HA Sustainable Infrastructure Capital, Inc. (HASI) vs Blue Owl Technology Finance Corp. (OTF)

HA Sustainable Infrastructure Capital, Inc. and Blue Owl Technology Finance Corp. are both Asset Management companies. HA Sustainable Infrastructure Capital, Inc. and Blue Owl Technology Finance Corp. are of similar size ($4.7B and $4.7B). Blue Owl Technology Finance Corp. trades at the lower P/E: 12.9× against 55.1×. Blue Owl Technology Finance Corp. grew revenue faster over the last twelve months: 55.6% against 26.5%. Blue Owl Technology Finance Corp. has the higher net margin (28.7% vs 18.6%) and the higher return on invested capital (2.94% vs 2.39%). Across the 20 metrics below, Blue Owl Technology Finance Corp. leads on 17 and HA Sustainable Infrastructure Capital, Inc. on 3.

Valuation

Metric HASI OTF Asset Management median
P/E 55.11 12.89 14.62
P/S 10.04 3.64 2.97
P/B 1.75 0.63 0.94
Price to free cash flow 14.34 n/m 8.93
EV/EBITDA 30.90 11.08 10.32
EV/Sales 22.25 8.95 5.72
Earnings yield 1.81% 7.76% 4.53%
Free cash flow yield 6.98% (32.87%) 4.65%

Profitability

Metric HASI OTF Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 68.65% 82.41% 33.03%
Net margin 18.61% 28.70% 13.53%
Free cash flow margin 45.05% (119.50%) 12.44%
Return on equity 3.29% 4.83% 4.83%
Return on assets 1.04% 2.67% 1.57%
Return on invested capital 2.39% 2.94% 3.04%

Growth

Metric HASI OTF Asset Management median
Revenue growth (TTM) 26.51% 55.63% 6.97%
EPS growth (last fiscal year) (12.96%) 15.79% —
Revenue growth, 5-year CAGR 16.47% 45.91% 12.13%
Net income growth, 5-year CAGR 17.49% 42.61% 0.00%

Health

Metric HASI OTF Asset Management median
Debt to equity 2.23 0.95 0.42
Current ratio 8.89 0.05 1.28
Net debt to EBITDA 17.91 6.31 1.06

Dividend

Metric HASI OTF Asset Management median
Dividend yield 6.73% — 6.92%
Payout ratio 2.80 — 0.77

Size

Metric HASI OTF Asset Management median
Market cap 4.66b 4.70b 721.34m

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