Nuveen Churchill Direct Lending Corp. (NCDL) vs Tiptree Financial Inc. (TIPT)

Nuveen Churchill Direct Lending Corp. and Tiptree Financial Inc. are both Asset Management companies. Nuveen Churchill Direct Lending Corp. and Tiptree Financial Inc. are of similar size ($640.0M and $585.9M). Tiptree Financial Inc. trades at the lower P/E: 1.6× against 13.8×. Nuveen Churchill Direct Lending Corp. grew revenue faster over the last twelve months: −14.2% against −100.0%. Nuveen Churchill Direct Lending Corp. has the higher net margin (24.0% vs 0.00%) and the higher return on invested capital (11.5% vs −18.2%). Both pay a dividend; Nuveen Churchill Direct Lending Corp. yields more (3.77% vs 1.37%). Across the 18 metrics below, Nuveen Churchill Direct Lending Corp. leads on 13 and Tiptree Financial Inc. on 5.

Valuation

Metric NCDL TIPT Asset Management median
P/E 13.83 1.60 13.38
P/S 3.20 1,338.53 2.99
P/B 0.70 0.72 0.91
Price to free cash flow 4.23 n/m 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 7.23% 62.68% 4.67%
Free cash flow yield 23.63% (16.53%) 4.85%

Profitability

Metric NCDL TIPT Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 80.72% 0.00% 27.27%
Net margin 23.98% 0.00% 11.89%
Free cash flow margin 75.67% 0.00% 5.96%
Return on equity 5.12% 50.20% 4.57%
Return on assets 2.23% 11.21% 1.40%
Return on invested capital 11.52% (18.22%) 2.12%

Growth

Metric NCDL TIPT Asset Management median
Revenue growth (TTM) (14.24%) (99.98%) 7.26%
EPS growth (last fiscal year) (39.53%) (43.28%) (5.64%)
Revenue growth, 5-year CAGR 73.29% (77.30%) 11.84%
Net income growth, 5-year CAGR 98.20% 0.00% 0.00%

Health

Metric NCDL TIPT Asset Management median
Debt to equity 0.00 0.00 0.40
Current ratio 0.06 0.00 1.23
Net debt to EBITDA 5.46 (0.43) 1.06

Dividend

Metric NCDL TIPT Asset Management median
Dividend yield 3.77% 1.37% 6.43%
Payout ratio 0.52 0.02 0.91

Size

Metric NCDL TIPT Asset Management median
Market cap 585.87m 639.99m 692.54m

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