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 $857.8M against $767.2M — 1.1× the size. Kayne Anderson BDC, Inc. trades at the lower P/E: 12.0× against 22.1×. Carlyle Secured Lending, Inc. grew revenue faster over the last twelve months: 10.7% against 4.24%. Kayne Anderson BDC, Inc. has the higher net margin (31.5% vs 14.3%) and the higher return on invested capital (5.43% vs 2.75%). Across the 20 metrics below, Kayne Anderson BDC, Inc. leads on 11 and Carlyle Secured Lending, Inc. on 9.

Valuation

Metric CGBD KBDC Asset Management median
P/E 22.10 11.99 14.62
P/S 3.01 3.67 2.97
P/B 0.72 0.82 0.94
Price to free cash flow 4.70 n/m 8.93
EV/EBITDA 9.15 10.31 10.32
EV/Sales 7.80 8.79 5.72
Earnings yield 4.53% 8.34% 4.53%
Free cash flow yield 21.29% (0.41%) 4.65%

Profitability

Metric CGBD KBDC Asset Management median
Gross margin 100.00% 84.96% 100.00%
Operating margin 74.29% 83.39% 33.03%
Net margin 14.26% 31.54% 13.53%
Free cash flow margin 64.17% (1.50%) 12.44%
Return on equity 3.25% 6.72% 4.83%
Return on assets 1.47% 3.24% 1.57%
Return on invested capital 2.75% 5.43% 3.04%

Growth

Metric CGBD KBDC Asset Management median
Revenue growth (TTM) 10.71% 4.24% 6.97%
EPS growth (last fiscal year) (36.08%) (35.75%) —
Revenue growth, 5-year CAGR 7.01% — 12.13%
Net income growth, 5-year CAGR 72.30% 0.00% 0.00%

Health

Metric CGBD KBDC Asset Management median
Debt to equity 1.20 1.16 0.42
Current ratio 0.79 1.25 1.28
Net debt to EBITDA 9.27 5.54 1.06

Dividend

Metric CGBD KBDC Asset Management median
Dividend yield 9.89% — 6.92%
Payout ratio 1.08 — 0.77

Size

Metric CGBD KBDC Asset Management median
Market cap 767.17m 857.83m 721.34m

Compare with another peer

Any metric, up to five companies and an Excel export Powerpack