HA Sustainable Infrastructure Capital, Inc. (HASI) vs StepStone Group Inc. (STEP)

HA Sustainable Infrastructure Capital, Inc. and StepStone Group Inc. are both Asset Management companies. StepStone Group Inc. is the larger, with a market value of $5.3B against $4.7B — 1.1× the size. StepStone Group Inc. has negative trailing earnings, so its P/E is not meaningful; HA Sustainable Infrastructure Capital, Inc. trades at 55.1×. StepStone Group Inc. grew revenue faster over the last twelve months: 48.5% against 26.5%. HA Sustainable Infrastructure Capital, Inc. has the higher net margin (18.6% vs −30.5%) and the higher return on invested capital (2.39% vs −42.5%). Both pay a dividend; HA Sustainable Infrastructure Capital, Inc. yields more (6.73% vs 2.50%). Across the 19 metrics below, HA Sustainable Infrastructure Capital, Inc. leads on 13 and StepStone Group Inc. on 6.

Valuation

Metric HASI STEP Asset Management median
P/E 55.11 n/m 14.62
P/S 10.04 1.81 2.97
P/B 1.75 3.75 0.94
Price to free cash flow 14.34 n/m 8.93
EV/EBITDA 30.90 n/m 10.32
EV/Sales 22.25 2.18 5.72
Earnings yield 1.81% (17.40%) 4.53%
Free cash flow yield 6.98% (12.08%) 4.65%

Profitability

Metric HASI STEP Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 68.65% (58.22%) 33.03%
Net margin 18.61% (30.53%) 13.53%
Free cash flow margin 45.05% (21.88%) 12.44%
Return on equity 3.29% (55.72%) 4.83%
Return on assets 1.04% (9.77%) 1.57%
Return on invested capital 2.39% (42.51%) 3.04%

Growth

Metric HASI STEP Asset Management median
Revenue growth (TTM) 26.51% 48.46% 6.97%
EPS growth (last fiscal year) (12.96%) (169.05%) —
Revenue growth, 5-year CAGR 16.47% 20.41% 12.13%
Net income growth, 5-year CAGR 17.49% 0.00% 0.00%

Health

Metric HASI STEP Asset Management median
Debt to equity 2.23 1.50 0.42
Current ratio 8.89 0.19 1.28
Net debt to EBITDA 17.91 (0.08) 1.06

Dividend

Metric HASI STEP Asset Management median
Dividend yield 6.73% 2.50% 6.92%
Payout ratio 2.80 4.77 0.77

Size

Metric HASI STEP Asset Management median
Market cap 4.66b 5.26b 721.34m

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