Goldman Sachs BDC, Inc. functions as a business development company (BDC) with a specific focus on extending capital to privately held, middle-market ...
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$1.28 per share
Est. EPS $0.35 · Revenue $80.13M · 3 analysts
$1.28 per share
Est. EPS $0.34 · Revenue $79.91M · 3 analysts
EPS $0.27 · Revenue $96.94M
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $242.5M | +26.0% | +33.9% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $119.3M | +89.7% | +273.7% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +75.4% | +84.3% | +25.2% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +98.4% | +176.9% | +161.1% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +49.2% | +50.6% | +229.8% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $325.7M | +13155.3% | +749.4% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +134.3% | +10420.4% | +534.5% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 132.0% | +7.6% | -1.7% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.95x | -21.5% | +1.6% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $3.4B | -6.1% | -1.6% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 1.03 vs 1.54 | -33.0% | 0.21 vs 0.35 | -39.6% |
| Revenue Surprise | $242.5M vs $366.5M | -33.8% | $105.1M vs $80.1M | +31.1% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jun 10, 2026 | Leach Timothy J | director | Common Stock, par value $0.001 per share | A | 2,004 | $9.04 |
| Apr 2, 2026 | Evans Carlos E | director | Common Stock, par value $0.001 per share | A | 50,000 | $9.02 |
| Mar 31, 2026 | MCGEE SUSAN B | — | — | — | 0 | — |
| Dec 31, 2025 | Kari Ross Jay | — | — | — | 0 | — |
| Nov 12, 2025 | Greene Tucker | officer: See Remarks | Common Stock, par value $0.001 per share | A | 10,500 | $9.86 |
Haley Neeven: Good morning, and thank you for joining us. My name is Haley Neeven, Head of the Investor Relations team for Goldman Sachs BDC, Inc., and I would like to welcome everyone to the Goldman Sachs BDC, Inc. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These statements represent the company's beliefs regarding future events that, that by their nature, are uncertain and outside of the company's control. The company's actual results and financial condition may differ possibly materially from what is indicated in those forward-looking statements as a result of a number of factors, including those described from time to time in the company's SEC filings. This audiocast is copyrighted material of Goldman Sachs BDC, Inc. and may not be duplicated, reproduced or rebroadcast without our consent. Yesterday, after the market closed, the company issued an earnings press release and posted a supplemental earnings presentation, both of which can be found on the homepage of our website at www.goldmansachsbdc.com under the Investor Resources section and which includes reconciliations of non-GAAP measures to the most directly comparable GAAP measures. These documents should be reviewed in conjunction with the company's quarterly report on Form 10-Q filed yesterday with the SEC. This conference call is being recorded today, Friday, August 7, 2026, for replay purposes. I'll now turn the call over to Vivek Bantwal, Co-Chief Executive Officer of Goldman Sachs BDC, Inc. Vivek Bantwal: Thank you, Haley. Good morning, everyone, and thank you for joining us for our second quarter earnings conference call. Before we begin today, I have an announcement. My Co-CEO of GSBD and Head of America's Direct Lending platform, David Miller, has decided to step down as Co-CEO of GSBD effective December 31 of this year. At that point, I will become the sole CEO. David has worked at Goldman Sachs for 22 years and has 34 years in the private credit industry. Since co-founding the Specialty Lending Group in 2004, David has been an integral part of the private credit platform we have built at Goldman Sachs. David will remain in his current role as Co-CEO through the end of this year and then will be appointed an Advisory Director of Goldman Sachs. He will continue to serve as a member of the Private Credit Investment Committee, so we can continue to benefit from his years of experience. We want to thank David for his many years of leadership and contributions. In connection with this transition, Justin Betzen has stepped into the role of Co-President and Co-COO alongside Tucker Greene. Justin is currently a Vice President of GSBD and has held several positions within GSAM, and he is currently a Managing Director and Senior Underwriter in GSAM Private Credit in the Americas. Justin initially joined Goldman Sachs in 2006. The …
Externally managed BDCs face structural challenges, notably high fees and misaligned incentives, making them difficult portfolio inclusions. I favor internally managed BDCs for long-term value, but selectively own some external names as well. There could be two motives for owning external ones: 1) tactical trades (high risk, high retur) and 2) long-term income compounding.
Double-digit dividend yields that are fully covered by underlying earnings and trade at huge discounts to NAV are often eye-catching and worth a closer look. I look at some compelling opportunities that also have strong or improving fundamentals and are either currently aggressively buying back stock or looking to do so soon. I also look at some of the issues facing these companies that explain why this opportunity exists.
Goldman Sachs BDC continues to exhibit below-average investment quality, with persistent portfolio shrinkage and elevated non-accruals. GSBD's Q2 dividend dropped 40% year-over-year, reflecting ongoing pressure from non-accrual loans and a contracting asset base. Despite a high 118.8% dividend coverage ratio in Q2'26, GSBD's non-accrual ratio remains the second-highest among peers, undermining investor confidence.
Goldman Sachs BDC remains a hold as portfolio growth and NAV continue to decline amid sector headwinds. GSBD's 14.1% dividend yield is well-covered by net investment income, with a 116% coverage rate and $0.89 per share in spillover income. New investment activity remains muted, with negative net funded investments and limited catalysts for near-term NAV or earnings growth.
Goldman Sachs BDC NYSE: GSBD reported second-quarter 2026 net investment income of $0.38 per share, up from the prior quarter, as higher investment income and the absence of an incentive fee supported results. The company also announced that Co-Chief Executive Officer David Miller will step down from the role effective Dec. 31, with Co-CEO Vivek Bantwal set to become sole CEO.
