Comprehensive Stock Comparison
Compare The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) vs Mastercard Incorporated (MA) 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 | CGABL | 83.1% revenue growth vs MA's 16.4% |
| Value | CGABL | Lower P/E (6.4x vs 26.4x) |
| Quality / Margins | MA | 45.6% net margin vs CGABL's 18.8% |
| Stability / Safety | CGABL | Beta 0.20 vs MA's 0.78 |
| Dividends | CGABL | 7.8% yield, vs MA's 0.6% |
| Momentum (1Y) | CGABL | +4.0% vs MA's -9.7% |
| Efficiency (ROA) | MA | 27.6% ROA vs CGABL's 2.9%, ROIC 56.5% vs 15.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 is a financing subsidiary that issues long-term debt securities to raise capital for The Carlyle Group's investment activities. It generates revenue through interest payments on these notes — which are subordinated to other debt — providing investors with fixed income while funding Carlyle's private equity, real estate, and credit investments. Its key advantage lies in being backed by The Carlyle Group's established global investment platform and creditworthiness, though the notes themselves represent a specific debt obligation rather than equity in the parent company.
Mastercard is a global payment technology company that operates a network connecting consumers, merchants, financial institutions, and governments. It generates revenue primarily from transaction processing fees—charging a small percentage of each payment volume—and from service fees for its data analytics, consulting, and security solutions. The company's moat lies in its massive two-sided network effect—the more merchants accept Mastercard, the more valuable it becomes to cardholders, and vice versa—creating a powerful ecosystem that's difficult to replicate.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
MA leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). CGABL leads in 2 (Valuation Metrics, Risk & Volatility). 1 tied.
Financial Metrics (TTM)
MA is the larger business by revenue, generating $32.8B annually — 6.0x CGABL's $5.4B. MA is the more profitable business, keeping 45.6% of every revenue dollar as net income compared to CGABL's 18.8%.
| Metric | CGABLThe Carlyle Group… | MAMastercard Incorp… |
|---|---|---|
| RevenueTrailing 12 months | $5.4B | $32.8B |
| EBITDAEarnings before interest/tax | $249M | $20.5B |
| Net IncomeAfter-tax profit | $773M | $15.0B |
| Free Cash FlowCash after capex | $1.1B | $17.1B |
| Gross MarginGross profit ÷ Revenue | +50.1% | +83.4% |
| Operating MarginEBIT ÷ Revenue | +25.2% | +59.2% |
| Net MarginNet income ÷ Revenue | +18.8% | +45.6% |
| FCF MarginFCF ÷ Revenue | +18.6% | +52.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -81.6% | +24.2% |
Valuation Metrics
At 6.4x trailing earnings, CGABL trades at a 80% valuation discount to MA's 31.3x P/E. On an enterprise value basis, CGABL's 3.3x EV/EBITDA is more attractive than MA's 22.7x.
| Metric | CGABLThe Carlyle Group… | MAMastercard Incorp… |
|---|---|---|
| Market CapShares × price | $6.3B | $457.8B |
| Enterprise ValueMkt cap + debt − cash | $5.1B | $465.7B |
| Trailing P/EPrice ÷ TTM EPS | 6.35x | 31.31x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 26.43x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.49x |
| EV / EBITDAEnterprise value multiple | 3.26x | 22.67x |
| Price / SalesMarket cap ÷ Revenue | 1.17x | 13.96x |
| Price / BookPrice ÷ Book value/share | 0.91x | 59.96x |
| Price / FCFMarket cap ÷ FCF | 6.26x | 26.68x |
Profitability & Efficiency
MA delivers a 193.0% return on equity — every $100 of shareholder capital generates $193 in annual profit, vs $10 for CGABL. On the Piotroski fundamental quality scale (0–9), MA scores 9/9 vs CGABL's 6/9, reflecting strong financial health.
| Metric | CGABLThe Carlyle Group… | MAMastercard Incorp… |
|---|---|---|
| ROE (TTM)Return on equity | +9.6% | +193.0% |
| ROA (TTM)Return on assets | +2.9% | +27.6% |
| ROICReturn on invested capital | +15.3% | +56.5% |
| ROCEReturn on capital employed | +6.2% | +64.4% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 9 |
| Debt / EquityFinancial leverage | — | 2.45x |
| Net DebtTotal debt minus cash | -$1.3B | $7.9B |
| Cash & Equiv.Liquid assets | $1.3B | $11.1B |
| Total DebtShort + long-term debt | $0 | $19.0B |
| Interest CoverageEBIT ÷ Interest expense | 2.60x | 26.39x |
Total Returns (with DRIP)
A $10,000 investment in MA five years ago would be worth $14,586 today (with dividends reinvested), compared to $9,271 for CGABL. Over the past 12 months, CGABL leads with a +4.0% total return vs MA's -9.7%. The 3-year compound annual growth rate (CAGR) favors MA at 13.9% vs CGABL's 4.6% — a key indicator of consistent wealth creation.
| Metric | CGABLThe Carlyle Group… | MAMastercard Incorp… |
|---|---|---|
| YTD ReturnYear-to-date | +2.9% | -8.0% |
| 1-Year ReturnPast 12 months | +4.0% | -9.7% |
| 3-Year ReturnCumulative with dividends | +14.4% | +47.9% |
| 5-Year ReturnCumulative with dividends | -7.3% | +45.9% |
| 10-Year ReturnCumulative with dividends | -7.3% | +515.7% |
| CAGR (3Y)Annualised 3-year return | +4.6% | +13.9% |
Risk & Volatility
CGABL is the less volatile stock with a 0.20 beta — it tends to amplify market swings less than MA's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CGABL currently trades 93.6% from its 52-week high vs MA's 85.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CGABLThe Carlyle Group… | MAMastercard Incorp… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.20x | 0.78x |
| 52-Week HighHighest price in past year | $18.80 | $601.77 |
| 52-Week LowLowest price in past year | $16.43 | $465.59 |
| % of 52W HighCurrent price vs 52-week peak | +93.6% | +85.9% |
| RSI (14)Momentum oscillator 0–100 | 49.8 | 42.8 |
| Avg Volume (50D)Average daily shares traded | 34K | 3.2M |
Analyst Outlook
For income investors, CGABL offers the higher dividend yield at 7.77% vs MA's 0.59%.
| Metric | CGABLThe Carlyle Group… | MAMastercard Incorp… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $667.00 |
| # AnalystsCovering analysts | — | 63 |
| Dividend YieldAnnual dividend ÷ price | +7.8% | +0.6% |
| Dividend StreakConsecutive years of raises | 0 | 14 |
| Dividend / ShareAnnual DPS | $1.37 | $3.07 |
| Buyback YieldShare repurchases ÷ mkt cap | +8.8% | +2.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | May 21 | Feb 26 | Change |
|---|---|---|---|
| The Carlyle Group I… (CGABL) | 100 | 69.85 | -30.1% |
| Mastercard Incorpor… (MA) | 100 | 154.36 | +54.4% |
Mastercard Incorpor… (MA) returned +46% over 5 years vs The Carlyle Group I… (CGABL)'s -7%. A $10,000 investment in MA 5 years ago would be worth $14,586 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Carlyle Group I… (CGABL) | $2.3B | $5.4B | +138.6% |
| Mastercard Incorpor… (MA) | $10.8B | $32.8B | +204.3% |
Mastercard Incorporated's revenue grew from $10.8B (2016) to $32.8B (2025) — a 13.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Carlyle Group I… (CGABL) | 0.7% | 18.8% | +2695.7% |
| Mastercard Incorpor… (MA) | 37.7% | 45.6% | +21.2% |
Mastercard Incorporated's net margin went from 38% (2016) to 46% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| The Carlyle Group I… (CGABL) | 3 | 6.4 | +113.3% |
| Mastercard Incorpor… (MA) | 41.5 | 34.6 | -16.6% |
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 has traded in a 3x–6x P/E range over 3 years; current trailing P/E is ~6x. Mastercard Incorporated has traded in a 34x–56x P/E range over 9 years; current trailing P/E is ~31x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Carlyle Group I… (CGABL) | 0.05 | 2.77 | +5484.7% |
| Mastercard Incorpor… (MA) | 3.69 | 16.52 | +347.7% |
Mastercard Incorporated's EPS grew from $3.69 (2016) to $16.52 (2025) — a 18% CAGR.
Chart 6Free Cash Flow — 5 Years
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 generated $1B FCF in 2024 (-42% vs 2021). Mastercard Incorporated generated $17B FCF in 2025 (+98% vs 2021).
CGABL vs MA: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is CGABL or MA a better buy right now?
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) offers the better valuation at 6.4x trailing P/E, making it the more compelling value choice. Analysts rate Mastercard Incorporated (MA) a "Buy" — based on 63 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 has the better valuation — CGABL or MA?
On trailing P/E, The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) is the cheapest at 6.4x versus Mastercard Incorporated at 31.3x.
03Which is the better long-term investment — CGABL or MA?
Over the past 5 years, Mastercard Incorporated (MA) delivered a total return of +45.9%, compared to -7.3% for The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL). A $10,000 investment in MA five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MA returned +515.7% versus CGABL's -7.3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CGABL or MA?
By beta (market sensitivity over 5 years), The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) is the lower-risk stock at 0.20β versus Mastercard Incorporated's 0.78β — meaning MA is approximately 280% more volatile than CGABL relative to the S&P 500.
05Which has better profit margins — CGABL or MA?
Mastercard Incorporated (MA) is the more profitable company, earning 45.6% net margin versus 18.8% for The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 — meaning it keeps 45.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MA leads at 59.2% versus 25.2% for CGABL. At the gross margin level — before operating expenses — MA leads at 83.4%, 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.
06Which pays a better dividend — CGABL or MA?
All stocks in this comparison pay dividends. The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) offers the highest yield at 7.8%, versus 0.6% for Mastercard Incorporated (MA).
07Is CGABL or MA better for a retirement portfolio?
For long-horizon retirement investors, The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.20), 7.8% yield). Both have compounded well over 10 years (CGABL: -7.3%, MA: +515.7%), 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.
08What are the main differences between CGABL and MA?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CGABL is a small-cap deep-value stock; MA is a large-cap quality compounder stock. 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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