ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) Financials

BDCZ

FY2025 annual

Revenue $47.7B +12.7% YoY

Net Income $3.6B +132.6% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $24.6B n/m YoY

Source SEC Filings (20-F/6-K) Latest period FY2025, ended Dec 31, 2025 Reported Mar 9, 2026 Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Mar 9, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BDCZ SEC filings page.

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) reported $47.7B in revenue for fiscal year 2025, up 12.7% from the prior fiscal year. This page shows its 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 2026-10-22

The business is balance-sheet driven: liabilities fund 94.5% of assets, while earnings and cash flow swing sharply across years.

In FY2025, operating cash flow reached $24.6B against net income of $3.6B, showing cash generation can far exceed reported profit. In FY2024, operating cash flow was -$27.1B despite net income of $1.5B, so cash conversion is being shaped by balance-sheet movements rather than stable earnings conversion.

At FY2025, liabilities were 94.5% of assets and stood at 17.1x equity, leaving a highly leveraged funding structure rather than an asset-light operating profile. Since FY2023, assets expanded 39.9% while revenue expanded 41.6%, so scale-up came with a similarly enlarged balance sheet.

Equity fell 5.8% in FY2025 even as net income rose 132.6%, showing that profit did not translate into higher book capital. Dividends reached $13.0B against $3.6B of net income, while retained earnings ended negative; distributions help explain why reported profit and ending equity moved in opposite directions.

Financial Health Signals

Financial health score not available

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/6

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 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, the one computable operating efficiency signal (asset turnover improving) passes.

Earnings Quality Cash-Backed

6.89x

For every $1 of reported earnings, ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 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%

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 generated $47.7B in revenue in fiscal year 2025. This represents an increase of 12.7% from the prior year.

Net Income

$3.6B

YoY+132.6%

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 reported $3.6B in net income in fiscal year 2025. This represents an increase of 132.6% from the prior year.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$231.0B

YoY-5.1%

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 held $231.0B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.

Shares Outstanding

3.86B

YoY0.0%

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 had 3.86B shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

7.5%

YoY+3.9pp

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041'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

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041'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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

BDCZ Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BDCZ annual income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
Revenue	$47.7B+12.7%	$42.3B+25.7%	$33.7B-3.6%	$34.9B-2.5%	$35.8B
Interest Expense	$135.0M+2.3%	$132.0M+36.1%	$97.0M+10.2%	$88.0M-10.2%	$98.0M
Income Tax	$534.0M-40.7%	$900.0M-25.4%	$1.2B-34.6%	$1.8B-3.1%	$1.9B
Net Income	$3.6B+132.6%	$1.5B-53.8%	$3.3B-53.4%	$7.1B+0.8%	$7.1B

Metric	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
Revenue	N/A	$11.6B+17.5%	$12.2B+33.5%	N/A	$9.9B+16.9%	$9.1B+3.0%	N/A	$8.5B-6.3%
Interest Expense	N/A	$37.0M+27.6%	$35.0M+59.1%	N/A	$29.0M+16.0%	$22.0M-12.0%	N/A	$25.0M+19.0%
Income Tax	N/A	-$336.0M-1300.0%	$303.0M-17.2%	N/A	$28.0M-91.6%	$366.0M-17.8%	N/A	$332.0M-30.5%
Net Income	N/A	$1.2Bn/m	$1.0B+2.1%	N/A	-$224.0M-119.9%	$1.0B+0.2%	N/A	$1.1B-43.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

BDCZ Balance Sheet

BDCZ annual balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
Total Assets	$1.6T+3.1%	$1.6T+35.6%	$1.2T+4.6%	$1.1T-1.0%	$1.1T
Cash & Equivalents	$231.0B-5.1%	$243.4B+27.8%	$190.5B-2.4%	$195.2B-6.0%	$207.8B
Goodwill	$6.6B+1.5%	$6.5B+8.3%	$6.0B-4.3%	$6.3B-1.7%	$6.4B
Total Liabilities	$1.5T+3.7%	$1.5T+33.9%	$1.1T+5.0%	$1.0T-0.9%	$1.1T
Total Equity	$88.8B-5.5%	$94.0B+70.2%	$55.2B-2.4%	$56.6B-2.6%	$58.1B
Retained Earnings	-$2.1B-127.4%	$7.8B-72.2%	$28.2B-11.1%	$31.7B+13.7%	$27.9B

Metric	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
Total Assets	$1.6T+3.1%	$1.7T+6.8%	$1.5T+38.6%	$1.6T+35.6%	$1.6T+35.3%	$1.1T+5.7%	$1.2T+4.6%	$1.2T+3.9%
Cash & Equivalents	$231.0B-5.1%	$258.3B-6.9%	N/A	$243.4B+27.8%	$277.5B+53.4%	N/A	$190.5B-2.4%	$181.0B-12.9%
Goodwill	$6.6B+1.5%	$6.8B-3.8%	$6.7B+7.3%	$6.5B+8.3%	$7.0B+11.8%	$6.2B-0.6%	$6.0B-4.3%	$6.3B-0.5%
Total Liabilities	$1.5T+3.7%	$1.6T+7.2%	$1.5T+36.6%	$1.5T+33.9%	$1.5T+41.0%	$1.1T+6.4%	$1.1T+5.0%	$1.0T-1.4%
Total Equity	$88.8B-5.5%	$94.3B+0.9%	$96.6B+75.4%	$94.0B+70.2%	$93.4B+76.5%	$55.0B-5.7%	$55.2B-2.4%	$52.9B-3.3%
Retained Earnings	-$2.1B-127.4%	$3.7B-50.1%	$9.1B-68.8%	$7.8B-72.2%	$7.4B-73.3%	$29.2B-11.1%	$28.2B-11.1%	$27.8B-2.7%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

BDCZ Cash Flow Statement

BDCZ annual cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
Operating Cash Flow	$24.6Bn/m	-$27.1Bn/m	-$28.2B-365.3%	$10.6B-65.2%	$30.6B
Depreciation & Amortization	$2.9B+0.6%	$2.8B+26.9%	$2.2B+21.3%	$1.8B-1.6%	$1.9B
Investing Cash Flow	-$22.3B-118.2%	$122.4Bn/m	-$4.9Bn/m	-$12.3Bn/m	-$1.9B
Financing Cash Flow	-$33.8Bn/m	-$32.1B-263.2%	$19.7Bn/m	-$5.3B-148.1%	$10.9B
Dividends Paid	$13.0B+333.3%	$3.0B-50.0%	$6.0B+42.9%	$4.2B-7.5%	$4.5B

Metric	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
Depreciation & Amortization	N/A	$744.0M+17.9%	$714.0M+34.5%	N/A	$631.0M-10.7%	$531.0M+13.2%	N/A	$707.0M+56.8%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

BDCZ Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BDCZ annual financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2220-F	FY2120-F
Net Margin	7.5%+3.9pp	3.6%-6.2pp	9.8%-10.5pp	20.4%+0.7pp	19.7%
Return on Equity	4.0%+2.4pp	1.6%-4.4pp	6.0%-6.6pp	12.6%+0.4pp	12.2%
Return on Assets	0.2%+0.1pp	0.1%-0.2pp	0.3%-0.4pp	0.6%0.0pp	0.6%
Liabilities-to-Equity	17.20+1.5x	15.67-4.2x	19.92+1.4x	18.53+0.3x	18.20
Asset Turnover	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.03

Metric	Q4'2520-F	Q2'256-K	Q1'256-K	Q4'2420-F	Q2'246-K	Q1'246-K	Q4'2320-F	Q2'236-K
Net Margin	N/A	10.3%+12.6pp	8.5%-2.6pp	N/A	-2.3%-15.5pp	11.1%-0.3pp	N/A	13.3%-8.6pp
Return on Equity	N/A	1.3%+1.5pp	1.1%-0.8pp	N/A	-0.2%-2.4pp	1.8%+0.1pp	N/A	2.1%-1.5pp
Return on Assets	N/A	0.1%+0.1pp	0.1%0.0pp	N/A	0.0%-0.1pp	0.1%0.0pp	N/A	0.1%-0.1pp
Liabilities-to-Equity	17.20+1.5x	16.73+1.0x	15.02-4.3x	15.67-4.2x	15.74-4.0x	19.28+2.2x	19.92+1.4x	19.71+0.4x
Asset Turnover	N/A	0.010.0x	0.010.0x	N/A	0.010.0x	0.010.0x	N/A	0.010.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, Debt-to-Equity, FCF Margin.

Where ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 Ranks

Frequently Asked Questions

What is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's annual revenue?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (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.

How fast is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's revenue growing?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 profitable?

Yes, ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

What is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's net profit margin?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's return on equity (ROE)?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's operating cash flow?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's total assets?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 have outstanding?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) had 3.86B shares outstanding as of fiscal year 2025.

What is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's liabilities-to-equity ratio?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) had a liabilities-to-equity ratio of 17.20 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.

What is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's return on assets (ROA)?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (BDCZ) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's Piotroski F-Score?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (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.

Are ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041's earnings high quality?

ETRACS MarketVector Business Development Companies Liquid Index ETN due April 26, 2041 (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.