Nuveen Churchill Direct Lending Corp. (NCDL) vs SLR Investment Corp. (SLRC)

Nuveen Churchill Direct Lending Corp. and SLR Investment Corp. are both Asset Management companies. SLR Investment Corp. is the larger, with a market value of $637.2M against $578.3M — 1.1× the size. SLR Investment Corp. trades at the lower P/E: 8.7× against 12.3×. SLR Investment Corp. grew revenue faster over the last twelve months: −5.79% against −14.4%. SLR Investment Corp. has the higher net margin (35.2% vs 24.4%) and the lower return on invested capital (2.87% vs 12.1%). Across the 21 metrics below, SLR Investment Corp. leads on 14 and Nuveen Churchill Direct Lending Corp. on 7.

Valuation

Metric NCDL SLRC Asset Management median
P/E 12.32 8.70 14.62
P/S 3.01 3.06 2.97
P/B 0.68 0.65 0.94
Price to free cash flow 5.11 4.09 8.93
EV/EBITDA 9.13 9.31 10.32
EV/Sales 8.59 6.55 5.72
Earnings yield 8.12% 11.50% 4.53%
Free cash flow yield 19.57% 24.44% 4.65%

Profitability

Metric NCDL SLRC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 80.82% 70.27% 33.03%
Net margin 24.44% 35.20% 13.53%
Free cash flow margin 58.99% 74.68% 12.44%
Return on equity 5.40% 7.47% 4.83%
Return on assets 2.31% 2.89% 1.57%
Return on invested capital 12.06% 2.87% 3.04%

Growth

Metric NCDL SLRC Asset Management median
Revenue growth (TTM) (14.44%) (5.79%) 6.97%
EPS growth (last fiscal year) (39.53%) (3.41%) —
Revenue growth, 5-year CAGR 73.29% 12.41% 12.13%
Net income growth, 5-year CAGR 98.20% 43.04% 0.00%

Health

Metric NCDL SLRC Asset Management median
Debt to equity 0.00 1.17 0.42
Current ratio 0.06 1.09 1.28
Net debt to EBITDA 5.46 5.05 1.06

Dividend

Metric NCDL SLRC Asset Management median
Dividend yield — 10.13% 6.92%
Payout ratio — 1.48 0.77

Size

Metric NCDL SLRC Asset Management median
Market cap 578.32m 637.20m 721.34m

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