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UBS ETRACS Wells Fargo® Business Development Company Index ETN Financials

BDCZ
Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BDCZ FY2025

BDCZ runs a balance-sheet-heavy model where cash-flow swings matter more than headline profit growth.

The jump in operating cash flow from -$27.1B in FY2024 to $24.6B in FY2025 was far larger than the profit improvement to $3.6B, which implies the business's cash generation is driven heavily by balance-sheet movements, not just reported earnings. Even after that rebound, liabilities still climbed to $1.53T while equity slipped to $89.2B, so a better income statement did not create a meaningfully thicker capital cushion.

With $1.62T of assets producing only 0.2% return on assets in FY2025, BDCZ appears to operate on thin spread economics: small changes in asset yield, funding cost, or credit performance can move earnings more than revenue alone would suggest. That helps explain why profit ratios compressed sharply through FY2024 and only partly recovered in FY2025.

Liquidity is substantial but not excess capital: $231.0B of cash equals only about 15.0% of total liabilities, so the firm remains funded primarily by obligations rather than equity. The $13.0B dividend outflow also exceeded FY2025 earnings, helping explain why retained earnings fell below zero despite the year's profit rebound.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating UBS ETRACS Wells Fargo® Business Development Company Index ETN's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial
6/6

UBS ETRACS Wells Fargo® Business Development Company Index ETN passes 6 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
6.89x

For every $1 of reported earnings, UBS ETRACS Wells Fargo® Business Development Company Index ETN generates $6.89 in operating cash flow ($24.6B OCF vs $3.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$47.7B
YoY+12.7%

UBS ETRACS Wells Fargo® Business Development Company Index ETN generated $47.7B in revenue in fiscal year 2025. This represents an increase of 12.7% from the prior year.

EBITDA
N/A
Net Income
$3.6B
YoY+132.6%

UBS ETRACS Wells Fargo® Business Development Company Index ETN reported $3.6B in net income in fiscal year 2025. This represents an increase of 132.6% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$231.0B
YoY-5.1%

UBS ETRACS Wells Fargo® Business Development Company Index ETN held $231.0B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
3.86B
YoY+0.0%

UBS ETRACS Wells Fargo® Business Development Company Index ETN had 3.86B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
7.5%
YoY+3.9pp

UBS ETRACS Wells Fargo® Business Development Company Index ETN's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.

Return on Equity
4.0%
YoY+2.4pp

UBS ETRACS Wells Fargo® Business Development Company Index ETN's ROE was 4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

BDCZ Income Statement

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
Revenue N/A $11.6B-4.3% $12.2B N/A $9.9B+8.7% $9.1B N/A $8.5B
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense N/A $37.0M+5.7% $35.0M N/A $29.0M+31.8% $22.0M N/A $25.0M
Income Tax N/A -$336.0M-210.9% $303.0M N/A $28.0M-92.3% $366.0M N/A $332.0M
Net Income N/A $1.2B+15.7% $1.0B N/A -$224.0M-122.1% $1.0B N/A $1.1B
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

BDCZ Balance Sheet

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
Total Assets $1.6T-3.3% $1.7T+8.0% $1.5T-1.3% $1.6T+0.2% $1.6T+40.1% $1.1T-3.4% $1.2T0.0% $1.2T
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $231.0B-10.6% $258.3B N/A $243.4B-12.3% $277.5B N/A $190.5B+5.3% $181.0B
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $6.6B-2.3% $6.8B+0.9% $6.7B+2.9% $6.5B-7.4% $7.0B+12.6% $6.2B+4.0% $6.0B-4.5% $6.3B
Total Liabilities $1.5T-3.1% $1.6T+8.7% $1.5T-1.6% $1.5T+0.2% $1.5T+38.5% $1.1T-3.5% $1.1T+5.5% $1.0T
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $89.2B-6.0% $94.9B-2.3% $97.1B+2.6% $94.7B+0.4% $94.2B+70.2% $55.4B-0.4% $55.6B+4.3% $53.3B
Retained Earnings -$2.1B-158.0% $3.7B-59.4% $9.1B+16.5% $7.8B+5.7% $7.4B-74.6% $29.2B+3.5% $28.2B+1.5% $27.8B

BDCZ Cash Flow Statement

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
Operating Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Financing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

BDCZ Financial Ratios

Metric Q4'25 Q2'25 Q1'25 Q4'24 Q2'24 Q1'24 Q4'23 Q2'23
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin N/A 10.3%+1.8pp 8.5% N/A -2.3%-13.4pp 11.1% N/A 13.3%
Return on Equity N/A 1.3%+0.2pp 1.1% N/A -0.2%-2.1pp 1.8% N/A 2.1%
Return on Assets N/A 0.1%0.0pp 0.1% N/A -0.0%-0.1pp 0.1% N/A 0.1%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 17.13+0.5 16.63+1.7 14.93-0.6 15.56-0.0 15.60-3.6 19.17-0.6 19.80+0.2 19.58
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Frequently Asked Questions

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) reported $47.7B in total revenue for fiscal year 2025. This represents a 12.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Yes, UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) had 3.86B shares outstanding as of fiscal year 2025.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) had a debt-to-equity ratio of 17.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) has a Piotroski F-Score of 6 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

UBS ETRACS Wells Fargo® Business Development Company Index ETN (BDCZ) has an earnings quality ratio of 6.89x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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