Latest Ratios: P/E Ratio 7.4x · EV/EBITDA 20.0x · ROE 10.5%. (2012–2025 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 | $5.8B | $6.3B | $6.6B | $7.4B | $5.9B | $9.2B | — | — | — | — | — |
| Enterprise Value | $3.8B | $4.4B | $5.3B | $6.0B | $4.6B | $8.8B | — | — | — | — | — |
| P/E Ratio → | 7.42 | 7.84 | 6.43 | — | 4.61 | 3.01 | — | — | — | — | — |
| P/S Ratio | 1.22 | 1.33 | 1.21 | 2.51 | 1.33 | 1.04 | — | — | — | — | — |
| P/B Ratio | 0.72 | 0.76 | 0.93 | 1.17 | 0.87 | 1.61 | — | — | — | — | — |
| P/FCF | 5.88 | 6.41 | 6.49 | 8.37 | — | 5.24 | — | — | — | — | — |
| P/OCF | 5.34 | 5.83 | 6.02 | 7.79 | — | 5.12 | — | — | — | — | — |
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 | — | 0.91 | 0.98 | 2.02 | 1.03 | 1.00 | — | — | — | — | — |
| EV / EBITDA | 20.02 | 22.76 | 3.41 | — | 2.44 | 2.06 | — | — | — | — | — |
| EV / EBIT | — | — | 2.74 | — | 2.56 | 2.09 | — | — | — | — | — |
| EV / FCF | — | 4.42 | 5.23 | 6.75 | — | 5.01 | — | — | — | — | — |
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 | — | — | 50.1% | -14.7% | -11.3% | 43.7% | 100.0% | 100.0% | 13.0% | 41.1% | 32.2% |
| Operating Margin | — | — | 25.2% | -36.7% | 38.8% | 47.9% | 19.8% | 36.5% | -5.9% | -1.9% | -0.5% |
| Net Profit Margin | 16.9% | 16.9% | 18.8% | -20.5% | 28.9% | 34.7% | 13.0% | 35.1% | 13.6% | 27.4% | 0.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 15.2% | -9.2% | 20.5% | 68.6% | 12.4% | 40.8% | 11.4% | 45.8% | 0.3% |
| ROA | 3.1% | 3.1% | 4.6% | -2.9% | 6.0% | 26.3% | 4.9% | 8.9% | 2.6% | 9.1% | 0.1% |
| ROIC | — | — | 15.3% | -12.4% | 17.7% | 42.4% | 8.6% | 31.9% | -3.7% | -2.4% | -0.2% |
| ROCE | — | — | 6.2% | -5.2% | 8.6% | 49.6% | 10.0% | 9.3% | -1.2% | -0.6% | -0.1% |
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 | — | — | — | — | — | 0.36 | 1.24 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.49 | 6.23 | — | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.18 | -0.23 | -0.20 | -0.07 | 0.93 | -0.27 | -0.22 | -0.34 | -0.46 |
| Net Debt / EBITDA | -10.26 | -10.26 | -0.81 | — | -0.73 | -0.09 | 4.67 | -0.61 | — | — | -11.03 |
| Debt / FCF | — | -1.99 | -1.25 | -1.62 | — | -0.23 | 4.50 | -2.40 | -5.12 | -8.14 | -2.40 |
| Interest Coverage | — | — | 3.42 | -0.43 | 8.43 | 23.62 | — | — | 3.19 | 6.73 | 1.35 |
Net cash position: cash ($2.0B) exceeds total debt ($0)
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 | 21.71 | 21.71 | 14.94 | 15.20 | 4.16 | 6.24 | 0.31 | 15.03 | 9.62 | 15.31 | 19.32 |
| Quick Ratio | 21.71 | 21.71 | 14.94 | 15.20 | 4.16 | 6.24 | 0.31 | 15.03 | 9.62 | 15.31 | 19.32 |
| Cash Ratio | 15.25 | 15.25 | 9.13 | 10.27 | 2.75 | 1.13 | 0.24 | 11.17 | 5.66 | 12.18 | 12.42 |
| Asset Turnover | — | 0.16 | 0.23 | 0.14 | 0.21 | 0.41 | 1.53 | 0.24 | 0.19 | 0.30 | 0.23 |
| 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 | 8.4% | 8.0% | 7.7% | 6.7% | 7.5% | 3.9% | — | — | — | — | — |
| Payout Ratio | — | — | 49.3% | — | 34.5% | 11.7% | 92.0% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.5% | 12.7% | 15.5% | — | 21.7% | 33.2% | — | — | — | — | — |
| FCF Yield | 17.0% | 15.6% | 15.4% | 11.9% | — | 19.1% | — | — | — | — | — |
| Buyback Yield | 11.8% | 10.8% | 8.5% | 2.7% | 1.2% | 1.8% | — | — | — | — | — |
| Total Shareholder Yield | 20.2% | 18.8% | 16.1% | 9.4% | 8.7% | 5.6% | — | — | — | — | — |
| Shares Outstanding | — | $371M | $368M | $361M | $366M | $363M | $358M | $125M | $113M | $100M | $309M |
Realization velocity and exit volatility
With a P/E ratio of 7.42, the market appears to be heavily discounting future earnings potential, as reported in recent financial data, suggesting that investors are pricing in a prolonged period of sluggish realization activity rather than a return to historical growth trajectories for the firm.
The current P/E multiple sits significantly below many alternative asset management peers, which may indicate that the market views the firm's earnings as lower quality due to their reliance on volatile performance fees. This valuation implies a cautious outlook on the firm's ability to convert its dry powder into realized gains in the current high-rate environment.
Based on reported figures, ROIC has fluctuated between -12.4% and 2.3% over the last ten quarters, indicating that the firm is struggling to consistently compound capital, likely due to the episodic nature of its performance-based income streams and the timing of large-scale investment exits.
The erratic nature of these returns suggests that the firm's capital allocation is highly sensitive to external market conditions rather than internal operational efficiency. Investors should monitor whether the shift toward more stable fee-related earnings can eventually smooth out these returns and provide a more predictable compounding profile.
As indicated by the reported asset turnover ratio of 0.01 to 0.08, the firm maintains a very low asset velocity, which is typical for an alternative asset manager, yet the lack of consistent DSO trends warrants further investigation into the firm's ability to collect management fees efficiently.
The low asset turnover is a structural feature of the business model, but the variability in turnover suggests that the firm's balance sheet is expanding faster than its ability to generate revenue from those assets. This disconnect may imply that a significant portion of the asset base is currently non-productive or awaiting deployment.
According to recent SEC filings, the firm maintains a current ratio that has fluctuated significantly, reaching as high as 21.71, which suggests a robust liquidity position that provides a substantial cushion against the cyclical downturns inherent in the private equity and credit fund management business.
This high liquidity level appears to be a strategic choice, allowing the firm to maintain operations and meet commitments even when realization events are delayed. While this provides safety, it also raises questions about whether the firm is holding too much idle cash that could otherwise be deployed for higher-yielding growth initiatives.
The P/E ratio is frequently misapplied to this business model, as reported in financial analysis literature, because it fails to account for the non-cash nature of accrued performance allocations that can artificially inflate or deflate earnings depending on the timing of fund exits and market valuations.
Investors should instead focus on Fee-Related Earnings (FRE) as a more accurate proxy for the firm's core earning power, as it strips away the noise of volatile performance fees. Relying solely on P/E risks misinterpreting a temporary dip in realizations as a permanent impairment of the firm's underlying franchise value.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying CGABL stock.
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061's current P/E ratio is 7.4x. The historical average is 5.5x. This places it at the 75th percentile of its historical range.
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061's current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061's return on equity (ROE) is 10.5%. The historical average is 18.1%.
Based on historical data, The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 is trading at a P/E of 7.4x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Carlyle Group Inc. 4.625% Subordinated Notes due 2061's current dividend yield is 8.42%.