Blackstone Secured Lending Fund (BXSL) vs StepStone Group Inc. (STEP)

Blackstone Secured Lending Fund and StepStone Group Inc. are both Asset Management companies. Blackstone Secured Lending Fund and StepStone Group Inc. are of similar size ($5.8B and $5.3B). StepStone Group Inc. has negative trailing earnings, so its P/E is not meaningful; Blackstone Secured Lending Fund trades at 19.4×. StepStone Group Inc. grew revenue faster over the last twelve months: 48.5% against −2.58%. Blackstone Secured Lending Fund has the higher net margin (21.5% vs −30.5%) and the higher return on invested capital (0.00% vs −42.5%). Both pay a dividend; Blackstone Secured Lending Fund yields more (10.3% vs 2.50%). Across the 19 metrics below, Blackstone Secured Lending Fund leads on 17 and StepStone Group Inc. on 2.

Valuation

Metric BXSL STEP Asset Management median
P/E 19.42 n/m 14.62
P/S 4.21 1.81 2.97
P/B 0.97 3.75 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) 2.18 5.72
Earnings yield 5.15% (17.40%) 4.53%
Free cash flow yield 2.58% (12.08%) 4.65%

Profitability

Metric BXSL STEP Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 82.62% (58.22%) 33.03%
Net margin 21.53% (30.53%) 13.53%
Free cash flow margin 10.86% (21.88%) 12.44%
Return on equity 4.80% (55.72%) 4.83%
Return on assets 2.13% (9.77%) 1.57%
Return on invested capital 0.00% (42.51%) 3.04%

Growth

Metric BXSL STEP Asset Management median
Revenue growth (TTM) (2.58%) 48.46% 6.97%
EPS growth (last fiscal year) (28.70%) (169.05%) —
Revenue growth, 5-year CAGR 29.50% 20.41% 12.13%
Net income growth, 5-year CAGR 20.84% 0.00% 0.00%

Health

Metric BXSL STEP Asset Management median
Debt to equity 1.27 1.50 0.42
Current ratio 1.74 0.19 1.28
Net debt to EBITDA (5.17) (0.08) 1.06

Dividend

Metric BXSL STEP Asset Management median
Dividend yield 10.34% 2.50% 6.92%
Payout ratio 0.84 4.77 0.77

Size

Metric BXSL STEP Asset Management median
Market cap 5.77b 5.26b 721.34m

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