The Carlyle Group Inc. (CG) 10-Year Financial Performance & Capital Metrics

CG • • Banking & Credit

Financial ServicesAsset ManagementAlternative Asset ManagementPrivate Equity & Real Asset Managers

AboutThe Carlyle Group Inc. is an investment firm specializing in direct and fund of fund investments. Within direct investments, it specializes in management-led/ Leveraged buyouts, privatizations, divestitures, strategic minority equity investments, structured credit, global distressed and corporate opportunities, small and middle market, equity private placements, consolidations and buildups, senior debt, mezzanine and leveraged finance, and venture and growth capital financings, seed/startup, early venture, emerging growth, turnaround, mid venture, late venture, PIPES. The firm invests across four segments which include Corporate Private Equity, Real Assets, Global Market Strategies, and Solutions. The firm typically invests in industrial, agribusiness, ecological sector, fintech, airports, parking, Plastics, Rubber, diversified natural resources, minerals, farming, aerospace, defense, automotive, consumer, retail, industrial, infrastructure, energy, power, healthcare, software, software enabled services, semiconductors, communications infrastructure, financial technology, utilities, gaming, systems and related supply chain, electronic systems, systems, oil and gas, processing facilities, power generation assets, technology, systems, real estate, financial services, transportation, business services, telecommunications, media, and logistics sectors. Within the industrial sector, the firm invests in manufacturing, building products, packaging, chemicals, metals and mining, forestry and paper products, and industrial consumables and services. In consumer and retail sectors, it invests in food and beverage, retail, restaurants, consumer products, domestic consumption, consumer services, personal care products, direct marketing, and education. Within aerospace, defense, business services, and government services sectors, it seeks to invest in defense electronics, manufacturing and services, government contracting and services, information technology, distribution companies. In telecommunication and media sectors, it invests in cable TV, directories, publishing, entertainment and content delivery services, wireless infrastructure/services, fixed line networks, satellite services, broadband and Internet, and infrastructure. Within real estate, the firm invests in office, hotel, industrial, retail, for sale residential, student housing, hospitality, multifamily residential, homebuilding and building products, and senior living sectors. The firm seeks to make investments in growing business including those with overleveraged balance sheets. The firm seeks to hold its investments for four to six years. In the healthcare sector, it invests in healthcare services, outsourcing services, companies running clinical trials for pharmaceutical companies, managed care, pharmaceuticals, pharmaceutical related services, healthcare IT, medical, products, and devices. It seeks to invest in companies based in Sub-Saharan focusing on Ghana, Kenya, Mozambique, Botswana, Nigeria, Uganda, West Africa, North Africa and South Africa focusing on Tanzania and Zambia; Asia focusing on Pakistan, India, South East Asia, Indonesia, Philippines, Vietnam, Korea, and Japan; Australia; New Zealand; Europe focusing on France, Italy, Denmark, United Kingdom, Germany, Austria, Belgium, Finland, Iceland, Ireland, Netherlands, Norway, Portugal, Spain, Benelux , Sweden, Switzerland, Hungary, Poland, and Russia; Middle East focusing on Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey, and UAE; North America focusing on United States which further invest in Southeastern United States, Texas, Boston, San Francisco Bay Area and Pacific Northwest; Asia Pacific; Soviet Union, Central-Eastern Europe, and Israel; Nordic region; and South America focusing on Mexico, Argentina, Brazil, Chile, and Peru. The firm seeks to invest in food, financial, and healthcare industries in Western China. In the real estate sector, the firm seeks to invest in various locations across Europe focusing on France and Central Europe, United States, Asia focusing on China, and Latin America. It typically invests between $1 million and $50 million for venture investments and between $50 million and $2 billion for buyouts in companies with enterprise value of between $31.57 million and $1000 million and sales value of $10 million and $500 million. It seeks to invest in companies with market capitalization greater than $50 million and EBITDA between $5 million to $25 million. It prefers to take a majority or a minority stake. It typically holds its investments for three to five years. Within automotive and transportation sectors, the firm seeks to hold its investments in for four to six years. While investing in Japan, it does not invest in companies with more than 1,000 employees and prefers companies' worth between $100 million and $150 million. The firm originates, structures, and acts as lead equity investor in the transactions. The Carlyle Group Inc. was founded in 1987 and is based in Washington, District of Columbia with additional offices in 21 countries across 5 continents (North America, South America, Asia, Australia and Europe).Show more

Net Interest Income $110M -39.5%
Total Revenue $4.09B +119.0%
Net Income $1.02B +267.7%
Return on Equity 16.82% +274.3%
Net Interest Margin 0.48% -44.5%
Efficiency Ratio 49.13% -52.3%
ROA 4.61% +261.3%
Equity / Assets 27.47% +0.6%
Book Value per Share 17.25 +7.8%
Tangible BV/Share 15.52 +11.8%
Debt/Equity 1.50 -6.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 21.8%
✓Efficient operations: 49.1% efficiency ratio
✓Well capitalized: 27.5% equity/assets
✓Healthy dividend yield of 2.1%
✓Diversified revenue: 80.5% from non-interest income

✗Weaknesses

✗Weak NIM of 0.5%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.49%

5Y6.99%

3Y-11.12%

TTM-

Profit (Net Income) CAGR

10Y28.09%

5Y21.78%

3Y-30%

TTM462.98%

EPS CAGR

10Y25.32%

5Y-0.36%

3Y-30.36%

TTM518.07%

ROCE

10Y Avg6.14%

5Y Avg7.45%

3Y Avg3.66%

Latest6.3%

Peer Comparison

Private Equity & Real Asset Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPGTPG Inc.	9.85B	67.27	1044.57	41.37%	0.9%	6.69%	5.11%	0.44
GCMGGCM Grosvenor Inc.	2.18B	11.68	340.52	15.82%	3.57%	8.9%	6.05%
BNBrookfield Corporation	106.23B	47.33	228.98	-10.34%	0.75%	0.61%		1.42
BXBlackstone Inc.	118.75B	160.81	44.42	52.91%	24.41%	13.59%	2.88%	0.63
BAMBrookfield Asset Management Ltd.	83.91B	52.04	40.66	-2.02%	54.47%	22.06%	2.21%	0.07
KKRKKR & Co. Inc.	117.05B	131.32	40.04	51.09%	14.22%	4.36%	5.56%	0.82
PAXPatria Investments Limited	1.13B	17.43	37.09	14.22%	19.21%	17.64%	12.14%	0.51
HLNEHamilton Lane Incorporated	6.76B	153.84	28.44	28.73%	30.49%	19.91%	4.6%	0.40

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-247.8M	-206.6M	-261.6M	61.7M	75.7M	43.7M	30.2M	96.2M	181.6M	109.9M
NII Growth %	0.36%	0.17%	-0.27%	1.24%	0.23%	-0.42%	-0.31%	2.19%	0.89%	-0.39%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	994.1M	190.8M	204M	308.5M	289.6M	301.2M	322M	418.2M	724.5M	795.8M
Interest Expense	1.24B	397.4M	465.6M	246.8M	213.9M	257.5M	291.8M	322M	542.9M	685.9M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	2.37B	1.74B	2.57B	1.75B	2.63B	1.83B	5.5B	3.26B	1.14B	3.29B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	3.36B	1.93B	2.78B	2.06B	2.92B	2.13B	5.82B	3.68B	1.87B	4.09B
Revenue Growth %	-0.14%	-0.42%	0.44%	-0.26%	0.42%	-0.27%	1.73%	-0.37%	-0.49%	1.19%
Non-Interest Expense	1.72B	1.49B	1.18B	1.45B	1.47B	1.3B	1.5B	1.78B	1.93B	2.01B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	402.2M	45.3M	1.13B	360.2M	1.23B	580M	4.03B	1.57B	-600.9M	1.39B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.59%	-0.89%	24%	-0.68%	2.42%	-0.53%	5.94%	-0.61%	-1.38%	3.32%
Pretax Income+	402.2M	45.3M	1.13B	360.2M	1.23B	580M	4.03B	1.57B	-600.9M	1.39B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.1M	30M	124.9M	31.3M	49M	197.2M	982.3M	287.8M	-104.2M	302.6M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-18.4M	6.4M	244.1M	116.5M	380.9M	348.2M	2.97B	1.23B	-608.4M	1.02B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.21%	1.35%	37.14%	-0.52%	2.27%	-0.09%	7.54%	-0.59%	-1.5%	2.68%
Net Income (Continuing)	400.1M	15.3M	1.01B	328.9M	1.18B	382.8M	3.05B	1.28B	-496.7M	1.09B
EPS (Diluted)+	-0.06	-0.08	2.38	0.82	2.82	0.97	8.20	3.35	-1.68	2.77
EPS Growth %	-1.19%	-0.43%	30.75%	-0.66%	2.44%	-0.66%	7.45%	-0.59%	-1.5%	2.65%
EPS (Basic)	-0.27	0.08	2.58	0.89	3.05	0.99	8.37	3.39	-1.68	2.85
Diluted Shares Outstanding	298.74M	308.52M	100.08M	113.39M	122.63M	358.39M	362.57M	365.71M	361.4M	368.02M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	2.6B	1.43B	1.38B	877.1M	915.8M	1.14B	2.62B	1.57B	1.79B	2.1B
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	864.6M	950.9M	1.22B	1.77B	2.44B	1.81B	2.13B	2.9B	3.02B	3.29B
Investments Growth %	-0.05%	0.1%	0.28%	0.45%	0.38%	-0.26%	0.18%	0.36%	0.04%	0.09%
Long-Term Investments	864.6M	950.9M	1.22B	1.77B	2.44B	1.81B	2.13B	2.9B	3.02B	3.29B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	38.3M	10.1M	11.1M	15.3M	16.1M	16.8M	13.3M	103.9M	104M	103.6M
Intangible Assets	97.4M	31.9M	24.8M	62M	46.2M	31.9M	21.6M	793.9M	662.1M	530.5M
PP&E (Net)	111.7M	106.3M	100.4M	95.1M	312M	510.3M	505M	476.9M	493.7M	526.7M
Other Assets	27.16B	6.8B	9.01B	9.28B	9.4B	11.63B	15.37B	14.78B	14.26B	15.48B
Total Current Assets	3.69B	1.83B	1.75B	1.5B	1.32B	1.55B	3.2B	2.33B	2.62B	3.14B
Total Non-Current Assets	28.5B	8.15B	10.53B	11.41B	12.49B	14.1B	18.05B	19.07B	18.56B	19.96B
Total Assets+	32.18B	9.97B	12.28B	12.91B	13.81B	15.64B	21.25B	21.4B	21.18B	23.1B
Asset Growth %	-0.11%	-0.69%	0.23%	0.05%	0.07%	0.13%	0.36%	0.01%	-0.01%	0.09%
Return on Assets (ROA)	-0%	0%	0.02%	0.01%	0.03%	0.02%	0.16%	0.06%	-0.03%	0.05%
Accounts Payable	14.5M	14.6M	355.1M	442.2M	354.9M	286.3M	379.7M	369.2M	0	0
Total Debt+	18.28B	5.21B	5.88B	6.39B	6.97B	8.05B	8.5B	8.68B	9.26B	9.5B
Net Debt	15.67B	3.78B	4.5B	5.51B	6.06B	6.91B	5.88B	7.11B	7.47B	7.4B
Long-Term Debt	18.28B	5.21B	5.88B	6.39B	6.97B	8.05B	8.5B	8.68B	9.26B	9.5B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	7.81B	3.29B	3.1B	3.25B	3.51B	4.38B	6.67B	5.53B	6.14B	7.26B
Total Current Liabilities	14.5M	14.6M	355.1M	442.2M	354.9M	286.3M	379.7M	369.2M	0	0
Total Non-Current Liabilities	26.09B	8.5B	8.98B	9.64B	10.48B	12.43B	15.16B	14.21B	15.39B	16.76B
Total Liabilities	26.1B	8.52B	9.33B	10.08B	10.84B	12.71B	15.54B	14.58B	15.39B	16.76B
Total Equity+	6.08B	1.45B	2.95B	2.84B	2.97B	2.93B	5.71B	6.82B	5.78B	6.35B
Equity Growth %	-0.33%	-0.76%	1.03%	-0.04%	0.05%	-0.01%	0.95%	0.2%	-0.15%	0.1%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-0%	0%	0.11%	0.04%	0.13%	0.12%	0.69%	0.2%	-0.1%	0.17%
Book Value per Share	20.34	4.71	29.47	25.01	24.22	8.18	15.74	18.65	16.01	17.25
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	606.7M	403.1M	701.8M	673.4M	703.8M	3.5M	3.6M	3.6M	3.6M	3.6M
Additional Paid-in Capital	0	0	0	0	0	2.55B	2.72B	3.14B	3.4B	3.89B
Retained Earnings	-90.1M	-95.2M	-72.7M	-83.3M	0	348.2M	2.81B	3.4B	2.08B	2.04B
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	387.5M	387.5M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.9B	-300.6M	-7.1M	-343.5M	358.6M	-169.2M	1.79B	-379.3M	204.9M	-759.5M
Operating CF Growth %	0.48%	-1.08%	0.98%	-47.38%	2.04%	-1.47%	11.59%	-1.21%	1.54%	-4.71%
Net Income	400.1M	-1.8M	995.4M	328.9M	1.18B	382.8M	3.05B	1.23B	-496.7M	1.08B
Depreciation & Amortization	322.8M	72M	41.3M	46.9M	65.6M	52.1M	52M	147.4M	180.6M	184.1M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	1.33B	-1.32B	-1.37B	-719.3M	-809.8M	-1.15B	-2.26B	-1.11B	1.05B	-1.98B
Working Capital Changes	1.85B	950.7M	324.7M	0	-81.6M	547.1M	954.9M	-642.9M	-533.2M	-44M
Cash from Investing+	-21.5M	-25.4M	-34M	-99.1M	-27.8M	-61.2M	-32.2M	-828.8M	-43.6M	-77.6M
Purchase of Investments	0	0	0	0	0	0	0	-69.6M	-187.3M	-5M
Sale/Maturity of Investments	0	0	0	0	0	0	0	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	-67.8M	0	0	9.2M	-150.2M	0	0
Other Investing	40.8M	0	0	0	0	0	0	0	0	0
Cash from Financing+	-4.01B	15.3M	318.6M	72M	-149.2M	370.3M	-242.5M	114.8M	-99.6M	682.8M
Dividends Paid	-251M	-140.9M	-124.1M	-153.4M	-172.6M	-351.3M	-355.8M	-443.6M	-497.7M	-503M
Share Repurchases	0	-58.9M	-200K	-107.5M	-439.9M	-26.4M	-161.8M	-185.6M	-203.5M	-554.6M
Stock Issued	209.9M	0	0	0	0	0	4.8M	38.9M	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	-4.64B	-356.2M	-321.4M	-459.8M	-188.7M	63M	-16M	24.4M	-93.8M	35.2M
Net Change in Cash+	-250.5M	-326.4M	344.8M	-390.5M	189.7M	161.6M	1.49B	-1.11B	80.6M	-175.6M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	1.24B	1.01B	684M	1.03B	638.3M	828M	989.6M	2.48B	1.36B	1.44B
Cash at End	991.5M	684M	1.03B	638.3M	828M	989.6M	2.48B	1.36B	1.44B	1.27B
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	3.84B	-326M	-41.1M	-374.8M	330.8M	-230.4M	1.75B	-419.9M	138.3M	-837.2M
FCF Growth %	0.47%	-1.08%	0.87%	-8.12%	1.88%	-1.7%	8.59%	-1.24%	1.33%	-7.05%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-0.24%	0.17%	11.09%	4.03%	13.12%	11.8%	68.89%	19.56%	-9.65%	16.82%
Return on Assets (ROA)	-0.05%	0.03%	2.19%	0.92%	2.85%	2.36%	16.13%	5.74%	-2.86%	4.61%
Net Interest Margin	-0.77%	-2.07%	-2.13%	0.48%	0.55%	0.28%	0.14%	0.45%	0.86%	0.48%
Efficiency Ratio	51.06%	77.11%	42.44%	70.47%	50.37%	60.76%	25.83%	48.48%	103.11%	49.13%
Equity / Assets	18.89%	14.58%	24.01%	21.96%	21.51%	18.73%	26.85%	31.87%	27.32%	27.47%
Book Value / Share	20.34	4.71	29.47	25.01	24.22	8.18	15.74	18.65	16.01	17.25
NII Growth	36.05%	16.63%	-26.62%	123.59%	22.69%	-42.27%	-30.89%	218.54%	88.77%	-39.48%
Dividend Payout	-	2201.56%	48.38%	111.42%	40.67%	100.89%	11.96%	36.21%	-	49.29%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Fund Management Fee	-	-	-	1.3B	1.5B	1.56B	1.69B	2.06B	2.07B	2.22B
Fund Management Fee Growth	-	-	-	-	15.53%	4.11%	8.49%	21.59%	0.86%	6.94%
Performance Allocations	-	-	-	622.9M	799.1M	-	6.08B	1.33B	-3.6M	2.02B
Performance Allocations Growth	-	-	-	-	28.29%	-	-	-78.10%	-100.27%	56122.22%
Principal Investment Income (Loss)	-	-	-	193.8M	769.3M	-	666M	570.5M	160.2M	267.7M
Principal Investment Income (Loss) Growth	-	-	-	-	296.96%	-	-	-14.34%	-71.92%	67.10%
Incentive Fee	-	-	-	31.3M	35.9M	-	48.8M	63.8M	96.2M	134.2M
Incentive Fee Growth	-	-	-	-	14.70%	-	-	30.74%	50.78%	39.50%
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment	-	-	-	-	-	-	-	-	-	-167.9M
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment Growth	-	-	-	-	-	-	-	-	-	-
Segment Reconciling Items	-	-	-	-	-	418.3M	-3.16B	-273.7M	-191.6M	-
Segment Reconciling Items Growth	-	-	-	-	-	-	-854.39%	91.33%	30.00%	-
Corporate Private Equity	1.32B	886.3M	2.2B	-	-	-	-	-	-	-
Corporate Private Equity Growth	-	-32.61%	147.73%	-	-	-	-	-	-	-
Real Assets	351.5M	562.5M	597.9M	-	-	-	-	-	-	-
Real Assets Growth	-	60.03%	6.29%	-	-	-	-	-	-	-
Solutions	283M	245.6M	302.8M	-	-	-	-	-	-	-
Solutions Growth	-	-13.22%	23.29%	-	-	-	-	-	-	-
Global Market Strategies	182.7M	264.2M	282.5M	-	-	-	-	-	-	-
Global Market Strategies Growth	-	44.61%	6.93%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	1.52B	1.47B	2.3B	1.6B	2.27B	1.79B	5.43B	2.56B	1.29B	4.1B
Americas Growth	-	-2.98%	56.02%	-30.58%	41.97%	-21.10%	204.00%	-52.89%	-49.65%	217.80%
EMEA	1.09B	615.1M	837.6M	875.5M	815.3M	622.3M	2.63B	1.6B	1.32B	1.05B
EMEA Growth	-	-43.57%	36.17%	4.52%	-6.88%	-23.67%	322.51%	-39.00%	-17.76%	-20.57%
Asia Pacific	397.4M	185.7M	539.6M	-44.3M	295.8M	524.6M	718.2M	274.9M	356M	281.8M
Asia Pacific Growth	-	-53.27%	190.58%	-108.21%	767.72%	77.35%	36.90%	-61.72%	29.50%	-20.84%

Frequently Asked Questions

Valuation & Price

The Carlyle Group Inc. (CG) has a price-to-earnings (P/E) ratio of 23.9x. This is roughly in line with market averages.

Growth & Financials

The Carlyle Group Inc. (CG) grew revenue by 119.0% over the past year. This is strong growth.

Yes, The Carlyle Group Inc. (CG) is profitable, generating $661.5M in net income for fiscal year 2024 (25.0% net margin).

Dividend & Returns

Yes, The Carlyle Group Inc. (CG) pays a dividend with a yield of 2.07%. This makes it attractive for income-focused investors.

The Carlyle Group Inc. (CG) has a return on equity (ROE) of 16.8%. This is reasonable for most industries.

Industry Metrics

The Carlyle Group Inc. (CG) has a net interest margin (NIM) of 0.5%. NIM has been under pressure due to interest rate environment.

The Carlyle Group Inc. (CG) has an efficiency ratio of 49.1%. This is excellent, indicating strong cost control.

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