Kayne Anderson BDC, Inc. (KBDC) vs MidCap Financial Investment Corporation (MFIC)

Kayne Anderson BDC, Inc. and MidCap Financial Investment Corporation are both Asset Management companies. Kayne Anderson BDC, Inc. and MidCap Financial Investment Corporation are of similar size ($846.0M and $841.3M). MidCap Financial Investment Corporation has negative trailing earnings, so its P/E is not meaningful; Kayne Anderson BDC, Inc. trades at 15.2×. Kayne Anderson BDC, Inc. grew revenue faster over the last twelve months: 4.24% against −13.6%. Kayne Anderson BDC, Inc. has the higher net margin (0.00% vs −26.2%) and the higher return on invested capital (0.00% vs 0.00%). Both pay a dividend; MidCap Financial Investment Corporation yields more (12.7% vs 12.5%). Across the 18 metrics below, Kayne Anderson BDC, Inc. leads on 10 and MidCap Financial Investment Corporation on 8.

Valuation

Metric KBDC MFIC Asset Management median
P/E 15.19 n/m 13.38
P/S 3.57 3.02 2.99
P/B 0.81 0.80 0.91
Price to free cash flow 7.31 1.49 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 6.58% (8.26%) 4.67%
Free cash flow yield 13.68% 66.98% 4.85%

Profitability

Metric KBDC MFIC Asset Management median
Gross margin 84.96% 100.00% 100.00%
Operating margin 83.39% 0.00% 27.27%
Net margin 0.00% (26.23%) 11.89%
Free cash flow margin 0.00% 202.48% 5.96%
Return on equity 5.20% (6.06%) 4.57%
Return on assets 2.44% (2.47%) 1.40%
Return on invested capital 0.00% 0.00% 2.12%

Growth

Metric KBDC MFIC Asset Management median
Revenue growth (TTM) 4.24% (13.64%) 7.26%
EPS growth (last fiscal year) (35.57%) (46.46%) (5.64%)
Revenue growth, 5-year CAGR — 8.16% 11.84%
Net income growth, 5-year CAGR 0.00% (10.80%) 0.00%

Health

Metric KBDC MFIC Asset Management median
Debt to equity 1.15 1.49 0.40
Current ratio 0.00 3.78 1.23
Net debt to EBITDA 5.54 6.41 1.06

Dividend

Metric KBDC MFIC Asset Management median
Dividend yield 12.54% 12.73% 6.43%
Payout ratio 1.90 — 0.91

Size

Metric KBDC MFIC Asset Management median
Market cap 841.32m 845.97m 692.54m

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