Goldman Sachs BDC Inc. (GSBD)
NYSE:GSBD
Want to see GSBD full AI Analyst Report?
Top Page
Goldman Sachs BDC
(NYSE:GSBD)
Select Model
Select Model
Rating:52Neutral
Price Target:
$9.50
â–¼(-2.96% Downside)
Action:Reiterated
Date:05/09/26
GSBD scores 52 primarily due to pressured fundamentals and a cautious earnings outlook: sharp Q1 NII decline, NAV erosion, higher nonaccruals, and weak TTM cash generation weigh most. Technical signals are mildly weak, while the moderate P/E and very high dividend yield provide the main support to the score.
Positive Factors
Senior‑secured, first‑lien bias
A portfolio concentrated in senior‑secured and first‑lien loans materially lowers loss severity and supports recoveries through credit cycles. That structural capital‑structure protection enhances long‑run income stability for a BDC and reduces vulnerability to downside in stressed middle‑market credits.
Negative Factors
Rising nonaccruals and NAV pressure
A jump in nonaccruals concentrated in legacy assets plus mark‑to‑market unrealized losses compress NAV and indicate credit seasoning issues. Persistent legacy impairments can depress distributable earnings and force extended workout timelines, weighing on durable return generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Senior‑secured, first‑lien bias
A portfolio concentrated in senior‑secured and first‑lien loans materially lowers loss severity and supports recoveries through credit cycles. That structural capital‑structure protection enhances long‑run income stability for a BDC and reduces vulnerability to downside in stressed middle‑market credits.
Read all positive factors
Goldman Sachs BDC (GSBD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.00B
Dividend Yield17.34%
Average Volume (3M)1.42M
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue Growth14.92%
EPS Growth48.21%
CountryUS
Employees8
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.64
Shares Outstanding112,569,070
10 Day Avg. Volume1,626,585
30 Day Avg. Volume1,424,100
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.75
Price to Sales (P/S)4.42
P/FCF Ratio3.29
Enterprise Value/Market Cap2.85
Enterprise Value/Revenue9.98
Enterprise Value/Gross Profit14.34
Enterprise Value/Ebitda15.74
Forecast
1Y Price Target
$8.67Price Target Upside-11.47% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)1.17
Revenue Forecast (FY)$316.87M
Goldman Sachs BDC Business Overview & Revenue Model
Company Description
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, junior s...
How the Company Makes Money
GSBD makes money primarily from investment income earned on its portfolio of middle-market financings. The core revenue stream is interest income on loans it originates or acquires (typically floating-rate senior secured debt), which reflects the ...
Goldman Sachs BDC Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: clear progress on portfolio transition and risk reduction (58% post-2022 originations performing well, ARR exposure reduced to under 10%, strong liquidity and successful capital markets execution) counterbalanced by near-term earnings and valuation pressure (NII down ~41% QoQ, NAV down ~3.7%, nonaccruals up to 4.7% concentrated in legacy assets). Management emphasized disciplined underwriting, active legacy workout efforts and the ability to reinvest at wider spreads, but material near-term headwinds and legacy credit issues temper optimism.Positive Updates
Share Repurchase Authorization
The Board approved a new 10b5-1 program authorizing up to $75 million of share repurchases, providing an additional capital return lever for shareholders.
Negative Updates
Quarterly Net Investment Income Decline
GAAP after-tax net investment income was $24.8 million in Q1 versus $42.2 million in the prior quarter (≈-41% QoQ); NII per share was $0.22 and below the quarterly dividend, with incentive fee accruals under a three-year lookback framework cited as a material driver of the decline.
Read all updates
Q1-2026 Updates
Positive
Negative
Share Repurchase Authorization
The Board approved a new 10b5-1 program authorizing up to $75 million of share repurchases, providing an additional capital return lever for shareholders.
Read all positive updates
Company Guidance
Management guided that the firm will continue rotating the portfolio into post‑2022 originations (now 58% of fair value vs 42% legacy), reinvesting exits at wider spreads while maintaining disciplined mark‑to‑market valuation and underwriting; they intend to keep the Q2 base dividend of $0.32 (supported by ~$94M of undistributed taxable income), expect incentive fees to be more muted over coming quarters, and cautioned that nonaccruals could rise in a softer economy but that current credit impairment is concentrated in legacy assets (legacy drove ~72% of Q1 losses and >99.5% of nonaccruals). Key Q1 metrics underpinning this guidance: NAV $12.17 (‑3.7% q/q), NII $0.22 per share (GAAP after‑tax NII $24.8M, adj $24.7M vs $42.2M prior quarter), annualized NII yield on book value 7.2%, portfolio fair value ~$3.2–3.23B across 173 companies, weighted average yield at cost 9.9%, weighted net debt/EBITDA 6.0x, interest coverage 1.9x, repayments $82.8M (53% pre‑2022 vintages), new commitments $46.5M (91.6% first‑lien), nonaccruals ~4.7% (from 2.8%), outstanding debt $1.9B, net assets $1.4B, net debt/equity 1.37x (from 1.27x), $974M revolver capacity, $400M of 3‑yr notes at 5.1% (swapped to floating, 7.3x peak oversubscription), ARR exposure down from ~39% in Q3‑2022 to <10%, and a new up‑to‑$75M 10b5‑1 repurchase program.Goldman Sachs BDC Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 286.39M | 242.45M | 192.43M | 454.91M | 136.10M | 229.08M |
| Gross Profit | 199.18M | 182.78M | 78.71M | 454.91M | 56.64M | 170.09M |
| EBITDA | 181.52M | 234.93M | 68.35M | 0.00 | 59.70M | 194.07M |
| Net Income | 74.08M | 119.27M | 62.87M | 195.87M | 55.00M | 192.43M |
Balance Sheet | ||||||
| Total Assets | 3.34B | 3.38B | 3.60B | 3.52B | 3.59B | 3.55B |
| Cash, Cash Equivalents and Short-Term Investments | 41.85M | 43.21M | 61.80M | 52.36M | 39.60M | 33.76M |
| Total Debt | 1.90B | 1.88B | 1.93B | 1.83B | 2.01B | 1.86B |
| Total Liabilities | 1.97B | 1.96B | 2.03B | 1.92B | 2.09B | 1.94B |
| Stockholders Equity | 1.37B | 1.42B | 1.57B | 1.60B | 1.50B | 1.61B |
Cash Flow | ||||||
| Free Cash Flow | 15.30M | 325.68M | 201.06M | 186.98M | 169.20M | -29.86M |
| Operating Cash Flow | 15.30M | 325.68M | 201.06M | 186.98M | 169.20M | -29.86M |
| Investing Cash Flow | 186.94M | 0.00 | -198.60M | 113.71M | -141.76M | 0.00 |
| Financing Cash Flow | -243.08M | -344.45M | 7.15M | -287.99M | -21.75M | 31.69M |
Goldman Sachs BDC Technical Analysis
Negative
9.79
Price Trends
9.23
Negative
9.07
Negative
9.24
Negative
Market Momentum
-0.16
Positive
38.35
Neutral
35.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GSBD, the sentiment is Negative. The current price of 9.79 is above the 20-day moving average (MA) of 9.38, above the 50-day MA of 9.23, and above the 200-day MA of 9.24, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 38.35 is Neutral, neither overbought nor oversold. The STOCH value of 35.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GSBD.
Goldman Sachs BDC Risk Analysis
Goldman Sachs BDC disclosed 78 risk factors in its most recent earnings report. Goldman Sachs BDC reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Goldman Sachs BDC Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.49B | 6.76 | 14.73% | 13.53% | 4.03% | -16.92% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $1.43B | 11.07 | 11.68% | 11.90% | 55.92% | 35.62% | |
60 Neutral | $862.75M | 59.32 | 6.57% | 13.18% | 2.31% | -35.07% | |
59 Neutral | $757.51M | -3.83 | -4.83% | 14.17% | -24.31% | -157.16% | |
56 Neutral | $749.87M | -45.98 | 4.42% | 13.63% | 15.30% | -48.57% | |
52 Neutral | $1.00B | -18.33 | 5.14% | 17.34% | 14.92% | 48.21% |
* Financial Sector Average
GSBD
Goldman Sachs BDC
8.86
-0.40
-4.34%
CSWC
Capital Southwest
22.77
4.74
26.30%
NMFC
New Mountain Finance
7.94
-1.28
-13.88%
CGBD
Carlyle Secured Lending Inc
10.68
-1.46
-12.06%
BCSF
Bain Capital Specialty Finance
13.21
-0.18
-1.36%
TRIN
Trinity Capital
16.49
4.13
33.41%
Goldman Sachs BDC Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Goldman Sachs BDC Reports Challenging First-Quarter 2026 Results
Negative
May 8, 2026
Goldman Sachs BDC reported first-quarter 2026 results on May 7, 2026, posting net investment income of $0.22 per share and an annualized net investment income yield on book value of 7.2%, but a loss of $0.12 per share due to $38.4 million in net r...
Financial Disclosures
Goldman Sachs BDC Schedules First-Quarter 2026 Earnings Release
Neutral
Apr 14, 2026
Goldman Sachs BDC, Inc., a specialty finance company focused on direct lending to U.S. middle‑market companies through secured and unsecured debt and select equity stakes, is externally managed by Goldman Sachs Asset Management and operates ...
Executive/Board Changes
Goldman Sachs BDC Announces Upcoming Director Board Resignation
Neutral
Mar 17, 2026
On March 15, 2026, Goldman Sachs BDC, Inc. announced that director Susan B. McGee had notified the board of her intention to resign from the board and all its committees. Her resignation is scheduled to take effect on March 31, 2026, and the compa...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresPrivate Placements and Financing
Goldman Sachs BDC Posts Q4 Results, Declares Dividends
Neutral
Feb 27, 2026
Goldman Sachs BDC, Inc. reported fourth-quarter and full-year 2025 results on February 26, 2026, posting net investment income of $0.37 per share and an 11.7% annualized net investment income yield on book value, while net asset value per share sl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.