AlTi Global, Inc. (ALTI) vs Gladstone Capital Corporation (GLAD)

AlTi Global, Inc. and Gladstone Capital Corporation are both Asset Management companies. Gladstone Capital Corporation is the larger, with a market value of $436.7M against $360.2M — 1.2× the size. AlTi Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Gladstone Capital Corporation trades at 8.8×. AlTi Global, Inc. grew revenue faster over the last twelve months: 33.3% against 11.3%. Gladstone Capital Corporation has the higher net margin (48.7% vs −40.9%) and the higher return on invested capital (5.89% vs −4.52%). Across the 15 metrics below, Gladstone Capital Corporation leads on 8 and AlTi Global, Inc. on 7.

Valuation

Metric ALTI GLAD Asset Management median
P/E n/m 8.81 13.99
P/S 1.03 4.31 2.76
P/B 0.56 0.88 0.85
Price to free cash flow 237.55 n/m 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (51.17%) 11.35% 4.72%
Free cash flow yield 0.42% (35.38%) 4.44%

Profitability

Metric ALTI GLAD Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin (22.22%) 70.28% 33.42%
Net margin (40.86%) 48.67% 13.37%
Free cash flow margin 0.44% (152.38%) 12.36%
Return on equity (19.38%) 10.03% 4.79%
Return on assets (9.62%) 5.50% 1.55%
Return on invested capital (4.52%) 5.89% 2.97%

Growth

Metric ALTI GLAD Asset Management median
Revenue growth (TTM) 33.25% 11.29% 7.42%
EPS growth (last fiscal year) (0.65%) (41.24%) (6.67%)
Revenue growth, 5-year CAGR — 13.19% 12.51%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ALTI GLAD Asset Management median
Debt to equity 0.01 0.00 0.44
Current ratio 0.97 0.03 1.30
Net debt to EBITDA 0.73 (0.30) 1.02

Dividend

Metric ALTI GLAD Asset Management median
Dividend yield — 9.54% 6.60%
Payout ratio — 0.92 0.94

Size

Metric ALTI GLAD Asset Management median
Market cap 360.23m 436.72m 694.86m

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