Crescent Capital BDC, Inc. (CCAP) vs Palmer Square Capital BDC Inc. (PSBD)

Crescent Capital BDC, Inc. and Palmer Square Capital BDC Inc. are both Asset Management companies. Crescent Capital BDC, Inc. is the larger, with a market value of $353.0M against $315.1M — 1.1× the size. Crescent Capital BDC, Inc. grew revenue faster over the last twelve months: −14.6% against −14.9%. Crescent Capital BDC, Inc. has the higher net margin (−2.03% vs −26.7%) and the higher return on invested capital (2.58% vs 0.00%). Across the 20 metrics below, Palmer Square Capital BDC Inc. leads on 11 and Crescent Capital BDC, Inc. on 9.

Valuation

Metric CCAP PSBD Asset Management median
P/E n/m n/m 14.62
P/S 2.26 2.65 2.97
P/B 0.54 0.75 0.94
Price to free cash flow 8.94 2.47 8.93
EV/EBITDA 20.25 n/m 10.32
EV/Sales 7.93 (3.62) 5.72
Earnings yield (0.94%) (10.07%) 4.53%
Free cash flow yield 11.19% 40.55% 4.65%

Profitability

Metric CCAP PSBD Asset Management median
Gross margin 64.03% 100.00% 100.00%
Operating margin 40.82% 83.05% 33.03%
Net margin (2.03%) (26.72%) 13.53%
Free cash flow margin 25.23% 107.44% 12.44%
Return on equity (0.46%) (6.75%) 4.83%
Return on assets (0.19%) (2.51%) 1.57%
Return on invested capital 2.58% 0.00% 3.04%

Growth

Metric CCAP PSBD Asset Management median
Revenue growth (TTM) (14.62%) (14.85%) 6.97%
EPS growth (last fiscal year) (53.27%) (106.80%) —
Revenue growth, 5-year CAGR 16.75% 37.33% 12.13%
Net income growth, 5-year CAGR (8.79%) 0.00% 0.00%

Health

Metric CCAP PSBD Asset Management median
Debt to equity 1.41 0.97 0.42
Current ratio 1.30 1.56 1.28
Net debt to EBITDA 12.92 (7.53) 1.06

Dividend

Metric CCAP PSBD Asset Management median
Dividend yield 10.87% — 6.92%
Payout ratio 1.89 — 0.77

Size

Metric CCAP PSBD Asset Management median
Market cap 352.98m 315.10m 721.34m

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