Goldman Sachs BDC, Inc. (GSBD) vs Patria Investments Limited (PAX)

Goldman Sachs BDC, Inc. and Patria Investments Limited are both Asset Management companies. Patria Investments Limited is the larger, with a market value of $1.6B against $1.1B — 1.5× the size. Goldman Sachs BDC, Inc. trades at the lower P/E: 18.3× against 22.8×. Patria Investments Limited grew revenue faster over the last twelve months: 2.40% against −15.4%. Patria Investments Limited has the higher net margin (19.3% vs 17.2%) and the higher return on invested capital (8.82% vs 3.09%). Both pay a dividend; Goldman Sachs BDC, Inc. yields more (12.1% vs 6.21%). Across the 23 metrics below, Patria Investments Limited leads on 13 and Goldman Sachs BDC, Inc. on 10.

Valuation

Metric GSBD PAX Asset Management median
P/E 18.35 22.76 14.62
P/S 3.16 4.12 2.97
P/B 0.79 2.64 0.94
Price to free cash flow 13.19 8.99 8.93
EV/EBITDA 10.33 12.58 10.32
EV/Sales 8.56 4.98 5.72
Earnings yield 5.45% 4.39% 4.53%
Free cash flow yield 7.58% 11.12% 4.65%

Profitability

Metric GSBD PAX Asset Management median
Gross margin 100.00% 43.25% 100.00%
Operating margin 80.87% 28.00% 33.03%
Net margin 17.19% 19.30% 13.53%
Free cash flow margin 23.94% 45.78% 12.44%
Return on equity 4.07% 13.06% 4.83%
Return on assets 1.75% 4.95% 1.57%
Return on invested capital 3.09% 8.82% 3.04%

Growth

Metric GSBD PAX Asset Management median
Revenue growth (TTM) (15.41%) 2.40% 6.97%
EPS growth (last fiscal year) 87.27% 12.50% —
Revenue growth, 5-year CAGR 16.15% 27.12% 12.13%
Net income growth, 5-year CAGR (7.50%) 7.80% 0.00%

Health

Metric GSBD PAX Asset Management median
Debt to equity 1.36 0.41 0.42
Current ratio 0.69 0.62 1.28
Net debt to EBITDA 6.17 (0.30) 1.06

Dividend

Metric GSBD PAX Asset Management median
Dividend yield 12.11% 6.21% 6.92%
Payout ratio 2.14 1.11 0.77

Size

Metric GSBD PAX Asset Management median
Market cap 1.07b 1.64b 721.34m

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