Goldman Sachs BDC, Inc. (GSBD) vs Oaktree Specialty Lending Corp. (OCSL)

Goldman Sachs BDC, Inc. and Oaktree Specialty Lending Corp. are both Asset Management companies. Goldman Sachs BDC, Inc. and Oaktree Specialty Lending Corp. are of similar size ($1.1B and $1.1B). Goldman Sachs BDC, Inc. trades at the lower P/E: 18.3× against 25.2×. Oaktree Specialty Lending Corp. grew revenue faster over the last twelve months: −12.6% against −15.4%. Goldman Sachs BDC, Inc. has the higher net margin (17.2% vs 14.5%) and the lower return on invested capital (3.09% vs 6.43%). Both pay a dividend; Goldman Sachs BDC, Inc. yields more (12.1% vs 11.2%). Across the 23 metrics below, Oaktree Specialty Lending Corp. leads on 12 and Goldman Sachs BDC, Inc. on 11.

Valuation

Metric GSBD OCSL Asset Management median
P/E 18.35 25.21 14.62
P/S 3.16 3.65 2.97
P/B 0.79 0.77 0.94
Price to free cash flow 13.19 10.04 8.93
EV/EBITDA 10.33 8.22 10.32
EV/Sales 8.56 6.72 5.72
Earnings yield 5.45% 3.97% 4.53%
Free cash flow yield 7.58% 9.96% 4.65%

Profitability

Metric GSBD OCSL Asset Management median
Gross margin 100.00% 82.16% 100.00%
Operating margin 80.87% 80.26% 33.03%
Net margin 17.19% 14.45% 13.53%
Free cash flow margin 23.94% 36.32% 12.44%
Return on equity 4.07% 2.95% 4.83%
Return on assets 1.75% 1.45% 1.57%
Return on invested capital 3.09% 6.43% 3.04%

Growth

Metric GSBD OCSL Asset Management median
Revenue growth (TTM) (15.41%) (12.55%) 6.97%
EPS growth (last fiscal year) 87.27% (45.83%) —
Revenue growth, 5-year CAGR 16.15% 17.22% 12.13%
Net income growth, 5-year CAGR (7.50%) (2.86%) 0.00%

Health

Metric GSBD OCSL Asset Management median
Debt to equity 1.36 0.68 0.42
Current ratio 0.69 0.19 1.28
Net debt to EBITDA 6.17 3.34 1.06

Dividend

Metric GSBD OCSL Asset Management median
Dividend yield 12.11% 11.15% 6.92%
Payout ratio 2.14 1.75 0.77

Size

Metric GSBD OCSL Asset Management median
Market cap 1.07b 1.06b 721.34m

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