Cohen & Steers Inc (CNS) vs FS KKR Capital Corp. (FSK)

Cohen & Steers Inc and FS KKR Capital Corp. are both Asset Management companies. Cohen & Steers Inc is the larger, with a market value of $3.8B against $3.2B — 1.2× the size. FS KKR Capital Corp. has negative trailing earnings, so its P/E is not meaningful; Cohen & Steers Inc trades at 22.4×. Cohen & Steers Inc grew revenue faster over the last twelve months: 8.60% against −21.7%. Cohen & Steers Inc has the higher net margin (28.2% vs −41.8%) and the higher return on invested capital (0.00% vs 0.00%). Both pay a dividend; FS KKR Capital Corp. yields more (16.5% vs 3.58%). Across the 18 metrics below, Cohen & Steers Inc leads on 11 and FS KKR Capital Corp. on 7.

Valuation

Metric CNS FSK Asset Management median
P/E 22.38 n/m 13.38
P/S 6.31 2.64 2.99
P/B 5.56 0.65 0.91
Price to free cash flow 105.86 2.01 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.47% (15.68%) 4.67%
Free cash flow yield 0.94% 49.69% 4.85%

Profitability

Metric CNS FSK Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 32.40% 0.00% 27.27%
Net margin 28.16% (41.75%) 11.89%
Free cash flow margin 5.96% 131.07% 5.96%
Return on equity 27.10% (9.25%) 4.57%
Return on assets 38.10% (4.03%) 1.40%
Return on invested capital 0.00% 0.00% 2.12%

Growth

Metric CNS FSK Asset Management median
Revenue growth (TTM) 8.60% (21.67%) 7.26%
EPS growth (last fiscal year) 0.00% (98.09%) (5.64%)
Revenue growth, 5-year CAGR 5.40% 18.91% 11.84%
Net income growth, 5-year CAGR 14.88% 0.00% 0.00%

Health

Metric CNS FSK Asset Management median
Debt to equity 0.00 1.21 0.40
Current ratio 9.19 2.28 1.23
Net debt to EBITDA (2.97) 6.40 1.06

Dividend

Metric CNS FSK Asset Management median
Dividend yield 3.58% 16.53% 6.43%
Payout ratio 0.81 — 0.91

Size

Metric CNS FSK Asset Management median
Market cap 3.77b 3.22b 692.54m

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