Brookfield Asset Management Ltd. (BAM) vs Blackstone Inc. (BX)

Brookfield Asset Management Ltd. and Blackstone Inc. are both Asset Management companies. Blackstone Inc. is the larger, with a market value of $145.4B against $73.0B — 2.0× the size. Brookfield Asset Management Ltd. trades at the lower P/E: 25.6× against 26.5×. Brookfield Asset Management Ltd. grew revenue faster over the last twelve months: 31.9% against 17.2%. Brookfield Asset Management Ltd. has the higher net margin (48.9% vs 21.8%) and the higher return on invested capital (19.7% vs 15.1%). Both pay a dividend; Brookfield Asset Management Ltd. yields more (3.73% vs 3.34%). Across the 22 metrics below, Brookfield Asset Management Ltd. leads on 15 and Blackstone Inc. on 7.

Valuation

Metric BAM BX Asset Management median
P/E 25.63 26.49 14.62
P/S 12.42 5.88 2.97
P/B 7.75 4.50 0.94
Price to free cash flow 32.62 17.27 8.93
EV/EBITDA 20.45 12.87 10.32
EV/Sales 12.77 6.53 5.72
Earnings yield 3.90% 3.77% 4.53%
Free cash flow yield 3.07% 5.79% 4.65%

Profitability

Metric BAM BX Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 61.57% 50.49% 33.03%
Net margin 48.89% 21.84% 13.53%
Free cash flow margin 40.81% 34.05% 12.44%
Return on equity 30.56% 17.31% 4.83%
Return on assets 15.49% 7.39% 1.57%
Return on invested capital 19.65% 15.08% 3.04%

Growth

Metric BAM BX Asset Management median
Revenue growth (TTM) 31.85% 17.19% 6.97%
EPS growth (last fiscal year) 14.29% 6.91% —
Revenue growth, 5-year CAGR 16.19% 18.82% 12.13%
Net income growth, 5-year CAGR 43.87% 23.63% 0.00%

Health

Metric BAM BX Asset Management median
Debt to equity 0.44 0.63 0.42
Current ratio 0.75 0.72 1.28
Net debt to EBITDA 0.32 1.32 1.06

Dividend

Metric BAM BX Asset Management median
Dividend yield 3.73% 3.34% 6.92%
Payout ratio — — 0.77

Size

Metric BAM BX Asset Management median
Market cap 72.97b 145.37b 721.34m

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