Blackstone Mortgage Trust, Inc. (BXMT) vs Ladder Capital Corp (LADR)

Blackstone Mortgage Trust, Inc. and Ladder Capital Corp are both Reit Mortgage companies. Blackstone Mortgage Trust, Inc. is the larger, with a market value of $2.1B against $1.2B — 1.8× the size. Ladder Capital Corp trades at the lower P/E: 21.6× against 140×. Blackstone Mortgage Trust, Inc. grew revenue faster over the last twelve months: −3.63% against −11.0%. Ladder Capital Corp has the higher net margin (54.6% vs 1.00%) and the lower return on invested capital (0.56% vs 3.82%). Both pay a dividend; Blackstone Mortgage Trust, Inc. yields more (13.4% vs 8.62%). Across the 23 metrics below, Blackstone Mortgage Trust, Inc. leads on 12 and Ladder Capital Corp on 11.

Valuation

Metric BXMT LADR Reit Mortgage median
P/E 140.00 21.62 7.80
P/S 1.38 11.83 1.90
P/B 0.65 0.79 0.61
Price to free cash flow 6.49 12.02 5.90
EV/EBITDA 14.75 49.67 28.40
EV/Sales 11.35 53.10 16.02
Earnings yield 0.71% 4.63% 7.68%
Free cash flow yield 15.41% 8.32% 11.60%

Profitability

Metric BXMT LADR Reit Mortgage median
Gross margin 81.49% 100.00% 100.00%
Operating margin 73.85% 49.94% 35.40%
Net margin 1.00% 54.61% 11.85%
Free cash flow margin 21.32% 99.69% 26.68%
Return on equity 0.45% 3.57% 4.81%
Return on assets 0.08% 1.04% 0.62%
Return on invested capital 3.82% 0.56% 1.22%

Growth

Metric BXMT LADR Reit Mortgage median
Revenue growth (TTM) (3.63%) (10.95%) 4.70%
EPS growth (last fiscal year) 154.70% (40.70%) —
Revenue growth, 5-year CAGR 14.60% 49.36% 14.60%
Net income growth, 5-year CAGR (4.46%) 0.00% 0.00%

Health

Metric BXMT LADR Reit Mortgage median
Debt to equity 4.83 2.81 3.30
Current ratio 0.00 44.15 1.00
Net debt to EBITDA 12.49 36.15 18.31

Dividend

Metric BXMT LADR Reit Mortgage median
Dividend yield 13.37% 8.62% 13.05%
Payout ratio 1.56 0.83 1.24

Size

Metric BXMT LADR Reit Mortgage median
Market cap 2.09b 1.15b 517.48m

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