Comprehensive Stock Comparison
Compare BlackRock Technology and Private Equity Term Trust (BTX) vs Ligand Pharmaceuticals Incorporated (LGND) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth |  LGND | 27.3% revenue growth vs BTX's -81.1% |
| Value | LGND | Lower P/E (23.8x vs 38.6x) |
| Quality / Margins |  BTX | 87.7% net margin vs LGND's 19.3% |
| Stability / Safety | LGND | Beta 0.82 vs BTX's 1.16 |
| Dividends | BTX | 13.1% yield; 1-year raise streak; LGND pays no meaningful dividend |
| Momentum (1Y) | LGND | +75.3% vs BTX's +7.1% |
| Efficiency (ROA) | LGND | 3.3% ROA vs BTX's 1.8%, ROIC -2.3% vs 1.4% |
Who Each Stock Is For
Income & stability
BTXDividend streak 1 yrs, beta 1.16, yield 13.1%
Growth exposure
LGNDRev growth 27.3%, EPS growth -107.5%, 3Y rev CAGR -11.6%
Long-term compounding (10Y)
LGND102.2% 10Y total return vs BTX's -45.8%
Sleep-well-at-night portfolio
LGNDLower volatility, beta 0.82, Low D/E 0.9%, current ratio 8.93x
Defensive / Recession hedge
LGNDBeta 0.82, current ratio 8.93x
Business Model
What each company does and how it makes money
BlackRock Technology and Private Equity Term Trust is a closed-end investment fund that pools investor capital to invest primarily in mid- and small-capitalization growth companies in the technology and healthcare sectors. It generates returns through capital appreciation and dividend income from its equity portfolio, with performance tied to the success of its underlying investments. The fund's key advantage is BlackRock's extensive research capabilities and access to innovative companies that traditional investors might overlook.
Ligand Pharmaceuticals is a biopharmaceutical company that develops and acquires drug discovery technologies and royalty-bearing assets for pharmaceutical partners. It generates revenue primarily through royalties from partnered drug sales — including blockbusters like Kyprolis and Veklury — supplemented by milestone payments and contract research services. Its key competitive advantage lies in its diversified portfolio of royalty streams and its Captisol drug formulation technology, which creates multiple revenue sources from single platform innovations.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
BTX 2LGND 2BTX4/4 metricsBTX4/5 metricsLGND6/6 metricsLGND2/2 metricsBTX leads in 2 of 6 categories (Financial Metrics, Valuation Metrics). LGND leads in 2 (Total Returns, Risk & Volatility). 1 tied.
Financial Metrics (TTM)
LGND is the larger business by revenue, generating $251M annually — 6.2x BTX's $41M. BTX is the more profitable business, keeping 87.7% of every revenue dollar as net income compared to LGND's 19.3%.
| Metric | BTXBlackRock Technol… | LGNDLigand Pharmaceut… |
|---|---|---|
| RevenueTrailing 12 months | $41M | $251M |
| EBITDAEarnings before interest/tax | — | $52M |
| Net IncomeAfter-tax profit | — | $49M |
| Free Cash FlowCash after capex | — | $31M |
| Gross MarginGross profit ÷ Revenue | +100.0% | +85.9% |
| Operating MarginEBIT ÷ Revenue | +87.7% | +7.0% |
| Net MarginNet income ÷ Revenue | +87.7% | +19.3% |
| FCF MarginFCF ÷ Revenue | +6.8% | +12.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | +122.8% |
| EPS Growth (YoY)Latest quarter vs prior year | — | +15.6% |
Valuation Metrics
On an enterprise value basis, BTX's 21.4x EV/EBITDA is more attractive than LGND's 309.3x.
| Metric | BTXBlackRock Technol… | LGNDLigand Pharmaceut… |
|---|---|---|
| Market CapShares × price | $765M | $4.0B |
| Enterprise ValueMkt cap + debt − cash | $765M | $3.9B |
| Trailing P/EPrice ÷ TTM EPS | 38.56x | -918.58x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 23.80x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 21.43x | 309.27x |
| Price / SalesMarket cap ÷ Revenue | 18.80x | 23.77x |
| Price / BookPrice ÷ Book value/share | 0.79x | 4.45x |
| Price / FCFMarket cap ÷ FCF | 2.76x | 51.32x |
Profitability & Efficiency
LGND delivers a 5.1% return on equity — every $100 of shareholder capital generates $5 in annual profit, vs $2 for BTX. On the Piotroski fundamental quality scale (0–9), LGND scores 5/9 vs BTX's 3/9, reflecting solid financial health.
| Metric | BTXBlackRock Technol… | LGNDLigand Pharmaceut… |
|---|---|---|
| ROE (TTM)Return on equity | +1.9% | +5.1% |
| ROA (TTM)Return on assets | +1.8% | +3.3% |
| ROICReturn on invested capital | +1.4% | -2.3% |
| ROCEReturn on capital employed | +1.8% | -2.7% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 |
| Debt / EquityFinancial leverage | — | 0.01x |
| Net DebtTotal debt minus cash | $0 | -$65M |
| Cash & Equiv.Liquid assets | — | $72M |
| Total DebtShort + long-term debt | $0 | $7M |
| Interest CoverageEBIT ÷ Interest expense | 2313.25x | 22.69x |
Total Returns (with DRIP)
A $10,000 investment in LGND five years ago would be worth $14,261 today (with dividends reinvested), compared to $5,420 for BTX. Over the past 12 months, LGND leads with a +75.3% total return vs BTX's +7.1%. The 3-year compound annual growth rate (CAGR) favors LGND at 41.4% vs BTX's 5.5% — a key indicator of consistent wealth creation.
| Metric | BTXBlackRock Technol… | LGNDLigand Pharmaceut… |
|---|---|---|
| YTD ReturnYear-to-date | -0.4% | +6.3% |
| 1-Year ReturnPast 12 months | +7.1% | +75.3% |
| 3-Year ReturnCumulative with dividends | +17.5% | +182.6% |
| 5-Year ReturnCumulative with dividends | -45.8% | +42.6% |
| 10-Year ReturnCumulative with dividends | -45.8% | +102.2% |
| CAGR (3Y)Annualised 3-year return | +5.5% | +41.4% |
Risk & Volatility
LGND is the less volatile stock with a 0.82 beta — it tends to amplify market swings less than BTX's 1.16 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. LGND currently trades 95.1% from its 52-week high vs BTX's 87.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BTXBlackRock Technol… | LGNDLigand Pharmaceut… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.16x | 0.82x |
| 52-Week HighHighest price in past year | $7.50 | $212.49 |
| 52-Week LowLowest price in past year | $5.10 | $93.58 |
| % of 52W HighCurrent price vs 52-week peak | +87.4% | +95.1% |
| RSI (14)Momentum oscillator 0–100 | 47.5 | 58.9 |
| Avg Volume (50D)Average daily shares traded | 791K | 172K |
Analyst Outlook
BTX is the only dividend payer here at 13.05% yield — a key consideration for income-focused portfolios.
| Metric | BTXBlackRock Technol… | LGNDLigand Pharmaceut… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $248.00 |
| # AnalystsCovering analysts | — | 16 |
| Dividend YieldAnnual dividend ÷ price | +13.1% | — |
| Dividend StreakConsecutive years of raises | 1 | 1 |
| Dividend / ShareAnnual DPS | $0.86 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +12.1% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 21 | Mar 26 | Change |
|---|---|---|---|
| BlackRock Technolog… (BTX) | 100 | 32.74 | -67.3% |
| Ligand Pharmaceutic… (LGND) | 100 | 130.72 | +30.7% |
Ligand Pharmaceutic… (LGND) returned +43% over 5 years vs BlackRock Technolog… (BTX)'s -46%. A $10,000 investment in LGND 5 years ago would be worth $14,261 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| BlackRock Technolog… (BTX) | $-640M | $41M | +106.4% |
| Ligand Pharmaceutic… (LGND) | $72M | $167M | +132.4% |
Ligand Pharmaceuticals Incorporated's revenue grew from $72M (2015) to $167M (2024) — a 9.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| BlackRock Technolog… (BTX) | 100.1% | 87.7% | -12.4% |
| Ligand Pharmaceutic… (LGND) | 3.6% | -2.4% | -167.4% |
Ligand Pharmaceuticals Incorporated's net margin went from 4% (2015) to -2% (2024).
Chart 4P/E Ratio History — 5 Years
| Stock | 2017 | 2023 | Change |
|---|---|---|---|
| Ligand Pharmaceutic… (LGND) | 258.4 | 24.3 | -90.6% |
Ligand Pharmaceuticals Incorporated has traded in a 3x–258x P/E range over 5 years; current trailing P/E is ~-919x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| BlackRock Technolog… (BTX) | -2.58 | 0.17 | +106.6% |
| Ligand Pharmaceutic… (LGND) | 12.12 | -0.22 | -101.8% |
Ligand Pharmaceuticals Incorporated's EPS grew from $12.12 (2015) to $-0.22 (2024) — a NaN% CAGR.
Chart 6Free Cash Flow — 5 Years
BlackRock Technology and Private Equity Term Trust generated $277M FCF in 2024 (+106% vs 2021). Ligand Pharmaceuticals Incorporated generated $77M FCF in 2024 (+11% vs 2021).
BTX vs LGND: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is BTX or LGND a better buy right now?
BlackRock Technology and Private Equity Term Trust (BTX) offers the better valuation at 38.6x trailing P/E, making it the more compelling value choice. Analysts rate Ligand Pharmaceuticals Incorporated (LGND) a "Buy" — based on 16 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — BTX or LGND?
Over the past 5 years, Ligand Pharmaceuticals Incorporated (LGND) delivered a total return of +42.6%, compared to -45.8% for BlackRock Technology and Private Equity Term Trust (BTX). A $10,000 investment in LGND five years ago would be worth approximately $14K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LGND returned +102.2% versus BTX's -45.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — BTX or LGND?
By beta (market sensitivity over 5 years), Ligand Pharmaceuticals Incorporated (LGND) is the lower-risk stock at 0.82β versus BlackRock Technology and Private Equity Term Trust's 1.16β — meaning BTX is approximately 42% more volatile than LGND relative to the S&P 500.
04Which has better profit margins — BTX or LGND?
BlackRock Technology and Private Equity Term Trust (BTX) is the more profitable company, earning 87.7% net margin versus -2.4% for Ligand Pharmaceuticals Incorporated — meaning it keeps 87.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BTX leads at 87.7% versus -13.5% for LGND. At the gross margin level — before operating expenses — BTX leads at 100.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Which pays a better dividend — BTX or LGND?
In this comparison, BTX (13.1% yield) pays a dividend. LGND does not pay a meaningful dividend and should not be held primarily for income.
06Is BTX or LGND better for a retirement portfolio?
For long-horizon retirement investors, BlackRock Technology and Private Equity Term Trust (BTX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.16), 13.1% yield). Both have compounded well over 10 years (BTX: -45.8%, LGND: +102.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
07What are the main differences between BTX and LGND?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: BTX is a small-cap income-oriented stock; LGND is a small-cap quality compounder stock. BTX pays a dividend while LGND does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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