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 $3.9B against $3.2B — 1.2× the size. Golub Capital BDC, Inc. trades at the lower P/E: 19.2× against 22.7×. Cohen & Steers Inc grew revenue faster over the last twelve months: 7.42% against −8.73%. Cohen & Steers Inc has the higher net margin (28.8% vs 21.5%) and the higher return on invested capital (285.4% vs 2.81%). Both pay a dividend; Golub Capital BDC, Inc. yields more (9.10% vs 3.43%). Across the 22 metrics below, Golub Capital BDC, Inc. leads on 13 and Cohen & Steers Inc on 9.

Valuation

Metric CNS GBDC Asset Management median
P/E 22.69 19.17 14.62
P/S 6.55 4.05 2.97
P/B 5.85 0.88 0.94
Price to free cash flow 55.94 3.53 8.93
EV/EBITDA 16.00 13.25 10.32
EV/Sales 5.75 10.27 5.72
Earnings yield 4.41% 5.22% 4.53%
Free cash flow yield 1.79% 28.34% 4.65%

Profitability

Metric CNS GBDC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 32.90% 78.18% 33.03%
Net margin 28.82% 21.45% 13.53%
Free cash flow margin 11.71% 114.85% 12.44%
Return on equity 28.16% 4.46% 4.83%
Return on assets 20.38% 1.95% 1.57%
Return on invested capital 285.43% 2.81% 3.04%

Growth

Metric CNS GBDC Asset Management median
Revenue growth (TTM) 7.42% (8.73%) 6.97%
EPS growth (last fiscal year) 0.00% 4.41% —
Revenue growth, 5-year CAGR 5.40% 23.84% 12.13%
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 0.42
Current ratio 12.46 1.33 1.28
Net debt to EBITDA (2.97) 6.94 1.06

Dividend

Metric CNS GBDC Asset Management median
Dividend yield 3.43% 9.10% 6.92%
Payout ratio 0.77 1.33 0.77

Size

Metric CNS GBDC Asset Management median
Market cap 3.86b 3.22b 721.34m

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