Main Street Capital Corporation (MAIN) vs Blue Owl Technology Finance Corp. (OTF)

Main Street Capital Corporation and Blue Owl Technology Finance Corp. are both Asset Management companies. Main Street Capital Corporation and Blue Owl Technology Finance Corp. are of similar size ($5.2B and $4.7B). Main Street Capital Corporation trades at the lower P/E: 11.1× against 12.9×. Blue Owl Technology Finance Corp. grew revenue faster over the last twelve months: 55.6% against 3.00%. Main Street Capital Corporation has the higher net margin (78.5% vs 28.7%) and the higher return on invested capital (6.18% vs 2.94%). Across the 20 metrics below, Main Street Capital Corporation leads on 13 and Blue Owl Technology Finance Corp. on 7.

Valuation

Metric MAIN OTF Asset Management median
P/E 11.11 12.89 14.62
P/S 8.94 3.64 2.97
P/B 1.62 0.63 0.94
Price to free cash flow n/m n/m 8.93
EV/EBITDA 11.18 11.08 10.32
EV/Sales 9.85 8.95 5.72
Earnings yield 9.00% 7.76% 4.53%
Free cash flow yield (2.92%) (32.87%) 4.65%

Profitability

Metric MAIN OTF Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 86.99% 82.41% 33.03%
Net margin 78.49% 28.70% 13.53%
Free cash flow margin (26.05%) (119.50%) 12.44%
Return on equity 14.92% 4.83% 4.83%
Return on assets 8.04% 2.67% 1.57%
Return on invested capital 6.18% 2.94% 3.04%

Growth

Metric MAIN OTF Asset Management median
Revenue growth (TTM) 3.00% 55.63% 6.97%
EPS growth (last fiscal year) (5.64%) 15.79% —
Revenue growth, 5-year CAGR 20.53% 45.91% 12.13%
Net income growth, 5-year CAGR 75.80% 42.61% 0.00%

Health

Metric MAIN OTF Asset Management median
Debt to equity 0.19 0.95 0.42
Current ratio 0.05 0.05 1.28
Net debt to EBITDA 1.64 6.31 1.06

Dividend

Metric MAIN OTF Asset Management median
Dividend yield 7.69% — 6.92%
Payout ratio 0.69 — 0.77

Size

Metric MAIN OTF Asset Management median
Market cap 5.15b 4.70b 721.34m

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