Goldman Sachs BDC (GSBD)
Market Price (4/28/2026): $9.65 | Market Cap: $1.1 BilSector: Financials | Industry: Asset Management & Custody Banks
Goldman Sachs BDC (GSBD)
Market Price (4/28/2026): $9.65Market Cap: $1.1 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 30% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 68% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 247%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 247% Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. | Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -62% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 167% Expensive valuation multiplesP/SPrice/Sales ratio is 8.3x Weak revenue growthRev Chg QQuarterly Revenue Change % is -36% Key risksGSBD key risks include [1] a significant increase in non-performing loans and non-accruals that has contributed to an inferior net asset value growth record and [2] declining new loan origination volumes resulting in a shrinking portfolio value. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 30% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 68% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 247%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 247% |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -62% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 167% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 8.3x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -36% |
| Key risksGSBD key risks include [1] a significant increase in non-performing loans and non-accruals that has contributed to an inferior net asset value growth record and [2] declining new loan origination volumes resulting in a shrinking portfolio value. |
Qualitative Assessment
AI Analysis | Feedback
1. Goldman Sachs BDC reported a Q4 2025 adjusted net investment income of $0.37 per share, surpassing analysts' consensus estimates of $0.36 by $0.01, or 3.73%, with the announcement made on February 27, 2026. This earnings beat acted as a positive catalyst for investor sentiment despite a miss on revenue estimates for the quarter.
2. The company maintained an attractive and consistent dividend payout, reinforcing its appeal to income-focused investors. Specifically, Goldman Sachs BDC declared a first-quarter 2026 base dividend of $0.32 per share and a fourth-quarter 2025 supplemental dividend of $0.03 per share, totaling $0.35 per share in dividends. This contributes to an annualized dividend yield ranging from approximately 14% to 16%.
Show more
Stock Movement Drivers
Fundamental Drivers
The 8.4% change in GSBD stock from 12/31/2025 to 4/27/2026 was primarily driven by a 19.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.92 | 9.67 | 8.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 147 | 132 | -10.4% |
| Net Income Margin (%) | 90.3% | 90.3% | 0.0% |
| P/E Multiple | 7.7 | 9.2 | 19.9% |
| Shares Outstanding (Mil) | 114 | 113 | 0.8% |
| Cumulative Contribution | 8.4% |
Market Drivers
12/31/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| GSBD | 8.4% | |
| Market (SPY) | 4.2% | 18.0% |
| Sector (XLF) | -5.4% | 26.0% |
Fundamental Drivers
The 2.7% change in GSBD stock from 9/30/2025 to 4/27/2026 was primarily driven by a 21.2% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.42 | 9.67 | 2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 161 | 132 | -18.0% |
| Net Income Margin (%) | 90.3% | 90.3% | 0.0% |
| P/E Multiple | 7.6 | 9.2 | 21.2% |
| Shares Outstanding (Mil) | 117 | 113 | 3.3% |
| Cumulative Contribution | 2.7% |
Market Drivers
9/30/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| GSBD | 2.7% | |
| Market (SPY) | 7.0% | 23.4% |
| Sector (XLF) | -3.5% | 31.1% |
Fundamental Drivers
The -1.3% change in GSBD stock from 3/31/2025 to 4/27/2026 was primarily driven by a -49.7% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.80 | 9.67 | -1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 79 | 132 | 67.9% |
| Net Income Margin (%) | 79.9% | 90.3% | 13.0% |
| P/E Multiple | 18.3 | 9.2 | -49.7% |
| Shares Outstanding (Mil) | 117 | 113 | 3.4% |
| Cumulative Contribution | -1.3% |
Market Drivers
3/31/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| GSBD | -1.3% | |
| Market (SPY) | 28.1% | 52.2% |
| Sector (XLF) | 5.1% | 54.6% |
Fundamental Drivers
The 12.4% change in GSBD stock from 3/31/2023 to 4/27/2026 was primarily driven by a 133.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.60 | 9.67 | 12.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 132 | 133.3% |
| Net Income Margin (%) | 97.1% | 90.3% | -7.0% |
| P/E Multiple | 16.1 | 9.2 | -42.8% |
| Shares Outstanding (Mil) | 103 | 113 | -9.4% |
| Cumulative Contribution | 12.4% |
Market Drivers
3/31/2023 to 4/27/2026| Return | Correlation | |
|---|---|---|
| GSBD | 12.4% | |
| Market (SPY) | 79.8% | 47.5% |
| Sector (XLF) | 68.3% | 50.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GSBD Return | 11% | -20% | 25% | -6% | -9% | 8% | 2% |
| Peers Return | 35% | -9% | 29% | 24% | 0% | -10% | 78% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 91% |
Monthly Win Rates [3] | |||||||
| GSBD Win Rate | 58% | 42% | 75% | 42% | 50% | 75% | |
| Peers Win Rate | 75% | 42% | 67% | 73% | 52% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GSBD Max Drawdown | -8% | -21% | -4% | -6% | -15% | -3% | |
| Peers Max Drawdown | -2% | -18% | -2% | -2% | -15% | -17% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, FSK, MAIN, TSLX, GBDC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/27/2026 (YTD)
How Low Can It Go
| Event | GSBD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -37.1% | -25.4% |
| % Gain to Breakeven | 59.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -62.7% | -33.9% |
| % Gain to Breakeven | 167.9% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -18.6% | -19.8% |
| % Gain to Breakeven | 22.9% | 24.7% |
| Time to Breakeven | 358 days | 120 days |
Compare to ARCC, FSK, MAIN, TSLX, GBDC
In The Past
Goldman Sachs BDC's stock fell -37.1% during the 2022 Inflation Shock from a high on 4/20/2022. A -37.1% loss requires a 59.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Goldman Sachs BDC (GSBD)
AI Analysis | Feedback
Here are 1-3 brief analogies for Goldman Sachs BDC (GSBD):
- JPMorgan for private, mid-sized business loans.
- Blackstone for private company debt.
- Goldman Sachs, but focused on making loans to private mid-sized businesses.
AI Analysis | Feedback
- First Lien Debt: Loans that hold the most senior position in a company's capital structure, providing the first claim on assets in case of default.
- First Lien/Last-Out Unitranche Debt: A single debt facility that combines senior and junior tranches, where the last-out portion has a subordinate claim to the first-out portion within the same lien.
- Second Lien Debt: Loans that are subordinate to first lien debt but senior to mezzanine debt and equity in a company's capital structure.
- Mezzanine Debt: A hybrid form of unsecured debt that is subordinate to senior debt but senior to pure equity, often including equity warrants.
- Equity Investments: Direct ownership stakes in private companies, primarily sought for capital appreciation through growth or exit events.
AI Analysis | Feedback
Goldman Sachs BDC (GSBD) operates as a Business Development Company (BDC) that provides financing, in the form of secured debt, unsecured debt, and to a lesser extent, equity investments, to other companies. Therefore, its "customers" are the companies it lends to or invests in.
Based on the company description, GSBD primarily specializes in investments in private, middle-market companies in the United States. These companies typically have EBITDA between $5 million and $75 million annually and receive investments ranging from $10 million to $75 million.
Since GSBD's portfolio primarily consists of private companies, specific names and public symbols of its "major customers" cannot be provided, as they are not publicly traded entities.
Instead, its clientele can be broadly categorized as:
- Middle-Market Businesses: Companies that are typically larger than small businesses but smaller than large public corporations, often with annual EBITDA falling within the $5 million to $75 million range.
- Privately Held Enterprises: Businesses that are not listed on a public stock exchange, including those backed by private equity sponsors or family-owned businesses, seeking capital for growth, acquisitions, recapitalizations, or other strategic initiatives.
- Companies Across Diverse Industries: While the description does not specify particular industries, BDCs generally diversify their investments across various sectors to manage risk, providing capital to businesses operating in a wide array of economic segments.
AI Analysis | Feedback
nullAI Analysis | Feedback
Vivek Bantwal Co-Chief Executive Officer
Mr. Bantwal was appointed Co-Chief Executive Officer of Goldman Sachs BDC, Inc. in August 2025. He also serves as the global co-head of Private Credit within Goldman Sachs Asset Management. Prior to this, he was the global head of the Financing Group within Investment Banking and co-chair of the Firmwide Capital Committee. Earlier in his career, he served as chief operating officer of the Global Markets Division. Mr. Bantwal joined Goldman Sachs in 1999.
David Miller Co-Chief Executive Officer
Mr. Miller continues to serve as Co-Chief Executive Officer of Goldman Sachs BDC, Inc. He is also the Americas Head of Private Credit within Goldman Sachs Asset Management and is a member of the Asset Management Private Credit Investment Committee and Specialty Lending Group Investment Committee. Before his current role, Mr. Miller was head of originations for the Specialty Lending Group. He joined Goldman Sachs in 2004, was named managing director in 2012, and partner in 2014.
Stanley Matuszewski Chief Financial Officer and Treasurer
Mr. Matuszewski was appointed Chief Financial Officer and Treasurer of Goldman Sachs BDC, Inc. in November 2023. He also holds the CFO/Treasurer position for affiliated Goldman Sachs private BDCs. Previously, he managed Goldman Sachs Asset Management’s BDC Asset Management Product Controllers team, focusing on valuation oversight. Prior to joining Goldman Sachs in 2013, Mr. Matuszewski worked at Morgan Stanley in the Valuation Review Group.
Tucker Greene President and Chief Operating Officer
Mr. Greene was appointed President of Goldman Sachs BDC, Inc. in August 2025 and continues to serve as its Chief Operating Officer. He is a managing director in Private Credit within Goldman Sachs Asset Management, where he focuses on fund management. Mr. Greene joined Goldman Sachs in 2004. Before joining the firm, he was an associate in underwriting and portfolio management for two years within GE Capital's Media and Communications Group.
John Lanza Principal Accounting Officer
Mr. Lanza was appointed Principal Accounting Officer of Goldman Sachs BDC, Inc. in November 2023. He is a managing director within Goldman Sachs Asset Management, currently managing the Business Development Companies and Direct Hedge Funds Asset Management Fund Controllers teams, responsible for accounting and financial reporting oversight. His previous roles include global head of Regulatory Reform and Control Oversight and managing the Goldman Sachs Asset Management Alternative Investments Global Fund Services Group. Mr. Lanza joined Goldman Sachs in 1999 and previously worked at Ernst and Young LLP.
AI Analysis | Feedback
The key risks to Goldman Sachs BDC (GSBD) primarily stem from its business model of providing debt financing to middle-market private companies and its structure as a business development company (BDC).
- Credit Risk and Non-Performing Loans: Goldman Sachs BDC is highly susceptible to the credit risk of its portfolio companies, which are often smaller, less mature, or financially challenged private businesses. These companies typically carry higher credit risk than larger, publicly traded firms and may lack transparent public information, making them more vulnerable to economic downturns or industry-specific challenges. Recent reports indicate a significant increase in non-performing loans and non-accruals for GSBD, contributing to a decline in net asset value (NAV) due to unrealized losses on legacy assets and markdowns. The inherent nature of lending to this market segment exposes GSBD to a higher potential for defaults.
- Interest Rate Risk: As a BDC, GSBD's net investment income is highly sensitive to fluctuations in interest rates because it borrows money to make investments. While approximately 99.4% to 100% of its portfolio consists of variable-rate loans, a decline in prevailing interest rates, particularly anticipated Federal Reserve rate cuts in 2026, can lead to a contraction in net investment income and pressure on dividend stability. Conversely, if borrowing costs rise disproportionately to the rates GSBD can charge on its investments, profit margins could suffer.
- Market and Valuation Risk / Economic Volatility: Goldman Sachs BDC's investments are primarily in illiquid private companies, making them challenging to value accurately, and these valuations may differ materially from the actual proceeds received upon disposition. The company's performance and the value of its investments are sensitive to broader economic and market volatility, as well as geopolitical developments. Adverse economic conditions can negatively impact the creditworthiness of its portfolio companies and the fair value of its investments, leading to fluctuations or declines in the company's net asset value.
AI Analysis | Feedback
The significant and ongoing increase in capital flowing into the private credit and direct lending markets, intensifying competition for deals and potentially leading to a deterioration in underwriting standards (e.g., looser covenants, higher leverage multiples) and downward pressure on investment yields for BDCs like GSBD.
AI Analysis | Feedback
The addressable markets for Goldman Sachs BDC's (GSBD) main products and services, primarily in the United States, include the robust U.S. middle market for direct lending and the specialized mezzanine finance market.
The U.S. middle market, which GSBD targets, is substantial. It comprises approximately 200,000 individual businesses, contributing over $10 trillion in annual revenues and employing around 48 million people. Another estimate suggests the middle market consists of 300,000 midsize businesses generating $13 trillion in annual revenue. Specifically, businesses with annual revenues between $11 million and $100 million account for nearly 90% of these midsize businesses and generate $5.4 trillion in annual revenue. Goldman Sachs BDC focuses on companies with EBITDA between $5 million and $75 million, a range that aligns with the broader middle market definition, where companies generally have EBITDA between $10 million and $100 million or $15 million and $100 million annually.
The U.S. direct lending market, encompassing middle market and mezzanine investments, has seen significant growth. As of March 31, 2022, the size of direct lending to the U.S. middle market was estimated at $1.0 trillion. This market has expanded considerably, growing from approximately $400 billion in 2019 to around $1 trillion by late 2025. By 2024, assets under management by direct lenders had sharply increased to over $1.6 trillion. Projections indicate that private credit assets under management in the U.S., which include direct lending, are expected to exceed $2 trillion in 2026 and could reach $4.5 trillion by 2030. Private direct loans currently account for 62% of all commercial and industrial loans in the U.S.
Within this broader market, the mezzanine finance sector also represents a significant addressable market. The global mezzanine finance market size was estimated at $197.05 billion in 2024 and is projected to grow to $453.96 billion by 2035, with a compound annual growth rate (CAGR) of 7.88% from 2025 to 2035. North America is the largest market for mezzanine finance, holding approximately 60% of the global share, with the United States leading this regional market.
AI Analysis | Feedback
Here are the expected drivers of future revenue growth for Goldman Sachs BDC (GSBD) over the next 2-3 years:
- Consistent Direct Origination of Senior Secured Debt: Goldman Sachs BDC is expected to continue driving revenue growth through its core strategy of directly originating senior secured loans, including first-lien and first-lien/last-out unitranche debt, to U.S. middle-market companies. This focus on high-quality, secured investments remains a cornerstone of its business model. The company's new investment commitments totaled $1.3 billion in 2024, tripling from 2023, with a significant portion allocated to first-lien loans. Furthermore, new investment commitments in Q1 2025 were $87.8 million, predominantly in first-lien loans. The median EBITDA of its portfolio companies grew by 84% from year-end 2021 to $71.8 million at year-end 2025, indicating a growth in the target market it serves.
- Strategic Portfolio Rotation and Capital Redeployment: GSBD aims to enhance its portfolio's performance by actively realizing exits from legacy investments and rotating capital into newer, potentially higher-yielding vintage credits. This disciplined approach to portfolio management allows for the optimization of its investment base. In Q1 2025, the company recorded sales and repayment activities of $179.3 million, largely from the full repayment and refinancing of six portfolio companies, with 88% of these proceeds earmarked for redeployment into new originations post-Q1. Additionally, the percentage of Payment-in-Kind (PIK) income as a portion of total investment income decreased to 9% in Q4 2025, down from 15.3% in Q4 2024, which could reflect a strategic shift towards more cash-paying assets.
- Leveraging the Goldman Sachs Ecosystem for Deal Origination: The affiliation with Goldman Sachs Asset Management provides GSBD with a significant competitive advantage, offering access to an extensive origination network, robust underwriting standards, and rigorous due diligence capabilities. This integration allows GSBD to participate in larger, more complex transactions and attract high-caliber borrowers in the middle market. This strong ecosystem is anticipated to support increased merger and acquisition (M&A) activity and deployment potential, backed by a solid transaction backlog.
- Favorable Middle-Market Lending Environment: The current market dynamics, characterized by a reduction in middle-market lending by traditional banks and the substantial presence of un-invested private equity capital, create a conducive environment for BDCs like GSBD. This situation drives demand for debt financing for leveraged buyouts, growth capital, and other transactions, thereby providing Goldman Sachs BDC with ample opportunities for loan origination and portfolio expansion.
AI Analysis | Feedback
Share Repurchases
- On June 13, 2025, Goldman Sachs BDC (GSBD) entered into a 10b5-1 stock repurchase plan, authorizing the company to repurchase up to $75.0 million of its common stock if it trades below the most recently announced quarter-end net asset value (NAV) per share.
- From the implementation of the 10b5-1 plan in June 2025 through December 31, 2025, GSBD repurchased $52.2 million, or 4.7 million shares.
- During the third quarter of 2025, the company repurchased 2,136,943 shares for $25.1 million, and in the second quarter of 2025, it repurchased 1,047,183 shares for $12.1 million.
Share Issuance
- On November 15, 2023, the company entered into an equity distribution agreement which allowed it to issue up to $200.0 million in aggregate. This agreement was terminated on June 5, 2025, with no shares issued and sold through at-the-market offerings during the second quarter of 2025.
Outbound Investments
- As of December 31, 2025, Goldman Sachs BDC's total investments at fair value and commitments stood at $3,898.2 million, diversified across 171 portfolio companies in 40 industries.
- Throughout 2025, GSBD committed approximately $1.2 billion in new investments across 35 new deals.
- During the fourth quarter of 2025, the company made new investment commitments of approximately $394.9 million, funding $230.2 million of these, and reported net funded investment activity of $69.5 million after accounting for sales and repayments.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to GSBD.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.1% | 3.1% | 0.0% |
| 03202026 | MKTX | MarketAxess | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.2% | -5.2% | -5.7% |
| 03202026 | RYAN | Ryan Specialty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -2.7% | -2.7% | -8.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.00 |
| Mkt Cap | 3.2 |
| Rev LTM | 289 |
| Op Inc LTM | - |
| FCF LTM | 364 |
| FCF 3Y Avg | 123 |
| CFO LTM | 364 |
| CFO 3Y Avg | 123 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.5% |
| Rev Chg 3Y Avg | 45.7% |
| Rev Chg Q | -36.9% |
| QoQ Delta Rev Chg LTM | -10.3% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 158.0% |
| CFO/Rev 3Y Avg | 40.4% |
| FCF/Rev LTM | 158.0% |
| FCF/Rev 3Y Avg | 40.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.2 |
| P/S | 8.7 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 10.3 |
| P/CFO | 3.9 |
| Total Yield | 19.2% |
| Dividend Yield | 9.7% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 1.3 |
| Net D/E | 1.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.1% |
| 3M Rtn | -9.2% |
| 6M Rtn | -3.8% |
| 12M Rtn | 1.0% |
| 3Y Rtn | 36.6% |
| 1M Excs Rtn | -5.7% |
| 3M Excs Rtn | -12.4% |
| 6M Excs Rtn | -8.8% |
| 12M Excs Rtn | -29.7% |
| 3Y Excs Rtn | -33.8% |
Price Behavior
| Market Price | $9.67 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 03/18/2015 | |
| Distance from 52W High | -8.5% | |
| 50 Days | 200 Days | |
| DMA Price | $9.06 | $9.33 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 6.7% | 3.6% |
| 3M | 1YR | |
| Volatility | 22.7% | 19.0% |
| Downside Capture | 0.19 | 0.31 |
| Upside Capture | 52.32 | 45.46 |
| Correlation (SPY) | 21.4% | 31.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.61 | 0.42 | 0.33 | 0.39 | 0.64 | 0.58 |
| Up Beta | -1.58 | -0.27 | -0.07 | 0.23 | 0.66 | 0.61 |
| Down Beta | 1.23 | 0.98 | 0.65 | 0.34 | 0.71 | 0.65 |
| Up Capture | 129% | 46% | 35% | 35% | 36% | 20% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 21 | 31 | 58 | 118 | 385 |
| Down Capture | 14% | 26% | 18% | 53% | 75% | 79% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 21 | 31 | 67 | 128 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GSBD | |
|---|---|---|---|---|
| GSBD | 6.7% | 19.0% | 0.21 | - |
| Sector ETF (XLF) | 8.5% | 14.7% | 0.34 | 38.2% |
| Equity (SPY) | 31.2% | 12.5% | 1.91 | 31.7% |
| Gold (GLD) | 39.7% | 27.2% | 1.21 | -6.0% |
| Commodities (DBC) | 45.1% | 18.1% | 1.93 | 7.2% |
| Real Estate (VNQ) | 13.1% | 13.4% | 0.67 | 28.7% |
| Bitcoin (BTCUSD) | -17.7% | 42.1% | -0.35 | 15.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GSBD | |
|---|---|---|---|---|
| GSBD | -0.2% | 19.0% | -0.10 | - |
| Sector ETF (XLF) | 10.2% | 18.7% | 0.42 | 54.5% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 52.4% |
| Gold (GLD) | 20.9% | 17.8% | 0.96 | 6.5% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 19.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 46.7% |
| Bitcoin (BTCUSD) | 6.5% | 56.3% | 0.33 | 21.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GSBD | |
|---|---|---|---|---|
| GSBD | 4.4% | 30.8% | 0.20 | - |
| Sector ETF (XLF) | 12.7% | 22.2% | 0.53 | 46.3% |
| Equity (SPY) | 14.8% | 17.9% | 0.71 | 44.2% |
| Gold (GLD) | 13.8% | 15.9% | 0.72 | 1.0% |
| Commodities (DBC) | 10.0% | 17.8% | 0.47 | 21.7% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 42.4% |
| Bitcoin (BTCUSD) | 68.2% | 66.9% | 1.07 | 17.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/27/2026 | -1.2% | 1.4% | 2.0% |
| 11/6/2025 | 1.4% | 0.7% | 3.6% |
| 8/7/2025 | 2.0% | 1.9% | 3.9% |
| 5/8/2025 | 1.8% | 4.9% | 9.3% |
| 2/27/2025 | 1.6% | -4.4% | -5.7% |
| 11/7/2024 | -1.0% | -2.7% | -1.2% |
| 8/8/2024 | -4.8% | -3.8% | -3.6% |
| 2/29/2024 | 1.4% | 2.5% | 2.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 8 | 7 | 8 |
| Median Positive | 1.4% | 2.4% | 3.1% |
| Median Negative | -1.1% | -2.7% | -3.5% |
| Max Positive | 3.8% | 5.5% | 18.3% |
| Max Negative | -4.8% | -4.4% | -13.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Base Dividend | 0.32 | 0 | Affirmed | Actual: 0.32 for Q4 2025 | |||
Prior: Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Base Dividend | 0.32 | 0 | Affirmed | Guidance: 0.32 for Q3 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Evans, Carlos E | Direct | Buy | 4062026 | 9.02 | 50,000 | 451,035 | 581,348 | Form | |
| 2 | Greene, Tucker | See Remarks | Direct | Buy | 11142025 | 9.86 | 10,500 | 103,533 | 103,533 | Form |
| 3 | Bantwal, Vivek | Co-Chief Executive Officer | Direct | Buy | 9152025 | 11.36 | 22,000 | 250,012 | 250,012 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.