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Goldman Sachs BDC
(NYSE:GSBD)
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Rating:63Neutral
Price Target:
$9.50
â–²(9.70% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by middling financial performance quality (profitability but volatile trends, leverage/history and data-consistency flags, and uneven cash-flow coverage). Earnings call commentary is moderately positive due to improved NII/dividend coverage and leverage reduction with buyback capacity, while valuation is supportive thanks to a reasonable P/E and very high dividend yield. Technicals are only mildly constructive, with price above key averages but weak MACD momentum.
Positive Factors
High share of senior secured loans
A portfolio overwhelmingly in senior secured loans with conservative entry LTVs materially reduces loss severity and supports recoveries over cycles. This structural collateral protection helps preserve NAV and downside resilience across a 2–6 month horizon and beyond compared with unsecured credit.
Negative Factors
Persisting legacy stressed assets
Remaining legacy stressed credits and idiosyncratic workouts can keep NAV volatile and restrict reinvestment capacity. Recoveries are uncertain and may take multiple quarters; this legacy stress can sap realized returns and require active workout resources, limiting durable earnings upside.
Read all positive and negative factors
Positive Factors
Negative Factors
High share of senior secured loans
A portfolio overwhelmingly in senior secured loans with conservative entry LTVs materially reduces loss severity and supports recoveries over cycles. This structural collateral protection helps preserve NAV and downside resilience across a 2–6 month horizon and beyond compared with unsecured credit.
Read all positive factors
Goldman Sachs BDC (GSBD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.11B
Dividend Yield15.52%
Average Volume (3M)871.63K
Price to Earnings (P/E)19.4
Beta (1Y)0.69
Revenue Growth117.29%
EPS Growth-58.47%
CountryUS
Employees8
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.51
Shares Outstanding112,569,070
10 Day Avg. Volume587,328
30 Day Avg. Volume871,628
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$8.83Price Target Upside2.00% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)1.23
Revenue Forecast (FY)$322.42M
Goldman Sachs BDC Business Overview & Revenue Model
Company Description
Goldman Sachs BDC, Inc. (GSBD) is a business development company (BDC) that provides primarily debt capital to middle-market companies, generally in the form of directly originated loans. The company invests mainly in U.S. and U.S.-connected busin...
How the Company Makes Money
GSBD makes money primarily from investment income generated by its portfolio of loans and other investments in private companies. The largest revenue stream is interest income on debt investments (e.g., first-lien and second-lien loans, unitranche...
Goldman Sachs BDC Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive operational and financial picture: materially higher quarterly net investment income (driven by restored accruals and repayment activity), dividend coverage and a clear path to lower leverage that enables buybacks and redeployment. The firm emphasized platform scale, improved originations economics (511 bps weighted average spread) and demonstrated workout capabilities with positive recoveries. Offsetting these positives are slower deal flow, legacy stressed assets that continue to pressure marks (though nonaccruals decreased), a modest QoQ NAV decline (~1%), a lower weighted average yield (9.5%), and some one-time income items (~$5M) that boost current-quarter results but may not recur. On balance, the improvements in earnings, liquidity/leverage management and portfolio actions outweigh the remaining headwinds.Positive Updates
Strong Net Investment Income and Yield
GAAP net investment income of $42.2M (adjusted after-tax NII $41.5M) vs $24.8M in the prior quarter (approx. +70%), or $0.38 per share; annualized net investment income yield on book value ~12.6%. NII covered the dividend and the company reports ~$100.3M of undistributed taxable income ($0.89 per share).
Negative Updates
NAV Decline
Net asset value per share was $12.06, down just under 1% from $12.17 in the prior quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Net Investment Income and Yield
GAAP net investment income of $42.2M (adjusted after-tax NII $41.5M) vs $24.8M in the prior quarter (approx. +70%), or $0.38 per share; annualized net investment income yield on book value ~12.6%. NII covered the dividend and the company reports ~$100.3M of undistributed taxable income ($0.89 per share).
Read all positive updates
Company Guidance
The company guided that it will prioritize reducing leverage and selectively redeploying capital while maintaining the near‑term $0.32 quarterly base dividend (plus the $0.03 Q2 supplemental) and evaluating dividends each quarter; key metrics cited include Q2 GAAP net investment income of $42.2M ($0.38 per share, annualized NII yield on book value ~12.6%), NAV of $12.06 (down just under 1% from $12.17), trailing 12‑month dividends of $1.54, and an annualized yield on the base dividend of ~14.1% (based on a $9.09 close). Portfolio and balance‑sheet targets: $3.2B of investments (98.6% senior secured), Q2 new commitments of ~$12.9M (9 companies) and $114M funded of prior commitments, $146M total proceeds, weighted‑average spread on Q2 originations 511 bps, weighted‑average LTV on new deals 37.4%, weighted‑average yield on debt at amortized cost 9.5%, net leverage/coverage metrics of ~6.2x and 2.0x, nonaccruals ~2.9% (10 companies), undistributed taxable income ~$100.3M ($0.89/sh), ~$1.9B total debt outstanding with ~$796M undrawn revolver capacity (~64% of debt unsecured), and a Board‑authorized 10b5‑1 repurchase program of up to 75M shares—management said pro‑forma leverage is now below the 1.25x target (closer to ~1.2x), they expect muted incentive fees in the near term due to the 3‑year lookback, and will mix buybacks with new deployments as attractive spread opportunities emerge.Goldman Sachs BDC Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 322.60M | 242.45M | 192.43M | 454.91M | 136.10M | 229.08M |
| Gross Profit | 253.62M | 182.78M | 78.71M | 454.91M | 56.64M | 170.09M |
| EBITDA | 195.94M | 234.93M | 68.35M | 363.38M | 59.70M | 194.07M |
| Net Income | 58.48M | 119.27M | 62.87M | 195.87M | 55.00M | 192.43M |
Balance Sheet | ||||||
| Total Assets | 3.29B | 3.38B | 3.60B | 3.52B | 3.59B | 3.55B |
| Cash, Cash Equivalents and Short-Term Investments | 50.66M | 43.21M | 61.80M | 52.36M | 39.60M | 33.76M |
| Total Debt | 1.85B | 1.88B | 1.93B | 1.83B | 2.01B | 1.86B |
| Total Liabilities | 1.93B | 1.96B | 2.03B | 1.92B | 2.09B | 1.94B |
| Stockholders Equity | 1.36B | 1.42B | 1.57B | 1.60B | 1.50B | 1.61B |
Cash Flow | ||||||
| Free Cash Flow | 61.67M | 325.68M | 201.06M | 300.69M | 169.20M | -29.86M |
| Operating Cash Flow | 61.67M | 325.68M | 201.06M | 300.69M | 169.20M | -29.86M |
| Investing Cash Flow | 30.18M | 0.00 | -198.60M | 0.00 | -141.76M | 0.00 |
| Financing Cash Flow | -186.64M | -344.45M | 7.15M | -287.99M | -21.75M | 31.69M |
Goldman Sachs BDC Technical Analysis
Positive
8.66
Price Trends
9.11
Positive
9.03
Positive
8.85
Positive
Market Momentum
0.27
Negative
66.48
Neutral
88.46
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GSBD, the sentiment is Positive. The current price of 8.66 is below the 20-day moving average (MA) of 9.30, below the 50-day MA of 9.11, and below the 200-day MA of 8.85, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 66.48 is Neutral, neither overbought nor oversold. The STOCH value of 88.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $1.57B | 12.92 | 11.04% | 9.27% | 25.04% | 13.84% | |
71 Outperform | $1.72B | 9.52 | 13.88% | 11.82% | 8.54% | -23.45% | |
70 Outperform | $779.56M | 22.23 | 3.25% | 15.44% | 11.89% | -58.67% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $783.61M | 9.98 | 7.10% | 15.29% | -11.58% | -40.72% | |
63 Neutral | $1.11B | 19.45 | 4.17% | 17.78% | 117.29% | -58.47% | |
62 Neutral | $716.89M | -15.73 | -4.28% | 17.69% | -50.21% | -161.42% |
* Financial Sector Average
GSBD
Goldman Sachs BDC
9.92
0.17
1.74%
CSWC
Capital Southwest
24.68
4.55
22.58%
NMFC
New Mountain Finance
7.55
-1.47
-16.29%
CGBD
Carlyle Secured Lending Inc
11.33
-0.93
-7.57%
BCSF
Bain Capital Specialty Finance
12.10
-1.34
-9.97%
TRIN
Trinity Capital
18.27
4.67
34.31%
Goldman Sachs BDC Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Goldman Sachs BDC Reports Strong Q2 Income, Declares Dividends
Positive
Aug 7, 2026
For the second quarter ended June 30, 2026, Goldman Sachs BDC reported net investment income of $0.38 per share, or $0.37 on an adjusted basis, reflecting an annualized net investment income yield on book value of 12.3%, while earnings per share w...
Business Operations and StrategyFinancial Disclosures
Goldman Sachs BDC Schedules Q2 2026 Earnings Release
Neutral
Jul 7, 2026
On July 7, 2026, Goldman Sachs BDC, Inc. announced plans to release financial results for its second quarter ended June 30, 2026 after markets close on Thursday, August 6, 2026. The New York-based business development company, which invests in U.S...
Executive/Board ChangesShareholder Meetings
Goldman Sachs BDC Stockholders Approve Directors and Auditor
Neutral
May 28, 2026
On May 27, 2026, Goldman Sachs BDC stockholders held their annual meeting to vote on key governance and oversight matters. The meeting covered director elections and the appointment of the company’s independent auditor for the upcoming fisca...
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...
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.