Goldman Sachs BDC

GSBD

Asset Management · Financial Services

Price

$9.75

+0.66 (+7.26%)

Market Cap

$1.10B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+13.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 101.7M (2021) → 115.6M (2025)

Goldman Sachs BDC, Inc. is a business development company (BDC) managed by Goldman Sachs. It lends money to middle-market companies — businesses that are too small for big public debt markets but too large for a typical bank loan. These borrowers are mostly private U.S. companies across industries like software, healthcare, and business services.

The company makes money by charging interest on the loans it makes, primarily floating-rate debt instruments like first-lien term loans. It is externally managed by Goldman Sachs Asset Management, which gives it access to Goldman's deal flow and credit research — a meaningful competitive advantage over smaller BDCs. However, the main risk is credit quality: if borrowers struggle to repay loans, especially during an economic slowdown, the portfolio can suffer losses that reduce dividends and erode the stock's net asset value. Rising or falling interest rates also directly affect earnings, since most loans carry variable rates.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-38.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$3.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Goldman Sachs BDC is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

0.0%

Thin — 0.0% gross margin

Operating Margin

0.0%

Thin — 0.0% operating margin

ROCE

0.0%

Weak — 0.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.7%

Shrinking sales (-1.7% YoY)

EPS YoY

-59.2%

Earnings shrinking (-59.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

106%

Turns 106% of profit into real cash

FCF Margin

27.0%

Converts sales into free cash efficiently (27.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.36

Elevated debt (1.36)

Interest Cover

0.81x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

19.1x

Fair value — P/E 19.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+10.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.1 → 8.6)

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Dividends

Dividend Yield

15.79%

Healthy income — 15.79% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+13.8%

Dividend growing fast (13.8% YoY)

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