BARINGS BDC, INC. (BBDC) vs Oaktree Specialty Lending Corp. (OCSL)

BARINGS BDC, INC. and Oaktree Specialty Lending Corp. are both Asset Management companies. Oaktree Specialty Lending Corp. is the larger, with a market value of $1.0B against $900.5M — 1.2× the size. BARINGS BDC, INC. trades at the lower P/E: 10.2× against 24.1×. BARINGS BDC, INC. grew revenue faster over the last twelve months: −5.06% against −12.6%. BARINGS BDC, INC. has the higher net margin (32.7% vs 14.5%) and the higher return on invested capital (10.9% vs 6.43%). Both pay a dividend; BARINGS BDC, INC. yields more (12.3% vs 12.1%). Across the 21 metrics below, BARINGS BDC, INC. leads on 19 and Oaktree Specialty Lending Corp. on 2.

Valuation

Metric BBDC OCSL Asset Management median
P/E 10.17 24.10 13.99
P/S 3.32 3.49 2.76
P/B 0.77 0.74 0.85
Price to free cash flow 2.90 9.60 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.83% 4.15% 4.72%
Free cash flow yield 34.49% 10.41% 4.44%

Profitability

Metric BBDC OCSL Asset Management median
Gross margin 100.00% 82.16% 100.00%
Operating margin 88.68% 80.26% 33.42%
Net margin 32.73% 14.45% 13.37%
Free cash flow margin 114.50% 36.32% 12.36%
Return on equity 7.50% 2.95% 4.79%
Return on assets 3.24% 1.45% 1.55%
Return on invested capital 10.90% 6.43% 2.97%

Growth

Metric BBDC OCSL Asset Management median
Revenue growth (TTM) (5.06%) (12.55%) 7.42%
EPS growth (last fiscal year) (6.73%) (45.83%) (6.67%)
Revenue growth, 5-year CAGR 31.49% 17.22% 12.51%
Net income growth, 5-year CAGR 65.63% (2.86%) 0.00%

Health

Metric BBDC OCSL Asset Management median
Debt to equity 0.24 0.68 0.44
Current ratio 0.09 0.19 1.30
Net debt to EBITDA 0.69 3.34 1.02

Dividend

Metric BBDC OCSL Asset Management median
Dividend yield 12.32% 12.10% 6.60%
Payout ratio 1.25 2.92 0.94

Size

Metric BBDC OCSL Asset Management median
Market cap 900.48m 1.04b 694.86m

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