The firm's capital structure relies heavily on leverage, with total debt reaching 14.6 billion in 2026Q1 and a debt-to-equity ratio that has fluctuated between 1.46 and 1.98 over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 3.88B | 3.21B | 3.14B | 2.62B | 2.33B | 3.2B | 1.55B | 1.32B | 1.5B | 1.75B | 1.83B | 3.69B | 4.36B | 3.32B | 1.17B | 23.92B | 16.52B | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90.2M | 152M | -1.55B |
| Total Non-Current Assets | 25.96B | 25.91B | 19.96B | 18.56B | 19.07B | 18.05B | 14.1B | 12.49B | 11.41B | 10.53B | 8.15B | 28.5B | 31.64B | 32.3B | 754.7M | 22.75B | 539.9M | 0 |
| Property, Plant & Equipment | 567.8M | 556.8M | 526.7M | 493.7M | 476.9M | 505M | 510.3M | 312M | 95.1M | 100.4M | 106.3M | 111.7M | 77.2M | 71M | 63.6M | 52.7M | 39.6M | 37M |
| Fixed Asset Turnover | 7.23x | 8.80x | 7.76x | 3.78x | 7.71x | 11.53x | 4.18x | 9.35x | 21.61x | 27.65x | 18.20x | 30.08x | 50.45x | 55.69x | 69.39x | 36.30x | 54.01x | 35.60x |
| Goodwill | 0 | 104.6M | 103.6M | 104M | 103.9M | 13.3M | 16.8M | 16.1M | 15.3M | 11.1M | 10.1M | 38.3M | 47.5M | 40.3M | 37M | 36.8M | 0 | 0 |
| Intangible Assets | 473.6M | 402.5M | 530.5M | 662.1M | 793.9M | 21.6M | 31.9M | 46.2M | 62M | 24.8M | 31.9M | 97.4M | 394.6M | 542.5M | 654.1M | 558.1M | 448.4M | 0 |
| Long-Term Investments | 33.62B | 2.88B | 3.29B | 3.02B | 2.9B | 2.13B | 1.81B | 2.44B | 1.77B | 1.22B | 950.9M | 864.6M | 905.8M | 736.9M | 25.7B | 19.96B | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 29.84B | 29.12B | 23.1B | 21.18B | 21.4B | 21.25B | 15.64B | 13.81B | 12.91B | 12.28B | 9.97B | 32.18B | 35.99B | 35.62B | 31.57B | 24.65B | 17.06B | 2.51B |
| Asset Turnover | 0.14x | 0.17x | 0.18x | 0.09x | 0.17x | 0.27x | 0.14x | 0.21x | 0.16x | 0.23x | 0.19x | 0.10x | 0.11x | 0.11x | 0.14x | 0.08x | 0.13x | 0.52x |
| Asset Growth % | 81.77% | 26.02% | 9.1% | -1.06% | 0.72% | 35.83% | 13.3% | 6.93% | 5.16% | 23.14% | -69.01% | -10.59% | 1.04% | 12.85% | 28.05% | 44.48% | 579.89% | - |
| Total Current Liabilities | 358.2M | 203.9M | 241.9M | 459M | 362.5M | 388.1M | 286.3M | 354.9M | 442.2M | 355.1M | 14.6M | 14.5M | 26.1M | 25.4M | 215M | 537.6M | 13.23B | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 362.5M | 379.7M | 286.3M | 354.9M | 442.2M | 355.1M | 14.6M | 14.5M | 26.1M | 25.4M | 215M | 203.4M | 211.6M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 459M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.81B | 11.53B | 33.2M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.63B | 520.9M | -33.2M |
| Current Ratio | 10.83x | 15.72x | 12.98x | 5.71x | 6.43x | 8.24x | 5.41x | 3.71x | 3.40x | 4.92x | 125.20x | 254.18x | 166.91x | 130.72x | 5.46x | 44.49x | 1.25x | - |
| Quick Ratio | 10.83x | 15.72x | 12.98x | 5.71x | 6.43x | 8.24x | 5.41x | 3.71x | 3.40x | 4.92x | 125.20x | 254.18x | 166.91x | 130.72x | 5.46x | 44.49x | 1.25x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 22.47B | 21.86B | 16.51B | 14.93B | 14.22B | 15.16B | 12.43B | 10.48B | 9.64B | 8.98B | 8.5B | 26.09B | 26.87B | 25.22B | 20.66B | 12.27B | 1.63B | 0 |
| Long-Term Debt | 14.15B | 13.89B | 9.5B | 8.38B | 8.68B | 8.5B | 8.05B | 6.97B | 6.39B | 5.88B | 5.21B | 18.28B | 17.35B | 16.28B | 14.54B | 10.21B | 0 | 412.2M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 22.47B | 22.06B | 16.76B | 15.39B | 14.58B | 15.54B | 12.71B | 10.84B | 10.08B | 9.33B | 8.52B | 26.1B | 26.9B | 25.24B | 20.87B | 15.48B | 14.86B | 1.8B |
| Total Debt | 14.62B | 13.89B | 9.5B | 9.26B | 8.68B | 8.5B | 8.05B | 6.97B | 6.39B | 5.88B | 5.21B | 18.28B | 17.35B | 16.28B | 14.54B | 21.02B | 11.53B | 445.4M |
| Net Debt | 11.86B | 10.69B | 7.4B | 7.47B | 7.11B | 5.88B | 6.91B | 6.06B | 5.51B | 4.5B | 3.78B | 15.67B | 14.55B | 13.91B | 12.33B | 19.95B | 10.18B | -109.7M |
| Debt / Equity | 1.98x | 1.97x | 1.50x | 1.60x | 1.27x | 1.49x | 2.75x | 2.35x | 2.25x | 1.99x | 3.58x | 3.01x | 1.91x | 1.57x | 1.36x | 2.29x | 8.84x | 0.62x |
| Debt / EBITDA | 14.44x | 10.39x | 6.02x | - | 5.05x | 2.08x | 12.73x | 5.37x | 15.70x | 5.01x | 44.42x | 25.21x | 14.65x | 10.13x | 5.71x | 13.30x | 6.59x | 0.60x |
| Net Debt / EBITDA | 11.72x | 7.99x | 4.69x | - | 4.13x | 1.44x | 10.93x | 4.66x | 13.54x | 3.83x | 32.21x | 21.62x | 12.29x | 8.66x | 4.84x | 12.61x | 5.82x | -0.15x |
| Interest Coverage | 1.84x | 10.35x | 2.03x | -1.11x | 4.88x | 13.80x | 2.25x | 5.77x | 1.46x | 2.43x | 0.11x | 0.32x | 0.78x | 1.49x | 3.12x | - | - | - |
| Total Equity | 7.37B | 7.06B | 6.35B | 5.78B | 6.82B | 5.71B | 2.93B | 2.97B | 2.84B | 2.95B | 1.45B | 6.08B | 9.09B | 10.38B | 10.7B | 9.17B | 1.3B | 713.6M |
| Equity Growth % | 51.97% | 11.18% | 9.73% | -15.2% | 19.54% | 94.74% | -1.33% | 4.7% | -3.82% | 102.82% | -76.08% | -33.17% | -12.36% | -2.97% | 16.67% | 603.33% | 82.65% | - |
| Book Value per Share | 20.53 | 19.03 | 17.25 | 16.01 | 18.65 | 15.74 | 8.18 | 24.22 | 25.01 | 29.47 | 4.71 | 20.34 | 30.71 | 37.30 | 36.71 | 28.94 | 4.28 | 2.34 |
| Total Shareholders' Equity | 7.37B | 5.76B | 5.61B | 5.19B | 6.22B | 5.28B | 2.69B | 618.6M | 977.6M | 1.02B | 307.9M | 516.6M | 711.5M | 809.5M | 1.07B | 1.67B | 938.5M | 437.5M |
| Common Stock | 3.6M | 3.6M | 3.6M | 3.6M | 3.6M | 3.6M | 3.5M | 703.8M | 673.4M | 701.8M | 403.1M | 606.7M | 750.5M | 820.7M | 1.07B | 853.7M | 0 | 0 |
| Retained Earnings | 1.17B | 1.64B | 2.04B | 2.08B | 3.4B | 2.81B | 348.2M | 0 | -83.3M | -72.7M | -95.2M | -90.1M | -39M | -11.2M | -4.8M | -55.8M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -181.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 806.9M | -34.5M | 437.5M |
| Minority Interest | 1.97B | 1.3B | 740.7M | 593.1M | 600.3M | 427.2M | 241M | 2.35B | 1.86B | 1.93B | 1.15B | 5.56B | 8.38B | 9.57B | 9.63B | 7.5B | 364.9M | 276.1M |
Cyclical realization fee volatility
As reported in financial statements, Carlyle's total assets have grown from 21.2 billion in 2023Q4 to 29.8 billion in 2026Q1, reflecting a significant expansion in the firm's balance sheet footprint despite the underlying instability in performance-related earnings and realization-driven cash flows observed over the same period.
The growth in total assets appears to be driven by an accumulation of investment-related items rather than organic operational scaling. Investors should monitor whether this expansion represents high-quality asset growth or merely the consolidation of fund-level volatility that may complicate the firm's long-term capital trajectory.
Based on reported figures, Carlyle's debt-to-equity ratio has fluctuated between 1.46 and 1.98 over the last ten quarters, with total debt reaching 14.6 billion in 2026Q1, suggesting that management continues to utilize leverage as a core component of its capital structure and investment strategy.
The persistent use of debt appears to be a strategic choice to support investment capacity, yet the rising debt levels warrant caution given the firm's sensitivity to interest rate environments. This leverage profile may limit financial flexibility if the current exit drought persists and restricts the firm's ability to deleverage through asset realizations.
According to recent SEC filings, the firm's cash position stood at 2.8 billion in 2026Q1, down from a peak of 3.3 billion in 2025Q3, indicating that liquidity remains adequate but is subject to the lumpy nature of performance fee inflows and ongoing capital allocation requirements.
While the current ratio of 10.83 suggests a strong short-term liquidity position, this metric may be distorted by the inclusion of fund-level assets and liabilities on the balance sheet. The decline in cash reserves suggests that the firm is consuming liquidity to maintain operations and dividend commitments during a period of reduced exit activity.
Data from the last ten quarters indicates that the consolidation of investment funds on the balance sheet may mask the firm's true leverage, as total liabilities have risen to 22.5 billion in 2026Q1, potentially obscuring the underlying risk profile of the firm's own corporate capital structure.
The headline debt-to-equity ratio may provide a misleading sense of security if the liabilities are tied to specific investment vehicles rather than the corporate entity. Analysts should investigate the extent to which these consolidated liabilities represent recourse obligations, as this could significantly alter the perceived risk of the firm's balance sheet.
Quick answers to the most common questions about buying CG stock.
As of 2025, The Carlyle Group Inc. (CG) had total assets of $29.12B including $3.21B in current assets.
The Carlyle Group Inc. (CG) carries total debt of $13.89B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
The Carlyle Group Inc. (CG) has total shareholders' equity (book value) of $5.76B ($19.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
The Carlyle Group Inc. (CG) reported a current ratio of 15.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.