Comprehensive Stock Comparison
Compare Finance Of America Companies Inc. (FOA) vs KKR Group Finance Co. IX LLC 4. (KKRS) vs The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) vs Upstart Holdings, Inc. (UPST) vs Federal Agricultural Mortgage Corporation (AGM) 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 AGM's -0.8% |
| Value | KKRS | Lower P/E (3.3x vs 12.8x) |
| Quality / Margins | KKRS | 22.4% net margin vs FOA's 0.8% |
| Stability / Safety | CGABL | Beta 0.20 vs UPST's 2.55 |
| Dividends | CGABL | 7.8% yield, vs AGM's 5.1% |
| Momentum (1Y) | CGABL | +4.0% vs UPST's -59.2% |
| Efficiency (ROA) | CGABL | 2.9% ROA vs FOA's 0.0%, ROIC 15.3% vs 0.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Finance of America Companies operates a diversified consumer lending platform focused on mortgage and specialty loan origination. It generates revenue primarily through loan origination fees and servicing income across its mortgage, reverse mortgage, and commercial lending segments. The company's competitive advantage lies in its integrated platform that combines multiple lending verticals with supporting services like title insurance and loan securitization.
KKR Group Finance Co. IX LLC is a special purpose financing entity that exists to raise capital for KKR's investment activities. It generates revenue primarily through interest income from loans and debt securities issued to fund KKR's private equity and credit investments. Its key advantage is its structural role within the KKR ecosystem—providing efficient, dedicated financing capacity for one of the world's largest alternative asset managers.
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.
Upstart operates an AI-powered lending platform that connects borrowers with bank partners using machine learning to assess credit risk. It generates revenue primarily from referral fees paid by banks for approved loans — roughly 80% of revenue — and smaller amounts from servicing fees and interest income. Its key advantage is its proprietary AI underwriting model, which analyzes thousands of data points beyond traditional credit scores to identify creditworthy borrowers that conventional models might miss.
Federal Agricultural Mortgage Corporation (Farmer Mac) is a government-sponsored enterprise that provides a secondary market for agricultural and rural infrastructure loans in the United States. It makes money primarily through guarantee fees on loan-backed securities (about 60% of revenue) and net interest income from its retained loan portfolio (about 40%). Its key advantage is its government-sponsored status, which provides lower funding costs and regulatory advantages in the agricultural lending market.
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 5 stocks. BestLagging
Financial Scorecard
KKRS leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). CGABL leads in 1 (Risk & Volatility). 2 tied.
Financial Metrics (TTM)
KKRS is the larger business by revenue, generating $21.9B annually — 21.0x UPST's $1.0B. KKRS is the more profitable business, keeping 22.4% of every revenue dollar as net income compared to FOA's 0.8%.
| Metric | FOAFinance Of Americ… | KKRSKKR Group Finance… | CGABLThe Carlyle Group… | UPSTUpstart Holdings,… | AGMFederal Agricultu… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $1.9B | $21.9B | $5.4B | $1.0B | $1.6B |
| EBITDAEarnings before interest/tax | $47M | $18.8B | $249M | $46M | $0 |
| Net IncomeAfter-tax profit | $6M | $6.0B | $773M | $32M | $182M |
| Free Cash FlowCash after capex | -$445M | $4.2B | $1.1B | -$374M | $80M |
| Gross MarginGross profit ÷ Revenue | +13.9% | +80.2% | +50.1% | — | — |
| Operating MarginEBIT ÷ Revenue | +2.2% | +74.2% | +25.2% | +4.1% | — |
| Net MarginNet income ÷ Revenue | +0.8% | +22.4% | +18.8% | +5.1% | +11.3% |
| FCF MarginFCF ÷ Revenue | -21.7% | +29.7% | +18.6% | -14.2% | +5.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -114.0% | — | -81.6% | +4.1% | -20.1% |
Valuation Metrics
At 3.3x trailing earnings, KKRS trades at a 94% valuation discount to UPST's 60.5x P/E. Adjusting for growth (PEG ratio), AGM offers better value at 0.63x vs UPST's 4.21x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | FOAFinance Of Americ… | KKRSKKR Group Finance… | CGABLThe Carlyle Group… | UPSTUpstart Holdings,… | AGMFederal Agricultu… |
|---|---|---|---|---|---|
| Market CapShares × price | $232 | $15.7B | $6.3B | $2.7B | $1.5B |
| Enterprise ValueMkt cap + debt − cash | $28.7B | $15.7B | $5.1B | $2.0B | $31.4B |
| Trailing P/EPrice ÷ TTM EPS | 16.40x | 3.34x | 6.35x | 60.51x | 9.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 4.50x | — | — | 12.81x | 8.36x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | 4.21x | 0.63x |
| EV / EBITDAEnterprise value multiple | 350.68x | 0.96x | 3.26x | 47.31x | — |
| Price / SalesMarket cap ÷ Revenue | 0.00x | 0.72x | 1.17x | 2.56x | 0.91x |
| Price / BookPrice ÷ Book value/share | 1.43x | 1030.16x | 0.91x | 3.66x | 1.01x |
| Price / FCFMarket cap ÷ FCF | — | 2.41x | 6.26x | — | 18.36x |
Profitability & Efficiency
AGM delivers a 10.6% return on equity — every $100 of shareholder capital generates $11 in annual profit, vs $2 for FOA. AGM carries lower financial leverage with a 17.93x debt-to-equity ratio, signaling a more conservative balance sheet compared to FOA's 90.98x. On the Piotroski fundamental quality scale (0–9), KKRS scores 6/9 vs UPST's 3/9, reflecting solid financial health.
| Metric | FOAFinance Of Americ… | KKRSKKR Group Finance… | CGABLThe Carlyle Group… | UPSTUpstart Holdings,… | AGMFederal Agricultu… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +1.7% | +8.0% | +9.6% | +4.3% | +10.6% |
| ROA (TTM)Return on assets | +0.0% | +1.5% | +2.9% | +1.1% | +0.5% |
| ROICReturn on invested capital | +0.1% | +28.7% | +15.3% | +2.2% | — |
| ROCEReturn on capital employed | +0.2% | +10.2% | +6.2% | +1.6% | — |
| Piotroski ScoreFundamental quality 0–9 | 4 | 6 | 6 | 3 | 4 |
| Debt / EquityFinancial leverage | 90.98x | — | — | — | 17.93x |
| Net DebtTotal debt minus cash | $28.7B | -$9M | -$1.3B | -$652M | $29.9B |
| Cash & Equiv.Liquid assets | $47M | $9M | $1.3B | $652M | $931M |
| Total DebtShort + long-term debt | $28.7B | $0 | $0 | $0 | $30.8B |
| Interest CoverageEBIT ÷ Interest expense | 0.01x | 59.74x | 2.60x | 0.85x | — |
Total Returns (with DRIP)
A $10,000 investment in AGM five years ago would be worth $20,353 today (with dividends reinvested), compared to $1,903 for FOA. Over the past 12 months, CGABL leads with a +4.0% total return vs UPST's -59.2%. The 3-year compound annual growth rate (CAGR) favors UPST at 13.7% vs KKRS's 3.9% — a key indicator of consistent wealth creation.
| Metric | FOAFinance Of Americ… | KKRSKKR Group Finance… | CGABLThe Carlyle Group… | UPSTUpstart Holdings,… | AGMFederal Agricultu… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | -13.8% | -0.7% | +2.9% | -40.6% | -10.6% |
| 1-Year ReturnPast 12 months | -14.5% | -2.9% | +4.0% | -59.2% | -21.7% |
| 3-Year ReturnCumulative with dividends | +32.5% | +12.0% | +14.4% | +47.1% | +22.4% |
| 5-Year ReturnCumulative with dividends | -81.0% | -10.7% | -7.3% | -59.1% | +103.5% |
| 10-Year ReturnCumulative with dividends | -80.0% | -10.7% | -7.3% | -7.6% | +491.0% |
| CAGR (3Y)Annualised 3-year return | +9.8% | +3.9% | +4.6% | +13.7% | +7.0% |
Risk & Volatility
CGABL is the less volatile stock with a 0.20 beta — it tends to amplify market swings less than UPST's 2.55 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 UPST's 31.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FOAFinance Of Americ… | KKRSKKR Group Finance… | CGABLThe Carlyle Group… | UPSTUpstart Holdings,… | AGMFederal Agricultu… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.98x | 0.25x | 0.20x | 2.55x | 0.67x |
| 52-Week HighHighest price in past year | $29.58 | $19.44 | $18.80 | $87.30 | $210.78 |
| 52-Week LowLowest price in past year | $16.58 | $16.40 | $16.43 | $26.80 | $146.69 |
| % of 52W HighCurrent price vs 52-week peak | +65.4% | +90.5% | +93.6% | +31.2% | +74.8% |
| RSI (14)Momentum oscillator 0–100 | 34.0 | 49.1 | 49.8 | 33.9 | 42.9 |
| Avg Volume (50D)Average daily shares traded | 83K | 40K | 34K | 4.2M | 90K |
Analyst Outlook
Analyst consensus: FOA as "Hold", UPST as "Hold", AGM as "Buy". Consensus price targets imply 65.9% upside for UPST (target: $45) vs 47.8% for AGM (target: $233). For income investors, CGABL offers the higher dividend yield at 7.77% vs KKRS's 3.73%.
| Metric | FOAFinance Of Americ… | KKRSKKR Group Finance… | CGABLThe Carlyle Group… | UPSTUpstart Holdings,… | AGMFederal Agricultu… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | — | — | Hold | Buy |
| Price TargetConsensus 12-month target | $29.50 | — | — | $45.17 | $233.00 |
| # AnalystsCovering analysts | 5 | — | — | 22 | 5 |
| Dividend YieldAnnual dividend ÷ price | — | +3.7% | +7.8% | — | +5.1% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 0 | — | 14 |
| Dividend / ShareAnnual DPS | — | $0.66 | $1.37 | — | $8.12 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | +8.8% | 0.0% | +0.9% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jun 21 | Feb 26 | Change |
|---|---|---|---|
| Finance Of America … (FOA) | 100 | 22.26 | -77.7% |
| KKR Group Finance C… (KKRS) | 100 | 68.2 | -31.8% |
| The Carlyle Group I… (CGABL) | 102.09 | 69.85 | -31.6% |
| Upstart Holdings, I… (UPST) | 100 | 27.47 | -72.5% |
| Federal Agricultura… (AGM) | 100 | 165.93 | +65.9% |
Federal Agricultura… (AGM) returned +104% over 5 years vs Finance Of America … (FOA)'s -81%. A $10,000 investment in AGM 5 years ago would be worth $20,353 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Finance Of America … (FOA) | $789M | $1.9B | +147.0% |
| KKR Group Finance C… (KKRS) | $763M | $21.9B | +2768.9% |
| The Carlyle Group I… (CGABL) | $2.3B | $5.4B | +138.6% |
| Upstart Holdings, I… (UPST) | $96M | $1.0B | +992.1% |
| Federal Agricultura… (AGM) | $332M | $1.6B | +385.1% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Finance Of America … (FOA) | 4.1% | 0.8% | -80.4% |
| KKR Group Finance C… (KKRS) | 40.6% | 22.4% | -44.7% |
| The Carlyle Group I… (CGABL) | 0.7% | 18.8% | +2695.7% |
| Upstart Holdings, I… (UPST) | -12.9% | 5.1% | +139.8% |
| Federal Agricultura… (AGM) | 23.3% | 11.3% | -51.4% |
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Finance Of America … (FOA) | 4.2 | 23.8 | +466.7% |
| KKR Group Finance C… (KKRS) | 1.3 | 3.5 | +169.2% |
| The Carlyle Group I… (CGABL) | 3 | 6.4 | +113.3% |
| Upstart Holdings, I… (UPST) | 177.2 | 97.2 | -45.1% |
| Federal Agricultura… (AGM) | 11.9 | 10.6 | -10.9% |
Finance Of America Companies Inc. has traded in a 1x–24x P/E range over 3 years; current trailing P/E is ~16x. KKR Group Finance Co. IX LLC 4. has traded in a 1x–5x P/E range over 3 years; current trailing P/E is ~3x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Finance Of America … (FOA) | 8.92 | 1.18 | -86.8% |
| KKR Group Finance C… (KKRS) | 0.59 | 5.26 | +791.5% |
| The Carlyle Group I… (CGABL) | 0.05 | 2.77 | +5484.7% |
| Upstart Holdings, I… (UPST) | -0.87 | 0.45 | +151.7% |
| Federal Agricultura… (AGM) | 5.97 | 16.63 | +178.6% |
Chart 6Free Cash Flow — 5 Years
Finance Of America Companies Inc. generated $-424M FCF in 2024 (-269% vs 2021). KKR Group Finance Co. IX LLC 4. generated $7B FCF in 2024 (+189% vs 2021).
FOA vs KKRS vs CGABL vs UPST vs AGM: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is FOA or KKRS or CGABL or UPST or AGM a better buy right now?
KKR Group Finance Co. IX LLC 4. (KKRS) offers the better valuation at 3.3x trailing P/E, making it the more compelling value choice. Analysts rate Federal Agricultural Mortgage Corporation (AGM) a "Buy" — based on 5 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 — FOA or KKRS or CGABL or UPST or AGM?
On trailing P/E, KKR Group Finance Co. IX LLC 4. (KKRS) is the cheapest at 3.3x versus Upstart Holdings, Inc. at 60.5x. On forward P/E, Finance Of America Companies Inc. is actually cheaper at 4.5x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Federal Agricultural Mortgage Corporation wins at 0.56x versus Upstart Holdings, Inc.'s 0.89x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — FOA or KKRS or CGABL or UPST or AGM?
Over the past 5 years, Federal Agricultural Mortgage Corporation (AGM) delivered a total return of +103.5%, compared to -81.0% for Finance Of America Companies Inc. (FOA). A $10,000 investment in AGM five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: AGM returned +491.0% versus FOA's -80.0%. 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 — FOA or KKRS or CGABL or UPST or AGM?
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 Upstart Holdings, Inc.'s 2.55β — meaning UPST is approximately 1152% more volatile than CGABL relative to the S&P 500. On balance sheet safety, Federal Agricultural Mortgage Corporation (AGM) carries a lower debt/equity ratio of 18% versus 91% for Finance Of America Companies Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — FOA or KKRS or CGABL or UPST or AGM?
KKR Group Finance Co. IX LLC 4. (KKRS) is the more profitable company, earning 22.4% net margin versus 0.8% for Finance Of America Companies Inc. — meaning it keeps 22.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: KKRS leads at 74.2% versus 0.0% for AGM. At the gross margin level — before operating expenses — KKRS leads at 80.2%, 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.
06Is FOA or KKRS or CGABL or UPST or AGM more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Federal Agricultural Mortgage Corporation (AGM) is the more undervalued stock at a PEG of 0.56x versus Upstart Holdings, Inc.'s 0.89x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Finance Of America Companies Inc. (FOA) trades at 4.5x forward P/E versus 12.8x for Upstart Holdings, Inc. — 8.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for UPST: 65.9% to $45.17.
07Which pays a better dividend — FOA or KKRS or CGABL or UPST or AGM?
In this comparison, CGABL (7.8% yield), AGM (5.1% yield), KKRS (3.7% yield) pay a dividend. FOA, UPST do not pay a meaningful dividend and should not be held primarily for income.
08Is FOA or KKRS or CGABL or UPST or AGM 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). Upstart Holdings, Inc. (UPST) carries a higher beta of 2.55 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (CGABL: -7.3%, UPST: -7.6%), 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.
09What are the main differences between FOA and KKRS and CGABL and UPST and AGM?
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: FOA is a small-cap deep-value stock; KKRS is a mid-cap deep-value stock; CGABL is a small-cap deep-value stock; UPST is a small-cap quality compounder stock; AGM is a small-cap deep-value stock. KKRS, CGABL, AGM pay a dividend while FOA, UPST do 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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