PennantPark Investment Corporation (PNNT) vs WhiteHorse Finance, Inc. (WHF)

PennantPark Investment Corporation and WhiteHorse Finance, Inc. are both Asset Management companies. PennantPark Investment Corporation is the larger, with a market value of $206.3M against $164.5M — 1.3× the size. WhiteHorse Finance, Inc. trades at the lower P/E: 9.6× against 19.6×. PennantPark Investment Corporation grew revenue faster over the last twelve months: −19.9% against −19.9%. WhiteHorse Finance, Inc. has the higher net margin (26.9% vs 9.66%) and the higher return on invested capital (2.67% vs 2.65%). Both pay a dividend; PennantPark Investment Corporation yields more (13.2% vs 9.89%). Across the 21 metrics below, WhiteHorse Finance, Inc. leads on 11 and PennantPark Investment Corporation on 10.

Valuation

Metric PNNT WHF Asset Management median
P/E 19.59 9.59 13.99
P/S 1.89 2.51 2.76
P/B 0.46 0.65 0.85
Price to free cash flow 1.75 2.10 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 5.11% 10.42% 4.72%
Free cash flow yield 57.03% 47.61% 4.44%

Profitability

Metric PNNT WHF Asset Management median
Gross margin 80.01% 100.00% 100.00%
Operating margin 74.72% 67.65% 33.42%
Net margin 9.66% 26.88% 13.37%
Free cash flow margin 107.91% 119.28% 12.36%
Return on equity 2.23% 6.65% 4.79%
Return on assets 0.81% 2.75% 1.55%
Return on invested capital 2.65% 2.67% 2.97%

Growth

Metric PNNT WHF Asset Management median
Revenue growth (TTM) (19.87%) (19.92%) 7.42%
EPS growth (last fiscal year) (33.33%) 31.91% (6.67%)
Revenue growth, 5-year CAGR 4.07% 3.33% 12.51%
Net income growth, 5-year CAGR 0.00% (14.67%) 0.00%

Health

Metric PNNT WHF Asset Management median
Debt to equity 1.28 1.29 0.44
Current ratio 0.18 1.39 1.30
Net debt to EBITDA 7.74 6.19 1.02

Dividend

Metric PNNT WHF Asset Management median
Dividend yield 13.16% 9.89% 6.60%
Payout ratio 2.58 0.95 0.94

Size

Metric PNNT WHF Asset Management median
Market cap 206.34m 164.51m 694.86m

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