Ellington Credit Company (EARN) vs TriplePoint Venture Growth BDC Corp. (TPVG)

Ellington Credit Company and TriplePoint Venture Growth BDC Corp. are both Asset Management companies. TriplePoint Venture Growth BDC Corp. is the larger, with a market value of $195.8M against $159.2M — 1.2× the size. TriplePoint Venture Growth BDC Corp. trades at the lower P/E: 4.9× against 14.2×. Ellington Credit Company grew revenue faster over the last twelve months: 17.2% against −8.04%. TriplePoint Venture Growth BDC Corp. has the higher net margin (44.6% vs 13.2%) and the higher return on invested capital (4.41% vs 1.60%). Both pay a dividend; Ellington Credit Company yields more (16.8% vs 14.7%). Across the 22 metrics below, TriplePoint Venture Growth BDC Corp. leads on 14 and Ellington Credit Company on 8.

Valuation

Metric EARN TPVG Asset Management median
P/E 14.20 4.88 14.62
P/S 2.01 2.18 2.97
P/B 0.52 0.56 0.94
Price to free cash flow 12.70 n/m 8.93
EV/EBITDA 27.81 5.67 10.32
EV/Sales 12.20 4.18 5.72
Earnings yield 7.04% 20.50% 4.53%
Free cash flow yield 7.87% (14.84%) 4.65%

Profitability

Metric EARN TPVG Asset Management median
Gross margin 94.17% 100.00% 100.00%
Operating margin 12.60% 74.52% 33.03%
Net margin 13.21% 44.58% 13.53%
Free cash flow margin 15.86% (32.28%) 12.44%
Return on equity 3.99% 11.45% 4.83%
Return on assets 0.00% 5.03% 1.57%
Return on invested capital 1.60% 4.41% 3.04%

Growth

Metric EARN TPVG Asset Management median
Revenue growth (TTM) 17.19% (8.04%) 6.97%
EPS growth (last fiscal year) (8.87%) 48.78% —
Revenue growth, 5-year CAGR 2.61% (0.06%) 12.13%
Net income growth, 5-year CAGR (21.61%) 6.86% 0.00%

Health

Metric EARN TPVG Asset Management median
Debt to equity 2.91 0.55 0.42
Current ratio 0.14 0.06 1.28
Net debt to EBITDA 50.05 0.72 1.06

Dividend

Metric EARN TPVG Asset Management median
Dividend yield 16.81% 14.69% 6.92%
Payout ratio 8.00 8.47 0.77

Size

Metric EARN TPVG Asset Management median
Market cap 159.17m 195.81m 721.34m

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