Carlyle Secured Lending, Inc. (CGBD) vs PennantPark Floating Rate Capital Ltd. (PFLT)

Carlyle Secured Lending, Inc. and PennantPark Floating Rate Capital Ltd. are both Asset Management companies. Carlyle Secured Lending, Inc. is the larger, with a market value of $749.3M against $677.7M — 1.1× the size. PennantPark Floating Rate Capital Ltd. trades at the lower P/E: 13.4× against 20.7×. PennantPark Floating Rate Capital Ltd. grew revenue faster over the last twelve months: 9.33% against 4.60%. PennantPark Floating Rate Capital Ltd. has the higher net margin (18.5% vs 14.4%) and the higher return on invested capital (3.51% vs 2.73%). Both pay a dividend; PennantPark Floating Rate Capital Ltd. yields more (15.2% vs 13.8%). Across the 19 metrics below, PennantPark Floating Rate Capital Ltd. leads on 15 and Carlyle Secured Lending, Inc. on 4.

Valuation

Metric CGBD PFLT Asset Management median
P/E 20.68 13.37 13.38
P/S 2.91 2.50 2.99
P/B 0.70 0.66 0.91
Price to free cash flow 4.42 n/m 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.84% 7.48% 4.67%
Free cash flow yield 22.63% (8.63%) 4.85%

Profitability

Metric CGBD PFLT Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 0.00% 76.57% 27.27%
Net margin 14.39% 18.53% 11.89%
Free cash flow margin 65.93% (21.54%) 5.96%
Return on equity 3.26% 4.77% 4.57%
Return on assets 1.47% 1.95% 1.40%
Return on invested capital 2.73% 3.51% 2.12%

Growth

Metric CGBD PFLT Asset Management median
Revenue growth (TTM) 4.60% 9.33% 7.26%
EPS growth (last fiscal year) (36.08%) (48.57%) (5.64%)
Revenue growth, 5-year CAGR 7.01% 22.32% 11.84%
Net income growth, 5-year CAGR 72.30% 29.23% 0.00%

Health

Metric CGBD PFLT Asset Management median
Debt to equity 1.22 0.94 0.40
Current ratio 0.00 0.19 1.23
Net debt to EBITDA 9.27 3.46 1.06

Dividend

Metric CGBD PFLT Asset Management median
Dividend yield 13.82% 15.21% 6.43%
Payout ratio 2.95 2.03 0.91

Size

Metric CGBD PFLT Asset Management median
Market cap 749.28m 677.66m 692.54m

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