Carlyle Secured Lending, Inc. (CGBD) vs Fidus Investment Corporation (FDUS)

Carlyle Secured Lending, Inc. and Fidus Investment Corporation are both Asset Management companies. Carlyle Secured Lending, Inc. and Fidus Investment Corporation are of similar size ($775.5M and $749.3M). Fidus Investment Corporation trades at the lower P/E: 9.4× against 20.7×. Fidus Investment Corporation grew revenue faster over the last twelve months: 18.5% against 4.60%. Fidus Investment Corporation has the higher net margin (43.8% vs 14.4%) and the higher return on invested capital (7.25% vs 2.73%). Both pay a dividend; Carlyle Secured Lending, Inc. yields more (13.8% vs 2.20%). Across the 18 metrics below, Fidus Investment Corporation leads on 12 and Carlyle Secured Lending, Inc. on 6.

Valuation

Metric CGBD FDUS Asset Management median
P/E 20.68 9.42 13.38
P/S 2.91 4.24 2.99
P/B 0.70 0.98 0.91
Price to free cash flow 4.42 n/m 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.84% 10.62% 4.67%
Free cash flow yield 22.63% (22.85%) 4.85%

Profitability

Metric CGBD FDUS Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 0.00% 71.39% 27.27%
Net margin 14.39% 43.83% 11.89%
Free cash flow margin 65.93% (96.89%) 5.96%
Return on equity 3.26% 10.57% 4.57%
Return on assets 1.47% 5.64% 1.40%
Return on invested capital 2.73% 7.25% 2.12%

Growth

Metric CGBD FDUS Asset Management median
Revenue growth (TTM) 4.60% 18.47% 7.26%
EPS growth (last fiscal year) (36.08%) (3.33%) (5.64%)
Revenue growth, 5-year CAGR 7.01% 12.86% 11.84%
Net income growth, 5-year CAGR 72.30% 21.42% 0.00%

Health

Metric CGBD FDUS Asset Management median
Debt to equity 1.22 0.00 0.40
Current ratio 0.00 0.00 1.23
Net debt to EBITDA 9.27 1.36 1.06

Dividend

Metric CGBD FDUS Asset Management median
Dividend yield 13.82% 2.20% 6.43%
Payout ratio 2.95 0.21 0.91

Size

Metric CGBD FDUS Asset Management median
Market cap 749.28m 775.53m 692.54m

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