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PennantPark Floating Rate Capital Ltd. (PFLT) vs Tiptree Financial Inc. (TIPT)

PennantPark Floating Rate Capital Ltd. and Tiptree Financial Inc. are both Asset Management companies. PennantPark Floating Rate Capital Ltd. and Tiptree Financial Inc. are of similar size ($677.7M and $640.0M). Tiptree Financial Inc. trades at the lower P/E: 1.6× against 13.4×. PennantPark Floating Rate Capital Ltd. grew revenue faster over the last twelve months: 9.33% against −100.0%. PennantPark Floating Rate Capital Ltd. has the higher net margin (18.5% vs 0.00%) and the higher return on invested capital (3.51% vs −18.2%). Both pay a dividend; PennantPark Floating Rate Capital Ltd. yields more (15.2% vs 1.37%). Across the 19 metrics below, PennantPark Floating Rate Capital Ltd. leads on 11 and Tiptree Financial Inc. on 8.

Valuation

Metric PFLT TIPT Asset Management median
P/E 13.37 1.60 13.38
P/S 2.50 1,338.53 2.99
P/B 0.66 0.72 0.91
Price to free cash flow n/m n/m 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 7.48% 62.68% 4.67%
Free cash flow yield (8.63%) (16.53%) 4.85%

Profitability

Metric PFLT TIPT Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 76.57% 0.00% 27.27%
Net margin 18.53% 0.00% 11.89%
Free cash flow margin (21.54%) 0.00% 5.96%
Return on equity 4.77% 50.20% 4.57%
Return on assets 1.95% 11.21% 1.40%
Return on invested capital 3.51% (18.22%) 2.12%

Growth

Metric PFLT TIPT Asset Management median
Revenue growth (TTM) 9.33% (99.98%) 7.26%
EPS growth (last fiscal year) (48.57%) (43.28%) (5.64%)
Revenue growth, 5-year CAGR 22.32% (77.30%) 11.84%
Net income growth, 5-year CAGR 29.23% 0.00% 0.00%

Health

Metric PFLT TIPT Asset Management median
Debt to equity 0.94 0.00 0.40
Current ratio 0.19 0.00 1.23
Net debt to EBITDA 3.46 (0.43) 1.06

Dividend

Metric PFLT TIPT Asset Management median
Dividend yield 15.21% 1.37% 6.43%
Payout ratio 2.03 0.02 0.91

Size

Metric PFLT TIPT Asset Management median
Market cap 677.66m 639.99m 692.54m

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