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CION Investment Corporation (CION) vs Palmer Square Capital BDC Inc. (PSBD)

CION Investment Corporation and Palmer Square Capital BDC Inc. are both Asset Management companies. CION Investment Corporation and Palmer Square Capital BDC Inc. are of similar size ($324.7M and $303.1M). Palmer Square Capital BDC Inc. grew revenue faster over the last twelve months: −14.9% against −17.8%. Palmer Square Capital BDC Inc. has the higher net margin (0.00% vs −18.2%) and the lower return on invested capital (0.00% vs 5.73%). Both pay a dividend; CION Investment Corporation yields more (20.6% vs 10.9%). Across the 18 metrics below, Palmer Square Capital BDC Inc. leads on 10 and CION Investment Corporation on 8.

Valuation

Metric CION PSBD Asset Management median
P/E n/m n/m 13.38
P/S 1.61 2.63 2.99
P/B 0.50 0.75 0.91
Price to free cash flow 1.06 1.85 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (10.59%) (6.37%) 4.67%
Free cash flow yield 94.31% 54.09% 4.85%

Profitability

Metric CION PSBD Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 28.63% 83.05% 27.27%
Net margin (18.23%) 0.00% 11.89%
Free cash flow margin 152.28% 0.00% 5.96%
Return on equity (5.16%) (4.49%) 4.57%
Return on assets (2.14%) (1.68%) 1.40%
Return on invested capital 5.73% 0.00% 2.12%

Growth

Metric CION PSBD Asset Management median
Revenue growth (TTM) (17.76%) (14.85%) 7.26%
EPS growth (last fiscal year) (161.90%) (106.80%) (5.64%)
Revenue growth, 5-year CAGR 8.01% 37.33% 11.84%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CION PSBD Asset Management median
Debt to equity 0.00 0.88 0.40
Current ratio 0.04 1.57 1.23
Net debt to EBITDA (0.08) (7.53) 1.06

Dividend

Metric CION PSBD Asset Management median
Dividend yield 20.57% 10.92% 6.43%
Payout ratio 26.00 — 0.91

Size

Metric CION PSBD Asset Management median
Market cap 324.74m 303.14m 692.54m

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