TriplePoint Venture Growth BDC Corp. (TPVG) vs WhiteHorse Finance, Inc. (WHF)

TriplePoint Venture Growth BDC Corp. and WhiteHorse Finance, Inc. are both Asset Management companies. TriplePoint Venture Growth BDC Corp. is the larger, with a market value of $195.8M against $151.6M — 1.3× the size. TriplePoint Venture Growth BDC Corp. trades at the lower P/E: 4.9× against 8.9×. 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 26.9%) and the higher return on invested capital (4.41% vs 2.67%). Both pay a dividend; TriplePoint Venture Growth BDC Corp. yields more (14.7% vs 11.8%). Across the 21 metrics below, TriplePoint Venture Growth BDC Corp. leads on 17 and WhiteHorse Finance, Inc. on 4.

Valuation

Metric TPVG WHF Asset Management median
P/E 4.88 8.91 14.62
P/S 2.18 2.33 2.97
P/B 0.56 0.60 0.94
Price to free cash flow n/m 1.95 8.93
EV/EBITDA 5.67 10.53 10.32
EV/Sales 4.18 6.88 5.72
Earnings yield 20.50% 11.22% 4.53%
Free cash flow yield (14.84%) 51.26% 4.65%

Profitability

Metric TPVG WHF Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 74.52% 67.65% 33.03%
Net margin 44.58% 26.88% 13.53%
Free cash flow margin (32.28%) 119.28% 12.44%
Return on equity 11.45% 6.65% 4.83%
Return on assets 5.03% 2.75% 1.57%
Return on invested capital 4.41% 2.67% 3.04%

Growth

Metric TPVG WHF Asset Management median
Revenue growth (TTM) (8.04%) (19.92%) 6.97%
EPS growth (last fiscal year) 48.78% 31.91% —
Revenue growth, 5-year CAGR (0.06%) 3.33% 12.13%
Net income growth, 5-year CAGR 6.86% (14.67%) 0.00%

Health

Metric TPVG WHF Asset Management median
Debt to equity 0.55 1.29 0.42
Current ratio 0.06 1.39 1.28
Net debt to EBITDA 0.72 6.19 1.06

Dividend

Metric TPVG WHF Asset Management median
Dividend yield 14.69% 11.79% 6.92%
Payout ratio 8.47 2.35 0.77

Size

Metric TPVG WHF Asset Management median
Market cap 195.81m 151.62m 721.34m

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