PennantPark Investment Corporation (PNNT) vs TriplePoint Venture Growth BDC Corp. (TPVG)

PennantPark Investment Corporation and TriplePoint Venture Growth BDC Corp. are both Asset Management companies. PennantPark Investment Corporation is the larger, with a market value of $218.7M against $195.8M — 1.1× the size. TriplePoint Venture Growth BDC Corp. trades at the lower P/E: 4.9× against 21.4×. TriplePoint Venture Growth BDC Corp. grew revenue faster over the last twelve months: −8.04% against −19.9%. TriplePoint Venture Growth BDC Corp. has the higher net margin (44.6% vs 9.66%) and the higher return on invested capital (4.41% vs 2.65%). Both pay a dividend; TriplePoint Venture Growth BDC Corp. yields more (14.7% vs 12.9%). Across the 22 metrics below, TriplePoint Venture Growth BDC Corp. leads on 15 and PennantPark Investment Corporation on 7.

Valuation

Metric PNNT TPVG Asset Management median
P/E 21.39 4.88 14.62
P/S 2.07 2.18 2.97
P/B 0.51 0.56 0.94
Price to free cash flow 1.92 n/m 8.93
EV/EBITDA 9.79 5.67 10.32
EV/Sales 7.18 4.18 5.72
Earnings yield 4.67% 20.50% 4.53%
Free cash flow yield 52.22% (14.84%) 4.65%

Profitability

Metric PNNT TPVG Asset Management median
Gross margin 80.01% 100.00% 100.00%
Operating margin 74.72% 74.52% 33.03%
Net margin 9.66% 44.58% 13.53%
Free cash flow margin 107.91% (32.28%) 12.44%
Return on equity 2.23% 11.45% 4.83%
Return on assets 0.81% 5.03% 1.57%
Return on invested capital 2.65% 4.41% 3.04%

Growth

Metric PNNT TPVG Asset Management median
Revenue growth (TTM) (19.87%) (8.04%) 6.97%
EPS growth (last fiscal year) (33.33%) 48.78% —
Revenue growth, 5-year CAGR 4.07% (0.06%) 12.13%
Net income growth, 5-year CAGR 0.00% 6.86% 0.00%

Health

Metric PNNT TPVG Asset Management median
Debt to equity 1.28 0.55 0.42
Current ratio 0.18 0.06 1.28
Net debt to EBITDA 7.74 0.72 1.06

Dividend

Metric PNNT TPVG Asset Management median
Dividend yield 12.94% 14.69% 6.92%
Payout ratio 0.99 8.47 0.77

Size

Metric PNNT TPVG Asset Management median
Market cap 218.74m 195.81m 721.34m

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