DeFi Development Corp. (DFDV) vs Chicago Atlantic BDC, Inc. (LIEN)

DeFi Development Corp. and Chicago Atlantic BDC, Inc. are both Asset Management companies. Chicago Atlantic BDC, Inc. is the larger, with a market value of $235.3M against $189.5M — 1.2× the size. DeFi Development Corp. has negative trailing earnings, so its P/E is not meaningful; Chicago Atlantic BDC, Inc. trades at 7.2×. DeFi Development Corp. grew revenue faster over the last twelve months: 328.6% against 46.9%. Chicago Atlantic BDC, Inc. has the higher net margin (52.8% vs −1,319.5%) and the higher return on invested capital (0.00% vs −79.9%). Across the 17 metrics below, Chicago Atlantic BDC, Inc. leads on 15 and DeFi Development Corp. on 2.

Valuation

Metric DFDV LIEN Asset Management median
P/E n/m 7.22 14.62
P/S 10.95 3.82 2.97
P/B n/m 0.76 0.94
Price to free cash flow n/m n/m 8.93
EV/EBITDA n/m n/m 10.32
EV/Sales 18.53 (1.78) 5.72
Earnings yield (169.54%) 13.84% 4.53%
Free cash flow yield (87.23%) (1.32%) 4.65%

Profitability

Metric DFDV LIEN Asset Management median
Gross margin 97.76% 100.00% 100.00%
Operating margin (866.51%) 63.70% 33.03%
Net margin (1,319.46%) 52.82% 13.53%
Free cash flow margin (954.86%) (5.03%) 12.44%
Return on equity (589.29%) 10.48% 4.83%
Return on assets (128.23%) 9.38% 1.57%
Return on invested capital (79.93%) 0.00% 3.04%

Growth

Metric DFDV LIEN Asset Management median
Revenue growth (TTM) 328.61% 46.89% 6.97%
EPS growth (last fiscal year) (1,335.75%) 56.99% —
Revenue growth, 5-year CAGR 48.79% 457.31% 12.13%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DFDV LIEN Asset Management median
Debt to equity (10.02) 0.00 0.42
Current ratio 1.27 8.29 1.28
Net debt to EBITDA (3.50) (10.43) 1.06

Dividend

Metric DFDV LIEN Asset Management median
Dividend yield — 5.83% 6.92%
Payout ratio — 0.00 0.77

Size

Metric DFDV LIEN Asset Management median
Market cap 189.52m 235.28m 721.34m

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