The Carlyle Group Inc. (CG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-28.5%

$29.71

vs $41.55 price

Levered DCF

-$11.68

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.59

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.27×	17.72×	-24.22×	8.8×	6.56×	31.76×	10.52×	17.7×
P/B	3.69×	3.23×	2.83×	1.73×	3.69×	4.1×	5.86×	1.68×
P/S	4.34×	4.43×	7.88×	2.93×	3.35×	5.16×	1.24×	0.8×
EV / EBITDA	21.66×	16.16×	-52.76×	10.4×	6.22×	28.37×	7.45×	17.57×
Gross margin	65.9%	83.2%	70.9%	91.2%	95.0%	87.9%	92.7%	88.0%
Operating margin	26.2%	34.1%	-32.2%	42.8%	69.2%	27.2%	42.3%	17.5%
Net margin	16.5%	25.0%	-32.6%	33.3%	51.1%	16.3%	13.1%	5.7%
Current ratio	15.72×	12.98×	5.71×	6.43×	8.24×	5.41×	3.71×	3.4×
Debt / equity	2.41×	1.69×	1.78×	1.4×	1.61×	2.99×	11.27×	6.54×
Interest coverage	10.35×	2.03×	-1.11×	4.88×	13.8×	2.25×	5.77×	1.46×
Dividend yield	2.4%	2.8%	3.4%	4.1%	1.8%	3.2%	4.8%	9.3%
Payout ratio	62.5%	49.3%	-81.8%	36.2%	12.0%	100.9%	45.3%	131.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	18.2%	-11.7%	19.7%	56.3%	12.9%	61.6%	11.9%
Return on invested capital	3.6%	4.8%	-2.3%	6.1%	14.6%	2.5%	8.8%	2.6%
Return on assets	2.8%	4.4%	-2.9%	5.7%	14.0%	2.2%	2.8%	0.9%
Free cash flow yield	6.4%	-4.6%	0.9%	-3.9%	9.0%	-2.1%	9.1%	-22.8%
Earnings yield	3.8%	5.6%	-4.1%	11.4%	15.3%	3.2%	10.5%	7.1%
Enterprise value	$31.9B	$25.5B	$22.2B	$17.9B	$25.4B	$17.9B	$9.7B	$7.2B
Net debt / EBITDA	7.25×	4.69×	-17.77×	4.13×	1.44×	10.93×	4.66×	13.54×
Cash conversion cycle (days)	0	93	163	-343	-442	-344	-562	-552