GBDC Golub Capital BDC margins

Relative Growth: Rel. Growth: 61

Relative Strength: Rel. Strength: 46

Relative Valuation: Rel. Valuation: 44

Relative Profitability: Rel. Profitability: 62

Gross margin

80.9%

Operating margin

78.2%

EBITDA margin

53.8%

Net margin

21.4%

Using the latest TTM figures, Golub Capital BDC shows a gross margin of 80.9%, an operating margin of 78.2%, an EBITDA margin of 53.8%, and a net margin of 21.4%. EBITDA margin had the largest decline, contracting by 21.6 percentage points, while the other available margins also decreased.

GBDC margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Golub Capital BDC recorded average margins of 81.81% gross, 79.36% operating, 69.55% EBITDA, and 38.87% net. The current gross, operating, EBITDA, and net margins are all below their three-year averages.

GBDC margin expansion

Year-over-year margin changes in percentage points

From the same period last year, gross, operating, EBITDA, and net margins all declined, with EBITDA margin showing the largest decrease at 21.6 percentage points.

Gross margin expansion

-1.6pp

Operating margin expansion

-1.9pp

EBITDA margin expansion

-21.6pp

Net margin expansion

-21.4pp

GBDC Gross margin

Golub Capital BDC recorded an average gross margin of 81.81% across the last 3 years. The current gross margin stands at 80.9%, 0.9 percentage points below its three-year average. Looking back over the last 3 years, Golub Capital BDC's gross margin reached 85% at its highest point in Dec 2024 and 77% at its lowest in Dec 2023.

GBDC Operating margin

Reviewing the last 3 years, Golub Capital BDC recorded an average operating margin of 79.36%. Compared with its three-year average, Golub Capital BDC's current operating margin is 78.2% and is 1.2 percentage points below its three-year average. The highest operating margin for Golub Capital BDC was 82.8% in Dec 2024, while the lowest was 74.6% in Dec 2023.

GBDC EBITDA margin

Golub Capital BDC recorded an average EBITDA margin of 69.55% across the last 3 years. Golub Capital BDC currently reports an EBITDA margin of 53.8%, 15.8 percentage points below its three-year average. The EBITDA margin for Golub Capital BDC moved between 53.8% in Jun 2026 and 79% in Mar 2024.

GBDC Net margin

Golub Capital BDC recorded an average net margin of 38.87% across the last 3 years. Golub Capital BDC currently reports a net margin of 21.4%, 17.5 percentage points below its three-year average. Net margin was highest at 53% in Mar 2024 and lowest at 21.4% in Jun 2026.

GBDC margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 80.9%, GBDC ranks higher than the industry average but lower than the Financial Services sector average. But in comparison with the Financial Services sector average of 83.4%, Golub Capital BDC's gross margin is only 3% lower.

Frequently asked questions

What is Golub Capital BDC's gross margin?

For the period ending Jun 30, 2026, GBDC recorded a gross margin of 80.9%.

What is Golub Capital BDC's operating margin?

The current operating margin for GBDC is 78.2% as of Jun 30, 2026.

What is Golub Capital BDC's EBITDA margin?

As of Jun 30, 2026, GBDC has an EBITDA margin of 53.8%.

What is Golub Capital BDC's net margin?

The current net margin for GBDC is 21.4% as of Jun 30, 2026.

What are the average margins of GBDC?

Over the past 3 years, GBDC reported average margins of 81.8% gross, 79.4% operating, 69.6% EBITDA, and 38.9% net.

What are the highest historical margins of GBDC?

In the last 5 years, the highest margins reported by GBDC were 85% gross in Dec 2024, 82.8% operating in Dec 2024, 118.1% EBITDA in Dec 2021, and 96.6% net in Dec 2021.

What are the lowest historical margins of GBDC?

Across the 5-year period, GBDC posted its lowest margins at 74.4% gross in Jun 2023, 71.9% operating in Jun 2023, 46.7% EBITDA in Mar 2023, and 21.4% net in Jun 2026.