DeFi Development Corp. (DFDV) vs TriplePoint Venture Growth BDC Corp. (TPVG)

DeFi Development Corp. and TriplePoint Venture Growth BDC Corp. are both Asset Management companies. DeFi Development Corp. and TriplePoint Venture Growth BDC Corp. are of similar size ($195.8M and $189.5M). DeFi Development Corp. has negative trailing earnings, so its P/E is not meaningful; TriplePoint Venture Growth BDC Corp. trades at 4.9×. DeFi Development Corp. grew revenue faster over the last twelve months: 328.6% against −8.04%. TriplePoint Venture Growth BDC Corp. has the higher net margin (44.6% vs −1,319.5%) and the higher return on invested capital (4.41% vs −79.9%). Across the 18 metrics below, TriplePoint Venture Growth BDC Corp. leads on 13 and DeFi Development Corp. on 5.

Valuation

Metric DFDV TPVG Asset Management median
P/E n/m 4.88 14.62
P/S 10.95 2.18 2.97
P/B n/m 0.56 0.94
Price to free cash flow n/m n/m 8.93
EV/EBITDA n/m 5.67 10.32
EV/Sales 18.53 4.18 5.72
Earnings yield (169.54%) 20.50% 4.53%
Free cash flow yield (87.23%) (14.84%) 4.65%

Profitability

Metric DFDV TPVG Asset Management median
Gross margin 97.76% 100.00% 100.00%
Operating margin (866.51%) 74.52% 33.03%
Net margin (1,319.46%) 44.58% 13.53%
Free cash flow margin (954.86%) (32.28%) 12.44%
Return on equity (589.29%) 11.45% 4.83%
Return on assets (128.23%) 5.03% 1.57%
Return on invested capital (79.93%) 4.41% 3.04%

Growth

Metric DFDV TPVG Asset Management median
Revenue growth (TTM) 328.61% (8.04%) 6.97%
EPS growth (last fiscal year) (1,335.75%) 48.78% —
Revenue growth, 5-year CAGR 48.79% (0.06%) 12.13%
Net income growth, 5-year CAGR 0.00% 6.86% 0.00%

Health

Metric DFDV TPVG Asset Management median
Debt to equity (10.02) 0.55 0.42
Current ratio 1.27 0.06 1.28
Net debt to EBITDA (3.50) 0.72 1.06

Dividend

Metric DFDV TPVG Asset Management median
Dividend yield — 14.69% 6.92%
Payout ratio — 8.47 0.77

Size

Metric DFDV TPVG Asset Management median
Market cap 189.52m 195.81m 721.34m

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