Crescent Capital BDC, Inc. (CCAP) vs Runway Growth Finance Corp. (RWAY)

Crescent Capital BDC, Inc. and Runway Growth Finance Corp. are both Asset Management companies. Crescent Capital BDC, Inc. is the larger, with a market value of $353.0M against $282.1M — 1.3× the size. Crescent Capital BDC, Inc. has negative trailing earnings, so its P/E is not meaningful; Runway Growth Finance Corp. trades at 61.6×. Runway Growth Finance Corp. grew revenue faster over the last twelve months: −5.47% against −14.6%. Runway Growth Finance Corp. has the higher net margin (5.82% vs −2.03%) and the higher return on invested capital (2.96% vs 2.58%). Both pay a dividend; Runway Growth Finance Corp. yields more (13.4% vs 10.9%). Across the 21 metrics below, Runway Growth Finance Corp. leads on 17 and Crescent Capital BDC, Inc. on 4.

Valuation

Metric CCAP RWAY Asset Management median
P/E n/m 61.64 14.62
P/S 2.26 2.14 2.97
P/B 0.54 0.57 0.94
Price to free cash flow 8.94 n/m 8.93
EV/EBITDA 20.25 10.13 10.32
EV/Sales 7.93 7.27 5.72
Earnings yield (0.94%) 1.62% 4.53%
Free cash flow yield 11.19% (26.42%) 4.65%

Profitability

Metric CCAP RWAY Asset Management median
Gross margin 64.03% 100.00% 100.00%
Operating margin 40.82% 75.26% 33.03%
Net margin (2.03%) 5.82% 13.53%
Free cash flow margin 25.23% (56.56%) 12.44%
Return on equity (0.46%) 1.55% 4.83%
Return on assets (0.19%) 0.69% 1.57%
Return on invested capital 2.58% 2.96% 3.04%

Growth

Metric CCAP RWAY Asset Management median
Revenue growth (TTM) (14.62%) (5.47%) 6.97%
EPS growth (last fiscal year) (53.27%) (50.79%) —
Revenue growth, 5-year CAGR 16.75% 18.97% 12.13%
Net income growth, 5-year CAGR (8.79%) (6.24%) 0.00%

Health

Metric CCAP RWAY Asset Management median
Debt to equity 1.41 1.38 0.42
Current ratio 1.30 0.93 1.28
Net debt to EBITDA 12.92 4.42 1.06

Dividend

Metric CCAP RWAY Asset Management median
Dividend yield 10.87% 13.44% 6.92%
Payout ratio 1.89 1.00 0.77

Size

Metric CCAP RWAY Asset Management median
Market cap 352.98m 282.05m 721.34m

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