Blackstone Secured Lending Fund (BXSL) vs Victory Capital Holdings, Inc. (VCTR)

Blackstone Secured Lending Fund and Victory Capital Holdings, Inc. are both Asset Management companies. Victory Capital Holdings, Inc. is the larger, with a market value of $6.5B against $5.8B — 1.1× the size. Blackstone Secured Lending Fund trades at the lower P/E: 19.4× against 19.8×. Victory Capital Holdings, Inc. grew revenue faster over the last twelve months: 51.5% against −2.58%. Victory Capital Holdings, Inc. has the higher net margin (22.7% vs 21.5%) and the higher return on invested capital (12.3% vs 0.00%). Both pay a dividend; Blackstone Secured Lending Fund yields more (10.3% vs 3.93%). Across the 21 metrics below, Blackstone Secured Lending Fund leads on 11 and Victory Capital Holdings, Inc. on 10.

Valuation

Metric BXSL VCTR Asset Management median
P/E 19.42 19.81 14.62
P/S 4.21 4.34 2.97
P/B 0.97 2.85 0.94
Price to free cash flow 38.76 11.99 8.93
EV/EBITDA n/m 10.50 10.32
EV/Sales (0.26) 4.91 5.72
Earnings yield 5.15% 5.05% 4.53%
Free cash flow yield 2.58% 8.34% 4.65%

Profitability

Metric BXSL VCTR Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 82.62% 41.33% 33.03%
Net margin 21.53% 22.65% 13.53%
Free cash flow margin 10.86% 36.16% 12.44%
Return on equity 4.80% 14.59% 4.83%
Return on assets 2.13% 8.38% 1.57%
Return on invested capital 0.00% 12.30% 3.04%

Growth

Metric BXSL VCTR Asset Management median
Revenue growth (TTM) (2.58%) 51.50% 6.97%
EPS growth (last fiscal year) (28.70%) (6.85%) —
Revenue growth, 5-year CAGR 29.50% 10.99% 12.13%
Net income growth, 5-year CAGR 20.84% 4.92% 0.00%

Health

Metric BXSL VCTR Asset Management median
Debt to equity 1.27 0.41 0.42
Current ratio 1.74 1.29 1.28
Net debt to EBITDA (5.17) 1.46 1.06

Dividend

Metric BXSL VCTR Asset Management median
Dividend yield 10.34% 3.93% 6.92%
Payout ratio 0.84 0.35 0.77

Size

Metric BXSL VCTR Asset Management median
Market cap 5.77b 6.53b 721.34m

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