BrightSpire Capital, Inc. (BRSP) vs Chimera Investment Corporation (CIM)

BrightSpire Capital, Inc. and Chimera Investment Corporation are both Reit Mortgage companies. Chimera Investment Corporation is the larger, with a market value of $663.0M against $431.4M — 1.5× the size. Chimera Investment Corporation has negative trailing earnings, so its P/E is not meaningful; BrightSpire Capital, Inc. trades at 22.8×. Chimera Investment Corporation grew revenue faster over the last twelve months: 12.4% against 1.39%. BrightSpire Capital, Inc. has the higher net margin (9.48% vs −28.7%) and the lower return on invested capital (−0.93% vs 0.00%). Both pay a dividend; Chimera Investment Corporation yields more (23.6% vs 19.2%). Across the 21 metrics below, Chimera Investment Corporation leads on 11 and BrightSpire Capital, Inc. on 10.

Valuation

Metric BRSP CIM Reit Mortgage median
P/E 22.85 n/m 14.23
P/S 2.03 0.68 1.70
P/B 0.47 0.28 0.50
Price to free cash flow 1.63 n/m 4.26
EV/EBITDA 7,669.16 143.80 27.48
EV/Sales 13.18 15.36 15.74
Earnings yield 4.38% (42.03%) (0.27%)
Free cash flow yield 61.43% (106.29%) 14.37%

Profitability

Metric BRSP CIM Reit Mortgage median
Gross margin 61.56% 100.00% 100.00%
Operating margin (22.97%) 0.00% 31.94%
Net margin 9.48% (28.72%) (3.66%)
Free cash flow margin 124.68% (72.76%) 27.05%
Return on equity 2.08% (10.81%) (0.88%)
Return on assets 0.55% (1.61%) (0.15%)
Return on invested capital (0.93%) 0.00% 0.79%

Growth

Metric BRSP CIM Reit Mortgage median
Revenue growth (TTM) 1.39% 12.42% 1.39%
EPS growth (last fiscal year) 75.24% 56.36% 45.25%
Revenue growth, 5-year CAGR (6.15%) (4.43%) 14.60%
Net income growth, 5-year CAGR 0.00% 57.09% 0.00%

Health

Metric BRSP CIM Reit Mortgage median
Debt to equity 2.79 0.00 2.91
Current ratio 0.82 0.07 0.82
Net debt to EBITDA (182.35) 41.37 18.31

Dividend

Metric BRSP CIM Reit Mortgage median
Dividend yield 19.16% 23.63% 17.54%
Payout ratio 4.44 — 1.87

Size

Metric BRSP CIM Reit Mortgage median
Market cap 431.38m 663.00m 390.66m

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