Latest Ratios: P/E Ratio 18.3x · EV/EBITDA 18.7x · ROE 12.1%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.4B | $21.9B | $18.6B | $14.7B | $10.9B | $19.9B | $11.3B | $3.9B | $1.8B | $2.3B | $4.7B |
| Enterprise Value | $25.1B | $32.6B | $26.0B | $22.2B | $18.0B | $25.8B | $18.2B | $10.0B | $7.3B | $6.8B | $8.5B |
| P/E Ratio → | 18.31 | 27.11 | 18.23 | — | 8.91 | 6.70 | 32.41 | 11.38 | 19.21 | 9.62 | — |
| P/S Ratio | 3.01 | 4.59 | 5.46 | 11.10 | 3.25 | 3.60 | 6.00 | 1.46 | 0.99 | 0.99 | 3.06 |
| P/B Ratio | 2.10 | 3.11 | 2.93 | 2.54 | 1.60 | 3.49 | 3.85 | 1.32 | 0.63 | 0.78 | 3.24 |
| P/FCF | 10.54 | 16.08 | — | 106.33 | — | 11.38 | — | 11.89 | — | — | — |
| P/OCF | 9.82 | 14.99 | — | 71.77 | — | 11.11 | — | 10.97 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.83 | 7.64 | 16.75 | 5.37 | 4.66 | 9.69 | 3.70 | 4.04 | 2.94 | 5.52 |
| EV / EBITDA | 18.74 | 24.39 | 16.47 | — | 10.48 | 6.32 | 28.76 | 7.69 | 17.93 | 5.79 | 72.32 |
| EV / EBIT | 19.53 | 25.42 | 18.64 | — | 11.46 | 6.40 | 31.34 | 8.10 | 20.26 | 6.00 | 187.27 |
| EV / FCF | — | 23.92 | — | 160.34 | — | 14.74 | — | 30.20 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.6% | 67.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 26.9% | 26.9% | 41.0% | -45.4% | 46.9% | 72.8% | 30.9% | 45.6% | 19.9% | 49.0% | 2.9% |
| Net Profit Margin | 16.9% | 16.9% | 30.0% | -45.9% | 36.5% | 53.8% | 18.6% | 14.1% | 6.4% | 10.6% | 0.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.1% | 12.1% | 16.8% | -9.7% | 19.6% | 68.9% | 11.8% | 13.1% | 4.0% | 11.1% | 0.2% |
| ROA | 3.1% | 3.1% | 4.6% | -2.9% | 5.7% | 16.1% | 2.4% | 2.9% | 0.9% | 2.2% | 0.0% |
| ROIC | 5.2% | 5.2% | 6.8% | -3.0% | 7.9% | 24.0% | 4.2% | 9.7% | 3.0% | 11.0% | 0.2% |
| ROCE | 5.0% | 5.0% | 6.4% | -2.9% | 7.5% | 22.2% | 4.0% | 9.5% | 3.0% | 10.3% | 0.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.97 | 1.97 | 1.50 | 1.60 | 1.27 | 1.49 | 2.75 | 2.35 | 2.25 | 1.99 | 3.58 |
| Debt / EBITDA | 10.39 | 10.39 | 6.02 | — | 5.05 | 2.08 | 12.73 | 5.37 | 15.70 | 5.01 | 44.42 |
| Net Debt / Equity | — | 1.51 | 1.17 | 1.29 | 1.04 | 1.03 | 2.36 | 2.04 | 1.94 | 1.53 | 2.60 |
| Net Debt / EBITDA | 7.99 | 7.99 | 4.69 | — | 4.13 | 1.44 | 10.93 | 4.66 | 13.54 | 3.83 | 32.21 |
| Debt / FCF | — | 7.84 | — | 54.01 | — | 3.36 | — | 18.31 | — | — | — |
| Interest Coverage | 10.35 | 10.35 | 2.03 | -1.11 | 4.88 | 13.80 | 2.25 | 5.77 | 1.46 | 2.43 | 0.11 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.72 | 15.72 | 12.98 | 5.71 | 6.43 | 8.24 | 5.41 | 3.71 | 3.40 | 4.92 | 125.20 |
| Quick Ratio | 15.72 | 15.72 | 12.98 | 5.71 | 6.43 | 8.24 | 5.41 | 3.71 | 3.40 | 4.92 | 125.20 |
| Cash Ratio | 15.72 | 15.72 | 8.67 | 3.89 | 4.33 | 6.74 | 3.97 | 2.58 | 1.98 | 3.88 | 98.11 |
| Asset Turnover | — | 0.16 | 0.15 | 0.06 | 0.16 | 0.26 | 0.12 | 0.20 | 0.14 | 0.19 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 2.3% | 2.7% | 3.4% | 4.1% | 1.8% | 3.1% | 3.9% | 7.3% | 5.2% | 3.0% |
| Payout Ratio | 62.5% | 62.5% | 49.3% | — | 36.2% | 12.0% | 100.9% | 40.7% | 111.4% | 48.4% | 2201.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 3.7% | 5.5% | — | 11.2% | 14.9% | 3.1% | 8.8% | 5.2% | 10.4% | — |
| FCF Yield | 9.5% | 6.2% | — | 0.9% | — | 8.8% | — | 8.4% | — | — | — |
| Buyback Yield | 4.8% | 3.1% | 3.0% | 1.4% | 1.7% | 0.8% | 0.2% | 11.2% | 6.0% | 0.0% | 1.3% |
| Total Shareholder Yield | 8.2% | 5.4% | 5.7% | 4.8% | 5.8% | 2.6% | 3.4% | 15.1% | 13.3% | 5.2% | 4.2% |
| Shares Outstanding | — | $371M | $368M | $361M | $366M | $363M | $358M | $123M | $113M | $100M | $309M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying CG stock.
The Carlyle Group Inc.'s current P/E ratio is 18.3x. The historical average is 24.6x. This places it at the 60th percentile of its historical range.
The Carlyle Group Inc.'s current EV/EBITDA is 18.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
The Carlyle Group Inc.'s return on equity (ROE) is 12.1%. The historical average is 25.0%.
Based on historical data, The Carlyle Group Inc. is trading at a P/E of 18.3x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Carlyle Group Inc.'s current dividend yield is 3.41% with a payout ratio of 62.5%.
The Carlyle Group Inc. has 67.6% gross margin and 26.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The Carlyle Group Inc.'s Debt/EBITDA ratio is 10.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Lumpy performance fee realization
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Earnings Quality Concerns
Carlyle trades at a P/B of 2.58, a significant discount to Blackstone's 5.08, suggesting the market is pricing in lower return on equity and greater earnings volatility from its performance fee mix.
The current P/B multiple implies the market expects Carlyle's ROE to remain well below peers like Blackstone, which is supported by the firm's recent ROE of 1.9% versus BX's 16.2%. This discount appears to reflect investor skepticism about the sustainability and quality of Carlyle's earnings, particularly given the extreme volatility in its net interest margin and the recent emergence of significant loan loss provisions. The valuation suggests Carlyle is being treated more as a commodity balance sheet than a premium franchise, despite its structural advantages in certain sectors.
ROE Volatility Driven by NIM and Provision Swings
Carlyle's ROE has swung from 9.9% in Q3 2024 to -1.8% in Q1 2026, indicating that profitability is highly sensitive to net interest margin fluctuations and credit reserve adjustments rather than stable fee generation.
The DuPont decomposition reveals that the primary driver of ROE volatility is not asset utilization or leverage, which have remained relatively stable, but the extreme swings in net interest income and non-interest income. The firm's reliance on performance fees, which constitute over 70% of revenue in some quarters, creates a lumpy earnings profile that masks the underlying stability of its management fee base. This suggests that Carlyle's profitability quality is lower than its headline ROE in strong quarters might imply, as it is heavily dependent on market conditions for realizations.
NIM Whipsaw Exposes Rate Sensitivity
Net interest margin has been extremely volatile, ranging from -1.4% to 4.1% over the past six quarters, indicating that the firm's massive securities portfolio is creating significant and unpredictable interest rate risk.
The efficiency ratio has similarly been erratic, swinging from 3.3% to 85.0%, which underscores that the firm's high fixed-cost base amplifies the impact of volatile revenue streams. The NIM volatility appears directly linked to the ballooning investment securities portfolio, which now represents over 83% of total assets. This concentration suggests that Carlyle's balance sheet is functioning more like a trading book than a traditional asset manager's, introducing a level of market risk that is not typical for the sector and may not be fully appreciated by investors focused on fee-related earnings.
Provision Emergence Signals New Credit Risk Phase
After eight consecutive quarters with zero provisions, Carlyle recorded a $249.1 million loan loss provision in Q2 2026, a significant shift that may indicate deteriorating credit quality within its Global Credit portfolio.
This provision expense represents a material change in the firm's risk assessment and stands in stark contrast to the $208.3 million reserve release in the prior quarter. The sudden reversal suggests that the credit environment for the firm's lending activities has deteriorated more rapidly than management may have anticipated. Investors should monitor whether this is a one-time adjustment or the beginning of a trend, as sustained provisioning would directly compress distributable earnings and the firm's capacity for capital return.
P/E Multiple Misleads on Earnings Power
The reported P/E of 22.52 is likely misleading because it incorporates volatile, non-cash performance allocations and does not reflect the firm's true cash earnings power as measured by Fee Related Earnings.
For alternative asset managers like Carlyle, the P/E ratio is frequently misapplied because net income includes unrealized gains and losses on fund investments, which can swing wildly from quarter to quarter. This volatility is evident in Carlyle's own quarterly ROE swings. A more appropriate metric for valuation is Price to Fee Related Earnings (FRE), which isolates the stable, recurring management fee income. Using P/E can lead investors to overpay in good quarters and overreact in bad ones, obscuring the underlying trajectory of the business's core, predictable cash flows.