Noah Holdings Ltd. (NOAH) vs PennantPark Floating Rate Capital Ltd. (PFLT)

Noah Holdings Ltd. and PennantPark Floating Rate Capital Ltd. are both Asset Management companies. PennantPark Floating Rate Capital Ltd. is the larger, with a market value of $660.1M against $494.6M — 1.3× the size. Noah Holdings Ltd. trades at the lower P/E: 5.8× against 12.8×. PennantPark Floating Rate Capital Ltd. grew revenue faster over the last twelve months: 9.33% against 8.07%. Noah Holdings Ltd. has the higher net margin (22.7% vs 18.5%) and the higher return on invested capital (12.3% vs 3.51%). Both pay a dividend; Noah Holdings Ltd. yields more (19.1% vs 15.9%). Across the 19 metrics below, Noah Holdings Ltd. leads on 14 and PennantPark Floating Rate Capital Ltd. on 5.

Valuation

Metric NOAH PFLT Asset Management median
P/E 5.78 12.76 13.99
P/S 1.29 2.38 2.76
P/B 0.35 0.63 0.85
Price to free cash flow 2.23 n/m 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 17.29% 7.83% 4.72%
Free cash flow yield 44.79% (9.04%) 4.44%

Profitability

Metric NOAH PFLT Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 33.71% 76.57% 33.42%
Net margin 22.67% 18.53% 13.37%
Free cash flow margin 57.74% (21.54%) 12.36%
Return on equity 0.00% 4.77% 4.79%
Return on assets 5.17% 1.95% 1.55%
Return on invested capital 12.31% 3.51% 2.97%

Growth

Metric NOAH PFLT Asset Management median
Revenue growth (TTM) 8.07% 9.33% 7.42%
EPS growth (last fiscal year) 23.91% (48.57%) (6.67%)
Revenue growth, 5-year CAGR (5.93%) 22.32% 12.51%
Net income growth, 5-year CAGR 0.00% 29.23% 0.00%

Health

Metric NOAH PFLT Asset Management median
Debt to equity 0.00 0.94 0.44
Current ratio 3.61 0.19 1.30
Net debt to EBITDA (5.39) 3.46 1.02

Dividend

Metric NOAH PFLT Asset Management median
Dividend yield 19.12% 15.94% 6.60%
Payout ratio 1.11 2.03 0.94

Size

Metric NOAH PFLT Asset Management median
Market cap 494.58m 660.13m 694.86m

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