A Business at a Glance
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Carlyle Group Inc.
CG
$16.8B
Mkt Cap
$45.40
+2.23%
Carlyle Group Inc. (CG) has a current P/E ratio of 20.8, compared to its historical median P/E of 12.1. The stock is currently considered Expensive based on its historical valuation range.
Carlyle Group Inc. (CG) has a 5-year average return on invested capital (ROIC) of 21.4%. This indicates strong capital allocation and a potential competitive advantage.
Carlyle Group Inc. (CG) has a market capitalization of $16.3B. It is classified as a large-cap stock.
Yes, Carlyle Group Inc. (CG) pays a dividend with a trailing twelve-month yield of 3.09%. The company also returns capital through share buybacks, with a buyback yield of 4.38%.
Based on historical P/E analysis, Carlyle Group Inc. (CG) appears expensive. The current P/E of 20.8 is 72% above its historical median of 12.1. The estimated fair value CAGR (P/E method) is -0.9%.
Carlyle Group Inc. (CG) operates in the Investment Advice industry, within the Financials sector.
Carlyle Group Inc. (CG) reported annual revenue of $4.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Carlyle is a global investment firm managing $477 billion in assets under management across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. The firm deploys private capital through buyout, growth, real estate, infrastructure, and natural resources funds, with more than 275 active portfolio companies employing over 700,000 people worldwide. Carlyle earns management fees based on committed capital and AUM, performance fees (carry) from fund realizations, and transaction and advisory fees from capital markets activities. The business model is capital-light, relying on a team of 2,500+ employees including 770 investment professionals across 27 offices in four continents to source, manage, and exit investments. The firm's competitive moat derives from deep industry expertise, local market insights, global resources, and a diversified investor base of more than 3,200 active carry fund investors from 87 countries. Carlyle serves institutional investors, wealth management clients, and insurance companies, with growing exposure to perpetual evergreen strategies that provide recurring fee revenue and reduce reliance on traditional fund cycles.
【Capital deployment accelerating】 Management expects continued momentum in fundraising and capital deployment throughout 2026, supported by a diversified pipeline across all three segments and improving capital markets conditions. Fee-related earnings are anticipated to accelerate over the next two years as the recurring fee base grows and management fees scale with rising AUM, with particular strength expected in Global Credit and Carlyle AlpInvest. The firm expects to return increasing levels of capital to fund investors and generate realized carry from several transactions in Carlyle Japan Partners IV, Carlyle Global Financial Services Partners III, and Carlyle Europe Technology Partners IV over the coming quarters. Management remains confident in achieving or exceeding multi-year financial targets laid out at the shareholder update, with transaction fees expected to increase significantly as several signed or closed transactions complete.
| Metric | Target | Period |
|---|---|---|
| Fee-Related Earnings growth | approximately 10% | FY2025 |
| Inflows | $50 billion | FY2025 |
Fee-Related Earnings growth (FY2025): “We now expect full-year FRE growth of approximately 10%, up from our prior outlook of 6%.”
Inflows (FY2025): “We're also tracking towards full-year inflows of $50 billion compared to our prior outlook of around $40 billion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call, Q4 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.1B | 4.8B | 5.4B | 3.0B | 4.4B | 8.8B |
| Net Income | 547M | 809M | 1.0B | -608M | 1.2B | 3.0B |
| EPS | $1.53 | $2.18 | $2.77 | $-1.68 | $3.35 | $8.20 |
| Free Cash Flow | -4.3B | -3.4B | -837M | 138M | -420M | 1.7B |
| ROIC | 0.0% | 11.4% | 16.8% | -9.6% | 19.5% | 68.9% |
| Gross Margin | - | 74.6% | 80.7% | 69.9% | 55.1% | 52.6% |
| Debt/Equity | 0.00 | 0.11 | 0.00 | 1.13 | 0.89 | 0.00 |
| Dividends/Share | $1.40 | $1.40 | $1.40 | $1.40 | $1.21 | $0.98 |
| Operating Income | 0 | 1.2B | 1.4B | -601M | 1.6B | 4.0B |
| Operating Margin | 0.0% | 24.3% | 25.7% | -20.3% | 35.4% | 45.9% |
| ROE | 7.4% | 12.1% | 16.8% | -9.7% | 19.6% | 68.9% |
| Shares Outstanding | 360M | 371M | 368M | 362M | 366M | 363M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.9B | 3.0B | 2.3B | 3.7B | 2.4B | 3.4B | 2.9B | 8.8B | 4.4B | 3.0B | 5.4B | 4.8B | 4.1B |
| Gross Margin | 22.7% | 41.6% | 29.5% | 41.2% | 39.0% | 56.2% | 37.4% | 52.6% | 55.1% | 69.9% | 80.7% | 74.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 527M | 713M | 521M | 277M | 461M | 494M | 349M | 432M | 576M | 2.4B | 2.7B | 2.2B | 1.7B |
| EBIT | 992M | 402M | 45M | 1.1B | 360M | 1.2B | 580M | 4.0B | 1.6B | -601M | 1.4B | 1.2B | 0 |
| Op. Margin | 25.6% | 13.4% | 2.0% | 30.8% | 14.8% | 36.5% | 19.8% | 45.9% | 35.4% | -20.3% | 25.7% | 24.3% | 0.0% |
| Net Income | 85M | -18M | 6.4M | 238M | 93M | 345M | 348M | 3.0B | 1.2B | -608M | 1.0B | 809M | 547M |
| Net Margin | 2.2% | -0.6% | 0.3% | 6.5% | 3.8% | 10.2% | 11.9% | 33.9% | 27.6% | -20.5% | 18.8% | 16.9% | 13.5% |
| Non-Recurring | 66M | 7.0M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 0.8% | -0.2% | 0.2% | 10.5% | 3.0% | 10.5% | 11.0% | 68.9% | 19.5% | -9.6% | 16.8% | 11.4% | 0.0% |
| ROE | 0.9% | -0.2% | 0.2% | 10.8% | 3.2% | 11.9% | 11.8% | 68.9% | 19.6% | -9.7% | 16.8% | 12.1% | 7.4% |
| ROA | 0.2% | -0.1% | 0.0% | 2.1% | 0.7% | 2.6% | 2.4% | 16.1% | 5.7% | -2.9% | 4.6% | 3.1% | 1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.6B | 3.9B | -301M | -7.1M | -344M | 359M | -169M | 1.8B | -379M | 205M | -760M | -3.3B | -4.2B |
| Free Cash Flow | 2.6B | 3.8B | -326M | -41M | -375M | 331M | -230M | 1.7B | -420M | 138M | -837M | -3.4B | -4.3B |
| Owner Earnings | 2.1B | 3.4B | -678M | -369M | -630M | 153M | -326M | 1.6B | -681M | -225M | -1.4B | -3.8B | -4.8B |
| CapEx | 30M | 62M | 25M | 34M | 31M | 28M | 61M | 41M | 41M | 67M | 78M | 99M | 111M |
| Maint. CapEx | 192M | 76M | 43M | 41M | 47M | 66M | 52M | 52M | 147M | 181M | 184M | 192M | 196M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 9.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 192M | 76M | 43M | 41M | 47M | 66M | 52M | 52M | 147M | 181M | 184M | 192M | 196M |
| CapEx/OCF | 1.1% | 1.6% | N/A | N/A | N/A | 7.8% | N/A | 2.3% | N/A | 32.5% | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 103M | 251M | 141M | 118M | 130M | 155M | 351M | 356M | 444M | 498M | 503M | 505M | 505M |
| Dividend Yield | 2.9% | 9.8% | 5.5% | 2.9% | 2.3% | 2.3% | 4.3% | 2.5% | 3.7% | 4.7% | 3.2% | 2.6% | 3.1% |
| Share Buybacks | 0 | 0 | 59M | 200K | 167M | 35M | 26M | 162M | 186M | 204M | 555M | 687M | 715M |
| Buyback Yield | N/A | N/A | 6.7% | 0.0% | 11.8% | 1.1% | 0.3% | 0.9% | 1.9% | 1.4% | 3.1% | 3.0% | 4.4% |
| Stock-Based Comp | 344M | 378M | 335M | 320M | 240M | 140M | 105M | 163M | 154M | 249M | 468M | 375M | 391M |
| Debt Repayment | 0 | 0 | 9.0M | 22M | 157M | 57M | 330M | 70M | 0 | 0 | 10M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 15.1B | 16.3B | 224M | -1.0B | -284M | -373M | -988M | -2.5B | 4.7B | 5.1B | -1.3B | -1.2B | -1.7B |
| Cash & Equiv. | 1.2B | 992M | 671M | 1.0B | 630M | 793M | 988M | 2.5B | 1.4B | 1.4B | 1.3B | 2.0B | 1.7B |
| Long-Term Debt | 244M | 126M | 144M | 0 | 346M | 421M | 0 | 0 | 17M | 0 | 0 | 795M | 23M |
| Debt/Equity | 1.80 | 2.85 | 0.62 | 0.00 | 0.12 | 0.14 | 0.00 | 0.00 | 0.89 | 1.13 | 0.00 | 0.11 | 0.00 |
| Interest Coverage | 17.8 | 6.9 | 0.7 | 17.3 | 4.4 | 15.0 | 6.2 | 35.5 | 14.2 | -4.9 | 11.5 | 9.4 | 9.4 |
| Equity | 9.1B | 6.1B | 1.5B | 2.9B | 2.8B | 3.0B | 2.9B | 5.7B | 6.8B | 5.8B | 6.3B | 7.1B | 7.4B |
| Total Assets | 36.0B | 32.2B | 10.0B | 12.3B | 12.9B | 13.8B | 15.6B | 21.3B | 21.4B | 21.2B | 23.1B | 29.1B | 29.8B |
| Total Liabilities | 23.1B | 23.3B | 8.5B | 9.3B | 10.1B | 10.8B | 12.7B | 15.5B | 14.6B | 15.4B | 16.8B | 22.1B | 22.5B |
| Intangibles | 395M | 97M | 32M | 25M | 62M | 46M | 32M | 22M | 794M | 662M | 531M | 403M | 0 |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | 0 | 348M | 2.8B | 3.4B | 2.1B | 2.0B | 1.6B | 1.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.41 | -0.10 | 0.03 | 0.79 | 0.27 | 0.94 | 0.97 | 8.20 | 3.35 | -1.68 | 2.77 | 2.18 | 1.53 |
| Owner EPS | 10.23 | 18.74 | -2.67 | -1.23 | -1.85 | 0.42 | -0.91 | 4.34 | -1.86 | -0.62 | -3.83 | -10.36 | -13.21 |
| Book Value | 44.12 | 33.03 | 5.73 | 9.83 | 8.35 | 8.08 | 8.16 | 15.73 | 18.65 | 15.97 | 17.23 | 19.02 | 20.49 |
| Cash Flow/Share | 12.83 | 21.21 | -1.18 | -0.02 | -1.01 | 0.98 | -0.47 | 4.94 | -1.04 | 0.57 | -2.06 | -8.83 | 2.06 |
| Dividends/Share | 0.63 | 1.13 | 0.56 | 0.41 | 0.38 | 0.42 | 0.98 | 0.98 | 1.21 | 1.40 | 1.40 | 1.40 | 1.40 |
| Shares Out. | 206.1M | 184.0M | 253.8M | 300.1M | 339.9M | 367.3M | 359.0M | 362.8M | 365.7M | 362.1M | 368.4M | 371.0M | 359.8M |
| Valuation | |||||||||||||
| P/E Ratio | 11.7 | N/A | N/A | 7.0 | 15.2 | 9.1 | 27.5 | 5.9 | 7.8 | N/A | 17.8 | 27.8 | 29.7 |
| P/FCF | 1.1 | 0.5 | N/A | N/A | N/A | 28.4 | N/A | 10.0 | N/A | 102.4 | N/A | N/A | N/A |
| EV/EBIT | 531.6 | N/A | 98.4 | 9.4 | 5.5 | 5.8 | 13.4 | 3.6 | 5.6 | N/A | 12.3 | 18.8 | N/A |
| Price/Book | 0.1 | 0.1 | 0.6 | 0.6 | 0.5 | 1.1 | 3.3 | 3.1 | 1.4 | 2.4 | 2.9 | 3.2 | 2.2 |
| Price/Sales | 0.3 | 0.3 | 0.4 | 0.4 | 0.8 | 0.7 | 2.8 | 1.6 | 2.7 | 3.6 | 2.9 | 4.0 | 4.0 |
| FCF Yield | 264.7% | 644.0% | -37.1% | -2.5% | -26.6% | 10.6% | -2.4% | 10.0% | -4.4% | 1.0% | -4.6% | -15.0% | -26.2% |
| Market Cap | 988M | 596M | 879M | 1.7B | 1.4B | 3.1B | 9.6B | 17.5B | 9.5B | 14.2B | 18.1B | 22.5B | 16.3B |
| Avg. Price | 16.97 | 13.97 | 10.07 | 13.59 | 16.34 | 18.10 | 22.83 | 38.52 | 32.67 | 29.22 | 42.63 | 52.03 | 45.40 |
| Year-End Price | 14.38 | 9.72 | 10.39 | 16.69 | 12.44 | 25.55 | 26.68 | 48.11 | 26.03 | 39.10 | 49.23 | 60.70 | 45.40 |
Carlyle Group Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Carlyle Group Inc. trades at 20.8x trailing earnings, compared to its 15-year median P/E of 12.1x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 21.4% with a gross margin of 66.6%. Total shareholder yield (dividends + buybacks) is 7.5%. At current prices, the estimated annualized return to fair value is -20.3%.
Carlyle Group Inc. (CG) has a net profit margin of 16.9%. This is a healthy margin.
Carlyle Group Inc. (CG) generated $-3.4 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Carlyle Group Inc. (CG) has a debt-to-equity ratio of 0.11. This indicates a conservatively financed balance sheet.
Carlyle Group Inc. (CG) reported earnings per share (EPS) of $2.18 in its most recent fiscal year.
Carlyle Group Inc. (CG) has a return on equity (ROE) of 12.1%. This indicates moderate shareholder returns.
Carlyle Group Inc. (CG) has a 5-year average gross margin of 66.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for Carlyle Group Inc. (CG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Carlyle Group Inc. (CG) has a book value per share of $19.02, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum in fundraising and capital deployment throughout 2026, supported by a diversified pipeline across all three segments and improving capital markets conditions. Fee-related earnings are anticipated to accelerate over the next two years as the recurring fee base grows and management fees scale with rising AUM, with particular strength expected in Global Credit and Carlyle AlpInvest. The firm expects to return increasing levels of capital to fund investors and generate realized carry from several transactions in Carlyle Japan Partners IV, Carlyle Global Financial Services Partners III, and Carlyle Europe Technology Partners IV over the coming quarters. Management remains confident in achieving or exceeding multi-year financial targets laid out at the shareholder update, with transaction fees expected to increase significantly as several signed or closed transactions complete.
Based on recent SEC filings and earnings calls, Carlyle Group Inc. (CG) has provided the following forward guidance: Fee-Related Earnings growth: approximately 10% (FY2025); Inflows: $50 billion (FY2025).