Blackstone Secured Lending Fund (BXSL) vs Maase Inc. - Sponsored ADR (MAAS)

Blackstone Secured Lending Fund and Maase Inc. - Sponsored ADR are both Asset Management companies. Blackstone Secured Lending Fund and Maase Inc. - Sponsored ADR are of similar size ($6.1B and $5.8B). Maase Inc. - Sponsored ADR has negative trailing earnings, so its P/E is not meaningful; Blackstone Secured Lending Fund trades at 19.4×. Blackstone Secured Lending Fund grew revenue faster over the last twelve months: −2.58% against −3.60%. Blackstone Secured Lending Fund has the higher net margin (21.5% vs −34.3%) and the higher return on invested capital (0.00% vs 0.00%). Across the 16 metrics below, Blackstone Secured Lending Fund leads on 13 and Maase Inc. - Sponsored ADR on 3.

Valuation

Metric BXSL MAAS Asset Management median
P/E 19.42 n/m 14.62
P/S 4.21 n/m 2.97
P/B 0.97 n/m 0.94
Price to free cash flow 38.76 n/m 8.93
EV/EBITDA n/m n/m 10.32
EV/Sales (0.26) 0.00 5.72
Earnings yield 5.15% (1.27%) 4.53%
Free cash flow yield 2.58% 0.00% 4.65%

Profitability

Metric BXSL MAAS Asset Management median
Gross margin 100.00% 0.00% 100.00%
Operating margin 82.62% 0.00% 33.03%
Net margin 21.53% (34.28%) 13.53%
Free cash flow margin 10.86% 0.00% 12.44%
Return on equity 4.80% 0.00% 4.83%
Return on assets 2.13% 0.00% 1.57%
Return on invested capital 0.00% 0.00% 3.04%

Growth

Metric BXSL MAAS Asset Management median
Revenue growth (TTM) (2.58%) (3.60%) 6.97%
EPS growth (last fiscal year) (28.70%) (1,986.84%) —
Revenue growth, 5-year CAGR 29.50% 42.86% 12.13%
Net income growth, 5-year CAGR 20.84% 0.00% 0.00%

Health

Metric BXSL MAAS Asset Management median
Debt to equity 1.27 0.00 0.42
Current ratio 1.74 53.08 1.28
Net debt to EBITDA (5.17) 0.94 1.06

Dividend

Metric BXSL MAAS Asset Management median
Dividend yield 10.34% — 6.92%
Payout ratio 0.84 0.00 0.77

Size

Metric BXSL MAAS Asset Management median
Market cap 5.77b 6.11b 721.34m

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