Affiliated Managers Group, Inc. (AMG) vs Blackstone Secured Lending Fund (BXSL)

Affiliated Managers Group, Inc. and Blackstone Secured Lending Fund are both Asset Management companies. Affiliated Managers Group, Inc. is the larger, with a market value of $9.1B against $5.6B — 1.6× the size. Affiliated Managers Group, Inc. trades at the lower P/E: 11.3× against 20.1×. Affiliated Managers Group, Inc. grew revenue faster over the last twelve months: 11.8% against −6.71%. Affiliated Managers Group, Inc. has the higher net margin (37.7% vs 21.1%) and the higher return on invested capital (4.68% vs 0.00%). Both pay a dividend; Blackstone Secured Lending Fund yields more (12.8% vs 0.01%). Across the 20 metrics below, Affiliated Managers Group, Inc. leads on 12 and Blackstone Secured Lending Fund on 8.

Valuation

Metric AMG BXSL Asset Management median
P/E 11.31 20.12 13.38
P/S 4.10 4.26 2.99
P/B 2.37 0.96 0.91
Price to free cash flow 8.74 5.30 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 8.84% 4.97% 4.67%
Free cash flow yield 11.44% 18.85% 4.85%

Profitability

Metric AMG BXSL Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 21.52% 83.28% 27.27%
Net margin 37.71% 21.06% 11.89%
Free cash flow margin 46.91% 80.36% 5.96%
Return on equity 21.21% 4.57% 4.57%
Return on assets 9.40% 2.02% 1.40%
Return on invested capital 4.68% 0.00% 2.12%

Growth

Metric AMG BXSL Asset Management median
Revenue growth (TTM) 11.80% (6.71%) 7.26%
EPS growth (last fiscal year) 50.30% (28.70%) (5.64%)
Revenue growth, 5-year CAGR 0.46% 29.50% 11.84%
Net income growth, 5-year CAGR 28.80% 20.84% 0.00%

Health

Metric AMG BXSL Asset Management median
Debt to equity 0.76 1.20 0.40
Current ratio 1.24 0.00 1.23
Net debt to EBITDA 3.65 (5.17) 1.06

Dividend

Metric AMG BXSL Asset Management median
Dividend yield 0.01% 12.76% 6.43%
Payout ratio 0.00 2.57 0.91

Size

Metric AMG BXSL Asset Management median
Market cap 9.06b 5.63b 692.54m

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