KBDC

MKT CAP:$955M

Kayne Anderson BDC, Inc.

Market Cap

$955M

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

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$14.12-$0.18 (-1.26%)

Apr 23, 2026

Company Details

Kayne Anderson BDC, Inc invests in middle market companies located in the United States with an EBITDA of USD 10 - 150 million. The fund focuses on a broad range of sectors and industries. It provides financing in the form of senior secured...

CEO

Douglas L. Goodwillie

IPO Date

May 22, 2024

Website

www.kaynebdc.com

Key Metrics TTM

Revenue

$178M

+4.5% YoY

Net Income

$107M

EPS (Diluted)

$1.60

Free Cash Flow

$84M

Revenue / Share

$2.53

Gross Margin

61.6%

Operating Margin

61.2%

Net Margin

60.1%

FCF Margin

46.8%

P/S

5.4x

P/E

8.9x

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 10, 2025

$46M-3.3%EPS $0.35

Q2 2025

Aug 11, 2025

$44M+7.5%EPS $0.35

Q1 2025

May 12, 2025

$40M-10.4%EPS $0.40

FY 2024

Mar 3, 2025

$182M+37.1%EPS $2.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$8M	$7M	$14M
Q1 22	$12M	$12M	$9M
Q2 22	$11M	$9M	$7M
Q3 22	$21M	$16M	$15M
Q4 22	$28M	$19M	$18M
Q1 23	$32M	$21M	$19M
Q2 23	$35M	$22M	$21M
Q3 23	$28M	$15M	$14M
Q4 23	$38M	$24M	$23M
Q1 24	$44M	$30M	$28M
Q2 24	$41M	$29M	$31M
Q3 24	$48M	$33M	$38M
Q4 24	$48M	$33M	$36M
Q1 25	$40M	$23M	$23M
Q2 25	$44M	$27M	$25M
Q3 25	$46M	$27M	$25M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	26.2x	33.1x
Q3 22	18.4x	24.3x
Q4 22	13.4x	20.9x
Q1 23	10.5x	16.1x
Q2 23	8.3x	13.1x
Q3 23	7.8x	13.2x
Q4 23	7.2x	12.4x
Q1 24	6.6x	11.2x
Q2 24	6.3x	10.0x
Q3 24	5.6x	8.0x
Q4 24	5.3x	7.2x
Q1 25	5.4x	7.6x
Q2 25	5.3x	8.0x
Q3 25	5.4x	8.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$5M	$5M
Q1 22	$6M	$6M
Q2 22	$8M	$8M
Q3 22	$12M	$12M
Q4 22	$20M	$20M
Q1 23	-$77M	-$77M
Q2 23	-$754.0K	-$754.0K
Q3 23	$14M	$14M
Q4 23	$25M	$25M
Q1 24	$325M	$325M
Q2 24	-$217M	-$217M
Q3 24	-$24M	-$24M
Q4 24	$21M	$21M
Q1 25	$20M	$20M
Q2 25	$16M	$16M
Q3 25	$26M	$26M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+305.7%	+11237.0%
Q4 22	+230.4%	+284.1%
Q1 23	+165.6%	+261.9%
Q2 23	+214.7%	+284.2%
Q3 23	+37.2%	+137.7%
Q4 23	+35.7%	+52.1%
Q1 24	+39.9%	+34.9%
Q2 24	+17.7%	-29.4%
Q3 24	+68.7%	-28.6%
Q4 24	+28.9%	-16.9%
Q1 25	-10.4%	+2.3%
Q2 25	+7.5%	+93.0%
Q3 25	-3.3%	+105.1%

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	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%

OpEx Breakdown

Quarter	SG&A
Q2 22	$564.0K
Q3 22	$618.0K
Q4 22	$736.0K
Q1 23	$738.0K
Q2 23	$743.0K
Q3 23	$681.0K
Q4 23	$744.0K
Q1 24	$882.0K
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q2 25	$1M
Q3 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6M	$3M	$9M
Q2 22	$3M	$8M	$12M
Q3 22	$15M	$5M	$20M
Q4 22	$9M	$0	$9M
Q1 23	$11M	$15M	$26M
Q2 23	$13M	$0	$13M
Q3 23	$12M	$0	$12M
Q4 23	$34M	$13M	$47M
Q1 24	$33M	$0	$33M
Q2 24	$20M	$0	$20M
Q3 24	$39M	$0	$39M
Q4 24	$22M	$0	$22M
Q1 25	$17M	$0	$17M
Q2 25	$14M	$0	$14M
Q3 25	$16.4B	$0	$16.4B
Q4 25	$18M	$0	$18M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	38M	+235.0%	—
Q1 22	65M	+70.2%	—
Q2 22	65M	0.0%	—
Q3 22	65M	0.0%	+470.1%
Q4 22	65M	0.0%	+70.2%
Q1 23	65M	0.0%	0.0%
Q2 23	65M	0.0%	0.0%
Q3 23	65M	0.0%	0.0%
Q4 23	71M	+9.4%	+9.4%
Q1 24	65M	-8.6%	0.0%
Q2 24	71M	+9.4%	+9.4%
Q3 24	71M	-0.0%	+9.3%
Q4 24	71M	-0.1%	-0.1%
Q1 25	71M	+0.3%	+9.6%
Q2 25	71M	-0.5%	-0.3%
Q3 25	70M	-0.7%	-0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$25.8K	325
Q1 22	$36.7K	325
Q2 22	$34.0K	325
Q3 22	$63.8K	325
Q4 22	$85.2K	325
Q1 23	$97.4K	325
Q2 23	$106.9K	325
Q3 23	$87.5K	325
Q4 23	$115.6K	325
Q1 24	$136.3K	325
Q2 24	$125.8K	325
Q3 24	$147.5K	325
Q4 24	$16M	3
Q1 25	$13M	3
Q2 25	$15M	3
Q3 25	$15M	3

Revenue / Employee