CION Investment Corporation (CION) vs PennantPark Investment Corporation (PNNT)

CION Investment Corporation and PennantPark Investment Corporation are both Asset Management companies. CION Investment Corporation is the larger, with a market value of $312.4M against $220.1M — 1.4× the size. CION Investment Corporation has negative trailing earnings, so its P/E is not meaningful; PennantPark Investment Corporation trades at 21.6×. CION Investment Corporation grew revenue faster over the last twelve months: −17.8% against −19.9%. PennantPark Investment Corporation has the higher net margin (9.66% vs −18.2%) and the lower return on invested capital (2.65% vs 5.73%). Both pay a dividend; CION Investment Corporation yields more (21.3% vs 14.3%). Across the 19 metrics below, CION Investment Corporation leads on 12 and PennantPark Investment Corporation on 7.

Valuation

Metric CION PNNT Asset Management median
P/E n/m 21.59 13.79
P/S 1.56 2.09 3.05
P/B 0.48 0.51 0.90
Price to free cash flow 1.02 1.93 8.01
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (10.97%) 4.63% 4.59%
Free cash flow yield 97.71% 51.75% 4.68%

Profitability

Metric CION PNNT Asset Management median
Gross margin 100.00% 80.01% 100.00%
Operating margin 28.63% 74.72% 32.18%
Net margin (18.23%) 9.66% 13.21%
Free cash flow margin 152.28% 107.91% 11.44%
Return on equity (5.16%) 2.23% 4.66%
Return on assets (2.14%) 0.81% 1.45%
Return on invested capital 5.73% 2.65% 2.90%

Growth

Metric CION PNNT Asset Management median
Revenue growth (TTM) (17.76%) (19.87%) 7.13%
EPS growth (last fiscal year) (161.90%) (33.33%) (5.64%)
Revenue growth, 5-year CAGR 8.01% 4.07% 11.84%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CION PNNT Asset Management median
Debt to equity 0.00 1.28 0.37
Current ratio 0.04 0.18 1.27
Net debt to EBITDA (0.08) 7.74 1.06

Dividend

Metric CION PNNT Asset Management median
Dividend yield 21.32% 14.33% 6.56%
Payout ratio 26.00 3.09 0.90

Size

Metric CION PNNT Asset Management median
Market cap 312.44m 220.05m 680.64m

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