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Horizon Technology Finance Corporation (HRZN) vs Palmer Square Capital BDC Inc. (PSBD)

Horizon Technology Finance Corporation and Palmer Square Capital BDC Inc. are both Asset Management companies. Palmer Square Capital BDC Inc. is the larger, with a market value of $303.1M against $265.5M — 1.1× the size. Horizon Technology Finance Corporation grew revenue faster over the last twelve months: −1.07% against −14.9%. Both pay a dividend; Horizon Technology Finance Corporation yields more (18.7% vs 11.0%). Across the 15 metrics below, Palmer Square Capital BDC Inc. leads on 9 and Horizon Technology Finance Corporation on 6.

Valuation

Metric HRZN PSBD Asset Management median
P/E n/m n/m 13.35
P/S 2.73 2.62 3.01
P/B 0.72 0.75 0.91
Price to free cash flow 5.02 1.84 7.27
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (18.73%) (6.39%) 4.59%
Free cash flow yield 19.90% 54.26% 4.88%

Profitability

Metric HRZN PSBD Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 94.88% 83.05% 28.39%
Net margin 0.00% 0.00% 11.89%
Free cash flow margin 0.00% 0.00% 5.96%
Return on equity (15.90%) (4.49%) 4.61%
Return on assets (7.01%) (1.68%) 1.45%
Return on invested capital 0.00% 0.00% 2.27%

Growth

Metric HRZN PSBD Asset Management median
Revenue growth (TTM) (1.07%) (14.85%) 7.26%
EPS growth (last fiscal year) 62.50% (106.80%) (5.64%)
Revenue growth, 5-year CAGR 15.84% 37.33% 11.84%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric HRZN PSBD Asset Management median
Debt to equity 0.00 0.88 0.39
Current ratio 0.08 1.57 1.25
Net debt to EBITDA (1.12) (7.53) 1.06

Dividend

Metric HRZN PSBD Asset Management median
Dividend yield 18.73% 10.95% 6.43%
Payout ratio 2.06 — 0.92

Size

Metric HRZN PSBD Asset Management median
Market cap 265.46m 303.14m 677.66m

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