The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) 10-Year Financial Performance & Capital Metrics

CGABL • • Banking & Credit

Financial ServicesCredit ServicesBusiness Development & Commercial LendingMiddle Market Lenders

AboutFunctions as a financing subsidiary/special purpose entityShow more

Net Interest Income -$565M -34.8%
Total Revenue $5.43B +83.1%
Net Income $1.02B +267.7%
Return on Equity 15.16% +264.4%
Net Interest Margin -2.45% -23.5%
Efficiency Ratio 24.9% +13.2%
ROA 4.61% +261.3%
Equity / Assets 30.68% +1.9%
Book Value per Share 19.26 +9.1%
Tangible BV/Share 17.54 +12.9%
Debt/Equity -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 24.9% efficiency ratio
✓Well capitalized: 30.7% equity/assets
✓Diversified revenue: 100.0% from non-interest income
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak NIM of -2.4%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.41%

5Y9.95%

3Y-14.83%

TTM-

Profit (Net Income) CAGR

10Y1.1%

5Y-2.94%

3Y-30.54%

TTM732.19%

EPS CAGR

10Y-14.57%

5Y-21.81%

3Y-30.91%

TTM-383.33%

ROCE

10Y Avg7.67%

5Y Avg13.86%

3Y Avg3.22%

Latest6.23%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

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+	0	0	0	0	0	0	-178M	-211.6M	-419.1M	-564.9M
NII Growth %	-	-	-	-	-	-	-	-0.19%	-0.98%	-0.35%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.04B	128.5M	197.6M	164.6M	0	0	178M	211.6M	419.1M	564.9M
Loan Loss Provision	626.4M	1.41B	1.97B	1.95B	0	0	4.76B	4.73B	2.98B	2.14B
Non-Interest Income+	3.01B	2.27B	3.68B	2.43B	3.38B	2.93B	8.78B	4.44B	2.96B	5.43B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	3.01B	2.27B	3.68B	2.43B	3.38B	2.93B	8.78B	4.44B	2.96B	5.43B
Revenue Growth %	-0.23%	-0.24%	0.62%	-0.34%	0.39%	-0.13%	1.99%	-0.49%	-0.33%	0.83%
Non-Interest Expense	712.8M	521.1M	276.8M	460.7M	-2.14B	-2.35B	431M	575.8M	652.1M	1.35B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	-7.4M	-11.2M	-71.4M	-144.2M	1.23B	580M	4.21B	1.72B	-1.09B	1.37B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-1.01%	-0.51%	-5.38%	-1.02%	9.55%	-0.53%	6.25%	-0.59%	-1.63%	2.26%
Pretax Income+	402.2M	45.3M	1.13B	360.2M	1.23B	580M	4.03B	1.57B	-712.6M	1.39B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.1M	30M	124.9M	31.3M	49M	197M	982M	287.8M	-104.2M	302.6M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	400.1M	15.3M	1.01B	328.9M	1.18B	382M	3.04B	1.28B	-608.4M	1.02B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.56%	-0.96%	64.84%	-0.67%	2.6%	-0.68%	6.97%	-0.58%	-1.47%	2.68%
Net Income (Continuing)	400.1M	15.3M	1.01B	328.9M	1.18B	382M	3.04B	1.28B	-608.4M	1.09B
EPS (Diluted)+	1.34	0.05	10.07	2.90	9.48	1.07	8.40	3.51	-1.68	2.77
EPS Growth %	-0.9%	-0.96%	202.02%	-0.71%	2.27%	-0.89%	6.85%	-0.58%	-1.48%	2.65%
EPS (Basic)	5.37	0.18	10.93	2.90	9.48	1.07	8.40	3.51	-1.68	2.85
Diluted Shares Outstanding	298.74M	308.52M	100.08M	113.39M	124.88M	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	991.5M	670.9M	1B	629.6M	793.4M	987M	2.47B	1.36B	1.44B	1.27B
Short Term Investments	1000K	0	0	0	0	0	1000K	1000K	0	0
Total Investments+	18.4M	0	0	0	0	0	10.83B	20M	0	0
Investments Growth %	0.23%	-1%	-	-	-	-	-	-1%	-1%	-
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	135.7M	42M	35.9M	77.3M	62.3M	48M	34M	897.8M	766.1M	634.1M
PP&E (Net)	110.9M	106.1M	100.4M	95.1M	312M	510M	504M	476.9M	493.7M	526.7M
Other Assets	0	0	0	0	0	0	0	0	0	0
Total Current Assets	1.35B	1.04B	1.26B	1.07B	1.07B	1.26B	13.68B	2.06B	2.13B	2.07B
Total Non-Current Assets	246.6M	148.1M	136.3M	172.4M	374.3M	654M	552M	1.39B	1.28B	1.19B
Total Assets+	32.19B	9.97B	12.28B	12.91B	13.81B	1.91B	21.25B	21.4B	21.18B	23.1B
Asset Growth %	-0.11%	-0.69%	0.23%	0.05%	0.07%	-0.86%	10.11%	0.01%	-0.01%	0.09%
Return on Assets (ROA)	0.01%	0%	0.09%	0.03%	0.09%	0.05%	0.26%	0.06%	-0.03%	0.05%
Accounts Payable	0	0	0	0	0	0	0	369.2M	0	0
Total Debt+	0	0	0	0	0	3.94B	2.07B	0	0	0
Net Debt	-991.5M	-670.9M	-1B	-629.6M	-793.4M	2.95B	-398M	-1.36B	-1.44B	-1.27B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	3.94B	2.07B	0	0	0
Other Liabilities	23.12B	8.39B	9.17B	9.9B	10.7B	12.57B	12.87B	13.68B	15.21B	16.48B
Total Current Liabilities	40.9M	54M	82.1M	111.3M	71M	4.03B	2.19B	495.6M	140.3M	138.7M
Total Non-Current Liabilities	23.23B	8.46B	9.25B	9.97B	10.77B	12.63B	13.35B	14.09B	15.25B	16.62B
Total Liabilities	23.27B	8.52B	9.33B	10.08B	10.84B	12.71B	15.54B	14.58B	15.39B	16.76B
Total Equity+	8.92B	1.45B	2.95B	2.84B	2.97B	3.17B	5.71B	6.82B	6.38B	7.09B
Equity Growth %	-0.31%	-0.84%	1.03%	-0.04%	0.05%	0.07%	0.8%	0.2%	-0.07%	0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.04%	0%	0.46%	0.11%	0.41%	0.12%	0.69%	0.21%	-0.09%	0.15%
Book Value per Share	29.87	4.71	29.47	25.01	23.78	8.85	15.74	18.65	17.65	19.26
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	0	0	0	0	0	3M	3M	3.6M	3.6M	3.6M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	0	0	0	0	0	348M	2.81B	3.4B	2.08B	2.04B
Accumulated OCI	0	0	0	0	0	-208M	-247M	-322.2M	-297.3M	-329.8M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	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	305.3M	156.9M	156.9M	358.6M	716.8M	1.79B	-379.3M	955.7M	1.09B
Operating CF Growth %	6%	-0.92%	-0.49%	0%	1.29%	1%	1.5%	-1.21%	3.52%	0.14%
Net Income	400.1M	-1.8M	995.4M	995.4M	1.18B	374.7M	3.04B	1.28B	-579.3M	1.08B
Depreciation & Amortization	322.8M	72M	41.3M	41.3M	65.6M	52.1M	52M	147.4M	180.6M	184.1M
Deferred Taxes	-31.4M	-4.4M	93.4M	93.4M	13.9M	134.5M	508.4M	-73.2M	-368.7M	91.2M
Other Non-Cash Items	2.77B	-161.7M	-1.34B	-1.34B	-1B	54.5M	-508.5M	0	1.51B	-736.7M
Working Capital Changes	62.5M	66.6M	50.5M	50.5M	-43.7M	-4M	-1.47B	-1.89B	-33.2M	0
Cash from Investing+	-21.5M	-20.1M	-49.5M	-34M	-27.8M	-61.2M	-32M	-828.8M	-43.6M	-77.6M
Purchase of Investments	-10.56B	-458.3M	-938.6M	-938.6M	-2.55B	-397.4M	-5.41B	-5.14B	-533.1M	-891.7M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-1.36B	138.5M	445.5M	461M	49.7M	65.3M	528M	1.02B	70.2M	154.3M
Cash from Financing+	-62.7M	53.6M	-26.4M	-26.4M	129.4M	700K	-68M	-81.2M	-16.2M	-24.4M
Dividends Paid	0	0	0	0	0	-351.3M	-355.8M	-443.6M	-497.7M	-503M
Share Repurchases	0	0	0	0	0	-26.4M	-161M	-69.6M	-203.5M	-554.6M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0	0
Other Financing	-62.7M	53.6M	-26.4M	-26.4M	129.4M	352M	287.8M	362.4M	481.5M	478.6M
Net Change in Cash+	-250.5M	-320.6M	329.2M	344.8M	189.7M	161.6M	1.49B	-1.11B	80.6M	-175.6M
Exchange Rate Effect	-1000K	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0
Cash at Beginning	1.24B	991.5M	670.9M	684M	638.3M	828M	989M	2.48B	1.36B	1.44B
Cash at End	991.5M	670.9M	1B	1.03B	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	279.9M	122.9M	122.9M	330.8M	655.6M	1.75B	-419.9M	889.1M	1.01B
FCF Growth %	6.28%	-0.93%	-0.56%	0%	1.69%	0.98%	1.67%	-1.24%	3.12%	0.14%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.67%	0.29%	45.76%	11.37%	40.8%	12.44%	68.6%	20.51%	-9.22%	15.16%
Return on Assets (ROA)	1.17%	0.07%	9.05%	2.61%	8.86%	4.86%	26.29%	6.02%	-2.86%	4.61%
Net Interest Margin	0%	0%	0%	0%	0%	0%	-0.84%	-0.99%	-1.98%	-2.45%
Efficiency Ratio	23.71%	22.91%	7.53%	18.98%	-63.48%	-80.23%	4.91%	12.97%	22%	24.9%
Equity / Assets	27.72%	14.58%	24.01%	21.96%	21.51%	165.76%	26.85%	31.87%	30.12%	30.68%
Book Value / Share	29.87	4.71	29.47	25.01	23.78	8.85	15.74	18.65	17.65	19.26
NII Growth	-	-	-	-	-	-	-	-18.88%	-98.06%	-34.79%
Dividend Payout	-	-	-	-	-	91.96%	11.68%	34.53%	-	49.29%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Fund Management Fee	-	-	-	-	-	1.56B	1.69B	2.06B	2.07B	2.22B
Fund Management Fee Growth	-	-	-	-	-	-	8.49%	21.59%	0.86%	6.94%
Performance Allocations	-	-	-	-	-	-	6.08B	1.33B	-3.6M	939.8M
Performance Allocations Growth	-	-	-	-	-	-	-	-78.10%	-100.27%	26205.56%
Principal Investment Income (Loss)	-	-	-	-	-	-	666M	570.5M	160.2M	267.7M
Principal Investment Income (Loss) Growth	-	-	-	-	-	-	-	-14.34%	-71.92%	67.10%
Incentive Fee	-	-	-	-	-	-	48.8M	63.8M	96.2M	134.2M
Incentive Fee Growth	-	-	-	-	-	-	-	30.74%	50.78%	39.50%
Segment Reconciling Items	-	-	-	-	1.03B	1.03B	159.6M	-	1.01B	-
Segment Reconciling Items Growth	-	-	-	-	-	-0.31%	-84.52%	-	-	-
Principal Investment Income (Loss) Realized	-	-	-	-	-	-	-	419.9M	-	-
Principal Investment Income (Loss) Realized Growth	-	-	-	-	-	-	-	-	-	-
Administrative Service	-	-	-	32.1M	-	-	-	-	-	-
Administrative Service Growth	-	-	-	-	-	-	-	-	-	-
Investment Advice	-	-	-	31.1M	-	-	-	-	-	-
Investment Advice Growth	-	-	-	-	-	-	-	-	-	-
Corporate Private Equity	1.91B	1.43B	4.32B	-	-	-	-	-	-	-
Corporate Private Equity Growth	-	-25.26%	201.72%	-	-	-	-	-	-	-
Real Assets	609.9M	813.8M	1.23B	-	-	-	-	-	-	-
Real Assets Growth	-	33.43%	50.79%	-	-	-	-	-	-	-
Solutions	436.9M	386.7M	600.1M	-	-	-	-	-	-	-
Solutions Growth	-	-11.49%	55.18%	-	-	-	-	-	-	-
Global Market Strategies	394.1M	460.8M	533.8M	-	-	-	-	-	-	-
Global Market Strategies Growth	-	16.92%	15.84%	-	-	-	-	-	-	-

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. 4.625% Subordinated Notes due 2061 (CGABL) has a price-to-earnings (P/E) ratio of 6.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) grew revenue by 83.1% over the past year. This is strong growth.

Yes, The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) is profitable, generating $773.1M in net income for fiscal year 2024 (18.8% net margin).

Dividend & Returns

Yes, The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) pays a dividend with a yield of 7.76%. This makes it attractive for income-focused investors.

The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) has a return on equity (ROE) of 15.2%. This is reasonable for most industries.

Industry Metrics

The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) has a net interest margin (NIM) of -2.4%. NIM has been under pressure due to interest rate environment.

The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) has an efficiency ratio of 24.9%. This is excellent, indicating strong cost control.

US Stock Screener

...