Carlyle Secured Lending, Inc. (CGBD) 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

+101.4%

$22.50

vs $11.17 price

Levered DCF

-$1.60

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.6

Distress zone

Rating

D+

Overall 1 / 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	12.25×	10.67×	8.55×	9.06×	4.75×	127.14×	13.12×	19.68×
P/B	0.72×	1.01×	0.89×	0.86×	0.84×	0.64×	0.84×	0.73×
P/S	4.28×	5.43×	4.69×	5.69×	4.02×	10.94×	6.67×	9.06×
EV / EBITDA	14.12×	19.43×	18.27×	21.15×	11.3×	158.42×	30.6×	39.98×
Gross margin	70.9%	59.2%	58.5%	68.3%	84.5%	32.3%	58.1%	55.8%
Operating margin	86.2%	54.7%	54.8%	63.1%	81.1%	14.0%	51.1%	46.0%
Net margin	35.4%	53.0%	53.4%	61.8%	80.7%	12.9%	50.8%	45.7%
Current ratio	0.53×	2.67×	2.18×	1.61×	4.84×	3.33×	1.55×	0.48×
Debt / equity	1.31×	1.07×	1.07×	1.17×	1.1×	1.09×	1.23×	0.9×
Interest coverage	1.94×	1.34×	1.32×	1.99×	5.24×	0.21×	1.22×	1.04×
Dividend yield	12.3%	10.5%	11.5%	11.0%	10.5%	16.7%	13.3%	12.0%
Payout ratio	148.7%	107.9%	100.8%	101.4%	52.2%	1413.8%	174.6%	238.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.0%	9.8%	10.1%	9.3%	16.9%	0.8%	6.4%	3.7%
Return on invested capital	6.1%	4.7%	4.9%	4.3%	8.0%	0.4%	2.9%	1.9%
Return on assets	2.5%	4.6%	4.8%	4.2%	7.9%	0.4%	2.8%	1.9%
Free cash flow yield	-24.2%	11.4%	28.5%	9.1%	8.7%	52.7%	-11.4%	3.7%
Earnings yield	8.3%	9.8%	11.4%	10.9%	20.1%	1.2%	7.6%	5.0%
Enterprise value	$2.3B	$1.8B	$1.7B	$1.9B	$1.8B	$1.5B	$1.9B	$1.6B
Net debt / EBITDA	9×	9.85×	9.71×	12.13×	6.34×	97.71×	17.94×	21.18×
Cash conversion cycle (days)	-394	-61	-83	-178	-241	-70	-210	-342