Carlyle Group Inc.

Finance
Investment Managers
www.carlyle.com

Earnings Score
Moat Score

Market Cap $18.86B
PE 160
Debt $NaN
Cash $1.38B
EV $NaN
FCF -$220.60M

Earnings

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Sales & Net Margins

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Earnings	$117.50M
EBIT	$285.60M
ROE	2%
ROA	1%
FCF	-$220.60M
Equity	$6.34B
Growth Stability	-40%
PE	160.48
PEG	-13.74
PB	2.98
P/FCF	-85.48
P/S	3.54
Price/Cash	0.07
Net Margins	18%
Op. Margins	5%
Earnings CAGR	13%
Sales Growth YoY	268%
Sales Growth QoQ	146%
Sales CAGR	7%
FCF CAGR	-1%
Equity CAGR	7%
Earnings Stability	0.12
Earnings Growth YoY	633%

Earnings Growth QoQ	302%
Earnings CAGR 5Y	-12%
Sales CAGR 5Y	6%
FCF CAGR 5Y	-1%
Equity CAGR 5Y	26%
Earnings CAGR 3Y	-28%
Sales CAGR 3Y	-28%
FCF CAGR 3Y	-16%
Equity CAGR 3Y	-2%
Market Cap	$18.86B
Revenue	$5.32B
Dividend Yield	3%
Payout Ratio	429%
Assets	$22.66B
Cash	$1.38B
Shares Outstanding	357.68M
Earnings Score	8%
Moat Score	44%
Shares Growth 3y	0%
Equity Growth QoQ	11%
Equity Growth YoY	-3%

Assets & ROA

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Stockholders Equity & ROE

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Carlyle Group is one of the world's largest alternative asset managers, with $325.2 billion in total assets under management, including $211.1 billion in fee-earning AUM, at the end of March 2022. The company has three core business segments: private equity, which includes private equity, real estate, infrastructure and natural resources funds (accounting for 51% of fee-earning AUM and 67% of base management fees during 2021), global credit (32% and 21%) and investment solutions (17% and 12%). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving close to 2,700 active carry fund investors from 95 countries.

SEC Filings

Direct access to Carlyle Group Inc. (CG) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Carlyle Group Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Carlyle Group Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 13%

Stability 12%

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Carlyle Group Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Carlyle Group Inc..

Years

Calculation mode

= -$2.1B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$221M	-$218M	-$216M	-$214M	-$212M	-$209M	-$207M	-$205M	-$203M	-$201M	-$199M	-$2B
DCF		-$198M	-$179M	-$161M	-$145M	-$130M	-$117M	-$105M	-$95M	-$85M	-$77M	-$766M
Value	-$2.1B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	2%	-1%	0%	6%	4%	10%	12%	34%	28%	-21%	18%
ROA	-	1%	0%	9%	3%	9%	4%	19%	7%	-3%	1%
ROE	-	-0%	0%	8%	3%	12%	12%	52%	18%	-11%	2%

Good Net Margins (18.43%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	4.51	-11.89	-105.19	-13.08	14.36	-24.33	3.37	-6.1	47.17	-
Debt over Equity	1.8	2.85	2.67	1.47	1.73	1.6	1.91	1.03	0.89	1.13	-
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	-40%	-40%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-40%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-23%	-24%	62%	-34%	39%	-13%	199%	-49%	-33%	6%
Earnings YoY growth	-	-122%	-135%	4K%	-61%	272%	1%	754%	-59%	-150%	-12%
Equity YoY growth	-	-33%	-76%	103%	-4%	5%	-1%	95%	20%	-15%	26%
FCF YoY growth	-	47%	-108%	-87%	812%	-188%	-170%	-859%	-157%	-114%	-1%