The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) 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

+171.3%

$39.39

vs $14.52 price

Levered DCF

$31.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.45

Distress zone

Rating

B+

Overall 3 / 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	7.6×	6.25×	-12.26×	4.61×	3.01×	23.28×	2.63×	8.59×
P/B	0.87×	1.01×	1.29×	0.87×	1.61×	3.05×	1.05×	1×
P/S	1.29×	1.18×	2.51×	1.33×	1.04×	3.04×	0.92×	1.16×
EV / EBITDA	21.76×	2.42×	-5,000.7×	2.44×	2.06×	18.8×	1.88×	-15.22×
Gross margin	0.0%	50.1%	-14.7%	-11.3%	43.7%	100.0%	100.0%	13.0%
Operating margin	0.0%	25.2%	-36.7%	38.8%	47.9%	19.8%	36.5%	-5.9%
Net margin	16.9%	18.8%	-20.5%	28.9%	34.7%	13.0%	35.1%	13.6%
Current ratio	21.71×	14.94×	15.2×	4.16×	6.24×	0.31×	15.03×	9.62×
Debt / equity	0×	0×	0×	0×	0.36×	1.34×	0×	0×
Interest coverage	0×	2.42×	-2.6×	8.15×	23.62×	0×	0×	-0.88×
Dividend yield	8.2%	7.9%	6.7%	7.5%	3.9%	3.9%	0.0%	0.0%
Payout ratio	62.5%	49.3%	-81.8%	34.5%	11.7%	92.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	16.1%	-10.5%	18.8%	53.4%	13.0%	39.9%	11.6%
Return on invested capital	0.0%	34.4%	-28.4%	47.6%	22.5%	21.0%	86.4%	-11.6%
Return on assets	2.8%	4.4%	-2.9%	6.0%	14.3%	20.0%	8.6%	2.5%
Free cash flow yield	16.1%	15.8%	11.9%	-7.1%	19.1%	7.3%	10.6%	4.4%
Earnings yield	13.1%	16.0%	-8.2%	21.7%	33.2%	4.3%	38.1%	11.6%
Enterprise value	$4.2B	$5.1B	$6B	$4.6B	$8.8B	$11.9B	$2.3B	$2.2B
Net debt / EBITDA	-10.26×	-0.6×	1,200.25×	-0.73×	-0.09×	4.67×	-0.64×	4.37×
Cash conversion cycle (days)	64	54	85	29	16	34	30	66