Golub Capital Middle Market Report
Featuring the Golub Capital Altman Index
Revenue in the U.S. Middle Market Continues to Expand at a Healthy Pace of 7.4%, and Industrial Sector (Ex-Exnergy) Profit Margins Increase Substantially, Although Overall Middle Market Profit Growth Slows, According to Golub Capital Middle Market Report
Overall Earnings Increase by 2.01% during first two months of Q2 2016, with Robust Profit Growth in the Information Technology and Industrial Sectors.
Index provides early insight into financial performance of public companies and GDP in advance of earnings season.
Golub Capital Altman Index Highlights
|Year-Over-Year (YoY) Growth||Revenue||Earnings|
|Key Sectors Q2 2016 (YoY)||Revenue||Earnings|
Lawrence E. Golub, CEO of Golub Capital, said:
The bright spots are Industrials (ex-energy) and Information Technology, where we are seeing double-digit profit growth. The profit margin improvement in Industrials – helped by a weaker dollar on average during the quarter – is the strongest we’ve seen in over three years. Information Technology is benefitting on both the top and bottom line from continued investment in cloud-based services, which has also been reflected in the public markets.
About the Golub Capital Altman Index
A leading expert on credit markets, Dr. Edward I. Altman is the Max L. Heine Professor of Finance, Emeritus at the NYU Stern School of Business, and Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He is currently an advisor to several foreign central banks.
The Golub Capital Altman Index is provided as an indicator only and does not constitute investment advice or the offer to sell or a solicitation to buy any security. Some of these statements constitute forward-looking statements, which may be predictions about future events, future performance, or future financial conditions. Some of these statements reflect opinions based upon the data presented in the Index, and these opinions may be incorrect. Actual results could vary materially from those implied or expressed in such forward-looking statements for any reason. The Golub Capital Altman Index has been created on the basis of information provided by third-party sources that are believed to be reliable, but the information has not been verified independently by Golub Capital. Golub Capital makes no warranty or representation as to the accuracy or completeness of such third-party information.
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- The Golub Capital Altman Index (GCAI) data for Q2 2021 are presented solely for the purpose of continuity. Readers are encouraged to interpret the data from those periods with caution. The GCAI 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. GCAI results for Q2 2021 were based on data from April and May 2021 compared to April and May 2020, when many businesses were affected by lockdowns and other restrictions.
- Effective Q2 2022, the Golub Capital Altman Index (GCAI) excludes Golub Capital portfolio companies that have recurring revenue-based credit facilities. The data referenced herein may not reflect all companies in the loan portfolio of Golub Capital during the time periods indicated.