Sound Point Meridian Capital, Inc. (SPMC) vs TriplePoint Venture Growth BDC Corp. (TPVG)

Sound Point Meridian Capital, Inc. and TriplePoint Venture Growth BDC Corp. are both Asset Management companies. Sound Point Meridian Capital, Inc. and TriplePoint Venture Growth BDC Corp. are of similar size ($195.8M and $179.0M). Sound Point Meridian Capital, Inc. has negative trailing earnings, so its P/E is not meaningful; TriplePoint Venture Growth BDC Corp. trades at 4.9×. Across the 2 metrics below, TriplePoint Venture Growth BDC Corp. leads on 2 and Sound Point Meridian Capital, Inc. on 0.

Valuation

Metric SPMC TPVG Asset Management median
P/E n/m 4.88 14.62
P/S — 2.18 2.97
P/B — 0.56 0.94
Price to free cash flow — n/m 8.93
EV/EBITDA — 5.67 10.32
EV/Sales — 4.18 5.72
Earnings yield (68.08%) 20.50% 4.53%
Free cash flow yield — (14.84%) 4.65%

Profitability

Metric SPMC TPVG Asset Management median
Gross margin — 100.00% 100.00%
Operating margin — 74.52% 33.03%
Net margin — 44.58% 13.53%
Free cash flow margin — (32.28%) 12.44%
Return on equity — 11.45% 4.83%
Return on assets 0.00% 5.03% 1.57%
Return on invested capital — 4.41% 3.04%

Growth

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

Health

Metric SPMC TPVG Asset Management median
Debt to equity — 0.55 0.42
Current ratio — 0.06 1.28
Net debt to EBITDA — 0.72 1.06

Dividend

Metric SPMC TPVG Asset Management median
Dividend yield — 14.69% 6.92%
Payout ratio — 8.47 0.77

Size

Metric SPMC TPVG Asset Management median
Market cap 179.01m 195.81m 721.34m

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