公司概述
Crescent Capital BDC, Inc. operates as a business development company within the financial services sector, specifically focusing on private equity, buyouts, and loan funds that specialize in direct investments across the middle market in the United States. The company is categorized under the asset management industry, which implies a focus on managing capital to generate returns through direct lending and equity investments rather than traditional public market trading. Crescent Capital BDC, Inc. currently holds a market capitalization of $455.83M and reports trailing twelve-month revenue of $167.28M, while the employee count is not disclosed in available data. These valuation and revenue figures indicate that the company maintains a mid-sized market position, leveraging its specialized lending expertise to serve a niche segment of the middle market without the extensive operational footprint suggested by a large public workforce.
财务健康
The company reported revenue of $167.28M over the trailing twelve months, with net income reaching $34.51M, while EBITDA figures are not available for direct citation. The substantial gap between the reported revenue and net income reveals a high cost structure where operating expenses and interest costs consume a significant portion of top-line revenue before reaching the bottom line. Despite the lack of EBITDA data, the company generates free cash flow of $48.25M, which provides a critical buffer for financial flexibility to meet obligations or reinvest in potential loan opportunities. The margins reflect a unique BDC structure with a gross margin of 100.0%, an operating margin of 75.4%, and a profit margin of 20.6%, indicating that revenue is derived primarily from interest income and fees with minimal cost of goods sold, though operating expenses still impact the final profitability. On the balance sheet, cash stands at $5.04M against total debt of $873.76M, resulting in a debt-to-equity ratio of 123.76, which characterizes the entity as highly leveraged and dependent on its ability to service interest costs. Liquidity is assessed via a current ratio of 1.27, suggesting that current assets are sufficient to cover short-term liabilities, although the margin is relatively tight for a capital-intensive lending business. Return on equity and return on assets both stand at 4.8%, metrics that suggest management effectiveness is currently limited by the high leverage and potentially lower asset yields relative to the capital employed.
估值评估
Valuation metrics show a trailing P/E ratio of 13.55 and a forward P/E of 7.97, implying that the market expects a significant expansion in future earnings relative to current levels to justify the lower forward multiple. The price-to-book ratio is 0.65, which indicates that the market is pricing the company at a discount to its book value, a common characteristic for leveraged BDCs where asset values may not yet be fully reflected in equity prices. Alternative valuation metrics include a price-to-sales ratio of 2.72 and an EV/EBITDA ratio that is not available for citation due to missing EBITDA data. In terms of price momentum, the stock has a 52-week high of $17.02 and a 52-week low of $11.80, with the current trading price situated within this range reflecting recent market sentiment. The beta value is 0.60, indicating that the stock exhibits lower price volatility relative to the broader market, making it less sensitive to general market fluctuations compared to larger financial institutions.
Growth & Income
Recent performance data indicates a revenue growth rate of -12.1% year-over-year and an earnings growth rate of -14.9% year-over-year, suggesting that earnings are declining at a slightly faster pace than revenue, which points to margin compression or increased cost pressures in the current lending environment. As a dividend payer, the company offers a dividend yield of 13.6% with a payout ratio of 180.7%, a situation where the payout exceeds net income, which raises questions regarding the sustainability of the dividend given the current earnings trajectory. Since the payout ratio is significantly above 100%, the company is currently unable to fund dividends solely from retained earnings, relying instead on other capital sources to maintain the distribution. The overall growth and income profile presents a high-yield scenario accompanied by negative growth trends, highlighting the tension between current income generation and future earnings sustainability in a declining revenue environment.