1 25	6.3x	26.3x
Q2 25	4.3x	9.1x
Q3 25	4.3x	9.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$36M	$36M
Q1 22	$33M	$33M
Q2 22	$42M	$42M
Q3 22	$27M	$27M
Q4 22	$68M	$68M
Q1 23	$45M	$0
Q2 23	$44M	$0
Q3 23	$50M	$50M
Q4 23	$48M	$48M
Q1 24	$31M	$31M
Q2 24	$59M	$59M
Q3 24	$34M	$34M
Q4 24	$76M	$76M
Q1 25	$44M	$44M
Q2 25	$18M	$18M
Q3 25	$20M	$20M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$45M
Q2 23	$44M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-68.5%	+154.3%
Q1 22	-21.1%	+131.0%
Q2 22	-45.4%	+130.0%
Q3 22	-67.6%	+62.9%
Q4 22	-31.2%	+189.7%
Q1 23	+9.9%	+165.8%
Q2 23	+187.4%	+110.3%
Q3 23	+385.2%	+26.8%
Q4 23	+144.4%	+8.2%
Q1 24	+29.8%	+9.4%
Q2 24	-122.4%	+5.5%
Q3 24	-15.5%	+4.6%
Q4 24	-15.2%	+1.7%
Q1 25	+31.8%	+147.8%
Q2 25	+418.3%	-9.1%
Q3 25	-21.1%	-5.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
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	—
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%

OpEx Breakdown

Quarter	G&A
Q4 21	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$3M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$31M	$0	$31M
Q2 22	$45M	$0	$45M
Q3 22	$33M	$0	$33M
Q4 22	$40M	$0	$40M
Q1 23	$47M	$0	$47M
Q2 23	$42M	$0	$42M
Q3 23	$77M	$0	$77M
Q4 23	$52M	$0	$52M
Q1 24	$52M	$0	$52M
Q2 24	$62M	$0	$62M
Q3 24	$53M	$0	$53M
Q4 24	$62M	$0	$62M
Q1 25	$83M	$0	$83M
Q2 25	$108M	$0	$108M
Q3 25	$115M	$0	$115M
Q4 25	$43M	$0	$43M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	102M	-0.0%	+88.5%
Q1 22	102M	+0.2%	+0.3%
Q2 22	102M	+0.1%	+0.3%
Q3 22	102M	+0.4%	+0.6%
Q4 22	103M	+0.5%	+1.1%
Q1 23	105M	+1.7%	+2.7%
Q2 23	109M	+4.7%	+7.3%
Q3 23	110M	+0.1%	+7.0%
Q4 23	110M	+0.0%	+6.5%
Q1 24	110M	+0.5%	+5.2%
Q2 24	114M	+3.9%	+4.5%
Q3 24	117M	+2.3%	+6.8%
Q4 24	115M	-1.9%	+4.7%
Q1 25	117M	+2.3%	+6.6%
Q2 25	117M	-0.1%	+2.5%
Q3 25	114M	-2.4%	-2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$97.9K	500
Q1 22	$103.1K	500
Q2 22	$67.2K	500
Q3 22	$34.5K	500
Q4 22	$67.4K	500
Q1 23	$113.3K	500
Q2 23	$193.2K	500
Q3 23	$167.3K	500
Q4 23	$164.8K	500
Q1 24	$147.1K	500
Q2 24	-$43.3K	500
Q3 24	$141.4K	500
Q4 24	$139.6K	500
Q1 25	$193.9K	500
Q2 25	$137.7K	500
Q3 25	$111.6K	500

Revenue / Employee