Crescent Capital BDC, Inc. (CCAP) vs Gladstone Capital Corporation (GLAD)

Crescent Capital BDC, Inc. and Gladstone Capital Corporation are both Asset Management companies. Gladstone Capital Corporation is the larger, with a market value of $434.2M against $353.0M — 1.2× the size. Crescent Capital BDC, Inc. has negative trailing earnings, so its P/E is not meaningful; Gladstone Capital Corporation trades at 9.0×. Gladstone Capital Corporation grew revenue faster over the last twelve months: 11.3% against −14.6%. Gladstone Capital Corporation has the higher net margin (48.7% vs −2.03%) and the higher return on invested capital (5.89% vs 2.58%). Both pay a dividend; Crescent Capital BDC, Inc. yields more (10.9% vs 9.75%). Across the 21 metrics below, Gladstone Capital Corporation leads on 14 and Crescent Capital BDC, Inc. on 7.

Valuation

Metric CCAP GLAD Asset Management median
P/E n/m 9.05 14.62
P/S 2.26 4.42 2.97
P/B 0.54 0.90 0.94
Price to free cash flow 8.94 n/m 8.93
EV/EBITDA 20.25 10.51 10.32
EV/Sales 7.93 6.55 5.72
Earnings yield (0.94%) 11.05% 4.53%
Free cash flow yield 11.19% (34.47%) 4.65%

Profitability

Metric CCAP GLAD Asset Management median
Gross margin 64.03% 100.00% 100.00%
Operating margin 40.82% 70.28% 33.03%
Net margin (2.03%) 48.67% 13.53%
Free cash flow margin 25.23% (152.38%) 12.44%
Return on equity (0.46%) 10.03% 4.83%
Return on assets (0.19%) 5.50% 1.57%
Return on invested capital 2.58% 5.89% 3.04%

Growth

Metric CCAP GLAD Asset Management median
Revenue growth (TTM) (14.62%) 11.29% 6.97%
EPS growth (last fiscal year) (53.27%) (41.24%) —
Revenue growth, 5-year CAGR 16.75% 13.19% 12.13%
Net income growth, 5-year CAGR (8.79%) 0.00% 0.00%

Health

Metric CCAP GLAD Asset Management median
Debt to equity 1.41 0.00 0.42
Current ratio 1.30 0.03 1.28
Net debt to EBITDA 12.92 (0.30) 1.06

Dividend

Metric CCAP GLAD Asset Management median
Dividend yield 10.87% 9.75% 6.92%
Payout ratio 1.89 0.91 0.77

Size

Metric CCAP GLAD Asset Management median
Market cap 352.98m 434.24m 721.34m

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