BrightSpire Capital, Inc. (BRSP) vs INVESCO MORTGAGE CAPITAL INC (IVR)

BrightSpire Capital, Inc. and INVESCO MORTGAGE CAPITAL INC are both Reit Mortgage companies. INVESCO MORTGAGE CAPITAL INC is the larger, with a market value of $595.7M against $431.4M — 1.4× the size. INVESCO MORTGAGE CAPITAL INC has negative trailing earnings, so its P/E is not meaningful; BrightSpire Capital, Inc. trades at 23.7×. INVESCO MORTGAGE CAPITAL INC grew revenue faster over the last twelve months: 16.5% against 1.39%. BrightSpire Capital, Inc. has the higher net margin (9.48% vs −12.2%) and the lower return on invested capital (−0.93% vs 0.79%). Both pay a dividend; INVESCO MORTGAGE CAPITAL INC yields more (28.7% vs 18.5%). Across the 21 metrics below, BrightSpire Capital, Inc. leads on 13 and INVESCO MORTGAGE CAPITAL INC on 8.

Valuation

Metric BRSP IVR Reit Mortgage median
P/E 23.67 n/m 14.55
P/S 2.10 1.71 1.72
P/B 0.49 0.79 0.52
Price to free cash flow 1.69 3.52 4.35
EV/EBITDA 7,711.58 106.14 28.27
EV/Sales 13.26 22.64 15.73
Earnings yield 4.23% (2.77%) 0.23%
Free cash flow yield 59.30% 28.42% 13.86%

Profitability

Metric BRSP IVR Reit Mortgage median
Gross margin 61.56% 32.85% 100.00%
Operating margin (22.97%) 26.98% 31.94%
Net margin 9.48% (12.24%) (1.81%)
Free cash flow margin 124.68% 0.00% 27.05%
Return on equity 2.08% (6.23%) (0.49%)
Return on assets 0.55% (0.61%) (0.06%)
Return on invested capital (0.93%) 0.79% 0.79%

Growth

Metric BRSP IVR Reit Mortgage median
Revenue growth (TTM) 1.39% 16.50% 1.39%
EPS growth (last fiscal year) 75.24% 103.08% 45.25%
Revenue growth, 5-year CAGR (6.15%) 1.06% 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BRSP IVR Reit Mortgage median
Debt to equity 2.79 7.57 2.91
Current ratio 0.82 0.06 0.82
Net debt to EBITDA (182.35) 105.08 18.31

Dividend

Metric BRSP IVR Reit Mortgage median
Dividend yield 18.50% 28.68% 17.37%
Payout ratio 4.44 1.05 1.87

Size

Metric BRSP IVR Reit Mortgage median
Market cap 431.38m 595.70m 409.49m

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