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Palmer Square Capital BDC Inc. (PSBD) vs BLACKROCK TCP CAPITAL CORP. (TCPC)

Palmer Square Capital BDC Inc. and BLACKROCK TCP CAPITAL CORP. are both Asset Management companies. BLACKROCK TCP CAPITAL CORP. is the larger, with a market value of $358.3M against $303.1M — 1.2× the size. Palmer Square Capital BDC Inc. grew revenue faster over the last twelve months: −14.9% against −26.1%. Both pay a dividend; BLACKROCK TCP CAPITAL CORP. yields more (17.8% vs 10.9%). Across the 15 metrics below, BLACKROCK TCP CAPITAL CORP. leads on 8 and Palmer Square Capital BDC Inc. on 7.

Valuation

Metric PSBD TCPC Asset Management median
P/E n/m n/m 13.38
P/S 2.63 2.02 2.99
P/B 0.75 0.76 0.91
Price to free cash flow 1.85 0.61 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (6.37%) (55.50%) 4.67%
Free cash flow yield 54.09% 164.08% 4.85%

Profitability

Metric PSBD TCPC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 83.05% 84.51% 27.27%
Net margin 0.00% 0.00% 11.89%
Free cash flow margin 0.00% 0.00% 5.96%
Return on equity (4.49%) (32.96%) 4.57%
Return on assets (1.68%) (15.19%) 1.40%
Return on invested capital 0.00% 0.00% 2.12%

Growth

Metric PSBD TCPC Asset Management median
Revenue growth (TTM) (14.85%) (26.09%) 7.26%
EPS growth (last fiscal year) (106.80%) (32.91%) (5.64%)
Revenue growth, 5-year CAGR 37.33% 3.23% 11.84%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric PSBD TCPC Asset Management median
Debt to equity 0.88 0.69 0.40
Current ratio 1.57 29.31 1.23
Net debt to EBITDA (7.53) 11.05 1.06

Dividend

Metric PSBD TCPC Asset Management median
Dividend yield 10.92% 17.80% 6.43%
Payout ratio — — 0.91

Size

Metric PSBD TCPC Asset Management median
Market cap 303.14m 358.27m 692.54m

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