Blackstone Secured Lending Fund (BXSL) vs Main Street Capital Corporation (MAIN)

Blackstone Secured Lending Fund and Main Street Capital Corporation are both Asset Management companies. Blackstone Secured Lending Fund is the larger, with a market value of $5.8B against $5.2B — 1.1× the size. Main Street Capital Corporation trades at the lower P/E: 11.1× against 19.4×. Main Street Capital Corporation grew revenue faster over the last twelve months: 3.00% against −2.58%. Main Street Capital Corporation has the higher net margin (78.5% vs 21.5%) and the higher return on invested capital (6.18% vs 0.00%). Both pay a dividend; Blackstone Secured Lending Fund yields more (10.3% vs 7.69%). Across the 20 metrics below, Main Street Capital Corporation leads on 11 and Blackstone Secured Lending Fund on 9.

Valuation

Metric BXSL MAIN Asset Management median
P/E 19.42 11.11 14.62
P/S 4.21 8.94 2.97
P/B 0.97 1.62 0.94
Price to free cash flow 38.76 n/m 8.93
EV/EBITDA n/m 11.18 10.32
EV/Sales (0.26) 9.85 5.72
Earnings yield 5.15% 9.00% 4.53%
Free cash flow yield 2.58% (2.92%) 4.65%

Profitability

Metric BXSL MAIN Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 82.62% 86.99% 33.03%
Net margin 21.53% 78.49% 13.53%
Free cash flow margin 10.86% (26.05%) 12.44%
Return on equity 4.80% 14.92% 4.83%
Return on assets 2.13% 8.04% 1.57%
Return on invested capital 0.00% 6.18% 3.04%

Growth

Metric BXSL MAIN Asset Management median
Revenue growth (TTM) (2.58%) 3.00% 6.97%
EPS growth (last fiscal year) (28.70%) (5.64%) —
Revenue growth, 5-year CAGR 29.50% 20.53% 12.13%
Net income growth, 5-year CAGR 20.84% 75.80% 0.00%

Health

Metric BXSL MAIN Asset Management median
Debt to equity 1.27 0.19 0.42
Current ratio 1.74 0.05 1.28
Net debt to EBITDA (5.17) 1.64 1.06

Dividend

Metric BXSL MAIN Asset Management median
Dividend yield 10.34% 7.69% 6.92%
Payout ratio 0.84 0.69 0.77

Size

Metric BXSL MAIN Asset Management median
Market cap 5.77b 5.15b 721.34m

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