CION Investment Corporation (CION) vs Noah Holdings Ltd. (NOAH)

CION Investment Corporation and Noah Holdings Ltd. are both Asset Management companies. Noah Holdings Ltd. is the larger, with a market value of $466.3M against $324.7M — 1.4× the size. CION Investment Corporation has negative trailing earnings, so its P/E is not meaningful; Noah Holdings Ltd. trades at 5.6×. Noah Holdings Ltd. grew revenue faster over the last twelve months: 8.07% against −17.8%. Noah Holdings Ltd. has the higher net margin (22.7% vs −18.2%) and the higher return on invested capital (12.3% vs 5.73%). Both pay a dividend; CION Investment Corporation yields more (20.6% vs 19.9%). Across the 17 metrics below, Noah Holdings Ltd. leads on 12 and CION Investment Corporation on 5.

Valuation

Metric CION NOAH Asset Management median
P/E n/m 5.56 13.38
P/S 1.61 1.24 2.99
P/B 0.50 0.33 0.91
Price to free cash flow 1.06 2.15 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (10.59%) 17.99% 4.67%
Free cash flow yield 94.31% 46.60% 4.85%

Profitability

Metric CION NOAH Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 28.63% 33.71% 27.27%
Net margin (18.23%) 22.67% 11.89%
Free cash flow margin 152.28% 57.74% 5.96%
Return on equity (5.16%) 0.00% 4.57%
Return on assets (2.14%) 5.17% 1.40%
Return on invested capital 5.73% 12.31% 2.12%

Growth

Metric CION NOAH Asset Management median
Revenue growth (TTM) (17.76%) 8.07% 7.26%
EPS growth (last fiscal year) (161.90%) 23.91% (5.64%)
Revenue growth, 5-year CAGR 8.01% (5.93%) 11.84%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CION NOAH Asset Management median
Debt to equity 0.00 0.00 0.40
Current ratio 0.04 3.61 1.23
Net debt to EBITDA (0.08) (5.39) 1.06

Dividend

Metric CION NOAH Asset Management median
Dividend yield 20.57% 19.89% 6.43%
Payout ratio 26.00 1.11 0.91

Size

Metric CION NOAH Asset Management median
Market cap 324.74m 466.32m 692.54m

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