Golub Capital BDC Inc (GBDC) - Net Assets
Based on the latest financial reports, Golub Capital BDC Inc (GBDC) has net assets worth $3.98 Billion USD as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($8.98 Billion) and total liabilities ($5.00 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Golub Capital BDC Inc asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.98 Billion |
| % of Total Assets | 44.36% |
| Annual Growth Rate | 26.49% |
| 5-Year Change | 54.2% |
| 10-Year Change | 353.17% |
| Growth Volatility | 51.09 |
Golub Capital BDC Inc - Net Assets Trend (2009–2025)
This chart illustrates how Golub Capital BDC Inc's net assets have evolved over time, based on quarterly financial data. Also explore balance sheet size of Golub Capital BDC Inc for the complete picture of this company's asset base.
Annual Net Assets for Golub Capital BDC Inc (2009–2025)
The table below shows the annual net assets of Golub Capital BDC Inc from 2009 to 2025. For live valuation and market cap data, see market value of Golub Capital BDC Inc.
| Year | Net Assets | Change |
|---|---|---|
| 2025-09-30 | $3.98 Billion | -0.80% |
| 2024-09-30 | $4.01 Billion | +57.56% |
| 2023-09-30 | $2.55 Billion | +0.13% |
| 2022-09-30 | $2.54 Billion | -1.48% |
| 2021-09-30 | $2.58 Billion | +7.78% |
| 2020-09-30 | $2.40 Billion | +7.80% |
| 2019-09-30 | $2.22 Billion | +129.43% |
| 2018-09-30 | $968.85 Million | +1.14% |
| 2017-09-30 | $957.95 Million | +9.00% |
| 2016-09-30 | $878.83 Million | +8.38% |
| 2015-09-30 | $810.87 Million | +10.66% |
| 2014-09-30 | $732.74 Million | +11.32% |
| 2013-09-30 | $658.24 Million | +75.47% |
| 2012-09-30 | $375.13 Million | +18.51% |
| 2011-09-30 | $316.55 Million | +21.50% |
| 2010-09-30 | $260.54 Million | +180.90% |
| 2009-09-30 | $92.75 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Golub Capital BDC Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 152.6% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (September 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $266.00K | 0.01% |
| Other Components | $4.03 Billion | 101.22% |
| Total Equity | $3.98 Billion | 100.00% |
Golub Capital BDC Inc Competitors by Market Cap
The table below lists competitors of Golub Capital BDC Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shanghai Moons' Elec Co Ltd
SHG:603728
|
$3.64 Billion |
|
China Minsheng Banking Corp. Ltd
F:GHFH
|
$3.64 Billion |
|
Hubei Zhenhua Chemical Co Ltd
SHG:603067
|
$3.64 Billion |
|
RUBIS
F:BYN
|
$3.64 Billion |
|
TransAlta Corp
TO:TA
|
$3.64 Billion |
|
Benefit Systems SA
WAR:BFT
|
$3.63 Billion |
|
UCO Bank
NSE:UCOBANK
|
$3.63 Billion |
|
Jiamei Food Packaging Chuzhou Co
SHE:002969
|
$3.63 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Golub Capital BDC Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,014,529,000 to 3,982,567,000, a change of -31,962,000 (-0.8%).
- Net income of 396,804,000 contributed positively to equity growth.
- Dividend payments of 368,208,000 reduced retained earnings.
- Share repurchases of 77,834,000 reduced equity.
- New share issuances of 37,434,000 increased equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $396.80 Million | +9.96% |
| Dividends Paid | $368.21 Million | -9.25% |
| Share Repurchases | $77.83 Million | -1.95% |
| Share Issuances | $37.43 Million | +0.94% |
| Other Changes | $-20.16 Million | -0.51% |
| Total Change | $- | -0.80% |
Book Value vs Market Value Analysis
This analysis compares Golub Capital BDC Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.92x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 2.73x to 0.92x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-09-30 | $5.05 | $13.80 | x |
| 2010-09-30 | $13.94 | $13.80 | x |
| 2011-09-30 | $15.29 | $13.80 | x |
| 2012-09-30 | $15.46 | $13.80 | x |
| 2013-09-30 | $19.10 | $13.80 | x |
| 2014-09-30 | $16.18 | $13.80 | x |
| 2015-09-30 | $16.54 | $13.80 | x |
| 2016-09-30 | $16.04 | $13.80 | x |
| 2017-09-30 | $16.83 | $13.80 | x |
| 2018-09-30 | $15.69 | $13.80 | x |
| 2019-09-30 | $33.22 | $13.80 | x |
| 2020-09-30 | $16.09 | $13.80 | x |
| 2021-09-30 | $15.37 | $13.80 | x |
| 2022-09-30 | $14.91 | $13.80 | x |
| 2023-09-30 | $14.96 | $13.80 | x |
| 2024-09-30 | $19.95 | $13.80 | x |
| 2025-09-30 | $14.97 | $13.80 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Golub Capital BDC Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.96%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 49.43%
- • Asset Turnover: 0.09x
- • Equity Multiplier: 2.25x
- Recent ROE (9.96%) is above the historical average (8.48%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 21.58% | 60.04% | 0.08x | 4.41x | $10.74 Million |
| 2010 | 10.07% | 79.18% | 0.07x | 1.70x | $193.90K |
| 2011 | 6.74% | 54.51% | 0.07x | 1.77x | $-10.32 Million |
| 2012 | 8.47% | 87.64% | 0.05x | 1.96x | $-5.75 Million |
| 2013 | 7.07% | 89.67% | 0.05x | 1.66x | $-19.30 Million |
| 2014 | 8.92% | 92.13% | 0.05x | 1.97x | $-7.89 Million |
| 2015 | 8.73% | 92.30% | 0.05x | 2.01x | $-10.30 Million |
| 2016 | 7.87% | 92.17% | 0.04x | 2.00x | $-18.68 Million |
| 2017 | 8.59% | 93.94% | 0.05x | 1.83x | $-13.51 Million |
| 2018 | 8.46% | 93.55% | 0.05x | 1.89x | $-14.92 Million |
| 2019 | -0.84% | -10.78% | 0.04x | 1.98x | $-240.86 Million |
| 2020 | 2.29% | 82.10% | 0.02x | 1.85x | $-184.75 Million |
| 2021 | 13.18% | 97.37% | 0.07x | 2.00x | $82.01 Million |
| 2022 | 6.03% | 88.89% | 0.03x | 2.23x | $-101.01 Million |
| 2023 | 10.15% | 90.93% | 0.05x | 2.25x | $3.84 Million |
| 2024 | 6.82% | 57.55% | 0.05x | 2.17x | $-127.67 Million |
| 2025 | 9.96% | 49.43% | 0.09x | 2.25x | $-1.45 Million |
Industry Comparison
This section compares Golub Capital BDC Inc's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $1,222,611,667
- Average return on equity (ROE) among peers: 5.00%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Golub Capital BDC Inc (GBDC) | $3.98 Billion | 21.58% | 1.25x | $3.64 Billion |
| Acadian Asset Management Inc (AAMI) | $84.00 Million | 95.24% | 7.06x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $2.07 Billion | 13.23% | 0.00x | $3.60 Billion |
| Associated Capital Group Inc (AC) | $948.70 Million | 4.12% | 0.07x | $78.56 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $79.50 Million | 27.37% | 0.59x | $265.69 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $2.99 Million | -170.94% | 0.46x | $194.14 Million |
| Alvarium Tiedemann Holdings Inc. (ALTI) | $782.49 Million | -21.16% | 0.62x | $368.87 Million |
| Affiliated Managers Group Inc (AMG) | $962.54 Million | 12.37% | 1.41x | $8.19 Billion |
| Ameriprise Financial Inc (AMP) | $6.55 Billion | 54.41% | 28.15x | $41.87 Billion |
| AMTD IDEA Group (AMTD) | $611.58 Million | 16.58% | 4.02x | $44.19 Million |
| Artisan Partners Asset Management Inc (APAM) | $132.30 Million | 18.75% | 3.39x | $2.65 Billion |
About Golub Capital BDC Inc
Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insur… Read more