Blackstone Mortgage Trust, Inc. (BXMT) vs Rithm Capital Corp. (RITM)

Blackstone Mortgage Trust, Inc. and Rithm Capital Corp. are both Reit Mortgage companies. Rithm Capital Corp. is the larger, with a market value of $5.3B against $1.9B — 2.8× the size. Blackstone Mortgage Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; Rithm Capital Corp. trades at 14.6×. Rithm Capital Corp. grew revenue faster over the last twelve months: 5.98% against −1.80%. Rithm Capital Corp. has the higher net margin (9.89% vs −24.7%) and the lower return on invested capital (3.53% vs 4.09%). Both pay a dividend; Blackstone Mortgage Trust, Inc. yields more (16.5% vs 10.6%). Across the 21 metrics below, Rithm Capital Corp. leads on 11 and Blackstone Mortgage Trust, Inc. on 10.

Valuation

Metric BXMT RITM Reit Mortgage median
P/E n/m 14.55 14.55
P/S 1.26 1.46 1.72
P/B 0.68 0.70 0.52
Price to free cash flow 6.10 n/m 4.35
EV/EBITDA 13.69 15.17 28.27
EV/Sales 10.25 12.44 15.73
Earnings yield (19.53%) 6.87% 0.23%
Free cash flow yield 16.40% (30.22%) 13.86%

Profitability

Metric BXMT RITM Reit Mortgage median
Gross margin 78.72% 100.00% 100.00%
Operating margin 71.10% 76.32% 31.94%
Net margin (24.71%) 9.89% (1.81%)
Free cash flow margin 20.73% (44.06%) 27.05%
Return on equity (11.65%) 4.86% (0.49%)
Return on assets (2.02%) 0.69% (0.06%)
Return on invested capital 4.09% 3.53% 0.79%

Growth

Metric BXMT RITM Reit Mortgage median
Revenue growth (TTM) (1.80%) 5.98% 1.39%
EPS growth (last fiscal year) 154.70% (37.72%) 45.25%
Revenue growth, 5-year CAGR 14.60% 64.52% 14.60%
Net income growth, 5-year CAGR (4.46%) 0.00% 0.00%

Health

Metric BXMT RITM Reit Mortgage median
Debt to equity 4.98 4.62 2.91
Current ratio 0.00 0.55 0.82
Net debt to EBITDA 12.49 15.22 18.31

Dividend

Metric BXMT RITM Reit Mortgage median
Dividend yield 16.46% 10.57% 17.37%
Payout ratio 20.89 1.59 1.87

Size

Metric BXMT RITM Reit Mortgage median
Market cap 1.90b 5.28b 409.49m

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