HA Sustainable Infrastructure Capital, Inc. (HASI) vs Victory Capital Holdings, Inc. (VCTR)

HA Sustainable Infrastructure Capital, Inc. and Victory Capital Holdings, Inc. are both Asset Management companies. Victory Capital Holdings, Inc. is the larger, with a market value of $6.5B against $4.7B — 1.4× the size. Victory Capital Holdings, Inc. trades at the lower P/E: 19.8× against 55.1×. Victory Capital Holdings, Inc. grew revenue faster over the last twelve months: 51.5% against 26.5%. Victory Capital Holdings, Inc. has the higher net margin (22.7% vs 18.6%) and the higher return on invested capital (12.3% vs 2.39%). Both pay a dividend; HA Sustainable Infrastructure Capital, Inc. yields more (6.73% vs 3.93%). Across the 22 metrics below, Victory Capital Holdings, Inc. leads on 15 and HA Sustainable Infrastructure Capital, Inc. on 7.

Valuation

Metric HASI VCTR Asset Management median
P/E 55.11 19.81 14.62
P/S 10.04 4.34 2.97
P/B 1.75 2.85 0.94
Price to free cash flow 14.34 11.99 8.93
EV/EBITDA 30.90 10.50 10.32
EV/Sales 22.25 4.91 5.72
Earnings yield 1.81% 5.05% 4.53%
Free cash flow yield 6.98% 8.34% 4.65%

Profitability

Metric HASI VCTR Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 68.65% 41.33% 33.03%
Net margin 18.61% 22.65% 13.53%
Free cash flow margin 45.05% 36.16% 12.44%
Return on equity 3.29% 14.59% 4.83%
Return on assets 1.04% 8.38% 1.57%
Return on invested capital 2.39% 12.30% 3.04%

Growth

Metric HASI VCTR Asset Management median
Revenue growth (TTM) 26.51% 51.50% 6.97%
EPS growth (last fiscal year) (12.96%) (6.85%) —
Revenue growth, 5-year CAGR 16.47% 10.99% 12.13%
Net income growth, 5-year CAGR 17.49% 4.92% 0.00%

Health

Metric HASI VCTR Asset Management median
Debt to equity 2.23 0.41 0.42
Current ratio 8.89 1.29 1.28
Net debt to EBITDA 17.91 1.46 1.06

Dividend

Metric HASI VCTR Asset Management median
Dividend yield 6.73% 3.93% 6.92%
Payout ratio 2.80 0.35 0.77

Size

Metric HASI VCTR Asset Management median
Market cap 4.66b 6.53b 721.34m

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