Artisan Partners Asset Management Inc. (APAM) vs Hercules Capital, Inc. (HTGC)

Artisan Partners Asset Management Inc. and Hercules Capital, Inc. are both Asset Management companies. Artisan Partners Asset Management Inc. and Hercules Capital, Inc. are of similar size ($3.1B and $2.9B). Hercules Capital, Inc. trades at the lower P/E: 8.1× against 8.8×. Hercules Capital, Inc. grew revenue faster over the last twelve months: 12.3% against 9.78%. Hercules Capital, Inc. has the higher net margin (67.7% vs 22.1%) and the lower return on invested capital (4.64% vs 84.8%). Both pay a dividend; Hercules Capital, Inc. yields more (9.25% vs 6.76%). Across the 23 metrics below, Hercules Capital, Inc. leads on 12 and Artisan Partners Asset Management Inc. on 11.

Valuation

Metric APAM HTGC Asset Management median
P/E 8.78 8.12 14.62
P/S 1.92 5.56 2.97
P/B 5.16 1.38 0.94
Price to free cash flow 9.25 373.68 8.93
EV/EBITDA 5.31 11.96 10.32
EV/Sales 1.79 9.60 5.72
Earnings yield 11.39% 12.32% 4.53%
Free cash flow yield 10.81% 0.27% 4.65%

Profitability

Metric APAM HTGC Asset Management median
Gross margin 43.31% 100.00% 100.00%
Operating margin 33.03% 78.48% 33.03%
Net margin 22.08% 67.68% 13.53%
Free cash flow margin 20.78% 1.49% 12.44%
Return on equity 62.29% 17.32% 4.83%
Return on assets 18.97% 8.54% 1.57%
Return on invested capital 84.76% 4.64% 3.04%

Growth

Metric APAM HTGC Asset Management median
Revenue growth (TTM) 9.78% 12.34% 6.97%
EPS growth (last fiscal year) 10.66% 14.91% —
Revenue growth, 5-year CAGR 5.87% 13.14% 12.13%
Net income growth, 5-year CAGR 4.57% 8.37% 0.00%

Health

Metric APAM HTGC Asset Management median
Debt to equity 0.41 1.03 0.42
Current ratio 0.90 1.37 1.28
Net debt to EBITDA (0.16) 5.21 1.06

Dividend

Metric APAM HTGC Asset Management median
Dividend yield 6.76% 9.25% 6.92%
Payout ratio 0.76 0.70 0.77

Size

Metric APAM HTGC Asset Management median
Market cap 2.90b 3.14b 721.34m

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