Associated Capital Group, Inc. (ACGP) vs New Mountain Finance Corporation (NMFC)

Associated Capital Group, Inc. and New Mountain Finance Corporation are both Asset Management companies. Associated Capital Group, Inc. and New Mountain Finance Corporation are of similar size ($662.1M and $649.9M). New Mountain Finance Corporation has negative trailing earnings, so its P/E is not meaningful; Associated Capital Group, Inc. trades at 15.8×. Associated Capital Group, Inc. grew revenue faster over the last twelve months: 131.6% against −60.6%. Associated Capital Group, Inc. has the higher net margin (162.0% vs −41.1%) and the higher return on invested capital (−0.83% vs −1.29%). Both pay a dividend; New Mountain Finance Corporation yields more (10.0% vs 0.61%). Across the 19 metrics below, Associated Capital Group, Inc. leads on 12 and New Mountain Finance Corporation on 7.

Valuation

Metric ACGP NMFC Asset Management median
P/E 15.77 n/m 14.62
P/S 25.31 5.60 2.97
P/B 0.75 0.64 0.94
Price to free cash flow n/m 1.00 8.93
EV/EBITDA n/m n/m 10.32
EV/Sales 12.72 16.48 5.72
Earnings yield 6.34% (6.73%) 4.53%
Free cash flow yield (1.31%) 100.09% 4.65%

Profitability

Metric ACGP NMFC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin (27.97%) 0.00% 33.03%
Net margin 162.00% (41.05%) 13.53%
Free cash flow margin (33.19%) 560.64% 12.44%
Return on equity 4.85% (4.12%) 4.83%
Return on assets 4.63% (1.74%) 1.57%
Return on invested capital (0.83%) (1.29%) 3.04%

Growth

Metric ACGP NMFC Asset Management median
Revenue growth (TTM) 131.64% (60.64%) 6.97%
EPS growth (last fiscal year) 21.15% (84.47%) —
Revenue growth, 5-year CAGR 7.21% (1.03%) 12.13%
Net income growth, 5-year CAGR 23.01% (22.37%) 0.00%

Health

Metric ACGP NMFC Asset Management median
Debt to equity 0.00 1.30 0.42
Current ratio 15.24 13.33 1.28
Net debt to EBITDA 40.56 0.00 1.06

Dividend

Metric ACGP NMFC Asset Management median
Dividend yield 0.61% 10.01% 6.92%
Payout ratio 0.24 1.36 0.77

Size

Metric ACGP NMFC Asset Management median
Market cap 649.89m 662.11m 721.34m

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