Goldman Sachs BDC, Inc. (GSBD) vs MidCap Financial Investment Corporation (MFIC)

Goldman Sachs BDC, Inc. and MidCap Financial Investment Corporation are both Asset Management companies. Goldman Sachs BDC, Inc. is the larger, with a market value of $990.6M against $846.0M — 1.2× the size. MidCap Financial Investment Corporation has negative trailing earnings, so its P/E is not meaningful; Goldman Sachs BDC, Inc. trades at 34.0×. MidCap Financial Investment Corporation grew revenue faster over the last twelve months: −13.6% against −15.4%. Goldman Sachs BDC, Inc. has the higher net margin (0.00% vs −26.2%) and the higher return on invested capital (0.00% vs 0.00%). Both pay a dividend; Goldman Sachs BDC, Inc. yields more (15.6% vs 12.7%). Across the 18 metrics below, Goldman Sachs BDC, Inc. leads on 13 and MidCap Financial Investment Corporation on 5.

Valuation

Metric GSBD MFIC Asset Management median
P/E 33.96 n/m 13.38
P/S 2.91 3.02 2.99
P/B 0.76 0.80 0.91
Price to free cash flow 3.28 1.49 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 2.94% (8.26%) 4.67%
Free cash flow yield 30.46% 66.98% 4.85%

Profitability

Metric GSBD MFIC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 80.87% 0.00% 27.27%
Net margin 0.00% (26.23%) 11.89%
Free cash flow margin 0.00% 202.48% 5.96%
Return on equity 2.16% (6.06%) 4.57%
Return on assets 0.94% (2.47%) 1.40%
Return on invested capital 0.00% 0.00% 2.12%

Growth

Metric GSBD MFIC Asset Management median
Revenue growth (TTM) (15.41%) (13.64%) 7.26%
EPS growth (last fiscal year) 87.27% (46.46%) (5.64%)
Revenue growth, 5-year CAGR 16.15% 8.16% 11.84%
Net income growth, 5-year CAGR (7.50%) (10.80%) 0.00%

Health

Metric GSBD MFIC Asset Management median
Debt to equity 0.00 1.49 0.40
Current ratio 0.69 3.78 1.23
Net debt to EBITDA 6.17 6.41 1.06

Dividend

Metric GSBD MFIC Asset Management median
Dividend yield 15.63% 12.73% 6.43%
Payout ratio 5.31 — 0.91

Size

Metric GSBD MFIC Asset Management median
Market cap 990.61m 845.97m 692.54m

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