Comprehensive Stock Comparison
Compare KKR Group Finance Co. IX LLC 4. (KKRS) vs The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) 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 KKRS's 50.9% |
| Value | KKRS | Lower P/E (3.3x vs 6.4x) |
| Quality / Margins | KKRS | 22.4% net margin vs CGABL's 18.8% |
| Stability / Safety | CGABL | Beta 0.20 vs KKRS's 0.25 |
| Dividends | CGABL | 7.8% yield, vs KKRS's 3.7% |
| Momentum (1Y) | CGABL | +4.0% vs KKRS's -2.9% |
| Efficiency (ROA) | CGABL | 2.9% ROA vs KKRS's 1.5%, ROIC 15.3% vs 28.7% |
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
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.
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
CGABL leads in 3 of 6 categories (Total Returns, Risk & Volatility). KKRS leads in 2 (Financial Metrics, Valuation Metrics). 1 tied.
Financial Metrics (TTM)
KKRS is the larger business by revenue, generating $21.9B annually — 4.0x CGABL's $5.4B. Profitability is closely matched — net margins range from 22.4% (KKRS) to 18.8% (CGABL).
| Metric | KKRSKKR Group Finance… | CGABLThe Carlyle Group… |
|---|---|---|
| RevenueTrailing 12 months | $21.9B | $5.4B |
| EBITDAEarnings before interest/tax | $18.8B | $249M |
| Net IncomeAfter-tax profit | $6.0B | $773M |
| Free Cash FlowCash after capex | $4.2B | $1.1B |
| Gross MarginGross profit ÷ Revenue | +80.2% | +50.1% |
| Operating MarginEBIT ÷ Revenue | +74.2% | +25.2% |
| Net MarginNet income ÷ Revenue | +22.4% | +18.8% |
| FCF MarginFCF ÷ Revenue | +29.7% | +18.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | — | -81.6% |
Valuation Metrics
At 3.3x trailing earnings, KKRS trades at a 47% valuation discount to CGABL's 6.4x P/E. On an enterprise value basis, KKRS's 1.0x EV/EBITDA is more attractive than CGABL's 3.3x.
| Metric | KKRSKKR Group Finance… | CGABLThe Carlyle Group… |
|---|---|---|
| Market CapShares × price | $15.7B | $6.3B |
| Enterprise ValueMkt cap + debt − cash | $15.7B | $5.1B |
| Trailing P/EPrice ÷ TTM EPS | 3.34x | 6.35x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 0.96x | 3.26x |
| Price / SalesMarket cap ÷ Revenue | 0.72x | 1.17x |
| Price / BookPrice ÷ Book value/share | 1030.16x | 0.91x |
| Price / FCFMarket cap ÷ FCF | 2.41x | 6.26x |
Profitability & Efficiency
CGABL delivers a 9.6% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $8 for KKRS.
| Metric | KKRSKKR Group Finance… | CGABLThe Carlyle Group… |
|---|---|---|
| ROE (TTM)Return on equity | +8.0% | +9.6% |
| ROA (TTM)Return on assets | +1.5% | +2.9% |
| ROICReturn on invested capital | +28.7% | +15.3% |
| ROCEReturn on capital employed | +10.2% | +6.2% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 |
| Debt / EquityFinancial leverage | — | — |
| Net DebtTotal debt minus cash | -$9M | -$1.3B |
| Cash & Equiv.Liquid assets | $9M | $1.3B |
| Total DebtShort + long-term debt | $0 | $0 |
| Interest CoverageEBIT ÷ Interest expense | 59.74x | 2.60x |
Total Returns (with DRIP)
A $10,000 investment in CGABL five years ago would be worth $9,271 today (with dividends reinvested), compared to $8,930 for KKRS. Over the past 12 months, CGABL leads with a +4.0% total return vs KKRS's -2.9%. The 3-year compound annual growth rate (CAGR) favors CGABL at 4.6% vs KKRS's 3.9% — a key indicator of consistent wealth creation.
| Metric | KKRSKKR Group Finance… | CGABLThe Carlyle Group… |
|---|---|---|
| YTD ReturnYear-to-date | -0.7% | +2.9% |
| 1-Year ReturnPast 12 months | -2.9% | +4.0% |
| 3-Year ReturnCumulative with dividends | +12.0% | +14.4% |
| 5-Year ReturnCumulative with dividends | -10.7% | -7.3% |
| 10-Year ReturnCumulative with dividends | -10.7% | -7.3% |
| CAGR (3Y)Annualised 3-year return | +3.9% | +4.6% |
Risk & Volatility
CGABL is the less volatile stock with a 0.20 beta — it tends to amplify market swings less than KKRS's 0.25 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 KKRS's 90.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | KKRSKKR Group Finance… | CGABLThe Carlyle Group… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.25x | 0.20x |
| 52-Week HighHighest price in past year | $19.44 | $18.80 |
| 52-Week LowLowest price in past year | $16.40 | $16.43 |
| % of 52W HighCurrent price vs 52-week peak | +90.5% | +93.6% |
| RSI (14)Momentum oscillator 0–100 | 49.1 | 49.8 |
| Avg Volume (50D)Average daily shares traded | 40K | 34K |
Analyst Outlook
For income investors, CGABL offers the higher dividend yield at 7.77% vs KKRS's 3.73%.
| Metric | KKRSKKR Group Finance… | CGABLThe Carlyle Group… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | — |
| Price TargetConsensus 12-month target | — | — |
| # AnalystsCovering analysts | — | — |
| Dividend YieldAnnual dividend ÷ price | +3.7% | +7.8% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $0.66 | $1.37 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +8.8% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jun 21 | Feb 26 | Change |
|---|---|---|---|
| KKR Group Finance C… (KKRS) | 100 | 68.2 | -31.8% |
| The Carlyle Group I… (CGABL) | 102.09 | 69.85 | -31.6% |
The Carlyle Group I… (CGABL) returned -7% over 5 years vs KKR Group Finance C… (KKRS)'s -11%.
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| KKR Group Finance C… (KKRS) | $6.2B | $21.9B | +254.6% |
| The Carlyle Group I… (CGABL) | $3.0B | $5.4B | +80.5% |
KKR Group Finance Co. IX LLC 4.'s revenue grew from $6.2B (2015) to $21.9B (2024) — a 15.1% CAGR. The Carlyle Group Inc. 4.625% Subordinated Notes due 2061's revenue grew from $3.0B (2015) to $5.4B (2024) — a 6.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| KKR Group Finance C… (KKRS) | 7.9% | 22.4% | +183.2% |
| The Carlyle Group I… (CGABL) | 13.3% | 18.8% | +41.3% |
KKR Group Finance Co. IX LLC 4.'s net margin went from 8% (2015) to 22% (2024). The Carlyle Group Inc. 4.625% Subordinated Notes due 2061's net margin went from 13% (2015) to 19% (2024).
Chart 4P/E Ratio History — 4 Years
| Stock | 2021 | 2024 | Change |
|---|---|---|---|
| KKR Group Finance C… (KKRS) | 1.3 | 3.5 | +169.2% |
| The Carlyle Group I… (CGABL) | 3 | 6.4 | +113.3% |
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. 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.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| KKR Group Finance C… (KKRS) | 1.01 | 5.26 | +420.8% |
| The Carlyle Group I… (CGABL) | 1.34 | 2.77 | +106.7% |
KKR Group Finance Co. IX LLC 4.'s EPS grew from $1.01 (2015) to $5.26 (2024) — a 20% CAGR. The Carlyle Group Inc. 4.625% Subordinated Notes due 2061's EPS grew from $1.34 (2015) to $2.77 (2024) — a 8% CAGR.
Chart 6Free Cash Flow — 5 Years
KKR Group Finance Co. IX LLC 4. generated $7B FCF in 2024 (+189% vs 2021). The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 generated $1B FCF in 2024 (-42% vs 2021).
KKRS vs CGABL: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is KKRS or CGABL 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. 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 — KKRS or CGABL?
On trailing P/E, KKR Group Finance Co. IX LLC 4. (KKRS) is the cheapest at 3.3x versus The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 at 6.4x.
03Which is the better long-term investment — KKRS or CGABL?
Over the past 5 years, The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) delivered a total return of -7.3%, compared to -10.7% for KKR Group Finance Co. IX LLC 4. (KKRS). A $10,000 investment in CGABL five years ago would be worth approximately $9K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CGABL returned -7.3% versus KKRS's -10.7%. 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 — KKRS or CGABL?
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 KKR Group Finance Co. IX LLC 4.'s 0.25β — meaning KKRS is approximately 24% more volatile than CGABL relative to the S&P 500.
05Which has better profit margins — KKRS or CGABL?
KKR Group Finance Co. IX LLC 4. (KKRS) is the more profitable company, earning 22.4% net margin versus 18.8% for The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 — 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 25.2% for CGABL. 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.
06Which pays a better dividend — KKRS or CGABL?
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 3.7% for KKR Group Finance Co. IX LLC 4. (KKRS).
07Is KKRS or CGABL 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%, KKRS: -10.7%), 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 KKRS and CGABL?
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. 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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