Golub Capital BDC (FRA:OGL) E10: €1.11 (As of Mar. 2026)


FRA:OGL Golub Capital BDC Inc FRA:OGL
62 GF Score
Price €10.70
GF Value €7.59
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Golub Capital BDC E10?

Golub Capital BDC FRA:OGL +0.99% 62 E10 is €1.11 as of Mar. 2026. GuruFocus rates FRA:OGL with a GF Score™ of 62/100 and a GF Value™ of €7.59 (Significantly Overvalued). The stock has 5 warning signs investors should review.

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Golub Capital BDC's adjusted earnings per share data for the three months ended in Mar. 2026 was €-0.156. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is €1.11 for the trailing ten years ended in Mar. 2026.

During the past 12 months, Golub Capital BDC's average E10 Growth Rate was -4.50% per year. During the past 3 years, the average E10 Growth Rate was 0.50% per year. During the past 5 years, the average E10 Growth Rate was 2.80% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of Golub Capital BDC was 5.80% per year. The lowest was 0.50% per year. And the median was 1.25% per year.

As of today (2026-06-25), Golub Capital BDC's current stock price is €10.695. Golub Capital BDC's E10 for the quarter that ended in Mar. 2026 was €1.11. Golub Capital BDC's Shiller PE Ratio of today is 9.64.

During the past 13 years, the highest Shiller PE Ratio of Golub Capital BDC was 13.90. The lowest was 8.40. And the median was 11.34.


Golub Capital BDC  (FRA:OGL) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Golub Capital BDC's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=10.695/1.11
=9.64

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Shiller P/E Ratio of Golub Capital BDC was 13.90. The lowest was 8.40. And the median was 11.34.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Golub Capital BDC E10 Related Terms


Golub Capital BDC E10 Historical Data

* Premium members only.

The historical data trend for Golub Capital BDC's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Golub Capital BDC E10 Chart

Golub Capital BDC Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.09 1.31 1.24 1.21 1.14

Golub Capital BDC Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
E10 Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.25 1.13 1.14 1.10 1.11

FRA:OGL vs NEA, AB, CSQ: E10 Comparison

For the Asset Management subindustry, Golub Capital BDC's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Golub Capital BDC Shiller PE Ratio vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Golub Capital BDC's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Golub Capital BDC's Shiller PE Ratio falls into.


FRA:OGL
62GF Score
Golub Capital BDC Inc FRA:OGL
E10 is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Golub Capital BDC E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Golub Capital BDC's adjusted earnings per share data for the three months ended in Mar. 2026 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=-0.156/330.2130*330.2130
=-0.156

Current CPI (Mar. 2026) = 330.2130.

Golub Capital BDC Quarterly Data

per share eps CPI Adj_EPS
201606 0.295 241.018 0.404
201609 0.253 241.428 0.346
201612 0.306 241.432 0.419
201703 0.337 243.801 0.456
201706 0.295 244.955 0.398
201709 0.302 246.819 0.404
201712 0.288 246.524 0.386
201803 0.300 249.554 0.397
201806 0.292 251.989 0.383
201809 0.238 252.439 0.311
201812 0.258 251.233 0.339
201903 0.243 254.202 0.316
201906 0.274 256.143 0.353
201909 -0.878 256.759 -1.129
201912 0.306 256.974 0.393
202003 -1.502 258.115 -1.922
202006 0.826 257.797 1.058
202009 0.484 260.280 0.614
202012 0.460 260.474 0.583
202103 0.462 264.877 0.576
202106 0.407 271.696 0.495
202109 0.357 274.310 0.430
202112 0.327 278.802 0.387
202203 0.354 287.504 0.407
202206 0.085 296.311 0.095
202209 0.051 296.808 0.057
202212 0.142 296.797 0.158
202303 0.318 301.836 0.348
202306 0.397 305.109 0.430
202309 0.562 307.789 0.603
202312 0.413 306.746 0.445
202403 0.506 312.332 0.535
202406 0.046 314.175 0.048
202409 0.324 315.301 0.339
202412 0.401 315.605 0.420
202503 0.277 319.799 0.286
202506 0.295 322.561 0.302
202509 0.307 324.800 0.312
202512 0.213 324.054 0.217
202603 -0.156 330.213 -0.156

Add all the adjusted EPS together and divide 10 will get our e10.

Frequently Asked Questions Learn more about E10 →
What does a E10 of €1.11 mean?
Golub Capital BDC (FRA:OGL) has a E10 of €1.11 as of Mar. 2026. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Golub Capital BDC and its competitors.
Is Golub Capital BDC's E10 too high?
Golub Capital BDC's current E10 is €1.11. Overall, Golub Capital BDC has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Golub Capital BDC's E10 compare to NEA and AB?
Golub Capital BDC's E10 of €1.11 can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good E10 for an Asset Management company?
A good E10 depends on the Asset Management industry context. However, E10 should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high E10 mean?
A high E10 can signal that a stock is expensive relative to its fundamentals. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Golub Capital BDC and its competitors. Golub Capital BDC's current E10 is €1.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Golub Capital BDC stock overvalued right now?
Based on GuruFocus' analysis, Golub Capital BDC (FRA:OGL) is currently considered Significantly Overvalued. The stock's GF Value™ is €7.59, compared to a current price of €10.70 — trading 40.9% above its estimated fair value. The current E10 is €1.11. Golub Capital BDC's overall GF Score™ is 62/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is E10 calculated?
E10 is calculated from a company's financial statements. For Golub Capital BDC (FRA:OGL), the current E10 is €1.11 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Golub Capital BDC (FRA:OGL) Overvalued in 2026?

Based on GuruFocus' analysis, Golub Capital BDC stock appears to be overvalued. The current stock price of €10.70 is trading 40.9% above its estimated GF Value™ of €7.59. GuruFocus considers Golub Capital BDC to be Significantly Overvalued.

Key valuation signals for FRA:OGL:

  • E10: €1.11
  • GF Value™: €7.59 vs. price of €10.70 (40.9% above fair value)
  • GF Score™: 62/100 with 5 warning signs

No single metric tells the full story. See the FRA:OGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Golub Capital BDC Business Description

Other Exchanges GBDC:USA0IZ6:UK
Address 200 Park Avenue, 25th Floor, New York, NY, USA, 10166
Golub Capital BDC Inc. is an externally managed, closed-end, non-diversified management investment company. Its investment objective is to generate current income and capital appreciation by investing in senior secured and one-stop loans in U.S. middle-market companies. It also invests in second-lien and subordinated loans, warrants, and minority equity securities in U.S. middle-market companies. The company generally invests in securities rated below investment grade by independent rating agencies, or those that would be rated below investment grade if evaluated. The company operates in the USA, Canada, and other countries, with the majority of its revenue coming from the USA.
62GF Score

Get the complete analysis for FRA:OGL

E10 is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€10.70
Price
€7.59
GF Value