Goldman Sachs BDC (GSBD) AI Stock Analysis

• Market Cap: $1.04B
• Dividend Yield: 17.34%
• Average Volume (3M): 1.42M
• Price to Earnings (P/E): 8.0
• Beta (1Y): 0.64
• Revenue Growth: -16.58%
• EPS Growth: 65.24%
• Country: US
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.40
• Shares Outstanding: 114,113,100
• 10 Day Avg. Volume: 1,337,521
• 30 Day Avg. Volume: 1,418,379
• PEG Ratio: -0.32
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 7.21
• P/FCF Ratio: 6.90
• Enterprise Value/Market Cap: 2.67
• Enterprise Value/Revenue: 9.56
• Enterprise Value/Gross Profit: 15.39
• Enterprise Value/Ebitda: 16.06
• 1Y Price Target: $10.50
• Price Target Upside: 13.76% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.29
• Revenue Forecast (FY): $322.96M

• Rating: 66 Neutral
• Price Target: $10.00 ▲(8.34% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is driven primarily by steady but not fully durable fundamentals (strong cash conversion and improved leverage, offset by declining revenue and volatility) and attractive valuation (low P/E and high dividend yield). Technicals are mixed-to-weak (below longer-term averages with slightly negative MACD), while the earnings call and recent financing events were broadly supportive but tempered by NAV decline and ongoing spread/credit risks.

Positive Factors

Strong Direct Lending Platform

The significant increase in lending activity indicates robust demand and effective execution, enhancing GSBD's market position and revenue potential.

Increase in First-Lien Positions

A higher proportion of first-lien positions strengthens GSBD's portfolio security, reducing risk and potentially improving credit quality.

Robust Balance Sheet

A strong balance sheet with no debt enhances financial stability, providing flexibility for future investments and growth opportunities.

Negative Factors

Inconsistent Revenue Growth

Volatile revenue growth can hinder long-term planning and investment, affecting GSBD's ability to consistently generate returns.

Decrease in Net Asset Value

A decrease in NAV suggests potential challenges in asset valuation and profitability, impacting investor confidence and future capital raising.

Reduced Operating Cash Flow

Reduced cash flow limits GSBD's ability to reinvest in growth opportunities and meet financial obligations, posing a risk to long-term sustainability.

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 secured debt, including first lien, first lien/last-out unitranche and second lien debt, unsecured debt, including mezzanine debt and, to a lesser extent, investments in equities. The fund primarily invests in United States. It seeks to invest between $10 million and $75 million in companies with EBITDA between $5 million and $75 million annually.

How the Company Makes Money

Goldman Sachs BDC generates revenue primarily through interest income from its portfolio of debt investments. The company invests in both secured and unsecured loans, as well as equity investments in middle-market companies. These investments typically carry higher interest rates than traditional bank loans, enabling GSBD to earn substantial interest income. Additionally, GSBD may earn fees related to the structuring, origination, and management of its investment portfolio. The company also benefits from capital gains realized through the sale of equity investments. Partnerships with Goldman Sachs Group provide strategic advantages, including access to a broad range of investment opportunities and a robust risk management framework, which contribute to GSBD's earnings.

Goldman Sachs BDC Financial Statement Overview

Summary

Overall financial statements indicate solid profitability and cash conversion, plus a materially improved leverage profile in TTM. Offsetting this are declining TTM revenue (-4.9%) and volatility in reported margins and historical cash-flow coverage, which reduces confidence in durability.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined (-4.9%), extending a choppy top-line pattern (notably a sharp drop in 2024 vs. 2023). Profitability looks strong on reported margins in TTM (net margin ~57%) and remains positive across years, but margins are volatile and occasionally unusually high, suggesting earnings sensitivity to portfolio/investment marks and non-recurring items. Overall: solid earnings generation, but inconsistent revenue trajectory and variability in profitability reduce confidence.

Balance Sheet

Leverage improved materially in TTM, with reported total debt at 0 and a debt-to-equity ratio of 0.0, which meaningfully strengthens balance-sheet flexibility versus prior years where leverage was consistently elevated (debt-to-equity ~1.0–1.34). Equity remains sizable (~$1.45B TTM) against ~$3.39B assets. Returns on equity are moderate in TTM (~10.1%) but have fluctuated widely historically, indicating uneven underlying return profile.

Cash Flow

TTM operating cash flow and free cash flow were positive (~$158M) and free cash flow roughly matched net income (free cash flow to net income = 1.0), indicating reported earnings are being converted into cash. However, cash generation is trending down (TTM free cash flow growth -8.2%), and historical cash-flow coverage of obligations has been inconsistent (including negative coverage in 2021 and low coverage in 2024), highlighting potential volatility in cash inflows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	291.45M	192.43M	454.91M	136.10M	229.08M	186.49M
Gross Profit	180.94M	78.71M	454.91M	56.64M	170.09M	146.59M
EBITDA	173.41M	68.35M	0.00	59.70M	194.07M	177.55M
Net Income	133.09M	62.87M	195.87M	55.00M	192.43M	176.11M
Balance Sheet
Total Assets	3.39B	3.60B	3.52B	3.59B	3.55B	3.31B
Cash, Cash Equivalents and Short-Term Investments	115.18M	61.80M	52.36M	39.60M	33.76M	32.14M
Total Debt	1.84B	1.93B	1.83B	2.01B	1.86B	1.63B
Total Liabilities	1.93B	2.03B	1.92B	2.09B	1.94B	1.70B
Stockholders Equity	1.45B	1.57B	1.60B	1.50B	1.61B	1.62B
Cash Flow
Free Cash Flow	158.46M	201.06M	186.98M	169.20M	149.56M	246.21M
Operating Cash Flow	158.46M	201.06M	186.98M	169.20M	149.56M	246.21M
Investing Cash Flow	210.22M	-198.60M	113.71M	-141.76M	-179.42M	-80.42M
Financing Cash Flow	-306.46M	7.15M	-287.99M	-21.75M	31.69M	-143.11M

Goldman Sachs BDC Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.23
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 9.23 is below the 20-day moving average (MA) of 9.29, below the 50-day MA of 9.39, and below the 200-day MA of 10.11, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 43.22 is Neutral, neither overbought nor oversold. The STOCH value of 23.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GSBD.

Goldman Sachs BDC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSWC	72 Outperform	$1.36B	12.52	11.11%	11.90%	25.28%	-1.69%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GSBD	66 Neutral	$1.04B	7.95	8.75%	17.34%	-16.58%	65.24%
TRIN	66 Neutral	$1.14B	6.73	16.18%	13.53%	33.44%	25.22%
BCSF	62 Neutral	$852.37M	8.92	8.18%	13.18%	-26.08%	-27.65%
NMFC	61 Neutral	$841.75M	12.40	5.43%	14.17%	36.15%	-38.59%
CGBD	60 Neutral	$834.74M	9.65	7.03%	13.63%	-8.23%	-35.72%

Goldman Sachs BDC Corporate Events

Goldman Sachs BDC Issues $400 Million Senior Notes

On January 28, 2026, Goldman Sachs BDC, Inc. entered into a Fifth Supplemental Indenture with Computershare Trust Company to issue $400 million of 5.100% unsecured notes due January 28, 2029, which are senior to any expressly subordinated obligations, rank pari passu with other unsubordinated debt, and are effectively and structurally junior to secured and subsidiary-level indebtedness. The notes, which pay interest semi-annually beginning July 28, 2026, are subject to covenants tied to investment company asset coverage requirements and financial reporting, include a change-of-control repurchase feature at 100% of principal plus accrued interest, and generated approximately $392.5 million in net proceeds at the offering’s closing on January 28, 2026, which the company plans to use to pay down its senior secured revolving credit facility and for general corporate purposes, thereby extending its debt maturity profile and reducing secured borrowings.

The most recent analyst rating on (GSBD) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on Goldman Sachs BDC stock, see the GSBD Stock Forecast page.

Goldman Sachs BDC Prices $400 Million Notes Offering

On January 21, 2026, Goldman Sachs BDC, Inc. entered into an underwriting agreement with Goldman Sachs Asset Management and SMBC Nikko Securities America, acting as representatives of a group of underwriters, for the issuance and sale of $400 million aggregate principal amount of 5.100% notes due 2029. The offering, conducted under an existing SEC registration, reflects the company’s continued use of the debt capital markets to fund its lending activities, with the deal governed by standard closing conditions, indemnification provisions, and ongoing commercial relationships between the company and the underwriting banks for various financial services.

The most recent analyst rating on (GSBD) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on Goldman Sachs BDC stock, see the GSBD Stock Forecast page.

Goldman Sachs BDC Refinances Debt Via Credit Facility

On January 15, 2026, Goldman Sachs BDC, Inc. borrowed $505 million under its senior secured revolving credit facility, using the proceeds and cash on hand to repay in full $500 million in 2.875% senior notes that matured the same day, including all accrued and unpaid interest. The transaction fully extinguished the company’s obligations under the maturing notes while preserving approximately $526 million of remaining borrowing capacity under the revolving facility, signaling a shift in its liability structure and providing continued balance sheet flexibility for future financing needs.

The most recent analyst rating on (GSBD) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Goldman Sachs BDC stock, see the GSBD Stock Forecast page.

Goldman Sachs BDC Expands Credit Facility and Liquidity

On December 17, 2025, Goldman Sachs BDC, Inc. amended its senior secured revolving credit agreement with Truist Bank and other lenders, marking the thirteenth modification to this facility since its original inception in 2013. The amendment raised both the letter of credit sublimit and the swingline sublimit from $150 million to $200 million, enhancing the company’s available liquidity and flexibility to issue letters of credit and access short-term funding, which may strengthen its ability to support portfolio companies and manage its financing needs in a competitive lending environment.

The most recent analyst rating on (GSBD) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Goldman Sachs BDC stock, see the GSBD Stock Forecast page.

Goldman Sachs BDC Reports Q3 2025 Financial Results

On November 6, 2025, Goldman Sachs BDC announced its financial results for the third quarter ending September 30, 2025, reporting a net investment income of $0.40 per share and a decrease in net asset value per share to $12.75. The company declared a fourth quarter base dividend of $0.32 per share and a third quarter supplemental dividend of $0.04 per share, reflecting strategic dividend management amidst a challenging investment environment marked by certain investments on non-accrual status and a slight increase in the net debt-to-equity ratio.

The most recent analyst rating on (GSBD) stock is a Sell with a $10.00 price target. To see the full list of analyst forecasts on Goldman Sachs BDC stock, see the GSBD Stock Forecast page.