Burford Capital Limited (BUR) vs Carlyle Secured Lending, Inc. (CGBD)

Burford Capital Limited and Carlyle Secured Lending, Inc. are both Asset Management companies. Burford Capital Limited is the larger, with a market value of $869.6M against $749.3M — 1.2× the size. Burford Capital Limited has negative trailing earnings, so its P/E is not meaningful; Carlyle Secured Lending, Inc. trades at 21.3×. Carlyle Secured Lending, Inc. grew revenue faster over the last twelve months: 4.60% against −402.2%. Burford Capital Limited has the higher net margin (115.0% vs 14.4%) and the lower return on invested capital (−27.1% vs 2.73%). Both pay a dividend; Carlyle Secured Lending, Inc. yields more (13.4% vs 1.74%). Across the 17 metrics below, Carlyle Secured Lending, Inc. leads on 12 and Burford Capital Limited on 5.

Valuation

Metric BUR CGBD Asset Management median
P/E n/m 21.29 13.35
P/S n/m 3.00 3.01
P/B 0.52 0.72 0.91
Price to free cash flow n/m 4.55 7.27
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (207.91%) 4.70% 4.59%
Free cash flow yield (37.01%) 21.98% 4.88%

Profitability

Metric BUR CGBD Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 99.48% 0.00% 28.39%
Net margin 115.02% 14.39% 11.89%
Free cash flow margin 20.41% 65.93% 5.96%
Return on equity (70.01%) 3.26% 4.61%
Return on assets (30.20%) 1.47% 1.45%
Return on invested capital (27.12%) 2.73% 2.27%

Growth

Metric BUR CGBD Asset Management median
Revenue growth (TTM) (402.21%) 4.60% 7.26%
EPS growth (last fiscal year) (57.58%) (36.08%) (5.64%)
Revenue growth, 5-year CAGR 2.85% 7.01% 11.84%
Net income growth, 5-year CAGR (17.64%) 72.30% 0.00%

Health

Metric BUR CGBD Asset Management median
Debt to equity 1.53 1.22 0.39
Current ratio 11.94 0.00 1.25
Net debt to EBITDA 6.34 9.27 1.06

Dividend

Metric BUR CGBD Asset Management median
Dividend yield 1.74% 13.43% 6.43%
Payout ratio — 2.95 0.92

Size

Metric BUR CGBD Asset Management median
Market cap 869.60m 749.28m 677.66m

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