CION Investment Corporation (CION) vs Gladstone Capital Corporation (GLAD)

CION Investment Corporation and Gladstone Capital Corporation are both Asset Management companies. Gladstone Capital Corporation is the larger, with a market value of $434.2M against $350.8M — 1.2× the size. Gladstone Capital Corporation trades at the lower P/E: 9.0× against 120×. Gladstone Capital Corporation grew revenue faster over the last twelve months: 11.3% against 2.65%. Gladstone Capital Corporation has the higher net margin (48.7% vs 1.17%) and the lower return on invested capital (5.89% vs 7.94%). Both pay a dividend; CION Investment Corporation yields more (12.1% vs 9.75%). Across the 19 metrics below, Gladstone Capital Corporation leads on 10 and CION Investment Corporation on 9.

Valuation

Metric CION GLAD Asset Management median
P/E 119.67 9.05 14.62
P/S 1.54 4.42 2.97
P/B 0.53 0.90 0.94
Price to free cash flow 8.04 n/m 8.93
EV/EBITDA 3.80 10.51 10.32
EV/Sales 1.51 6.55 5.72
Earnings yield 0.84% 11.05% 4.53%
Free cash flow yield 12.43% (34.47%) 4.65%

Profitability

Metric CION GLAD Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 36.19% 70.28% 33.03%
Net margin 1.17% 48.67% 13.53%
Free cash flow margin 19.12% (152.38%) 12.44%
Return on equity 0.38% 10.03% 4.83%
Return on assets 0.15% 5.50% 1.57%
Return on invested capital 7.94% 5.89% 3.04%

Growth

Metric CION GLAD Asset Management median
Revenue growth (TTM) 2.65% 11.29% 6.97%
EPS growth (last fiscal year) (161.90%) (41.24%) —
Revenue growth, 5-year CAGR 8.01% 13.19% 12.13%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CION GLAD Asset Management median
Debt to equity 0.00 0.00 0.42
Current ratio 0.04 0.03 1.28
Net debt to EBITDA (0.08) (0.30) 1.06

Dividend

Metric CION GLAD Asset Management median
Dividend yield 12.13% 9.75% 6.92%
Payout ratio 1.83 0.91 0.77

Size

Metric CION GLAD Asset Management median
Market cap 350.82m 434.24m 721.34m

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