FS KKR Capital Corp. (FSK) vs WisdomTree, Inc. (WT)

FS KKR Capital Corp. and WisdomTree, Inc. are both Asset Management companies. WisdomTree, Inc. is the larger, with a market value of $3.6B against $3.1B — 1.2× the size. FS KKR Capital Corp. has negative trailing earnings, so its P/E is not meaningful; WisdomTree, Inc. trades at 43.4×. WisdomTree, Inc. grew revenue faster over the last twelve months: 37.1% against −20.1%. WisdomTree, Inc. has the higher net margin (13.2% vs −28.5%) and the higher return on invested capital (12.3% vs 2.98%). Both pay a dividend; FS KKR Capital Corp. yields more (12.7% vs 1.73%). Across the 20 metrics below, FS KKR Capital Corp. leads on 10 and WisdomTree, Inc. on 10.

Valuation

Metric FSK WT Asset Management median
P/E n/m 43.45 14.62
P/S 2.40 5.95 2.97
P/B 0.62 8.66 0.94
Price to free cash flow 1.64 18.85 8.93
EV/EBITDA 9.43 17.55 10.32
EV/Sales 7.24 7.23 5.72
Earnings yield (12.00%) 2.30% 4.53%
Free cash flow yield 61.03% 5.31% 4.65%

Profitability

Metric FSK WT Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 75.06% 38.80% 33.03%
Net margin (28.52%) 13.15% 13.53%
Free cash flow margin 146.24% 31.55% 12.44%
Return on equity (6.66%) 18.56% 4.83%
Return on assets (2.82%) 5.91% 1.57%
Return on invested capital 2.98% 12.33% 3.04%

Growth

Metric FSK WT Asset Management median
Revenue growth (TTM) (20.11%) 37.14% 6.97%
EPS growth (last fiscal year) (98.09%) 127.27% —
Revenue growth, 5-year CAGR 18.91% 14.59% 12.13%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FSK WT Asset Management median
Debt to equity 1.23 2.57 0.42
Current ratio 2.28 3.00 1.28
Net debt to EBITDA 6.40 3.51 1.06

Dividend

Metric FSK WT Asset Management median
Dividend yield 12.71% 1.73% 6.92%
Payout ratio 2.60 0.21 0.77

Size

Metric FSK WT Asset Management median
Market cap 3.05b 3.63b 721.34m

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