AlTi Global, Inc. (ALTI) vs Gladstone Investment Corporation (GAIN)

AlTi Global, Inc. and Gladstone Investment Corporation are both Asset Management companies. Gladstone Investment Corporation is the larger, with a market value of $623.2M against $477.2M — 1.3× the size. AlTi Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Gladstone Investment Corporation trades at 3.8×. AlTi Global, Inc. grew revenue faster over the last twelve months: 33.3% against 9.32%. Gladstone Investment Corporation has the higher net margin (159.0% vs −40.9%) and the higher return on invested capital (2.36% vs −4.52%). Across the 18 metrics below, Gladstone Investment Corporation leads on 10 and AlTi Global, Inc. on 8.

Valuation

Metric ALTI GAIN Asset Management median
P/E n/m 3.78 14.62
P/S 1.25 6.06 2.97
P/B 0.68 0.97 0.94
Price to free cash flow 288.19 n/m 8.93
EV/EBITDA n/m n/m 10.32
EV/Sales 1.19 6.07 5.72
Earnings yield (42.18%) 26.44% 4.53%
Free cash flow yield 0.35% (6.89%) 4.65%

Profitability

Metric ALTI GAIN Asset Management median
Gross margin 100.00% 61.22% 100.00%
Operating margin (22.22%) 23.40% 33.03%
Net margin (40.86%) 158.95% 13.53%
Free cash flow margin 0.44% (41.74%) 12.44%
Return on equity (19.38%) 29.17% 4.83%
Return on assets (9.62%) 14.01% 1.57%
Return on invested capital (4.52%) 2.36% 3.04%

Growth

Metric ALTI GAIN Asset Management median
Revenue growth (TTM) 33.25% 9.32% 6.97%
EPS growth (last fiscal year) (0.65%) 167.98% —
Revenue growth, 5-year CAGR — 11.84% 12.13%
Net income growth, 5-year CAGR 0.00% 34.19% 0.00%

Health

Metric ALTI GAIN Asset Management median
Debt to equity 0.01 0.00 0.42
Current ratio 0.97 0.02 1.28
Net debt to EBITDA 0.73 0.01 1.06

Dividend

Metric ALTI GAIN Asset Management median
Dividend yield — 6.59% 6.92%
Payout ratio 0.00 0.97 0.77

Size

Metric ALTI GAIN Asset Management median
Market cap 477.19m 623.21m 721.34m

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