Blackstone Secured Lending Fund (BXSL) vs HA Sustainable Infrastructure Capital, Inc. (HASI)

Blackstone Secured Lending Fund and HA Sustainable Infrastructure Capital, Inc. are both Asset Management companies. Blackstone Secured Lending Fund is the larger, with a market value of $5.8B against $4.7B — 1.2× the size. Blackstone Secured Lending Fund trades at the lower P/E: 19.4× against 55.1×. HA Sustainable Infrastructure Capital, Inc. grew revenue faster over the last twelve months: 26.5% against −2.58%. Blackstone Secured Lending Fund has the higher net margin (21.5% vs 18.6%) and the lower return on invested capital (0.00% vs 2.39%). Both pay a dividend; Blackstone Secured Lending Fund yields more (10.3% vs 6.73%). Across the 21 metrics below, Blackstone Secured Lending Fund leads on 14 and HA Sustainable Infrastructure Capital, Inc. on 7.

Valuation

Metric BXSL HASI Asset Management median
P/E 19.42 55.11 14.62
P/S 4.21 10.04 2.97
P/B 0.97 1.75 0.94
Price to free cash flow 38.76 14.34 8.93
EV/EBITDA n/m 30.90 10.32
EV/Sales (0.26) 22.25 5.72
Earnings yield 5.15% 1.81% 4.53%
Free cash flow yield 2.58% 6.98% 4.65%

Profitability

Metric BXSL HASI Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 82.62% 68.65% 33.03%
Net margin 21.53% 18.61% 13.53%
Free cash flow margin 10.86% 45.05% 12.44%
Return on equity 4.80% 3.29% 4.83%
Return on assets 2.13% 1.04% 1.57%
Return on invested capital 0.00% 2.39% 3.04%

Growth

Metric BXSL HASI Asset Management median
Revenue growth (TTM) (2.58%) 26.51% 6.97%
EPS growth (last fiscal year) (28.70%) (12.96%) —
Revenue growth, 5-year CAGR 29.50% 16.47% 12.13%
Net income growth, 5-year CAGR 20.84% 17.49% 0.00%

Health

Metric BXSL HASI Asset Management median
Debt to equity 1.27 2.23 0.42
Current ratio 1.74 8.89 1.28
Net debt to EBITDA (5.17) 17.91 1.06

Dividend

Metric BXSL HASI Asset Management median
Dividend yield 10.34% 6.73% 6.92%
Payout ratio 0.84 2.80 0.77

Size

Metric BXSL HASI Asset Management median
Market cap 5.77b 4.66b 721.34m

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