Goldman Sachs BDC, Inc. (GSBD) vs Kayne Anderson BDC, Inc. (KBDC)

Goldman Sachs BDC, Inc. and Kayne Anderson BDC, Inc. are both Asset Management companies. Goldman Sachs BDC, Inc. is the larger, with a market value of $1.1B against $857.8M — 1.2× the size. Kayne Anderson BDC, Inc. trades at the lower P/E: 12.0× against 18.3×. Kayne Anderson BDC, Inc. grew revenue faster over the last twelve months: 4.24% against −15.4%. Kayne Anderson BDC, Inc. has the higher net margin (31.5% vs 17.2%) and the higher return on invested capital (5.43% vs 3.09%). Across the 20 metrics below, Kayne Anderson BDC, Inc. leads on 13 and Goldman Sachs BDC, Inc. on 7.

Valuation

Metric GSBD KBDC Asset Management median
P/E 18.35 11.99 14.62
P/S 3.16 3.67 2.97
P/B 0.79 0.82 0.94
Price to free cash flow 13.19 n/m 8.93
EV/EBITDA 10.33 10.31 10.32
EV/Sales 8.56 8.79 5.72
Earnings yield 5.45% 8.34% 4.53%
Free cash flow yield 7.58% (0.41%) 4.65%

Profitability

Metric GSBD KBDC Asset Management median
Gross margin 100.00% 84.96% 100.00%
Operating margin 80.87% 83.39% 33.03%
Net margin 17.19% 31.54% 13.53%
Free cash flow margin 23.94% (1.50%) 12.44%
Return on equity 4.07% 6.72% 4.83%
Return on assets 1.75% 3.24% 1.57%
Return on invested capital 3.09% 5.43% 3.04%

Growth

Metric GSBD KBDC Asset Management median
Revenue growth (TTM) (15.41%) 4.24% 6.97%
EPS growth (last fiscal year) 87.27% (35.75%) —
Revenue growth, 5-year CAGR 16.15% — 12.13%
Net income growth, 5-year CAGR (7.50%) 0.00% 0.00%

Health

Metric GSBD KBDC Asset Management median
Debt to equity 1.36 1.16 0.42
Current ratio 0.69 1.25 1.28
Net debt to EBITDA 6.17 5.54 1.06

Dividend

Metric GSBD KBDC Asset Management median
Dividend yield 12.11% — 6.92%
Payout ratio 2.14 — 0.77

Size

Metric GSBD KBDC Asset Management median
Market cap 1.07b 857.83m 721.34m

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