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 $693.2M against $517.5M — 1.3× the size. BrightSpire Capital, Inc. has negative trailing earnings, so its P/E is not meaningful; INVESCO MORTGAGE CAPITAL INC trades at 4.3×. INVESCO MORTGAGE CAPITAL INC grew revenue faster over the last twelve months: 7.29% against 4.70%. INVESCO MORTGAGE CAPITAL INC has the higher net margin (33.9% vs −13.1%) and the higher return on invested capital (0.69% vs −0.73%). Both pay a dividend; INVESCO MORTGAGE CAPITAL INC yields more (18.8% vs 12.0%). Across the 21 metrics below, INVESCO MORTGAGE CAPITAL INC leads on 12 and BrightSpire Capital, Inc. on 9.

Valuation

Metric BRSP IVR Reit Mortgage median
P/E n/m 4.33 7.80
P/S 2.54 1.93 1.90
P/B 0.61 0.74 0.61
Price to free cash flow 2.96 3.66 5.90
EV/EBITDA 199.78 100.35 28.40
EV/Sales 13.12 23.17 16.02
Earnings yield (5.62%) 23.09% 7.68%
Free cash flow yield 33.81% 27.29% 11.60%

Profitability

Metric BRSP IVR Reit Mortgage median
Gross margin 61.90% 30.40% 100.00%
Operating margin (17.17%) 24.27% 35.40%
Net margin (13.14%) 33.93% 11.85%
Free cash flow margin 85.71% 52.56% 26.68%
Return on equity (2.92%) 15.68% 4.81%
Return on assets (0.75%) 1.70% 0.62%
Return on invested capital (0.73%) 0.69% 1.22%

Growth

Metric BRSP IVR Reit Mortgage median
Revenue growth (TTM) 4.70% 7.29% 4.70%
EPS growth (last fiscal year) 75.24% 103.08% —
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 2.75 6.27 3.30
Current ratio 0.83 0.04 1.00
Net debt to EBITDA (182.35) 105.08 18.31

Dividend

Metric BRSP IVR Reit Mortgage median
Dividend yield 12.03% 18.77% 13.05%
Payout ratio 8.00 0.41 1.24

Size

Metric BRSP IVR Reit Mortgage median
Market cap 517.48m 693.21m 517.48m

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