Kayne Anderson BDC, Inc. (KBDC) vs Virtus Investment Partners, Inc. (VRTS)

Kayne Anderson BDC, Inc. and Virtus Investment Partners, Inc. are both Asset Management companies. Kayne Anderson BDC, Inc. and Virtus Investment Partners, Inc. are of similar size ($859.8M and $857.8M). Virtus Investment Partners, Inc. trades at the lower P/E: 7.3× against 12.0×. Kayne Anderson BDC, Inc. grew revenue faster over the last twelve months: 4.24% against −7.16%. Kayne Anderson BDC, Inc. has the higher net margin (31.5% vs 14.5%) and the higher return on invested capital (5.43% vs 0.00%). Across the 19 metrics below, Virtus Investment Partners, Inc. leads on 11 and Kayne Anderson BDC, Inc. on 8.

Valuation

Metric KBDC VRTS Asset Management median
P/E 11.99 7.32 14.62
P/S 3.67 1.06 2.97
P/B 0.82 0.92 0.94
Price to free cash flow n/m n/m 8.93
EV/EBITDA 10.31 n/m 10.32
EV/Sales 8.79 (1.78) 5.72
Earnings yield 8.34% 13.66% 4.53%
Free cash flow yield (0.41%) (5.96%) 4.65%

Profitability

Metric KBDC VRTS Asset Management median
Gross margin 84.96% 100.00% 100.00%
Operating margin 83.39% 15.71% 33.03%
Net margin 31.54% 14.52% 13.53%
Free cash flow margin (1.50%) (6.29%) 12.44%
Return on equity 6.72% 12.99% 4.83%
Return on assets 3.24% 2.91% 1.57%
Return on invested capital 5.43% 0.00% 3.04%

Growth

Metric KBDC VRTS Asset Management median
Revenue growth (TTM) 4.24% (7.16%) 6.97%
EPS growth (last fiscal year) (35.75%) 18.24% —
Revenue growth, 5-year CAGR — 7.15% 12.13%
Net income growth, 5-year CAGR 0.00% 11.60% 0.00%

Health

Metric KBDC VRTS Asset Management median
Debt to equity 1.16 0.44 0.42
Current ratio 1.25 10.54 1.28
Net debt to EBITDA 5.54 (12.38) 1.06

Dividend

Metric KBDC VRTS Asset Management median
Dividend yield — 3.41% 6.92%
Payout ratio — 0.35 0.77

Size

Metric KBDC VRTS Asset Management median
Market cap 857.83m 859.76m 721.34m

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