Barings BDC, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Barings BDC, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
General and administrative	5.79	9.1	9.92	9.98	9.83	7.82
Interest expense	19.8	33	56.9	84.7
Net income	8.18	77.7	4.68	128	110	102
EPS, basic	0.64	0.90	1.12	1.20	1.24	1.12
EPS, diluted	0.64	0.90	1.12	1.20	1.24	1.12
Shares, basic (weighted)	48.6	65.3	103	107	106	105
Shares, diluted (weighted)	48.6	65.3	103	107	106	105
Dividend per share	0.65	0.82	0.95	1.02	1.04	1.19

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	92.5	84.3	139	70.5	91.3	66.8
Total assets		2,161	2,710	2,677	2,696	2,636
Total liabilities		1,419	1,518	1,481	1,505	1,476
Total debt		718	719	721	1,012	1,203
Paid-in capital		1,028	1,856	1,854	1,847	1,863
Retained earnings	-310	-286	-664	-658	-657	-702
Shareholders' equity	718	742	1,192	1,197	1,190	1,161
Total equity	718	742	1,192	1,197	1,190	1,161
Total liabilities and equity		2,161	2,710	2,677	2,696	2,636
Shares outstanding	65.3	65.3	108	106	105	105

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	8.18	77.7	4.68	128	110	102
Change in payables	3.89	2.45	-7.76	8.71	2.05	-0.02
Cash from operations	-218	-397	86.3	76.9	122	161
Debt issued	225	500	0	0	300	300
Debt repaid	-95.5	0	0	0	0	-113
Share buybacks	-7.13	0	-32.1	-14.8	-6.44	-6.35
Dividends paid	-31.3	-53.6	-93.7	-109	-110	-125
Cash from financing	289	388	-31.1	-146	-101	-185
Net change in cash	70.5	-8.23	55.2	-68.9	20.8	-24.6
Interest paid	16.7	27.2	50.6	79.4	68.2	74

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.8%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-7.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	179.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	65.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-9.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	16.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.6%	Total debt / total assets.
Liabilities / assets	56.0%	Total liabilities / total assets.
Net debt	$1.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$1.16B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.12	Net income per basic share, as reported (split-adjusted).
Operating cash flow per share	$1.53	Cash from operations / diluted weighted shares.
Book value per share	$11.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.09	Tangible book value / shares outstanding.
Cash per share	$0.64	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.19	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	122.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$907.8M	Share price x shares outstanding.
Enterprise value	$2.04B	Market cap + total debt - cash - short-term investments.
P/E	8.91x	Market cap / net income. Only when net income is positive.
P/B	0.78x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.78x	Market cap / tangible book value, when positive.
P/OCF	5.65x	Market cap / cash from operations, when positive.
Earnings yield	11.2%	Net income / market cap (the inverse of P/E).
Dividend yield	13.8%	Dividends paid over the period / market cap.
Shareholder yield	14.5%	(Dividends paid + share buybacks) / market cap.

Was Barings BDC, Inc. profitable in fiscal 2025?

Yes. Net income was $101.9M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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