Acadian Asset Management Inc. (AAMI) vs Golub Capital BDC, Inc. (GBDC)

Acadian Asset Management Inc. and Golub Capital BDC, Inc. are both Asset Management companies. Acadian Asset Management Inc. and Golub Capital BDC, Inc. are of similar size ($3.3B and $3.2B). Golub Capital BDC, Inc. trades at the lower P/E: 19.2× against 33.1×. Acadian Asset Management Inc. grew revenue faster over the last twelve months: 24.2% against −8.73%. Golub Capital BDC, Inc. has the higher net margin (21.5% vs 15.2%) and the lower return on invested capital (2.81% vs 40.0%). Both pay a dividend; Golub Capital BDC, Inc. yields more (9.10% vs 0.19%). Across the 21 metrics below, Golub Capital BDC, Inc. leads on 15 and Acadian Asset Management Inc. on 6.

Valuation

Metric AAMI GBDC Asset Management median
P/E 33.06 19.17 14.62
P/S 5.00 4.05 2.97
P/B 25.09 0.88 0.94
Price to free cash flow n/m 3.53 8.93
EV/EBITDA 21.95 13.25 10.32
EV/Sales 5.71 10.27 5.72
Earnings yield 3.03% 5.22% 4.53%
Free cash flow yield (1.50%) 28.34% 4.65%

Profitability

Metric AAMI GBDC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 23.68% 78.18% 33.03%
Net margin 15.17% 21.45% 13.53%
Free cash flow margin (7.49%) 114.85% 12.44%
Return on equity 92.14% 4.46% 4.83%
Return on assets 13.26% 1.95% 1.57%
Return on invested capital 39.99% 2.81% 3.04%

Growth

Metric AAMI GBDC Asset Management median
Revenue growth (TTM) 24.21% (8.73%) 6.97%
EPS growth (last fiscal year) (0.45%) 4.41% —
Revenue growth, 5-year CAGR 2.45% 23.84% 12.13%
Net income growth, 5-year CAGR (22.53%) 47.00% 0.00%

Health

Metric AAMI GBDC Asset Management median
Debt to equity 1.50 1.22 0.42
Current ratio 0.82 1.33 1.28
Net debt to EBITDA 0.51 6.94 1.06

Dividend

Metric AAMI GBDC Asset Management median
Dividend yield 0.19% 9.10% 6.92%
Payout ratio 0.02 1.33 0.77

Size

Metric AAMI GBDC Asset Management median
Market cap 3.31b 3.22b 721.34m

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