FS KKR Capital Corp. (FSK) vs Golub Capital BDC, Inc. (GBDC)

FS KKR Capital Corp. and Golub Capital BDC, Inc. are both Asset Management companies. FS KKR Capital Corp. and Golub Capital BDC, Inc. are of similar size ($3.2B and $3.1B). FS KKR Capital Corp. has negative trailing earnings, so its P/E is not meaningful; Golub Capital BDC, Inc. trades at 19.2×. Golub Capital BDC, Inc. grew revenue faster over the last twelve months: −8.73% against −20.1%. Golub Capital BDC, Inc. has the higher net margin (21.5% vs −28.5%) and the lower return on invested capital (2.81% vs 2.98%). Both pay a dividend; FS KKR Capital Corp. yields more (12.7% vs 9.10%). Across the 21 metrics below, FS KKR Capital Corp. leads on 11 and Golub Capital BDC, Inc. on 10.

Valuation

Metric FSK GBDC Asset Management median
P/E n/m 19.17 14.62
P/S 2.40 4.05 2.97
P/B 0.62 0.88 0.94
Price to free cash flow 1.64 3.53 8.93
EV/EBITDA 9.43 13.25 10.32
EV/Sales 7.24 10.27 5.72
Earnings yield (12.00%) 5.22% 4.53%
Free cash flow yield 61.03% 28.34% 4.65%

Profitability

Metric FSK GBDC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 75.06% 78.18% 33.03%
Net margin (28.52%) 21.45% 13.53%
Free cash flow margin 146.24% 114.85% 12.44%
Return on equity (6.66%) 4.46% 4.83%
Return on assets (2.82%) 1.95% 1.57%
Return on invested capital 2.98% 2.81% 3.04%

Growth

Metric FSK GBDC Asset Management median
Revenue growth (TTM) (20.11%) (8.73%) 6.97%
EPS growth (last fiscal year) (98.09%) 4.41% —
Revenue growth, 5-year CAGR 18.91% 23.84% 12.13%
Net income growth, 5-year CAGR 0.00% 47.00% 0.00%

Health

Metric FSK GBDC Asset Management median
Debt to equity 1.23 1.22 0.42
Current ratio 2.28 1.33 1.28
Net debt to EBITDA 6.40 6.94 1.06

Dividend

Metric FSK GBDC Asset Management median
Dividend yield 12.71% 9.10% 6.92%
Payout ratio 2.60 1.33 0.77

Size

Metric FSK GBDC Asset Management median
Market cap 3.05b 3.22b 721.34m

Compare with another peer

Any metric, up to five companies and an Excel export Powerpack