Pulling SEC filings + quote and writing the call…

Goldman Sachs BDC, Inc.
Next earnings Aug 5, 2026 · consensus $0.32 EPS, $81.2M rev
Last earnings -6.6% on 2026-05-08
Cheap BDC at 9x P/E with a 2025 earnings rebound, but shrinking portfolio and falling investment income cap the upside.
Sources: SEC EDGAR (CIK 0001572694, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/25/2026, 2:15:33 PM.
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Middling fundamentals offset by an attractive price (~320% below fair value) — worth a look on the value angle.
GSBD is a Goldman-managed BDC whose 2025 GAAP net income rebounded sharply to $119M ($1.03 diluted EPS) from $62.9M in 2024 — an 89.7% YoY jump that, combined with the $9.36 price, prints a 9.1x P/E. But the MD&A makes clear the rebound is *not* driven by a stronger franchise: total investment income actually fell from $434.4M in 2024 to $365.6M in 2025, with interest income dropping from $378.1M to $327.6M and PIK income from $50.4M to $32.9M. Management attributes the decline to 'a decline in base interest rates and tightening of credit spreads in addition to the decrease in the size of our portfolio' — the amortized cost of the portfolio shrank from $3.67B to $3.40B. The earnings 'beat' is largely the absence of last year's $190M of realized/unrealized losses, not a step-up in the underlying business.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | — | — | $196M | $62.9M | $119M |
| Diluted EPS | $1.89 | $0.54 | $1.81 | $0.55 | $1.03 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Annual meeting vote results disclosed; routine governance with no strategic change
Q1 2026 earnings release furnished with results and supplemental investor materials
Q1 2026 10-Q filed; portfolio contraction and NII pressure continue from FY25 trend
Reg FD investor presentation furnished; informational update for shareholders
Proxy statement for 2026 annual meeting; routine director/auditor votes
Officer/director change disclosed under Item 5.02; leadership transition
Additional officer/director change under Item 5.02; second leadership move in two weeks
FY2025 earnings: NII fell to $182M as portfolio shrank and spreads tightened
FY25 NII -28% on rate cuts/spread tightening; realized losses $123M, portfolio -8%
1072 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Last 90 days: 2 open-market buys · 0 sales
| 2026-06-10 | Leach Timothy J Director | Buy | 2.00K @ $9.04 | $18.1K |
| 2026-04-02 | Evans Carlos E Director | Buy | 50.0K @ $9.02 | $451K |
| 2025-11-12 | Greene Tucker See Remarks | Buy | 10.5K @ $9.86 | $104K |
| 2025-09-12 | Bantwal Vivek Co-Chief Executive Officer | Buy | 22.0K @ $11.36 | $250K |
| 2024-11-22 | Lanza John See Remarks | Sell | 1.25K @ $12.85 | $16.1K |