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. Palmer Square Capital BDC Inc. and BLACKROCK TCP CAPITAL CORP. are of similar size ($335.6M and $315.1M). Palmer Square Capital BDC Inc. grew revenue faster over the last twelve months: −14.9% against −26.1%. Palmer Square Capital BDC Inc. has the higher net margin (−26.7% vs −61.3%) and the lower return on invested capital (0.00% vs 4.15%). Across the 18 metrics below, Palmer Square Capital BDC Inc. leads on 9 and BLACKROCK TCP CAPITAL CORP. on 9.

Valuation

Metric PSBD TCPC Asset Management median
P/E n/m n/m 14.62
P/S 2.65 1.90 2.97
P/B 0.75 0.61 0.94
Price to free cash flow 2.47 0.84 8.93
EV/EBITDA n/m 9.32 10.32
EV/Sales (3.62) 6.15 5.72
Earnings yield (10.07%) (31.92%) 4.53%
Free cash flow yield 40.55% 118.78% 4.65%

Profitability

Metric PSBD TCPC Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 83.05% 84.51% 33.03%
Net margin (26.72%) (61.27%) 13.53%
Free cash flow margin 107.44% 225.77% 12.44%
Return on equity (6.75%) (16.78%) 4.83%
Return on assets (2.51%) (6.36%) 1.57%
Return on invested capital 0.00% 4.15% 3.04%

Growth

Metric PSBD TCPC Asset Management median
Revenue growth (TTM) (14.85%) (26.09%) 6.97%
EPS growth (last fiscal year) (106.80%) (32.91%) —
Revenue growth, 5-year CAGR 37.33% 3.23% 12.13%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric PSBD TCPC Asset Management median
Debt to equity 0.97 1.65 0.42
Current ratio 1.56 29.31 1.28
Net debt to EBITDA (7.53) 11.05 1.06

Dividend

Metric PSBD TCPC Asset Management median
Dividend yield — 11.88% 6.92%
Payout ratio — 4.27 0.77

Size

Metric PSBD TCPC Asset Management median
Market cap 315.10m 335.61m 721.34m

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