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Kayne Anderson BDC, Inc. (KBDC) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Kayne Anderson BDC, Inc. stock $18.51, price $12.41, upside +49.2%, quality 53 out of 100. Rating: undervalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

KA Kayne Anderson BDC, Inc. logo Some data Nov 8, 2026

Kayne Anderson BDC, Inc.

KBDC · US
Undervalued, but sideways

The stock costs 33% less than our calculation considers fair.

Fair value $18.51 · Undervalued (33%)
Highly profitable · 39.7% net margin (FY2025)
Even on cautious assumptions the value is 8% above the price ($13.46).
Quality 53/100
Expensive Growth (revenue 3y +50.9 %/yr in USD)
Wide moat 65/100 · thin data
Insiders bought $10.0M (6M)
Some data
Negative free cash flow
Trails peers (4/11)
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$14.53 $11.69 Fair Value $18.51 May 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

30‑month range $11.69 – $14.53 · fair‑value band $13.46 – $23.14 · the $12.41 price screens below the $18.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Kayne Anderson BDC, Inc. is business development company and an externally managed, closed-end, non-diversified management investment company that intends to elect to be regulated as a BDC under the 1940 Act. The fund seeks to make investments in middle-market companies.

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It also makes debt investments in middle-market companies and investing primarily in first lien senior secured, unitranche, and split-lien loans to privately held middle-market companies.

The fund considers between 80% and 90% of its portfolio (including investments purchased with proceeds from borrowings) will be invested in first lien senior secured, unitranche and split-lien term loans.

The remaining 10% to 20% of its portfolio will be invested in higher-yielding investments, including, but not limited to, second lien loans, last-out or subordinated loans, non-investment grade broadly syndicated leveraged loans, high-yield bonds, structured products (including CLO liabilities), real estate related debt securities, equity securities purchased in conjunction with debt investments and other opportunistic investments.

Stock analysis

Kayne Anderson BDC, Inc. (KBDC) currently trades at $12.41, while our model-based Fair Value estimate is $18.51, implying the stock looks roughly 33% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of $58.69 per share, and 7 of the 8 models we run sit above the $12.41 price.

Bear case: the Asset-Based group reads lowest at $11.30, and 1 of the 8 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $13.46 (bear) to $23.14 (bull), the price of $12.41 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 53/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Kayne Anderson BDC, Inc. reported revenue of $236M in FY2025 versus $28.8M in FY2021, a compound +69.2%/yr. Reported net income was $93.7M in FY2025, compounding +43.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap $823M Small · P/E ratio 14.8 · P/S ratio 5.87 · EPS (TTM) $0.8400 · Net margin 39.7% · Return on assets (EBIT) 5.4% (5-year average) · Free cash flow −$98.7M · Net debt $1.1B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and 1% 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 49%, KBDC screens cheaper than that median.

Fair Value models

Bear $13.46 Fair Value $18.51 Bull $23.14
Price $12.41 · Upside +49.2%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.7180 per share) are deliberately not added. 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.
Best data coverage
Residual Income $13.46 $14.30 $15.70 71
Gordon GGM $14.31 $25.46 $34.67 63
DDM Multi-Stage $14.31 $23.41 $27.23 63
All 8 models by family
Earnings-Based
Graham-Dodd $9.68 $67.53 $94.77 59
Lynch FV $34.89 $49.84 $64.79 57
Dividend Discount
Gordon GGM $14.31 $25.46 $34.67 63
DDM Multi-Stage $14.31 $23.41 $27.23 63
Multiples
P/E Multiple $13.88 $18.51 $23.14 63
P/B Multiple $17.71 $23.61 $29.52 55
Asset-Based
NCAV (Graham) $8.43 $11.30 $16.87 51
Economic Profit
Residual Income $13.46 $14.30 $15.70 71

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 39
How much profit the company makes from its sales and capital
Quality Growth 67
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 48
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 87
How calm the share price moves, does not count
Price momentum 31
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 18
Distance to the 52-week high, does not count
New shares 88
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director bought shares worth $10.0M, on Sep 28, 2026.

  • BuyJames L RoboDirector4× since Sep 14, 2026: 766,716 shares, avg. $13.05$10.0MSep 28, 2026
  • BuyGeorge E Marucci JrDirector2× since Mar 4, 2026: 10,000 shares, avg. $13.76$137,620Mar 6, 2026

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.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+29.9%
Revenue growth 3 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.
+50.9%
What shareholders gained per year (last 5 years) ⓘ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. Basis: adjusted.
+40.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+40.2%
Dividend (yield on the price)0.0%
Profit margin 2021 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.78% → 73%

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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 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside +49.2% · Above median
Profitability
Return on assets 4.1% · Below median
Net margin (12 months) 39.7% · Above median
Operating margin (12 months) 0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median
Dividend yield (12 months) 0.0% · Bottom 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 14.8× · Pricier than median
P/B 0.74× · Cheaper than median
EV/EBITDA 4.7× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)99 · sector 60
FUTURE (revenue growth)0 · sector 39
PAST (return on equity)0 · sector 29
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs KBDC
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs KBDC
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs KBDC
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs KBDC
State Street Corporation STT $165.56 $139.37 −16% vs KBDC
Ares Management Corporation ARES $133.98 $99.35 −26% vs KBDC
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs KBDC
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs KBDC
Blackstone Inc BX $119.50 $52.29 −56% vs KBDC
KKR & Co KKR $96.48 $27.32 −72% vs KBDC

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Kayne Anderson BDC, Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Kayne Anderson BDC, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/KBDC

Frequently asked questions

Is Kayne Anderson BDC, Inc. (KBDC) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $18.51 versus a price of $12.41, about +49% upside (undervalued).
What is the fair value of KBDC?
Our model-based fair value for Kayne Anderson BDC, Inc. is $18.51 (as of Nov 8, 2026), built from audited fundamentals. The current price: $12.41.
What is the quality score of KBDC?
Kayne Anderson BDC, Inc. has a Quality Score of 53/100. 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 Kayne Anderson BDC, Inc. (KBDC)?
Our model-based price target is the fair value of $18.51 (as of Nov 8, 2026) from 8 valuation models. Cautious scenario $13.46, optimistic scenario $23.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Kayne Anderson BDC, Inc. stock forecast for 2026?
Our models put fair value at $18.51, about +49% upside versus a price of $12.41 (undervalued). Cautious scenario $13.46, optimistic scenario $23.14. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Kayne Anderson BDC, Inc. (KBDC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kayne Anderson BDC, Inc. it is $18.51 per share (as of Nov 8, 2026), against a price of $12.41. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Kayne Anderson BDC, Inc. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, KBDC trades below its calculated fair value: price $12.41, fair value $18.51, a gap of about +49% (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 KBDC?
No. The price is what the market pays today ($12.41); the fair value is what the company's own numbers justify ($18.51). For Kayne Anderson BDC, Inc. the two are $6.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kayne Anderson BDC, Inc. worth?
The market values Kayne Anderson BDC, Inc. at about $823M (market capitalisation, as of Nov 8, 2026). Per share that is $12.41; our models calculate a fair value of $18.51 per share.
What do the bullish and bearish scenarios say about KBDC?
Our models span a range for Kayne Anderson BDC, Inc.: cautious scenario $13.46, base $18.51, optimistic $23.14 per share (as of Nov 8, 2026, price $12.41). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KBDC?
Kayne Anderson BDC, Inc. trades at a price-to-earnings ratio of 14.8 (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 $18.51 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 7.4 (reported for FY2025: 9.3). Other multiples: P/B 0.7, EV/EBITDA 4.7.
How far is KBDC from its 52-week high?
Kayne Anderson BDC, Inc. trades at $12.41, about 14% below its 52-week high of $14.39 and 1% above the low of $12.27 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $18.51 is for.
Which stocks are comparable to Kayne Anderson 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 Kayne Anderson BDC, Inc. stock attractive at the current price?
The data as of Nov 8, 2026: price $12.41, calculated fair value $18.51 (+49%), Quality Score 53/100, from 8 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 KBDC calculated?
We run Kayne Anderson BDC, Inc. through 8 models from 5 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $18.51 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. Kayne Anderson BDC, Inc. currently trades 33% 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 Kayne Anderson BDC, Inc. (KBDC)?
The closing price on Nov 6, 2026 was $12.41. Our model-based fair value is $18.51, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kayne Anderson BDC, Inc. right now?
The price is below even our cautious bear case ($13.46). The market is more pessimistic than our downside scenario. Solid quality (53/100) 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.

Key figures of Kayne Anderson BDC, Inc.

How large is the market capitalisation of Kayne Anderson BDC, Inc. (KBDC)?
The market capitalisation of Kayne Anderson BDC, Inc. is $823M. 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 Kayne Anderson BDC, Inc. (KBDC)?
The price-to-sales ratio of Kayne Anderson BDC, Inc. is 5.87 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kayne Anderson BDC, Inc. (KBDC)?
Earnings per share at Kayne Anderson BDC, Inc. are $0.8400 (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kayne Anderson BDC, Inc. (KBDC)?
The net margin of Kayne Anderson BDC, Inc. is 39.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Kayne Anderson BDC, Inc. (KBDC)?
On an EBIT basis the return on assets of Kayne Anderson BDC, Inc. is 5.4% (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.
How much free cash flow does Kayne Anderson BDC, Inc. (KBDC) generate?
The free cash flow of Kayne Anderson BDC, Inc. is −$98.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kayne Anderson BDC, Inc. (KBDC) carry?
The net debt of Kayne Anderson BDC, Inc. is $1.1B (fiscal year 2025). 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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