AlTi Global, Inc. (ALTI) vs BLACKROCK TCP CAPITAL CORP. (TCPC)

AlTi Global, Inc. and BLACKROCK TCP CAPITAL CORP. are both Asset Management companies. AlTi Global, Inc. and BLACKROCK TCP CAPITAL CORP. are of similar size ($360.2M and $354.1M). AlTi Global, Inc. grew revenue faster over the last twelve months: 33.3% against −26.1%. AlTi Global, Inc. has the higher net margin (−40.9% vs −61.3%) and the lower return on invested capital (−4.52% vs 4.15%). Across the 16 metrics below, BLACKROCK TCP CAPITAL CORP. leads on 9 and AlTi Global, Inc. on 7.

Valuation

Metric ALTI TCPC Asset Management median
P/E n/m n/m 13.99
P/S 1.03 1.97 2.76
P/B 0.56 0.63 0.85
Price to free cash flow 237.55 0.87 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (51.17%) (30.77%) 4.72%
Free cash flow yield 0.42% 114.50% 4.44%

Profitability

Metric ALTI TCPC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin (22.22%) 84.51% 33.42%
Net margin (40.86%) (61.27%) 13.37%
Free cash flow margin 0.44% 225.77% 12.36%
Return on equity (19.38%) (16.78%) 4.79%
Return on assets (9.62%) (6.36%) 1.55%
Return on invested capital (4.52%) 4.15% 2.97%

Growth

Metric ALTI TCPC Asset Management median
Revenue growth (TTM) 33.25% (26.09%) 7.42%
EPS growth (last fiscal year) (0.65%) (32.91%) (6.67%)
Revenue growth, 5-year CAGR — 3.23% 12.51%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ALTI TCPC Asset Management median
Debt to equity 0.01 1.65 0.44
Current ratio 0.97 29.31 1.30
Net debt to EBITDA 0.73 11.05 1.02

Dividend

Metric ALTI TCPC Asset Management median
Dividend yield — 18.27% 6.60%
Payout ratio — — 0.94

Size

Metric ALTI TCPC Asset Management median
Market cap 360.23m 354.07m 694.86m

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