Cohen & Steers Inc (CNS) vs Golub Capital BDC, Inc. (GBDC)

Cohen & Steers Inc and Golub Capital BDC, Inc. are both Asset Management companies. Cohen & Steers Inc is the larger, with a market value of $3.8B against $3.4B — 1.1× the size. Golub Capital BDC, Inc. trades at the lower P/E: 19.9× against 22.4×. Cohen & Steers Inc grew revenue faster over the last twelve months: 8.60% against −8.73%. Cohen & Steers Inc has the higher net margin (28.2% vs 21.5%) and the lower return on invested capital (0.00% vs 2.81%). Both pay a dividend; Golub Capital BDC, Inc. yields more (10.7% vs 3.58%). Across the 20 metrics below, Golub Capital BDC, Inc. leads on 13 and Cohen & Steers Inc on 7.

Valuation

Metric CNS GBDC Asset Management median
P/E 22.38 19.89 13.38
P/S 6.31 4.21 2.99
P/B 5.56 0.91 0.91
Price to free cash flow 105.86 3.66 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.47% 5.03% 4.67%
Free cash flow yield 0.94% 27.31% 4.85%

Profitability

Metric CNS GBDC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 32.40% 78.18% 27.27%
Net margin 28.16% 21.45% 11.89%
Free cash flow margin 5.96% 114.85% 5.96%
Return on equity 27.10% 4.46% 4.57%
Return on assets 38.10% 1.95% 1.40%
Return on invested capital 0.00% 2.81% 2.12%

Growth

Metric CNS GBDC Asset Management median
Revenue growth (TTM) 8.60% (8.73%) 7.26%
EPS growth (last fiscal year) 0.00% 4.41% (5.64%)
Revenue growth, 5-year CAGR 5.40% 23.84% 11.84%
Net income growth, 5-year CAGR 14.88% 47.00% 0.00%

Health

Metric CNS GBDC Asset Management median
Debt to equity 0.00 1.22 0.40
Current ratio 9.19 1.33 1.23
Net debt to EBITDA (2.97) 6.94 1.06

Dividend

Metric CNS GBDC Asset Management median
Dividend yield 3.58% 10.67% 6.43%
Payout ratio 0.81 2.12 0.91

Size

Metric CNS GBDC Asset Management median
Market cap 3.77b 3.35b 692.54m

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