Barings BDC

BBDC

Asset Management · Financial Services

Price

$9.34

-0.06 (-0.64%)

Market Cap

$978.0M

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+61.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 65.3M (2021) → 105.2M (2025)

Winston Score History

The full picture

Barings BDC is a business development company (BDC) that lends money to mid-sized private businesses that can't easily borrow from big banks or sell bonds on public markets. It focuses mainly on loans to companies in industries like software, healthcare, and business services. It is managed by Barings LLC, a large global investment firm with over $300 billion in assets under management.

The company makes money by collecting interest on the loans it makes, plus fees when deals are arranged. Most of its investments are in the United States, though it has some exposure to European markets. As a BDC, it is required by law to pay out at least 90% of its taxable income as dividends, which makes it popular with income-seeking investors. The main risk is credit risk — if the private companies it lends to struggle financially, loan defaults could hurt earnings and reduce the dividend.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+82.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-10.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$2.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Barings BDC grew revenue 83% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

84.6%

Premium pricing power — 84.6% gross margin

Profit after running costs

Operating Margin

45.7%

Excellent — 45.7% operating margin

Return on the money invested

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+29.0%

Fast-growing sales (+29.0% YoY)

Profit growth

EPS YoY

-13.5%

Earnings shrinking (-13.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

350%

Turns 350% of profit into real cash

Spare cash per sale

FCF Margin

118.7%

Converts sales into free cash efficiently (118.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.22

Elevated debt (1.22)

Covers its interest

Interest Cover

1.84x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.3x

Attractive valuation — P/E 11.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

13.85%

Healthy income — 13.85% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-8.1%

Dividend cut (-8.1% YoY) — warning sign

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