Apollo Commercial Real Estate Finance (ARI) vs Ladder Capital Corp (LADR)

Apollo Commercial Real Estate Finance and Ladder Capital Corp are both Reit Mortgage companies. Ladder Capital Corp is the larger, with a market value of $1.2B against $804.7M — 1.4× the size. Apollo Commercial Real Estate Finance trades at the lower P/E: 7.8× against 21.6×. Ladder Capital Corp grew revenue faster over the last twelve months: −11.0% against −14.7%. Ladder Capital Corp has the higher net margin (54.6% vs 50.3%) and the lower return on invested capital (0.56% vs 339.7%). Both pay a dividend; Apollo Commercial Real Estate Finance yields more (12.7% vs 8.62%). Across the 23 metrics below, Apollo Commercial Real Estate Finance leads on 14 and Ladder Capital Corp on 9.

Valuation

Metric ARI LADR Reit Mortgage median
P/E 7.80 21.62 7.80
P/S 3.44 11.83 1.90
P/B 0.65 0.79 0.61
Price to free cash flow 38.20 12.02 5.90
EV/EBITDA 10.08 49.67 28.40
EV/Sales 3.37 53.10 16.02
Earnings yield 12.82% 4.63% 7.68%
Free cash flow yield 2.62% 8.32% 11.60%

Profitability

Metric ARI LADR Reit Mortgage median
Gross margin 87.84% 100.00% 100.00%
Operating margin 35.13% 49.94% 35.40%
Net margin 50.33% 54.61% 11.85%
Free cash flow margin 9.00% 99.69% 26.68%
Return on equity 7.72% 3.57% 4.81%
Return on assets 2.00% 1.04% 0.62%
Return on invested capital 339.65% 0.56% 1.22%

Growth

Metric ARI LADR Reit Mortgage median
Revenue growth (TTM) (14.66%) (10.95%) 4.70%
EPS growth (last fiscal year) 183.51% (40.70%) —
Revenue growth, 5-year CAGR (0.51%) 49.36% 14.60%
Net income growth, 5-year CAGR 88.28% 0.00% 0.00%

Health

Metric ARI LADR Reit Mortgage median
Debt to equity 0.00 2.81 3.30
Current ratio 2.45 44.15 1.00
Net debt to EBITDA 9.96 36.15 18.31

Dividend

Metric ARI LADR Reit Mortgage median
Dividend yield 12.68% 8.62% 13.05%
Payout ratio 1.69 0.83 1.24

Size

Metric ARI LADR Reit Mortgage median
Market cap 804.69m 1.15b 517.48m

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