Gladstone Capital Corporation (GLAD) vs Noah Holdings Ltd. (NOAH)

Gladstone Capital Corporation and Noah Holdings Ltd. are both Asset Management companies. Noah Holdings Ltd. is the larger, with a market value of $538.3M against $434.2M — 1.2× the size. Noah Holdings Ltd. trades at the lower P/E: 6.3× against 9.0×. Gladstone Capital Corporation grew revenue faster over the last twelve months: 11.3% against 8.07%. Gladstone Capital Corporation has the higher net margin (48.7% vs 22.7%) and the lower return on invested capital (5.89% vs 12.3%). Both pay a dividend; Gladstone Capital Corporation yields more (9.75% vs 5.11%). Across the 18 metrics below, Noah Holdings Ltd. leads on 11 and Gladstone Capital Corporation on 7.

Valuation

Metric GLAD NOAH Asset Management median
P/E 9.05 6.34 14.62
P/S 4.42 1.41 2.97
P/B 0.90 0.38 0.94
Price to free cash flow n/m 2.45 8.93
EV/EBITDA 10.51 n/m 10.32
EV/Sales 6.55 (0.06) 5.72
Earnings yield 11.05% 15.76% 4.53%
Free cash flow yield (34.47%) 40.83% 4.65%

Profitability

Metric GLAD NOAH Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 70.28% 33.71% 33.03%
Net margin 48.67% 22.67% 13.53%
Free cash flow margin (152.38%) 57.74% 12.44%
Return on equity 10.03% 0.00% 4.83%
Return on assets 5.50% 5.17% 1.57%
Return on invested capital 5.89% 12.31% 3.04%

Growth

Metric GLAD NOAH Asset Management median
Revenue growth (TTM) 11.29% 8.07% 6.97%
EPS growth (last fiscal year) (41.24%) 23.91% —
Revenue growth, 5-year CAGR 13.19% (5.93%) 12.13%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric GLAD NOAH Asset Management median
Debt to equity 0.00 0.00 0.42
Current ratio 0.03 3.61 1.28
Net debt to EBITDA (0.30) (5.39) 1.06

Dividend

Metric GLAD NOAH Asset Management median
Dividend yield 9.75% 5.11% 6.92%
Payout ratio 0.91 0.21 0.77

Size

Metric GLAD NOAH Asset Management median
Market cap 434.24m 538.32m 721.34m

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