NYSE : BBDC
Barings BDC, Inc. — Financial statements
Financials · Asset Management · United States
Last price 8.65 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 905.71M
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Financial statements
Barings BDC, Inc. (BBDC) reported revenue of 266.14M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 15.66M | 17.70M | 16.89M | 13.40M | 14.92M | 13.02M |
| Other Revenue | 250.48M | 261.50M | 269.28M | 275.80M | 204.21M | 122.31M |
| Revenue | 266.14M | 279.21M | 286.17M | 289.20M | 219.13M | 135.34M |
| Gross Profit | 266.14M | 279.21M | 286.17M | 289.20M | 219.13M | 135.34M |
| Selling, General & Admin | 63.60M | 72.51M | 65.99M | 74.68M | 46.00M | 43.35M |
| Operating Expenses | 63.60M | 72.51M | 65.99M | 74.68M | 46.00M | 43.35M |
| Operating Income | 202.54M | 206.70M | 220.18M | 214.52M | 173.13M | 91.98M |
| Interest Expense | -81.57M | -85.08M | -85.52M | -84.71M | -56.87M | -33.01M |
| Currency Exchange Gain (Loss) | 11.16M | -42.55M | 26.05M | -12.70M | 31.74M | 11.25M |
| Other Non Operating Income (Expenses) | 15.83M | 20.05M | 5.65M | 4.71M | -6.71M | 1.80M |
| EBT Excluding Unusual Items | 147.96M | 99.12M | 166.36M | 121.82M | 141.30M | 72.02M |
| Gain (Loss) on Sale of Investments | -56.27M | 6.68M | -52.60M | 7.86M | -135.21M | 5.67M |
| Pretax Income | 91.69M | 105.81M | 113.75M | 129.69M | 6.09M | 77.69M |
| Income Tax Expense | 4.58M | 3.88M | 3.47M | 1.69M | 1.41M | 8.00K |
| Net Income | 87.11M | 101.92M | 110.29M | 128.00M | 4.68M | 77.69M |
| Net Income to Common | 87.11M | 101.92M | 110.29M | 128.00M | 4.68M | 77.69M |
| Shares Outstanding (Basic) | 104.90M | 105.20M | 105.79M | 107.04M | 102.91M | 65.32M |
| Shares Outstanding (Diluted) | 104.90M | 105.20M | 105.79M | 107.04M | 102.91M | 65.32M |
| EPS (Basic) | 0.83 | 0.97 | 1.04 | 1.20 | 0.05 | 1.19 |
| EPS (Diluted) | 0.83 | 0.97 | 1.04 | 1.20 | 0.05 | 1.19 |
| Free Cash Flow | 304.74M | 160.54M | 122.16M | 76.94M | 86.27M | -396.55M |
| Free Cash Flow Per Share | 2.90 | 1.53 | 1.16 | 0.72 | 0.84 | -6.07 |
| Dividend Per Share | 1.04 | 1.04 | 1.04 | 1.02 | 0.95 | 0.82 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 76.10% | 74.03% | 76.94% | 74.18% | 79.01% | 67.97% |
| Profit Margin | 32.73% | 36.50% | 38.54% | 44.26% | 2.14% | 57.40% |
| Free Cash Flow Margin | 114.50% | 57.50% | 42.69% | 26.61% | 39.37% | -293.02% |
| EBIT | 202.54M | 206.70M | 220.18M | 214.52M | 173.13M | 91.98M |
| EBIT Margin | 76.10% | 74.03% | 76.94% | 74.18% | 79.01% | 67.97% |
| Effective Tax Rate | 4.99% | 3.67% | 3.05% | 1.30% | 23.10% | 0.01% |
| Revenue as Reported | 266.14M | 279.21M | 286.17M | 289.20M | 219.13M | 135.34M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 51.54M | 53.85M | 77.85M | 70.53M | 139.41M | 84.25M |
| Cash & Short-Term Investments | 51.54M | 53.85M | 77.85M | 70.53M | 139.41M | 84.25M |
| Accounts Receivable | 38.23M | 41.41M | 39.91M | 51.60M | 42.74M | 33.65M |
| Other Receivables | 6.41M | 55.99M | 16.43M | 1.30M | 19.97M | 219.73M |
| Receivables | 44.64M | 97.40M | 56.34M | 52.90M | 62.71M | 253.38M |
| Prepaid Expenses | 700.00K | 981.00K | 1.75M | 3.56M | 1.08M | 3.36M |
| Restricted Cash | 18.35M | 12.93M | 13.49M | |||
| Other Current Assets | 2.59M | 64.02M | 88.27M | 57.80M | 54.59M | 16.34M |
| Total Current Assets | 117.82M | 229.18M | 237.69M | 184.79M | 257.80M | 357.33M |
| Long-Term Deferred Charges | 7.80M | 8.68M | 8.70M | 3.95M | 3.22M | 2.98M |
| Other Long-Term Assets | 2.46B | 2.40B | 2.45B | 2.49B | 2.45B | 1.80B |
| Total Assets | 2.58B | 2.64B | 2.70B | 2.68B | 2.71B | 2.16B |
| Accounts Payable | 4.76M | 7.38M | 5.57M | 2.95M | 971.00K | 2.34M |
| Accrued Expenses | 29.50M | 34.41M | 32.54M | 25.07M | 16.29M | 15.94M |
| Current Portion of Long-Term Debt | 350.00M | |||||
| Other Current Liabilities | 7.20M | 3.62M | 9.39M | 11.27M | 16.68M | 1.16M |
| Total Current Liabilities | 391.46M | 45.41M | 47.51M | 39.28M | 33.94M | 19.44M |
| Long-Term Debt | 1.04B | 1.43B | 1.45B | 1.44B | 1.45B | 1.37B |
| Other Long-Term Liabilities | 2.15M | 183.00K | 7.38M | 1.11M | 35.56M | 26.79M |
| Total Liabilities | 1.44B | 1.48B | 1.51B | 1.48B | 1.52B | 1.42B |
| Common Stock | 104.00K | 104.00K | 105.00K | 106.00K | 108.00K | 65.00K |
| Additional Paid-In Capital | 1.86B | 1.86B | 1.85B | 1.85B | 1.86B | 1.03B |
| Retained Earnings | -718.38M | -702.26M | -656.73M | -658.00M | -663.75M | -285.82M |
| Shareholders' Equity | 1.15B | 1.16B | 1.19B | 1.20B | 1.19B | 741.93M |
| Total Liabilities & Equity | 2.58B | 2.64B | 2.70B | 2.68B | 2.71B | 2.16B |
| Total Debt | 1.39B | 1.43B | 1.45B | 1.44B | 1.45B | 1.37B |
| Net Cash (Debt) | -1.34B | -1.38B | -1.37B | -1.37B | -1.31B | -1.29B |
| Net Cash Per Share | -12.80 | -13.08 | -12.97 | -12.80 | -12.72 | -19.73 |
| Filing Date Shares Outstanding | 104.71M | 104.71M | 105.41M | 106.07M | 107.92M | 65.32M |
| Total Common Shares Outstanding | 104.71M | 104.71M | 105.41M | 106.07M | 107.92M | 65.32M |
| Working Capital | -273.63M | 183.77M | 190.19M | 145.50M | 223.86M | 337.88M |
| Book Value Per Share | 10.94 | 11.09 | 11.29 | 11.28 | 11.05 | 11.36 |
| Tangible Book Value | 1.15B | 1.16B | 1.19B | 1.20B | 1.19B | 741.93M |
| Tangible Book Value Per Share | 10.94 | 11.09 | 11.29 | 11.28 | 11.05 | 11.36 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 87.11M | 101.92M | 110.29M | 128.00M | 4.68M | 77.69M |
| Other Amortization | 6.05M | 5.28M | 4.68M | 3.29M | 3.05M | 1.62M |
| Loss (Gain) From Sale of Assets | -899.00K | -1.13M | -1.09M | -1.90M | -2.32M | -4.65M |
| Loss (Gain) From Sale of Investments | 40.44M | -26.73M | 46.95M | -12.57M | 141.92M | -7.47M |
| Other Operating Activities | 174.73M | 77.95M | -56.74M | -42.50M | -37.44M | -453.00M |
| Change in Accounts Receivable | 2.80M | 317.00K | 8.42M | -6.43M | -14.60M | -14.47M |
| Change in Accounts Payable | -6.10M | -24.00K | 2.05M | 8.71M | -7.76M | 2.45M |
| Change in Other Net Operating Assets | 616.00K | 2.96M | 7.60M | 349.00K | -1.28M | 1.28M |
| Operating Cash Flow | 304.74M | 160.54M | 122.16M | 76.94M | 86.27M | -396.55M |
| Long-Term Debt Issued | 839.99M | 506.50M | 93.45M | 244.66M | 955.73M | |
| Long-Term Debt Repaid | -886.57M | -477.57M | -113.11M | -148.06M | -506.58M | |
| Net Debt Issued (Repaid) | -158.79M | -46.58M | 28.93M | -19.66M | 96.60M | 449.15M |
| Repurchase of Common Stock | -4.01M | -6.35M | -6.44M | -14.77M | -32.10M | |
| Common Dividends Paid | -124.92M | -125.25M | -110.05M | -109.00M | -93.73M | -53.56M |
| Other Financing Activities | -6.93M | -6.93M | -13.79M | -2.40M | -1.87M | -7.27M |
| Financing Cash Flow | -284.11M | -185.10M | -101.35M | -145.83M | -31.11M | 388.32M |
| Net Cash Flow | 20.63M | -24.56M | 20.81M | -68.89M | 55.16M | -8.23M |
| Free Cash Flow | 304.74M | 160.54M | 122.16M | 76.94M | 86.27M | -396.55M |
| Free Cash Flow Margin | 114.50% | 57.50% | 42.69% | 26.61% | 39.37% | -293.02% |
| Free Cash Flow Per Share | 2.90 | 1.53 | 1.16 | 0.72 | 0.84 | -6.07 |
| Levered Free Cash Flow | 129.00M | 63.71M | 51.48M | 93.88M | 244.91M | -140.71M |
| Unlevered Free Cash Flow | 173.93M | 111.61M | 100.25M | 143.54M | 277.40M | -121.70M |
| Cash Interest Paid | 70.96M | 74.02M | 68.19M | 79.41M | 50.64M | 27.20M |
| Change in Working Capital | -2.69M | 3.25M | 18.07M | 2.63M | -23.63M | -10.74M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 905.71M | 965.36M | 1.01B | 913.91M | 886.98M | 719.78M |
| Enterprise Value | 2.25B | 2.51B | 2.32B | 2.38B | 2.12B | 1.72B |
| Last Close Price | 8.65 | 8.40 | 7.71 | 6.23 | 5.25 | 6.45 |
| PE Ratio | 10.42 | 9.47 | 9.16 | 7.14 | 189.49 | 9.27 |
| Forward PE | 8.40 | 9.18 | 8.74 | 7.18 | 7.26 | 11.79 |
| PS Ratio | 3.40 | 3.46 | 3.53 | 3.16 | 4.05 | 5.32 |
| PB Ratio | 0.79 | 0.83 | 0.85 | 0.76 | 0.74 | 0.97 |
| P/TBV Ratio | 0.79 | 0.83 | 0.85 | 0.76 | 0.74 | 0.97 |
| P/FCF Ratio | 2.97 | 6.01 | 8.27 | 11.88 | 10.28 | |
| P/OCF Ratio | 2.97 | 6.01 | 8.27 | 11.88 | 10.28 | |
| PEG Ratio | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 | |
| EV/Sales Ratio | 8.45 | 9.01 | 8.09 | 8.23 | 9.67 | 12.68 |
| EV/EBIT Ratio | 11.10 | 12.16 | 10.52 | 11.10 | 12.24 | 18.65 |
| EV/FCF Ratio | 7.38 | 15.66 | 18.96 | 30.94 | 24.57 | |
| Debt / Equity Ratio | 1.22 | 1.23 | 1.22 | 1.20 | 1.22 | 1.85 |
| Debt / FCF Ratio | 4.58 | 8.91 | 11.87 | 18.72 | 16.79 | |
| Net Debt / Equity Ratio | 1.17 | 1.19 | 1.15 | 1.15 | 1.10 | 1.74 |
| Net Debt / FCF Ratio | 4.41 | 8.57 | 11.24 | 17.80 | 15.17 | -3.25 |
| Asset Turnover | 0.10 | 0.10 | 0.11 | 0.11 | 0.09 | 0.07 |
| Quick Ratio | 0.25 | 3.33 | 2.83 | 3.14 | 5.96 | 17.36 |
| Current Ratio | 0.30 | 5.05 | 5.00 | 4.70 | 7.59 | 18.38 |
| Return on Equity (ROE) | 7.50% | 8.67% | 9.24% | 10.72% | 0.48% | 10.64% |
| Return on Assets (ROA) | 4.71% | 4.85% | 5.12% | 4.98% | 4.44% | 3.00% |
| Return on Invested Capital (ROIC) | 7.73% | 7.81% | 8.32% | 8.36% | 5.88% | 5.10% |
| Return on Capital Employed (ROCE) | 9.20% | 8.00% | 8.30% | 8.10% | 6.50% | 4.30% |
| Earnings Yield | 9.60% | 10.56% | 10.92% | 14.01% | 0.53% | 10.79% |
| FCF Yield | 33.65% | 16.63% | 12.09% | 8.42% | 9.73% | -55.09% |
| Dividend Yield | 12.02% | 11.28% | 10.85% | 11.84% | 11.56% | 7.44% |
| Payout Ratio | 125.24% | 122.88% | 99.78% | 85.16% | 2,002.26% | 68.94% |
| Buyback Yield / Dilution | 0.53% | 0.56% | 1.17% | -4.01% | -57.56% | -34.46% |
| Total Shareholder Return | 12.55% | 11.84% | 12.02% | 7.83% | -46.00% | -27.02% |