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BLACKSTONE SECURED LENDING F (BXSL) Stock Fundamental Analysis

NYSE:BXSL - New York Stock Exchange, Inc. - US09261X1028 - Common Stock - Currency: USD

33.27  +0.96 (+2.97%)

After market: 32.75 -0.52 (-1.56%)

Fundamental Rating

4

BXSL gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 225 industry peers in the Capital Markets industry. While BXSL is still in line with the averages on profitability rating, there are concerns on its financial health. BXSL has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

BXSL had positive earnings in the past year.
BXSL had a negative operating cash flow in the past year.
In the past 5 years BXSL has always been profitable.
In multiple years BXSL reported negative operating cash flow during the last 5 years.
BXSL Yearly Net Income VS EBIT VS OCF VS FCFBXSL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 -1B -2B -3B

1.2 Ratios

The Return On Assets of BXSL (5.15%) is better than 67.56% of its industry peers.
Looking at the Return On Equity, with a value of 11.42%, BXSL is in the better half of the industry, outperforming 60.89% of the companies in the same industry.
BXSL has a Return On Invested Capital of 4.34%. This is comparable to the rest of the industry: BXSL outperforms 56.89% of its industry peers.
BXSL had an Average Return On Invested Capital over the past 3 years of 4.56%. This is below the industry average of 6.83%.
Industry RankSector Rank
ROA 5.15%
ROE 11.42%
ROIC 4.34%
ROA(3y)5.09%
ROA(5y)4.69%
ROE(3y)11.17%
ROE(5y)10.11%
ROIC(3y)4.56%
ROIC(5y)3.95%
BXSL Yearly ROA, ROE, ROICBXSL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 0 2 4 6 8 10

1.3 Margins

With an excellent Profit Margin value of 52.31%, BXSL belongs to the best of the industry, outperforming 88.00% of the companies in the same industry.
In the last couple of years the Profit Margin of BXSL has declined.
With an excellent Operating Margin value of 54.42%, BXSL belongs to the best of the industry, outperforming 92.44% of the companies in the same industry.
In the last couple of years the Operating Margin of BXSL has grown nicely.
The Gross Margin of BXSL (55.24%) is better than 65.33% of its industry peers.
In the last couple of years the Gross Margin of BXSL has remained more or less at the same level.
Industry RankSector Rank
OM 54.42%
PM (TTM) 52.31%
GM 55.24%
OM growth 3Y-1.35%
OM growth 5Y1.63%
PM growth 3Y-10.8%
PM growth 5Y-6.13%
GM growth 3Y-3.2%
GM growth 5Y-0.94%
BXSL Yearly Profit, Operating, Gross MarginsBXSL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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0

2. Health

2.1 Basic Checks

Compared to 1 year ago, BXSL has more shares outstanding
BXSL has more shares outstanding than it did 5 years ago.
The debt/assets ratio for BXSL is higher compared to a year ago.
BXSL Yearly Shares OutstandingBXSL Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
BXSL Yearly Total Debt VS Total AssetsBXSL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

Based on the Altman-Z score of 0.92, we must say that BXSL is in the distress zone and has some risk of bankruptcy.
BXSL has a Altman-Z score (0.92) which is in line with its industry peers.
A Debt/Equity ratio of 1.16 is on the high side and indicates that BXSL has dependencies on debt financing.
The Debt to Equity ratio of BXSL (1.16) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.16
Debt/FCF N/A
Altman-Z 0.92
ROIC/WACCN/A
WACCN/A
BXSL Yearly LT Debt VS Equity VS FCFBXSL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B 6B

2.3 Liquidity

BXSL has a Current Ratio of 0.71. This is a bad value and indicates that BXSL is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Current ratio value of 0.71, BXSL is not doing good in the industry: 69.33% of the companies in the same industry are doing better.
BXSL has a Quick Ratio of 0.71. This is a bad value and indicates that BXSL is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.71, BXSL is doing worse than 68.89% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.71
Quick Ratio 0.71
BXSL Yearly Current Assets VS Current LiabilitesBXSL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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6

3. Growth

3.1 Past

BXSL shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -9.97%.
BXSL shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 40.04% yearly.
The Revenue has grown by 16.03% in the past year. This is quite good.
Measured over the past years, BXSL shows a very strong growth in Revenue. The Revenue has been growing by 55.07% on average per year.
EPS 1Y (TTM)-9.97%
EPS 3Y7.56%
EPS 5Y40.04%
EPS Q2Q%-12.5%
Revenue 1Y (TTM)16.03%
Revenue growth 3Y28.55%
Revenue growth 5Y55.07%
Sales Q2Q%16.01%

3.2 Future

Based on estimates for the next years, BXSL will show a decrease in Earnings Per Share. The EPS will decrease by -5.01% on average per year.
BXSL is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 14.62% yearly.
EPS Next Y-5.61%
EPS Next 2Y-5.01%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year10.79%
Revenue Next 2Y8.6%
Revenue Next 3Y14.62%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
BXSL Yearly Revenue VS EstimatesBXSL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B 2B
BXSL Yearly EPS VS EstimatesBXSL Yearly EPS VS EstimatesYearly EPS VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3

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4

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 9.48, the valuation of BXSL can be described as very reasonable.
74.67% of the companies in the same industry are more expensive than BXSL, based on the Price/Earnings ratio.
BXSL is valuated cheaply when we compare the Price/Earnings ratio to 29.35, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 10.04, the valuation of BXSL can be described as reasonable.
BXSL's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. BXSL is cheaper than 69.33% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.10, BXSL is valued rather cheaply.
Industry RankSector Rank
PE 9.48
Fwd PE 10.04
BXSL Price Earnings VS Forward Price EarningsBXSL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
BXSL Per share dataBXSL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20

4.3 Compensation for Growth

The decent profitability rating of BXSL may justify a higher PE ratio.
A cheap valuation may be justified as BXSL's earnings are expected to decrease with -5.01% in the coming years.
PEG (NY)N/A
PEG (5Y)0.24
EPS Next 2Y-5.01%
EPS Next 3YN/A

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5

5. Dividend

5.1 Amount

BXSL has a Yearly Dividend Yield of 9.53%, which is a nice return.
Compared to an average industry Dividend Yield of 8.64, BXSL pays a bit more dividend than its industry peers.
BXSL's Dividend Yield is rather good when compared to the S&P500 average which is at 2.33.
Industry RankSector Rank
Dividend Yield 9.53%

5.2 History

BXSL has been paying a dividend for over 5 years, so it has already some track record.
BXSL has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years3
Div Non Decr Years3
BXSL Yearly Dividends per shareBXSL Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

84.04% of the earnings are spent on dividend by BXSL. This is not a sustainable payout ratio.
DP84.04%
EPS Next 2Y-5.01%
EPS Next 3YN/A
BXSL Yearly Income VS Free CF VS DividendBXSL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 2024 0 -1B -2B -3B
BXSL Dividend Payout.BXSL Dividend Payout, showing the Payout Ratio.BXSL Dividend Payout.PayoutRetained Earnings

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BLACKSTONE SECURED LENDING F

NYSE:BXSL (3/7/2025, 8:09:06 PM)

After market: 32.75 -0.52 (-1.56%)

33.27

+0.96 (+2.97%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)02-26 2025-02-26/bmo
Earnings (Next)05-06 2025-05-06/bmo
Inst Owners40.03%
Inst Owner Change34.12%
Ins Owners1.57%
Ins Owner Change0%
Market Cap7.58B
Analysts81.33
Price Target33.81 (1.62%)
Short Float %1.01%
Short Ratio1.93
Dividend
Industry RankSector Rank
Dividend Yield 9.53%
Yearly Dividend2.86
Dividend Growth(5Y)N/A
DP84.04%
Div Incr Years3
Div Non Decr Years3
Ex-Date03-31 2025-03-31 (0.77)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-1.81%
Min EPS beat(2)-3.37%
Max EPS beat(2)-0.26%
EPS beat(4)0
Avg EPS beat(4)-3.59%
Min EPS beat(4)-7.43%
Max EPS beat(4)-0.26%
EPS beat(8)2
Avg EPS beat(8)-1.67%
EPS beat(12)5
Avg EPS beat(12)0%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-0.27%
Min Revenue beat(2)-0.65%
Max Revenue beat(2)0.11%
Revenue beat(4)2
Avg Revenue beat(4)-0.73%
Min Revenue beat(4)-3.56%
Max Revenue beat(4)1.19%
Revenue beat(8)4
Avg Revenue beat(8)0.83%
Revenue beat(12)6
Avg Revenue beat(12)0.96%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)3.27%
PT rev (3m)2.77%
EPS NQ rev (1m)-0.08%
EPS NQ rev (3m)-0.93%
EPS NY rev (1m)-0.1%
EPS NY rev (3m)0.17%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)5.83%
Revenue NY rev (3m)6.43%
Valuation
Industry RankSector Rank
PE 9.48
Fwd PE 10.04
P/S 5.71
P/FCF N/A
P/OCF N/A
P/B 1.25
P/tB 1.25
EV/EBITDA N/A
EPS(TTM)3.51
EY10.55%
EPS(NY)3.31
Fwd EY9.96%
FCF(TTM)-11.09
FCFYN/A
OCF(TTM)-11.09
OCFYN/A
SpS5.82
BVpS26.67
TBVpS26.67
PEG (NY)N/A
PEG (5Y)0.24
Profitability
Industry RankSector Rank
ROA 5.15%
ROE 11.42%
ROCE 5.5%
ROIC 4.34%
ROICexc 4.42%
ROICexgc 4.42%
OM 54.42%
PM (TTM) 52.31%
GM 55.24%
FCFM N/A
ROA(3y)5.09%
ROA(5y)4.69%
ROE(3y)11.17%
ROE(5y)10.11%
ROIC(3y)4.56%
ROIC(5y)3.95%
ROICexc(3y)4.63%
ROICexc(5y)4.03%
ROICexgc(3y)4.63%
ROICexgc(5y)4.03%
ROCE(3y)5.77%
ROCE(5y)5.01%
ROICexcg growth 3Y15.89%
ROICexcg growth 5Y18.19%
ROICexc growth 3Y15.87%
ROICexc growth 5Y18.19%
OM growth 3Y-1.35%
OM growth 5Y1.63%
PM growth 3Y-10.8%
PM growth 5Y-6.13%
GM growth 3Y-3.2%
GM growth 5Y-0.94%
F-Score2
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 1.16
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 2.43
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.71
Quick Ratio 0.71
Altman-Z 0.92
F-Score2
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-9.97%
EPS 3Y7.56%
EPS 5Y40.04%
EPS Q2Q%-12.5%
EPS Next Y-5.61%
EPS Next 2Y-5.01%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)16.03%
Revenue growth 3Y28.55%
Revenue growth 5Y55.07%
Sales Q2Q%16.01%
Revenue Next Year10.79%
Revenue Next 2Y8.6%
Revenue Next 3Y14.62%
Revenue Next 5YN/A
EBIT growth 1Y7.66%
EBIT growth 3Y26.81%
EBIT growth 5Y57.59%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-650.61%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-650.61%
OCF growth 3YN/A
OCF growth 5YN/A