Carlyle Group Inc.
$39.77
+0.41 (+1.04%) · delayed · Nov 13, 2026
Five-year price
52w $35.41 to $67.30
- Market cap
- $14.1B
- Enterprise value
- $12.1B
- P/E
- 18.2×
- 36.5× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- −24.0%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 2/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 17.4%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ○Earnings convert to cashFCF / net income -119% (5y avg)
- ●Growing revenueRevenue CAGR 5y 10.2%
- ○Shrinking share countDiluted shares 3.5% over 5y
Value
25
- ○P/E below 15P/E 18.2
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -24.0%
- ○Price below Graham NumberGraham Number $31.27
- ●P/B below 3P/B 2.0
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-2.0B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 2/9
Graham Defensive
33
- ●Adequate size (revenue > $2B)Revenue $4.8B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 5%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 36.5
- ○P/E × P/B ≤ 22.5Product 72.8
Valuation lab
What do you have to believe?
Starting cash flow
Net debt −$2.0B · 354M shares · 5y revenue CAGR 10.2%
Intrinsic value
$76.36
Price
$39.77
Margin of safety
48%
What the price implies
The market is paying for 0.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,274 | 3,676 | 2,427 | 3,377 | 2,935 | 8,782 | 4,439 | 2,964 | 5,426 | 4,780 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 45 | 1,132 | 360 | 1,233 | 580 | 4,028 | 1,573 | (601) | 1,394 | 1,159 |
| Income tax | 30 | 125 | 31 | 49 | 197 | 982 | 288 | (104) | 303 | 215 |
| Net income | 6 | 244 | 117 | 381 | 348 | 2,975 | 1,225 | (608) | 1,020 | 809 |
| EPS (diluted) | -0.08 | 2.38 | 0.82 | 2.82 | 0.97 | 8.20 | 3.35 | -1.68 | 2.77 | 2.18 |
| Diluted shares | 309 | 100 | 113 | 123 | 358 | 363 | 366 | 361 | 368 | 371 |
Who owns it