BARINGS BDC, INC. (BBDC) vs Carlyle Secured Lending, Inc. (CGBD)

BARINGS BDC, INC. and Carlyle Secured Lending, Inc. are both Asset Management companies. BARINGS BDC, INC. is the larger, with a market value of $902.6M against $767.2M — 1.2× the size. BARINGS BDC, INC. trades at the lower P/E: 10.4× against 22.1×. Carlyle Secured Lending, Inc. grew revenue faster over the last twelve months: 10.7% against −5.06%. BARINGS BDC, INC. has the higher net margin (32.7% vs 14.3%) and the higher return on invested capital (10.9% vs 2.75%). Both pay a dividend; BARINGS BDC, INC. yields more (11.6% vs 9.89%). Across the 22 metrics below, BARINGS BDC, INC. leads on 17 and Carlyle Secured Lending, Inc. on 5.

Valuation

Metric BBDC CGBD Asset Management median
P/E 10.45 22.10 14.62
P/S 3.41 3.01 2.97
P/B 0.79 0.72 0.94
Price to free cash flow 2.98 4.70 8.93
EV/EBITDA 4.84 9.15 10.32
EV/Sales 4.19 7.80 5.72
Earnings yield 9.57% 4.53% 4.53%
Free cash flow yield 33.57% 21.29% 4.65%

Profitability

Metric BBDC CGBD Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 88.68% 74.29% 33.03%
Net margin 32.73% 14.26% 13.53%
Free cash flow margin 114.50% 64.17% 12.44%
Return on equity 7.50% 3.25% 4.83%
Return on assets 3.24% 1.47% 1.57%
Return on invested capital 10.90% 2.75% 3.04%

Growth

Metric BBDC CGBD Asset Management median
Revenue growth (TTM) (5.06%) 10.71% 6.97%
EPS growth (last fiscal year) (6.73%) (36.08%) —
Revenue growth, 5-year CAGR 31.49% 7.01% 12.13%
Net income growth, 5-year CAGR 65.63% 72.30% 0.00%

Health

Metric BBDC CGBD Asset Management median
Debt to equity 0.24 1.20 0.42
Current ratio 0.09 0.79 1.28
Net debt to EBITDA 0.69 9.27 1.06

Dividend

Metric BBDC CGBD Asset Management median
Dividend yield 11.62% 9.89% 6.92%
Payout ratio 1.18 1.08 0.77

Size

Metric BBDC CGBD Asset Management median
Market cap 902.57m 767.17m 721.34m

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