CION Investment Corporation (CION) vs Saratoga Investment Corp (SAR)

CION Investment Corporation and Saratoga Investment Corp are both Asset Management companies. CION Investment Corporation is the larger, with a market value of $350.8M against $278.7M — 1.3× the size. Saratoga Investment Corp trades at the lower P/E: 17.1× against 120×. CION Investment Corporation grew revenue faster over the last twelve months: 2.65% against −12.9%. Saratoga Investment Corp has the higher net margin (12.7% vs 1.17%) and the lower return on invested capital (5.52% vs 7.94%). Both pay a dividend; Saratoga Investment Corp yields more (12.3% vs 12.1%). Across the 21 metrics below, Saratoga Investment Corp leads on 11 and CION Investment Corporation on 10.

Valuation

Metric CION SAR Asset Management median
P/E 119.67 17.11 14.62
P/S 1.54 2.24 2.97
P/B 0.53 0.73 0.94
Price to free cash flow 8.04 n/m 8.93
EV/EBITDA 3.80 3.03 10.32
EV/Sales 1.51 2.31 5.72
Earnings yield 0.84% 5.84% 4.53%
Free cash flow yield 12.43% (52.60%) 4.65%

Profitability

Metric CION SAR Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 36.19% 68.26% 33.03%
Net margin 1.17% 12.70% 13.53%
Free cash flow margin 19.12% (117.81%) 12.44%
Return on equity 0.38% 4.07% 4.83%
Return on assets 0.15% 1.31% 1.57%
Return on invested capital 7.94% 5.52% 3.04%

Growth

Metric CION SAR Asset Management median
Revenue growth (TTM) 2.65% (12.86%) 6.97%
EPS growth (last fiscal year) (161.90%) 14.36% —
Revenue growth, 5-year CAGR 8.01% 8.36% 12.13%
Net income growth, 5-year CAGR 0.00% (4.36%) 0.00%

Health

Metric CION SAR Asset Management median
Debt to equity 0.00 0.19 0.42
Current ratio 0.04 0.09 1.28
Net debt to EBITDA (0.08) 0.50 1.06

Dividend

Metric CION SAR Asset Management median
Dividend yield 12.13% 12.27% 6.92%
Payout ratio 1.83 1.13 0.77

Size

Metric CION SAR Asset Management median
Market cap 350.82m 278.68m 721.34m

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