Goldman Sachs BDC, Inc. (GSBD)

Market price: $8.86

3 valuation methods

How each method works

P / E: $5.23 to $11.84 (midpoint $6.89)

Values the stock at a peer multiple of its earnings per share — the most familiar gauge for steadily profitable companies.

How it’s calculated
We take the company's net earnings per share over the last twelve months and multiply them by the range of price-to-earnings (P/E) multiples its peers trade at.
Why it fits this industry
For steadily profitable companies, earnings are the bottom line an owner is entitled to — P/E is the most familiar way to ask what the market pays for a dollar of profit.
Reading this bar
The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. One unusually strong or weak year can swing a P/E — the inputs panel shows the earnings the bar is built on.

P / E = (10.06/13.27/22.80)× eps 0.52 ≈ 5.23/6.89/11.84 (per_share)

Price / Net Investment Income: $7.66 to $11.68 (midpoint $9.48)

Values a business development company at a peer multiple of net investment income — the interest and fees its loan portfolio earns after expenses, before portfolio revaluations.

How it’s calculated
We take net investment income over the last twelve months — the interest and fees the loan portfolio earned, less the company's expenses — divide by shares, and apply the range of price-to-net-investment-income multiples comparable business development companies trade at.
Why it fits this industry
A business development company is a portfolio of loans to private companies. Net investment income is what that portfolio earns before its holdings are revalued, and it is the measure the sector's distributions are paid from, so it is how these companies are usually compared with one another.
Reading this bar
The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. It pairs with the price-to-book bar: book value measures what the portfolio is currently marked at, while this measures what it earns.

Price / Net Investment Income = (5.45/6.75/8.31)× nii_per_share 1.40 ≈ 7.66/9.48/11.68 (per_share)

P / B: $10.25 to $13.87 (midpoint $12.06)

Values the stock at a peer multiple of its book (net asset) value — most meaningful for asset-heavy and financial companies whose balance sheet drives value.

How it’s calculated
We take book value per share (total assets minus total liabilities, from the latest balance sheet, divided by shares outstanding) and multiply it by the range of price-to-book multiples the peer group trades at.
Why it fits this industry
For asset managers and capital-markets firms, book value approximates the regulatory and working capital the franchise is built on.
Reading this bar
The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. Asset-light companies (brands, software) legitimately trade far above book value, so for them a P/B bar well below the price is usually structure, not signal.

P / B = (0.85/1.00/1.15)× book_value_per_share 12.06 ≈ 10.25/12.06/13.87 (per_share)

4 methods not shown