Acadian Asset Management Inc. (AAMI) vs FS KKR Capital Corp. (FSK)

Acadian Asset Management Inc. and FS KKR Capital Corp. are both Asset Management companies. Acadian Asset Management Inc. and FS KKR Capital Corp. are of similar size ($3.3B and $3.1B). FS KKR Capital Corp. has negative trailing earnings, so its P/E is not meaningful; Acadian Asset Management Inc. trades at 33.1×. Acadian Asset Management Inc. grew revenue faster over the last twelve months: 24.2% against −20.1%. Acadian Asset Management Inc. has the higher net margin (15.2% vs −28.5%) and the higher return on invested capital (40.0% vs 2.98%). Both pay a dividend; FS KKR Capital Corp. yields more (12.7% vs 0.19%). Across the 20 metrics below, FS KKR Capital Corp. leads on 11 and Acadian Asset Management Inc. on 9.

Valuation

Metric AAMI FSK Asset Management median
P/E 33.06 n/m 14.62
P/S 5.00 2.40 2.97
P/B 25.09 0.62 0.94
Price to free cash flow n/m 1.64 8.93
EV/EBITDA 21.95 9.43 10.32
EV/Sales 5.71 7.24 5.72
Earnings yield 3.03% (12.00%) 4.53%
Free cash flow yield (1.50%) 61.03% 4.65%

Profitability

Metric AAMI FSK Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 23.68% 75.06% 33.03%
Net margin 15.17% (28.52%) 13.53%
Free cash flow margin (7.49%) 146.24% 12.44%
Return on equity 92.14% (6.66%) 4.83%
Return on assets 13.26% (2.82%) 1.57%
Return on invested capital 39.99% 2.98% 3.04%

Growth

Metric AAMI FSK Asset Management median
Revenue growth (TTM) 24.21% (20.11%) 6.97%
EPS growth (last fiscal year) (0.45%) (98.09%) —
Revenue growth, 5-year CAGR 2.45% 18.91% 12.13%
Net income growth, 5-year CAGR (22.53%) 0.00% 0.00%

Health

Metric AAMI FSK Asset Management median
Debt to equity 1.50 1.23 0.42
Current ratio 0.82 2.28 1.28
Net debt to EBITDA 0.51 6.40 1.06

Dividend

Metric AAMI FSK Asset Management median
Dividend yield 0.19% 12.71% 6.92%
Payout ratio 0.02 2.60 0.77

Size

Metric AAMI FSK Asset Management median
Market cap 3.31b 3.05b 721.34m

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