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Morgan Stanley Direct Lending Fund (MSDL) vs Trinity Capital Inc. (TRIN)

Morgan Stanley Direct Lending Fund and Trinity Capital Inc. are both Asset Management companies. Trinity Capital Inc. is the larger, with a market value of $1.6B against $1.1B — 1.4× the size. Trinity Capital Inc. trades at the lower P/E: 9.2× against 18.9×. Trinity Capital Inc. grew revenue faster over the last twelve months: 25.7% against −9.57%. Trinity Capital Inc. has the higher net margin (44.5% vs 16.0%) and the higher return on invested capital (6.81% vs 2.95%). Both pay a dividend; Trinity Capital Inc. yields more (15.9% vs 14.2%). Across the 19 metrics below, Trinity Capital Inc. leads on 11 and Morgan Stanley Direct Lending Fund on 8.

Valuation

Metric MSDL TRIN Asset Management median
P/E 18.88 9.19 13.99
P/S 2.95 4.33 2.76
P/B 0.67 1.15 0.85
Price to free cash flow 3.90 n/m 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 5.30% 10.88% 4.72%
Free cash flow yield 25.62% (40.83%) 4.44%

Profitability

Metric MSDL TRIN Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 79.74% 77.39% 33.42%
Net margin 15.97% 44.50% 13.37%
Free cash flow margin 75.61% (176.44%) 12.36%
Return on equity 3.48% 13.66% 4.79%
Return on assets 1.57% 6.17% 1.55%
Return on invested capital 2.95% 6.81% 2.97%

Growth

Metric MSDL TRIN Asset Management median
Revenue growth (TTM) (9.57%) 25.65% 7.42%
EPS growth (last fiscal year) (42.39%) (6.67%) (6.67%)
Revenue growth, 5-year CAGR 78.53% 39.81% 12.51%
Net income growth, 5-year CAGR 46.17% 0.00% 0.00%

Health

Metric MSDL TRIN Asset Management median
Debt to equity 1.20 0.22 0.44
Current ratio 1.71 0.05 1.30
Net debt to EBITDA 5.42 1.55 1.02

Dividend

Metric MSDL TRIN Asset Management median
Dividend yield 14.20% 15.85% 6.60%
Payout ratio 2.68 1.46 0.94

Size

Metric MSDL TRIN Asset Management median
Market cap 1.12b 1.58b 694.86m

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