Kayne Anderson BDC, Inc. (KBDC) vs Oaktree Specialty Lending Corp. (OCSL)

Kayne Anderson BDC, Inc. and Oaktree Specialty Lending Corp. are both Asset Management companies. Oaktree Specialty Lending Corp. is the larger, with a market value of $1.1B against $841.3M — 1.3× the size. Kayne Anderson BDC, Inc. trades at the lower P/E: 15.2× against 26.1×. Kayne Anderson BDC, Inc. grew revenue faster over the last twelve months: 4.24% against −12.6%. Oaktree Specialty Lending Corp. has the higher net margin (14.5% vs 0.00%) and the higher return on invested capital (6.43% vs 0.00%). Both pay a dividend; Kayne Anderson BDC, Inc. yields more (12.5% vs 11.2%). Across the 20 metrics below, Kayne Anderson BDC, Inc. leads on 13 and Oaktree Specialty Lending Corp. on 7.

Valuation

Metric KBDC OCSL Asset Management median
P/E 15.19 26.10 13.38
P/S 3.57 3.78 2.99
P/B 0.81 0.80 0.91
Price to free cash flow 7.31 10.40 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 6.58% 3.83% 4.67%
Free cash flow yield 13.68% 9.62% 4.85%

Profitability

Metric KBDC OCSL Asset Management median
Gross margin 84.96% 82.16% 100.00%
Operating margin 83.39% 80.26% 27.27%
Net margin 0.00% 14.45% 11.89%
Free cash flow margin 0.00% 36.32% 5.96%
Return on equity 5.20% 2.95% 4.57%
Return on assets 2.44% 1.45% 1.40%
Return on invested capital 0.00% 6.43% 2.12%

Growth

Metric KBDC OCSL Asset Management median
Revenue growth (TTM) 4.24% (12.55%) 7.26%
EPS growth (last fiscal year) (35.57%) (45.83%) (5.64%)
Revenue growth, 5-year CAGR — 17.22% 11.84%
Net income growth, 5-year CAGR 0.00% (2.86%) 0.00%

Health

Metric KBDC OCSL Asset Management median
Debt to equity 1.15 0.68 0.40
Current ratio 0.00 0.19 1.23
Net debt to EBITDA 5.54 3.34 1.06

Dividend

Metric KBDC OCSL Asset Management median
Dividend yield 12.54% 11.17% 6.43%
Payout ratio 1.90 2.92 0.91

Size

Metric KBDC OCSL Asset Management median
Market cap 841.32m 1.10b 692.54m

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