企業概要
Crescent Capital BDC, Inc. operates as a business development company that functions primarily as a private equity fund focused on buyouts and lending activities. The firm specializes in directly investing in middle-market opportunities within the United States, distinguishing its operational model from traditional public equity funds. This entity is classified within the Financial Services sector, specifically under the Asset Management industry, which implies a focus on managing capital allocation and generating returns through financial intermediation rather than direct operational manufacturing. The company possesses a market capitalization of $455.83M and reported annual revenue of $167.28M, while specific employee count data is not available in current filings. These valuation and revenue figures indicate that the company maintains a mid-tier position within the specialized BDC landscape, reflecting a scale sufficient to access middle-market deals but limited compared to large-scale commercial banking institutions.
財務健全性
The company generated revenue of $167.28M over the trailing twelve months, resulting in a net income of $34.51M, whereas EBITDA figures are not disclosed in the available financial data. The significant gap between the $167.28M in revenue and the $34.51M in net income reveals a cost structure where operating expenses and interest costs consume approximately 79.4% of total revenue, a typical characteristic for BDCs due to high interest-bearing liabilities. Despite the absence of reported EBITDA, the firm produced free cash flow of $48.25M, which provides a measure of financial flexibility for servicing debt obligations and returning capital to shareholders. The gross margin stands at 100.0%, indicating that the primary business model involves fee-based or spread-based income where direct cost of goods sold is negligible in the traditional sense. Operating margins are recorded at 75.4%, while profit margins sit at 20.6%, suggesting that a substantial portion of gross revenue is retained before interest and taxes, though the final profitability is heavily influenced by leverage. On the balance sheet, cash holdings of $5.04M are vastly outweighed by total debt of $873.76M, highlighting a highly leveraged financial structure rather than a conservative one. The debt-to-equity ratio is calculated at 123.76, confirming that the company relies heavily on debt financing to amplify potential returns, which is standard for BDCs but introduces higher interest rate sensitivity. Liquidity is assessed via a current ratio of 1.27, indicating that current assets slightly exceed current liabilities, which suggests adequate but tight short-term liquidity management. Return on equity and return on assets are both reported at 4.8%, metrics that reveal management's effectiveness in generating profit relative to the capital base, though these returns are modest given the high leverage levels.
バリュエーション評価
The stock trades with a trailing P/E ratio of 13.55 and a forward P/E of 7.97, where the substantial difference between these two metrics implies that the market expects a significant contraction in future earnings or a re-rating of valuation multiples relative to current profitability. The price-to-book ratio is 0.65, which indicates that the market is pricing the company at a discount to its tangible book value, suggesting that investors are not willing to pay a premium for the asset base at current levels. Alternative valuation metrics such as the price-to-sales ratio of 2.72 and the unavailable EV/EBITDA data provide additional context, with the P/S ratio suggesting the market values the company at roughly 2.7 times its sales, which can be elevated given the low profit margins typical of the sector. The 52-week trading range spans from a low of $11.80 to a high of $17.02, and without the current spot price explicitly provided in the data, the absolute position relative to this range cannot be precisely calculated, but the wide spread indicates significant price volatility over the past year. The beta value is 0.60, meaning the stock's price volatility is approximately 40% lower than the broader market, suggesting it behaves more defensively than the average financial stock despite its high-yield nature.
Growth & Income
Revenue growth year-over-year is reported at -12.1%, while earnings growth year-over-year is -14.9%, indicating that earnings are contracting at a slightly faster rate than revenue, which implies that cost pressures or margin compression are intensifying as the business shrinks. The company pays a dividend with a yield of 13.6%, but the payout ratio stands at 180.7%, which indicates that the dividend is not sustainable based on current earnings as the company is distributing far more cash than it generates in net income. This high payout ratio suggests the company is likely relying on capital distributions from its portfolio investments or cash flows rather than retained earnings to fund the dividend, a common practice for BDCs but one that carries risk if underlying assets underperform. Given the negative earnings growth and unsustainable payout ratio, the overall growth and income profile reflects a mature, high-yield instrument currently facing headwinds in revenue generation and capital conservation rather than organic expansion.