Golub Capital Middle Market Report
Featuring the Golub Capital Altman Index
Earnings in the U.S. Middle Market Grew by 10% in Q4 2019
Overall, Index revenue grew by 8% during the first two months of the fourth quarter.
The Golub Capital Altman Index can provide 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 Q4 2019 (YoY)||Revenue||Earnings|
Source: Bloomberg and Golub Capital Internal Data.
Lawrence E. Golub, CEO of Golub Capital, said:
The consensus view at the end of 2018 was that the U.S. economy was at material risk of a recession in 2019. Our data said otherwise. The strong revenue and earnings growth in our portfolio of U.S. middle market companies showed that the domestically oriented half of the U.S. economy was in great shape at the start of 2019—and remained in great shape throughout the year. The fourth quarter of 2019 was another solid quarter for U.S. businesses selling primarily to U.S. customers. The Golub Capital Altman Index posted a ninth consecutive quarter of revenue growth and a seventh consecutive quarter of earnings growth at or near double-digit rates. The strong performance of domestically focused U.S. businesses in the fourth quarter of 2019 shows the U.S. economy has momentum going into 2020.
About the Golub Capital Altman Index
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.