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. and WhiteHorse Finance, Inc. are of similar size ($181.6M and $177.0M). TriplePoint Venture Growth BDC Corp. trades at the lower P/E: 4.7× against 10.4×. TriplePoint Venture Growth BDC Corp. grew revenue faster over the last twelve months: −6.91% against −19.9%. WhiteHorse Finance, Inc. has the higher net margin (26.9% vs 26.5%) and the higher return on invested capital (2.67% vs 0.00%). Both pay a dividend; TriplePoint Venture Growth BDC Corp. yields more (20.8% vs 12.1%). Across the 20 metrics below, TriplePoint Venture Growth BDC Corp. leads on 14 and WhiteHorse Finance, Inc. on 6.

Valuation

Metric TPVG WHF Asset Management median
P/E 4.71 10.44 13.38
P/S 2.06 2.73 2.99
P/B 0.53 0.70 0.91
Price to free cash flow 1.80 2.29 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 21.22% 9.58% 4.67%
Free cash flow yield 55.67% 43.74% 4.85%

Profitability

Metric TPVG WHF Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 0.00% 67.65% 27.27%
Net margin 26.50% 26.88% 11.89%
Free cash flow margin 114.58% 119.28% 5.96%
Return on equity 6.68% 6.65% 4.57%
Return on assets 2.93% 2.75% 1.40%
Return on invested capital 0.00% 2.67% 2.12%

Growth

Metric TPVG WHF Asset Management median
Revenue growth (TTM) (6.91%) (19.92%) 7.26%
EPS growth (last fiscal year) 48.78% 31.91% (5.64%)
Revenue growth, 5-year CAGR (0.06%) 3.33% 11.84%
Net income growth, 5-year CAGR 6.86% (14.67%) 0.00%

Health

Metric TPVG WHF Asset Management median
Debt to equity 0.44 1.29 0.40
Current ratio 0.08 1.39 1.23
Net debt to EBITDA 0.72 6.19 1.06

Dividend

Metric TPVG WHF Asset Management median
Dividend yield 20.77% 12.12% 6.43%
Payout ratio 0.98 1.27 0.91

Size

Metric TPVG WHF Asset Management median
Market cap 181.56m 176.97m 692.54m

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