The Golub Capital Middle Market Report is the first and only report based on the actual performance of private middle market companies. Issued in advance of public company earnings season, the report is a unique source of timely information for investors and market analysts.

Lawrence E. Golub, CEO of Golub Capital, and Dr. Edward I. Altman, Professor of Finance at New York University’s Stern School of Business, are pleased to present the Golub Capital Altman Index.

The Golub Capital Middle Market Report is designed to offer early insight into the performance of the U.S. economy, based on data from the first two months of each calendar quarter. Given that the Q2 2020 report is based on data from April and May and does not reflect the meaningful reopening of the U.S. economy in June, we do not believe this quarter’s report provides actionable insight about current conditions. We plan to resume our normal publication schedule when we believe the data is more representative.

The Golub Capital Altman Index measures the actual revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) growth of US middle market private companies for the first two months of each calendar quarter and provides insight into anticipated quarterly performance of US public companies. The index is based on aggregated data from approximately 150 companies in the loan portfolio of Golub Capital, a leading middle market lender.

Reported shortly before public company earnings season, the performance of the Golub Capital Altman Index has been highly correlated with the median growth rates in revenue and EBITDA of the companies in the S&P 500, S&P SmallCap 600, and Russell 2000 indexes, as well as quarterly Gross Domestic Product (GDP), since data began to be tracked in 2012.

For a white paper detailing the methodology behind the Golub Capital Altman Index, please click the download button.

Industrials Particularly Strong Coming into Q4: Golub Capital
CNBC – January 15, 2020
Watch Video
Midmarket Private Companies See Earnings Rise Despite Softening Global Growth
The Wall Street Journal – October 16, 2019
Read Article
US Companies Are Having Trouble Filling Demand: Golub Capital CEO
CNBC – October 10, 2019
Watch Video
Golub Capital CEO Discusses the Second Half of Earnings Season
CNBC – July 30, 2019
Watch Video
Here are the Three Stories to Keep in Mind Heading into Earnings Season
CNBC – April 11, 2019
Watch Video
Small Private Firms See Surge in Fourth-Quarter Earnings
The Wall Street Journal – January 11, 2019
Read Article
US economy is booming, says Golub Capital CEO
CNBC – January 10, 2019
Watch Video
Middle Market Private Companies Extend Record-Setting Revenue Growth Streak
The Wall Street Journal – October 12, 2018
Read Article
Earnings of Middle-Market Private Companies Jump 12.6% in Q2
The Wall Street Journal – July 13, 2018
Read Article
Power Lunch
CNBC – July 12, 2018
Watch Video
U.S. Middle Market Sees Double Digit Revenue Growth in Q1/18 Report
ABL Advisor – April 18, 2018
Read Article
Middle-Market Private Companies Post Slower Earnings Growth
The Wall Street Journal – April 17, 2018
Read Article
Will earnings extend to the bull market?
CNBC – April 16, 2018
Watch Video
Middle-Market Private Companies Earnings Growth Surged in Q4
The Wall Street Journal – January 12, 2018
Read Article
Golub: Middle market companies see 4Q revenue, earnings growth
LCD News – January 12, 2018
Read Article
Great earnings expectations: What to expect from earnings season
CNBC – January 11, 2018
Watch Video
US mid-market earnings grow 12.8% in Q4 2017, up from 4.9% in Q3
Creditflux – January 1, 2018
Read Article
Earnings in the U.S. Middle Market Grew by more than 13% in Q3 2019, According to the Golub Capital Middle Market Report
October 11, 2019
Read Article
Earnings in the U.S. Middle Market Grew by more than 12% in Q2 2019, According to the Golub Capital Middle Market Report
July 12, 2019
Read Article
Earnings in the U.S. Middle Market Grew by nearly 10% in Q1 2019, According to the Golub Capital Middle Market Report
April 16, 2019
Read Report
Earnings in the U.S. Middle Market Grew by 13% in Q4 2018, According to the Golub Capital Middle Market Report
January 11, 2019
Read Report
Revenue in the U.S. Middle Market Grew by 12% in Q3 2018, According to the Golub Capital Middle Market Report
October 11, 2018
Read Report
Revenue in the U.S. Middle Market Grew by 11% in Q1 2018, According to the Golub Capital Middle Market Report
April 17, 2018
Read Report
Earnings in the U.S. Middle Market Grew by 12.8% in Q4 2017, According to the Golub Capital Middle Market Report
January 12, 2018
Read Report
Revenue in the U.S. Middle Market Grew by 6.79% in Q3 2017, According to the Golub Capital Middle Market Report
October 11, 2017
Read Report
Revenue in the U.S. Middle Market Grew by 8.94% in Q2 2017, According to the Golub Capital Middle Market Report
July 12, 2017
Read Report
Revenue in the U.S. Middle Market Grows at 8.45% in Q1 2017, According to the Golub Capital Middle Market Report
April 10, 2017
Read Report
Revenue in the U.S. Middle Market Grows at 5.33% in Q4 2016, According to the Golub Capital Middle Market Report
January 11, 2017
Read Report
Revenue in the U.S. Middle Market Continues to Grow at 4.62%, With Information Technology Expanding at 9.85%, According to Golub Capital Middle Market Report
October 7, 2016
Read Report
Revenue in the U.S. Middle Market Continues to Expand at a Healthy Pace of 7.4%, and Industrial Sector (Ex-Energy) Profit Margins Increase Substantially, Although Overall Middle Market Profit Growth Slows, According to Golub Capital Middle Market Report
July 7, 2016
Read Report
Profit Growth Accelerated to 5% in the U.S. Middle Market in Q1 2016, According to Golub Capital Middle Market Report
April 7, 2016
Read Report

Join our mailing list to receive the next
Golub Capital Middle Market Report in your inbox:

  • This field is for validation purposes and should be left unchanged.