Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 17.5x · ROE N/A. (2015–2025 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 | $1.9B | — | $1.4B | $1.5B | — | — | — | — | — | — | — |
| Enterprise Value | $2.8B | — | $2.3B | $2.4B | — | — | — | — | — | — | — |
| P/E Ratio → | 16.13 | — | 16.19 | 15.73 | — | — | — | — | — | — | — |
| P/S Ratio | 9.56 | — | 7.44 | 6.59 | — | — | — | — | — | — | — |
| P/B Ratio | 1.59 | — | 1.59 | 1.59 | — | — | — | — | — | — | — |
| P/FCF | 24.46 | — | 19.02 | 19.06 | — | — | — | — | — | — | — |
| P/OCF | 24.46 | — | 19.02 | 19.06 | — | — | — | — | — | — | — |
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 | — | — | 12.09 | 10.77 | — | — | — | — | — | — | — |
| EV / EBITDA | 17.46 | — | 14.85 | 10.77 | — | — | — | — | — | — | — |
| EV / EBIT | 17.46 | — | 14.85 | 13.96 | — | — | — | — | — | — | — |
| EV / FCF | — | — | 30.93 | 31.12 | — | — | — | — | — | — | — |
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 | — | — | 74.2% | 76.2% | 75.1% | 75.1% | 61.3% | 70.1% | 74.1% | 73.2% | 72.4% |
| Operating Margin | — | — | 81.4% | 77.1% | 60.1% | 99.9% | 41.1% | 64.1% | 38.5% | 72.4% | 87.7% |
| Net Profit Margin | — | — | 45.8% | 41.9% | 41.1% | 84.3% | 5.5% | 33.5% | 19.1% | 55.1% | 68.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 9.8% | 10.1% | 9.2% | 17.3% | 0.5% | 2.4% | 1.4% | 3.4% | 5.1% |
| ROA | — | — | 4.6% | 4.6% | 4.2% | 8.1% | 0.3% | 2.9% | 1.9% | 4.8% | 5.4% |
| ROIC | — | — | 6.3% | 6.6% | 4.7% | 7.3% | 1.5% | 2.8% | 2.1% | 3.3% | 4.1% |
| ROCE | — | — | 17.4% | — | — | — | — | — | 39.8% | 60.6% | 124.3% |
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 | — | — | 1.06 | 1.07 | 1.17 | 1.10 | 1.09 | 0.56 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | — | — | 6.07 | 4.45 | 5.17 | 5.49 | 7.96 | 4.98 | 0.00 | 0.00 | 0.00 |
| Net Debt / Equity | — | -0.07 | 1.00 | 1.01 | 1.14 | 1.00 | 1.01 | 0.54 | -0.03 | -0.01 | -0.02 |
| Net Debt / EBITDA | -14.43 | -14.43 | 5.72 | 4.17 | 5.03 | 5.00 | 7.40 | 4.82 | -0.35 | -0.18 | -0.32 |
| Debt / FCF | — | — | 11.91 | 12.07 | 14.65 | 13.71 | 3.86 | 13.68 | -0.93 | -0.39 | -0.67 |
| Interest Coverage | — | — | — | 2.37 | 2.85 | 6.18 | 1.28 | 2.15 | 1.98 | 4.19 | 4.67 |
Net cash position: cash ($76M) 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 | — | — | 1.86 | 1.01 | 0.03 | 0.05 | 0.05 | 0.03 | 0.06 | 0.03 | 0.05 |
| Quick Ratio | — | — | 1.86 | 1.01 | 0.03 | 0.05 | 0.05 | 0.03 | 0.06 | 0.03 | 0.05 |
| Cash Ratio | — | — | 1.18 | 0.03 | 0.01 | 0.04 | 0.03 | 0.02 | 0.04 | 0.02 | 0.03 |
| Asset Turnover | — | 0.09 | 0.10 | 0.11 | 0.10 | 0.09 | 0.06 | 0.08 | 0.10 | 0.08 | 0.07 |
| 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 | 6.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 107.9% | 100.8% | 101.4% | 52.2% | 1413.8% | 174.6% | 237.1% | 90.0% | 87.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | — | 6.2% | 6.4% | — | — | — | — | — | — | — |
| FCF Yield | 4.1% | — | 5.3% | 5.2% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $0 | $56M | $56M | $57M | $54M | $56M | $60M | $6M | $16M | $6M |
Leverage and liquidity mismatch
According to current market data, CGBDL trades at a P/B ratio of 1.59, which appears elevated compared to peers like ARCC at 0.89, suggesting that investors may be pricing in an optimistic recovery that is not yet supported by the firm's recent earnings performance.
The current P/E of 16.13 reflects a premium that seems difficult to justify given the inconsistent net income trajectory observed over the last ten quarters. This valuation suggests the market is either anticipating a significant improvement in credit quality or mispricing the risks associated with the firm's external management structure.
Based on reported financial figures, ROIC has trended downward from 2.0% in 2023Q4 to 1.4% by 2025Q2, indicating that the company is struggling to compound capital effectively within its current portfolio of senior secured loans.
The compression in ROIC suggests that the firm's underwriting efficiency is diminishing, likely due to increased competition for high-quality middle-market assets. Investors should monitor whether this decay is a structural consequence of the Carlyle platform's investment strategy or a temporary byproduct of the current interest rate environment.
As reported in quarterly filings, asset turnover remains consistently low at approximately 0.03, highlighting the capital-intensive nature of the BDC model and the firm's reliance on balance sheet expansion rather than rapid asset velocity to drive top-line growth.
The lack of meaningful improvement in asset turnover suggests that the firm's ability to recycle capital is limited by the long-term nature of its debt investments. This low turnover ratio necessitates a high degree of precision in credit selection, as the firm cannot easily pivot its portfolio in response to shifting market conditions.
Based on the provided balance sheet data, the D/E ratio has exhibited significant instability, swinging from 1.10 in 2023Q3 to a reported zero in late 2025, which warrants further investigation into the firm's underlying financing strategy and potential reliance on short-term credit facilities.
The erratic nature of the debt-to-equity ratio implies that the firm's interest coverage, which has hovered around 2.0x, may be subject to sudden shocks if financing costs rise or if the portfolio experiences a spike in non-accruals. This volatility suggests a lack of a stable long-term capital structure, increasing the risk profile for noteholders.
The market frequently misapplies GAAP Net Income as a proxy for dividend sustainability, failing to account for the significant non-cash valuation adjustments and PIK interest that distort the true cash-generating capacity of the underlying loan portfolio.
Investors should instead focus on Net Investment Income (NII) and adjusted cash flow metrics to assess the firm's ability to maintain distributions. Relying on GAAP earnings in this context obscures the reality that the firm's cash flow has deteriorated, potentially leading to an overestimation of the dividend's long-term safety.
Includes 30+ ratios · 11 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CGBDL stock.
Carlyle Secured Lending, Inc. 8.20% Notes due 2028's current P/E ratio is 16.1x. The historical average is 16.0x. This places it at the 50th percentile of its historical range.
Carlyle Secured Lending, Inc. 8.20% Notes due 2028's current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.8x.
Based on historical data, Carlyle Secured Lending, Inc. 8.20% Notes due 2028 is trading at a P/E of 16.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Carlyle Secured Lending, Inc. 8.20% Notes due 2028's current dividend yield is 6.67%.