Carlyle Secured Lending, Inc. (CGBD) vs Kayne Anderson BDC, Inc. (KBDC)

Carlyle Secured Lending, Inc. and Kayne Anderson BDC, Inc. are both Asset Management companies. Kayne Anderson BDC, Inc. is the larger, with a market value of $841.3M against $749.3M — 1.1× the size. Kayne Anderson BDC, Inc. trades at the lower P/E: 15.2× against 20.7×. Carlyle Secured Lending, Inc. grew revenue faster over the last twelve months: 4.60% against 4.24%. Carlyle Secured Lending, Inc. has the higher net margin (14.4% vs 0.00%) and the higher return on invested capital (2.73% vs 0.00%). Both pay a dividend; Carlyle Secured Lending, Inc. yields more (13.8% vs 12.5%). Across the 19 metrics below, Carlyle Secured Lending, Inc. leads on 11 and Kayne Anderson BDC, Inc. on 8.

Valuation

Metric CGBD KBDC Asset Management median
P/E 20.68 15.19 13.38
P/S 2.91 3.57 2.99
P/B 0.70 0.81 0.91
Price to free cash flow 4.42 7.31 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.84% 6.58% 4.67%
Free cash flow yield 22.63% 13.68% 4.85%

Profitability

Metric CGBD KBDC Asset Management median
Gross margin 100.00% 84.96% 100.00%
Operating margin 0.00% 83.39% 27.27%
Net margin 14.39% 0.00% 11.89%
Free cash flow margin 65.93% 0.00% 5.96%
Return on equity 3.26% 5.20% 4.57%
Return on assets 1.47% 2.44% 1.40%
Return on invested capital 2.73% 0.00% 2.12%

Growth

Metric CGBD KBDC Asset Management median
Revenue growth (TTM) 4.60% 4.24% 7.26%
EPS growth (last fiscal year) (36.08%) (35.57%) (5.64%)
Revenue growth, 5-year CAGR 7.01% — 11.84%
Net income growth, 5-year CAGR 72.30% 0.00% 0.00%

Health

Metric CGBD KBDC Asset Management median
Debt to equity 1.22 1.15 0.40
Current ratio 0.00 0.00 1.23
Net debt to EBITDA 9.27 5.54 1.06

Dividend

Metric CGBD KBDC Asset Management median
Dividend yield 13.82% 12.54% 6.43%
Payout ratio 2.95 1.90 0.91

Size

Metric CGBD KBDC Asset Management median
Market cap 749.28m 841.32m 692.54m

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