MeritValue

Kayne Anderson BDC, Inc.

KBDCdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

Kayne Anderson BDC, Inc. earns about 9% on equity, but has diluted owners by 555% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $11.37 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$22.3M1$45.8M2$77.1M3$131.9M3$93.7M3
Operating cash flow−$559.1M4−$541.8M5−$110.1M6−$544.5M6−$98.7M6
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$2.04M7$8.53M8$34.1M9$22.4M9$18M10
Diluted shares10.7M27.2M39.3M63.8M70.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$157.99
your share of equity
Profit it earned you last year
$13.34
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $157.99 of net worth that earned you $13.34 last year.

iii. Is this a good business?
Moat signal · return on equity
9% avg · 5y
FY21 7%FY22 8%FY23 11%FY24 11%FY25 8%

It earned an average 9% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+555% shares · 5y

Share count is up 555% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$11.37
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$77.1M
  • growthAssumed0.0%
Graham Number
$24.36
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-24-018465 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-25-019408 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-26-022392 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-24-018465 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-25-019408 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-26-022392 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-019300 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-24-018465 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-25-019408 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2025-12-31 · accession 0001213900-26-022392 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)