INVESCO MORTGAGE CAPITAL INC (IVR) vs TPG RE Finance Trust, Inc. (TRTX)

INVESCO MORTGAGE CAPITAL INC and TPG RE Finance Trust, Inc. are both Reit Mortgage companies. INVESCO MORTGAGE CAPITAL INC is the larger, with a market value of $595.7M against $532.3M — 1.1× the size. INVESCO MORTGAGE CAPITAL INC has negative trailing earnings, so its P/E is not meaningful; TPG RE Finance Trust, Inc. trades at 16.3×. INVESCO MORTGAGE CAPITAL INC grew revenue faster over the last twelve months: 16.5% against −2.42%. TPG RE Finance Trust, Inc. has the higher net margin (21.5% vs −12.2%) and the higher return on invested capital (0.85% vs 0.79%). Both pay a dividend; INVESCO MORTGAGE CAPITAL INC yields more (28.7% vs 13.6%). Across the 21 metrics below, TPG RE Finance Trust, Inc. leads on 13 and INVESCO MORTGAGE CAPITAL INC on 8.

Valuation

Metric IVR TRTX Reit Mortgage median
P/E n/m 16.27 14.55
P/S 1.71 3.78 1.72
P/B 0.79 0.52 0.52
Price to free cash flow 3.52 7.21 4.35
EV/EBITDA 106.14 57.30 28.27
EV/Sales 22.64 32.31 15.73
Earnings yield (2.77%) 6.15% 0.23%
Free cash flow yield 28.42% 13.86% 13.86%

Profitability

Metric IVR TRTX Reit Mortgage median
Gross margin 32.85% 100.00% 100.00%
Operating margin 26.98% 48.45% 31.94%
Net margin (12.24%) 21.46% (1.81%)
Free cash flow margin 0.00% 52.36% 27.05%
Return on equity (6.23%) 2.90% (0.49%)
Return on assets (0.61%) 0.66% (0.06%)
Return on invested capital 0.79% 0.85% 0.79%

Growth

Metric IVR TRTX Reit Mortgage median
Revenue growth (TTM) 16.50% (2.42%) 1.39%
EPS growth (last fiscal year) 103.08% (24.00%) 45.25%
Revenue growth, 5-year CAGR 1.06% (3.76%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IVR TRTX Reit Mortgage median
Debt to equity 7.57 4.05 2.91
Current ratio 0.06 246.28 0.82
Net debt to EBITDA 105.08 38.25 18.31

Dividend

Metric IVR TRTX Reit Mortgage median
Dividend yield 28.68% 13.64% 17.37%
Payout ratio 1.05 2.22 1.87

Size

Metric IVR TRTX Reit Mortgage median
Market cap 595.70m 532.30m 409.49m

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