Latest Ratios: P/E Ratio 20.2x · EV/EBITDA 19.9x · ROE 12.1%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.9B | $21.9B | $18.6B | $14.7B | $10.9B | $19.9B | $11.3B | $3.9B | $1.8B | $2.3B | $4.7B |
| Enterprise Value | $26.6B | $32.6B | $26.0B | $22.2B | $18.0B | $25.8B | $18.2B | $10.0B | $7.3B | $6.8B | $8.5B |
| P/E Ratio → | 20.19 | 27.11 | 18.23 | — | 8.91 | 6.70 | 32.41 | 11.38 | 19.21 | 9.62 | — |
| P/S Ratio | 3.25 | 4.48 | 4.55 | 7.88 | 2.97 | 3.42 | 5.28 | 1.35 | 0.87 | 0.83 | 2.43 |
| P/B Ratio | 2.31 | 3.11 | 2.93 | 2.54 | 1.60 | 3.49 | 3.85 | 1.32 | 0.63 | 0.78 | 3.24 |
| P/FCF | 11.66 | 16.08 | — | 106.33 | — | 11.38 | — | 11.89 | — | — | — |
| P/OCF | 10.87 | 14.99 | — | 71.77 | — | 11.11 | — | 10.97 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.66 | 6.36 | 11.88 | 4.90 | 4.43 | 8.52 | 3.43 | 3.55 | 2.45 | 4.39 |
| EV / EBITDA | 19.88 | 24.39 | 16.47 | — | 10.48 | 6.32 | 28.76 | 7.69 | 17.93 | 5.79 | 72.32 |
| EV / EBIT | 20.72 | 25.42 | 18.64 | — | 11.46 | 6.40 | 31.34 | 8.10 | 20.26 | 6.00 | 187.27 |
| EV / FCF | — | 23.92 | — | 160.34 | — | 14.74 | — | 30.20 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.9% | 65.9% | 83.2% | 70.9% | 91.2% | 95.0% | 87.9% | 92.7% | 88.0% | 83.2% | 79.5% |
| Operating Margin | 26.2% | 26.2% | 34.1% | -32.2% | 42.8% | 69.2% | 27.2% | 42.3% | 17.5% | 40.8% | 2.3% |
| Net Profit Margin | 16.5% | 16.5% | 25.0% | -32.6% | 33.3% | 51.1% | 16.3% | 13.1% | 5.7% | 8.8% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.1% | 12.1% | 16.8% | -9.7% | 19.6% | 68.9% | 11.8% | 13.1% | 4.0% | 11.1% | 0.2% |
| ROA | 3.1% | 3.1% | 4.6% | -2.9% | 5.7% | 16.1% | 2.4% | 2.9% | 0.9% | 2.2% | 0.0% |
| ROIC | 5.2% | 5.2% | 6.8% | -3.0% | 7.9% | 24.0% | 4.2% | 9.7% | 3.0% | 11.0% | 0.2% |
| ROCE | 5.0% | 5.0% | 6.4% | -2.9% | 7.5% | 22.2% | 4.0% | 9.5% | 3.0% | 10.3% | 0.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.97 | 1.97 | 1.50 | 1.60 | 1.27 | 1.49 | 2.75 | 2.35 | 2.25 | 1.99 | 3.58 |
| Debt / EBITDA | 10.39 | 10.39 | 6.02 | — | 5.05 | 2.08 | 12.73 | 5.37 | 15.70 | 5.01 | 44.42 |
| Net Debt / Equity | — | 1.51 | 1.17 | 1.29 | 1.04 | 1.03 | 2.36 | 2.04 | 1.94 | 1.53 | 2.60 |
| Net Debt / EBITDA | 7.99 | 7.99 | 4.69 | — | 4.13 | 1.44 | 10.93 | 4.66 | 13.54 | 3.83 | 32.21 |
| Debt / FCF | — | 7.84 | — | 54.01 | — | 3.36 | — | 18.31 | — | — | — |
| Interest Coverage | 10.35 | 10.35 | 2.03 | -1.11 | 4.88 | 13.80 | 2.25 | 5.77 | 1.46 | 2.43 | 0.11 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.72 | 15.72 | 12.98 | 5.71 | 6.43 | 8.24 | 5.41 | 3.71 | 3.40 | 4.92 | 125.20 |
| Quick Ratio | 15.72 | 15.72 | 12.98 | 5.71 | 6.43 | 8.24 | 5.41 | 3.71 | 3.40 | 4.92 | 125.20 |
| Cash Ratio | 15.72 | 15.72 | 8.67 | 3.89 | 4.33 | 6.74 | 3.97 | 2.58 | 1.98 | 3.88 | 98.11 |
| Asset Turnover | — | 0.17 | 0.18 | 0.09 | 0.17 | 0.27 | 0.14 | 0.21 | 0.16 | 0.23 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 62.5% | 62.5% | 49.3% | — | 36.2% | 12.0% | 100.9% | 40.7% | 111.4% | 48.4% | 2201.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 3.7% | 5.5% | — | 11.2% | 14.9% | 3.1% | 8.8% | 5.2% | 10.4% | — |
| FCF Yield | 8.6% | 6.2% | — | 0.9% | — | 8.8% | — | 8.4% | — | — | — |
| Buyback Yield | 4.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 7.4% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $371M | $368M | $361M | $366M | $363M | $358M | $123M | $113M | $100M | $309M |
Cyclical realization fee volatility
As reported in financial statements, Carlyle trades at a forward P/E of 10.27, which appears to reflect a persistent complexity discount relative to peers like Blackstone, suggesting the market remains skeptical of the firm's ability to consistently convert its diverse AUM into stable, high-multiple earnings streams.
The current valuation suggests investors are pricing in significant execution risk regarding the firm's pivot toward fee-related earnings. While the forward multiple is attractive compared to the broader asset management sector, this may be justified by the historical volatility of performance-linked revenues that continue to dominate the firm's bottom line.
Based on reported figures, Carlyle's ROIC has struggled to maintain positive momentum, recently dipping to -0.5% in 2026Q1, which highlights the difficulty of compounding returns on invested capital when performance-based realization events are delayed by broader macroeconomic headwinds and a sluggish exit environment.
The erratic nature of ROIC over the last ten quarters suggests that the firm's capital efficiency is highly sensitive to the timing of investment exits rather than operational improvements. Investors should monitor whether management can improve these returns as they shift focus toward more predictable, fee-earning asset classes.
According to recent SEC filings, Carlyle's asset turnover remains exceptionally low at 0.01 in 2026Q1, reflecting a business model where the primary value driver is intellectual capital and fund management rather than the efficient utilization of physical assets or rapid inventory turnover cycles.
The lack of meaningful asset turnover metrics underscores the firm's reliance on AUM growth rather than operational throughput. The variability in DSO figures, which reached 120 days in 2025Q3, suggests that the firm's cash conversion cycle is heavily influenced by the timing of fund-level distributions and management fee collections.
As reported in financial statements, Carlyle maintains a debt-to-equity ratio of 1.98 as of 2026Q1, indicating that the firm continues to employ significant leverage to support its investment activities and maintain its competitive position in large-scale, capital-intensive private equity take-privates.
While this leverage level appears adequate for an alternative asset manager, the interest coverage ratio of -3.64 in the most recent quarter warrants further investigation into the firm's debt service capacity. Investors should remain cautious, as the firm's reliance on debt may amplify risks during periods of prolonged market stress.
Based on reported figures, the P/E ratio is frequently misapplied to Carlyle's business model, as it fails to account for the non-cash nature of unrealized performance allocations that can artificially inflate or deflate net income depending on the timing of investment mark-to-market adjustments.
Analysts should prioritize Distributable Earnings (DE) and Fee Related Earnings (FRE) over traditional P/E multiples to better assess the firm's true cash-generating capacity. Relying on GAAP net income obscures the underlying stability of the management fee stream, which is the most reliable indicator of long-term shareholder value.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying CG stock.
The Carlyle Group Inc.'s current P/E ratio is 20.2x. The historical average is 24.6x. This places it at the 70th percentile of its historical range.
The Carlyle Group Inc.'s current EV/EBITDA is 19.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
The Carlyle Group Inc.'s return on equity (ROE) is 12.1%. The historical average is 25.0%.
Based on historical data, The Carlyle Group Inc. is trading at a P/E of 20.2x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Carlyle Group Inc.'s current dividend yield is 3.09% with a payout ratio of 62.5%.
The Carlyle Group Inc. has 65.9% gross margin and 26.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The Carlyle Group Inc.'s Debt/EBITDA ratio is 10.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.