Goldman Sachs BDC Inc (GSBD) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Goldman Sachs BDC Inc stock $13.77, price $8.64, upside +59.4%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $7.73 – $10.98 · fair‑value band $10.33 – $17.22 · the $8.64 price screens below the $13.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Goldman Sachs BDC, Inc. is a business development company specializing in middle market and mezzanine investment in private companies.
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It seeks to make capital appreciation through direct originations of secured debt, senior secured debt, junior secured debt, including first lien, first lien/last-out unitranche and second lien debt, unsecured debt, including mezzanine debt and, to a lesser extent, investments in equities.
The fund primarily invests in United States. It seeks to invest between $10 million and $75 million in companies with EBITDA between $5 million and $75 million annually.
Stock analysis
Goldman Sachs BDC Inc (GSBD) currently trades at $8.64, while our model-based Fair Value estimate is $13.77, implying the stock looks roughly 37% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $36.24 per share, and 9 of the 11 models we run sit above the $8.64 price.
Bear case: the Asset-Based group reads lowest at $8.47, and 2 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: $10.33 (bear) to $17.22 (bull), the price of $8.64 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 71/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Goldman Sachs BDC Inc reported revenue of $242M in FY2025 versus $170M in FY2021, a compound +9.3%/yr. Reported net income was $119M in FY2025, compounding −11.3%/yr from FY2021.
Key figures
Market cap $973M Small · P/E ratio 33.2 · P/S ratio 3.01 · EPS (TTM) $0.2600 · Dividend yield 14.8% · Net margin 9.2% · Return on equity 2.2% · Return on assets (EBIT) 5.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 59%, GSBD screens cheaper than that median.
Fair Value models
Bear$10.33Fair Value $13.77Bull$17.22
Price $8.64 · Upside +59.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $100,117, on Jun 10, 2026.
BuyTimothy J LeachDirector11,075 shares at $9.04$100,117Jun 10, 2026
BuyCarlos E EvansDirector50,000 shares at $9.02$451,000Apr 2, 2026
BuyTucker GreeneOfficer10,500 shares at $9.86$103,530Nov 12, 2025
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+26.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Start year 2020 (pandemic). Over 10 years: +14.4% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+52.9%
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’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.6%
Dividend (yield on the price)14.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−11.4% vs −1.8%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.87% → 98%
2025 sits 88% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −2.4% a year for the price and +1.6% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 588 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+59.4% · Above median
Profitability
Return on equity (12 months)2.2% · Below median
Return on assets3.5% · Below median
Net margin (12 months)9.2% · Bottom 25%
Operating margin (12 months)87.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−18.1% · Bottom 25%
Dividend yield (12 months)14.8% · Top 25%
Balance sheet
Debt / equity1.41× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Goldman Sachs BDC Inc (GSBD) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $13.77 versus a price of $8.64, about +59% upside (undervalued).
What is the fair value of GSBD?
Our model-based fair value for Goldman Sachs BDC Inc is $13.77 (as of Nov 8, 2026), built from audited fundamentals. The current price: $8.64.
What is the quality score of GSBD?
Goldman Sachs BDC Inc has a Quality Score of 71/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Goldman Sachs BDC Inc (GSBD)?
Our model-based price target is the fair value of $13.77 (as of Nov 8, 2026) from 11 valuation models. Cautious scenario $10.33, optimistic scenario $17.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Goldman Sachs BDC Inc stock forecast for 2026?
Our models put fair value at $13.77, about +59% upside versus a price of $8.64 (undervalued). Cautious scenario $10.33, optimistic scenario $17.22. The calculation is refreshed regularly with new filings.
What is the revenue of Goldman Sachs BDC Inc (GSBD)?
Goldman Sachs BDC Inc reported trailing-twelve-month revenue of about $324M (latest available figure, as of Nov 8, 2026).
Does Goldman Sachs BDC Inc pay a dividend?
Goldman Sachs BDC Inc currently shows a dividend yield of 14.81% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Goldman Sachs BDC Inc (GSBD) and when is the ex-dividend date?
Goldman Sachs BDC Inc pays a dividend of $1.28 per share a year, a dividend yield of 14.8%. The last ex-dividend date was Sep 30, 2026. A dividend has been paid every year since at least 2015. Free cash flow covers the dividend 2.26 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Goldman Sachs BDC Inc (GSBD)?
For today's price to be fair in a discounted-cash-flow model, Goldman Sachs BDC Inc would have to grow free cash flow by -0.1 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.6 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of GSBD use?
Our models discount Goldman Sachs BDC Inc at 10.3 %: a base by market capitalisation (small), damped by beta 0.68, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Goldman Sachs BDC Inc that is -0.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Goldman Sachs BDC Inc (GSBD) delivered so far?
Over the past 5 years revenue at Goldman Sachs BDC Inc grew +10.6 % a year. The price currently implies free-cash-flow growth of -0.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Goldman Sachs BDC Inc (GSBD) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Goldman Sachs BDC Inc (-0.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Goldman Sachs BDC Inc (GSBD)?
The free-cash-flow yield on the price is 33.49 %: that much free cash flow Goldman Sachs BDC Inc produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Goldman Sachs BDC Inc (GSBD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Goldman Sachs BDC Inc it is $13.77 per share (as of Nov 8, 2026), against a price of $8.64. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Goldman Sachs BDC Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, GSBD trades below its calculated fair value: price $8.64, fair value $13.77, a gap of about +59% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GSBD?
No. The price is what the market pays today ($8.64); the fair value is what the company's own numbers justify ($13.77). For Goldman Sachs BDC Inc the two are $5.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Goldman Sachs BDC Inc worth?
The market values Goldman Sachs BDC Inc at about $973M (market capitalisation, as of Nov 8, 2026). Per share that is $8.64; our models calculate a fair value of $13.77 per share.
What do the bullish and bearish scenarios say about GSBD?
Our models span a range for Goldman Sachs BDC Inc: cautious scenario $10.33, base $13.77, optimistic $17.22 per share (as of Nov 8, 2026, price $8.64). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GSBD?
Goldman Sachs BDC Inc trades at a price-to-earnings ratio of 33.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $13.77 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 15.5. Other multiples: PEG 2.2, P/B 0.7, P/S 3.0, EV/EBITDA 12.5.
What is the PEG ratio of GSBD?
The PEG ratio of Goldman Sachs BDC Inc is 2.15 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Goldman Sachs BDC Inc (GSBD)?
Balance-sheet figures for Goldman Sachs BDC Inc (as of Nov 8, 2026): return on equity 2.2%, debt of 1.41 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is GSBD from its 52-week high?
Goldman Sachs BDC Inc trades at $8.64, about 13% below its 52-week high of $9.89 and 8% above the low of $8.03 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $13.77 is for.
Which stocks are comparable to Goldman Sachs BDC Inc?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Goldman Sachs BDC Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $8.64, calculated fair value $13.77 (+59%), Quality Score 71/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GSBD calculated?
We run Goldman Sachs BDC Inc through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $13.77 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Goldman Sachs BDC Inc currently trades 37% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Goldman Sachs BDC Inc (GSBD)?
The closing price on Nov 6, 2026 was $8.64. Our model-based fair value is $13.77, about +59% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Goldman Sachs BDC Inc right now?
The price is below even our cautious bear case ($10.33). The market is more pessimistic than our downside scenario. Solid quality (71/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Goldman Sachs BDC Inc (GSBD) come from?
Earnings per share at Goldman Sachs BDC Inc grew −1.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.0 %, EBIT margin +0.3 %, tax rate −0.3 %, residual (interest, one-offs) −5.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Goldman Sachs BDC Inc
How large is the market capitalisation of Goldman Sachs BDC Inc (GSBD)?
The market capitalisation of Goldman Sachs BDC Inc is $973M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Goldman Sachs BDC Inc (GSBD)?
The price-to-sales ratio of Goldman Sachs BDC Inc is 3.01 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Goldman Sachs BDC Inc (GSBD)?
Earnings per share at Goldman Sachs BDC Inc are $0.2600 (price ÷ EPS = P/E 33.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Goldman Sachs BDC Inc (GSBD)?
The dividend yield of Goldman Sachs BDC Inc is 14.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Goldman Sachs BDC Inc (GSBD)?
The net margin of Goldman Sachs BDC Inc is 9.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Goldman Sachs BDC Inc (GSBD)?
The return on equity (ROE) of Goldman Sachs BDC Inc is 2.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Goldman Sachs BDC Inc (GSBD)?
On an EBIT basis the return on assets of Goldman Sachs BDC Inc is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Goldman Sachs BDC Inc (GSBD)?
The operating margin of Goldman Sachs BDC Inc is 87.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Goldman Sachs BDC Inc (GSBD)?
Revenue at Goldman Sachs BDC Inc is growing −18.1% versus a year earlier (3y avg +62.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Goldman Sachs BDC Inc (GSBD)?
Earnings per share at Goldman Sachs BDC Inc are growing −37.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Goldman Sachs BDC Inc (GSBD) carry?
The net debt of Goldman Sachs BDC Inc is $1.8B (fiscal year 2025, ≈ 5.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026