BARINGS BDC, INC. (BBDC) vs MidCap Financial Investment Corporation (MFIC)

BARINGS BDC, INC. and MidCap Financial Investment Corporation are both Asset Management companies. BARINGS BDC, INC. and MidCap Financial Investment Corporation are of similar size ($915.1M and $846.0M). MidCap Financial Investment Corporation has negative trailing earnings, so its P/E is not meaningful; BARINGS BDC, INC. trades at 10.3×. BARINGS BDC, INC. grew revenue faster over the last twelve months: −8.46% against −13.6%. BARINGS BDC, INC. has the higher net margin (34.2% vs −26.2%) and the higher return on invested capital (0.00% vs 0.00%). Both pay a dividend; MidCap Financial Investment Corporation yields more (12.7% vs 11.9%). Across the 17 metrics below, BARINGS BDC, INC. leads on 10 and MidCap Financial Investment Corporation on 7.

Valuation

Metric BBDC MFIC Asset Management median
P/E 10.29 n/m 13.38
P/S 3.55 3.02 2.99
P/B 0.80 0.80 0.91
Price to free cash flow 3.48 1.49 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.71% (8.26%) 4.67%
Free cash flow yield 28.76% 66.98% 4.85%

Profitability

Metric BBDC MFIC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 0.00% 0.00% 27.27%
Net margin 34.18% (26.23%) 11.89%
Free cash flow margin 102.10% 202.48% 5.96%
Return on equity 7.64% (6.06%) 4.57%
Return on assets 3.23% (2.47%) 1.40%
Return on invested capital 0.00% 0.00% 2.12%

Growth

Metric BBDC MFIC Asset Management median
Revenue growth (TTM) (8.46%) (13.64%) 7.26%
EPS growth (last fiscal year) (6.73%) (46.46%) (5.64%)
Revenue growth, 5-year CAGR 31.49% 8.16% 11.84%
Net income growth, 5-year CAGR 65.63% (10.80%) 0.00%

Health

Metric BBDC MFIC Asset Management median
Debt to equity 0.29 1.49 0.40
Current ratio 0.09 3.78 1.23
Net debt to EBITDA 0.69 6.41 1.06

Dividend

Metric BBDC MFIC Asset Management median
Dividend yield 11.89% 12.73% 6.43%
Payout ratio 1.22 — 0.91

Size

Metric BBDC MFIC Asset Management median
Market cap 915.14m 845.97m 692.54m

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