Patria Investments Limited (PAX) vs Trinity Capital Inc. (TRIN)

Patria Investments Limited and Trinity Capital Inc. are both Asset Management companies. Patria Investments Limited and Trinity Capital Inc. are of similar size ($1.7B and $1.6B). Trinity Capital Inc. trades at the lower P/E: 10.1× against 22.8×. Trinity Capital Inc. grew revenue faster over the last twelve months: 25.7% against 2.40%. Trinity Capital Inc. has the higher net margin (44.5% vs 19.3%) and the lower return on invested capital (6.81% vs 8.82%). Both pay a dividend; Trinity Capital Inc. yields more (14.3% vs 6.21%). Across the 22 metrics below, Trinity Capital Inc. leads on 13 and Patria Investments Limited on 9.

Valuation

Metric PAX TRIN Asset Management median
P/E 22.76 10.09 14.62
P/S 4.12 4.75 2.97
P/B 2.64 1.26 0.94
Price to free cash flow 8.99 n/m 8.93
EV/EBITDA 12.58 7.18 10.32
EV/Sales 4.98 5.67 5.72
Earnings yield 4.39% 9.91% 4.53%
Free cash flow yield 11.12% (37.20%) 4.65%

Profitability

Metric PAX TRIN Asset Management median
Gross margin 43.25% 100.00% 100.00%
Operating margin 28.00% 77.39% 33.03%
Net margin 19.30% 44.50% 13.53%
Free cash flow margin 45.78% (176.44%) 12.44%
Return on equity 13.06% 13.66% 4.83%
Return on assets 4.95% 6.17% 1.57%
Return on invested capital 8.82% 6.81% 3.04%

Growth

Metric PAX TRIN Asset Management median
Revenue growth (TTM) 2.40% 25.65% 6.97%
EPS growth (last fiscal year) 12.50% (6.67%) —
Revenue growth, 5-year CAGR 27.12% 39.81% 12.13%
Net income growth, 5-year CAGR 7.80% 0.00% 0.00%

Health

Metric PAX TRIN Asset Management median
Debt to equity 0.41 0.22 0.42
Current ratio 0.62 0.05 1.28
Net debt to EBITDA (0.30) 1.55 1.06

Dividend

Metric PAX TRIN Asset Management median
Dividend yield 6.21% 14.34% 6.92%
Payout ratio 1.11 2.75 0.77

Size

Metric PAX TRIN Asset Management median
Market cap 1.64b 1.66b 721.34m

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