Latest Ratios: P/E Ratio 10.8x · EV/EBITDA 12.8x · ROE 6.8%. (2013–2025 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 | $757M | $862M | $1.0B | $842M | $823M | $817M | $579M | $805M | $775M | $1.1B | — |
| Enterprise Value | $2.2B | $2.3B | $2.0B | $1.8B | $1.9B | $1.8B | $1.5B | $1.9B | $1.6B | $1.9B | — |
| P/E Ratio → | 10.78 | 12.37 | 11.35 | 9.12 | 9.60 | 5.10 | 127.14 | 13.12 | 19.68 | 12.60 | — |
| P/S Ratio | 3.83 | 4.36 | 6.04 | 4.88 | 5.93 | 4.11 | 10.94 | 6.67 | 9.06 | 9.59 | — |
| P/B Ratio | 0.64 | 0.74 | 1.12 | 0.92 | 0.90 | 0.86 | 0.64 | 0.84 | 0.40 | 0.55 | — |
| P/FCF | — | — | 9.71 | 3.65 | 11.51 | 11.78 | 1.90 | — | 26.93 | — | — |
| P/OCF | — | — | 9.71 | 3.65 | 11.51 | 11.78 | 1.90 | — | 26.93 | — | — |
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 | — | 11.88 | 11.63 | 10.20 | 13.59 | 9.25 | 28.54 | 16.12 | 19.27 | 16.84 | — |
| EV / EBITDA | 12.77 | 13.37 | 21.27 | 18.60 | 21.54 | 11.41 | 204.08 | 31.53 | 41.91 | 22.07 | — |
| EV / EBIT | 13.17 | 14.69 | 21.27 | 18.60 | 21.54 | 11.41 | 204.08 | 31.53 | 41.91 | 22.07 | — |
| EV / FCF | — | — | 18.71 | 7.64 | 26.36 | 26.50 | 4.95 | — | 57.26 | — | — |
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 | 70.9% | 70.9% | 59.2% | 58.5% | 68.3% | 84.5% | 32.3% | 58.1% | 55.8% | 77.9% | 81.2% |
| Operating Margin | 86.2% | 86.2% | 54.7% | 54.8% | 63.1% | 81.1% | 14.0% | 51.1% | 46.0% | 76.3% | 79.7% |
| Net Profit Margin | 35.4% | 35.4% | 53.0% | 53.4% | 61.8% | 80.7% | 12.9% | 50.8% | 45.7% | 76.1% | 79.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | 9.8% | 10.1% | 9.2% | 17.3% | 0.7% | 4.2% | 2.0% | 5.0% | 7.0% |
| ROA | 3.0% | 3.0% | 4.6% | 4.6% | 4.2% | 8.1% | 0.3% | 2.9% | 1.9% | 4.8% | 5.4% |
| ROIC | 5.6% | 5.6% | 3.7% | 3.7% | 3.3% | 6.2% | 0.3% | 1.8% | 1.0% | 2.6% | 3.3% |
| ROCE | 7.4% | 7.4% | 4.8% | 4.8% | 4.4% | 8.2% | 0.4% | 2.9% | 2.0% | 4.9% | 5.5% |
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 | 1.31 | 1.31 | 1.07 | 1.07 | 1.17 | 1.10 | 1.09 | 1.23 | 0.50 | 0.43 | 0.49 |
| Debt / EBITDA | 8.72 | 8.72 | 10.55 | 10.35 | 12.32 | 6.48 | 132.93 | 19.08 | 24.42 | 9.87 | 9.91 |
| Net Debt / Equity | — | 1.27 | 1.04 | 1.01 | 1.16 | 1.08 | 1.03 | 1.19 | 0.45 | 0.42 | 0.46 |
| Net Debt / EBITDA | 8.46 | 8.46 | 10.23 | 9.71 | 12.13 | 6.34 | 125.87 | 18.48 | 22.20 | 9.49 | 9.36 |
| Debt / FCF | — | — | 9.00 | 3.99 | 14.85 | 14.72 | 3.05 | — | 30.33 | — | — |
| Interest Coverage | 1.82 | 1.82 | 1.34 | 1.32 | 1.99 | 5.24 | 0.21 | 1.22 | 1.04 | 3.45 | 4.25 |
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 | 0.53 | 0.53 | 2.67 | 2.18 | 1.61 | 4.84 | 3.33 | 1.55 | 0.48 | 0.40 | 1.08 |
| Quick Ratio | 0.53 | 0.53 | 2.67 | 2.18 | 1.61 | 4.84 | 3.33 | 1.55 | 0.48 | 0.40 | 1.08 |
| Cash Ratio | 0.53 | 0.53 | 0.84 | 1.29 | 0.55 | 0.98 | 2.26 | 0.95 | 1.94 | 0.71 | 1.63 |
| Asset Turnover | — | 0.07 | 0.09 | 0.09 | 0.07 | 0.10 | 0.03 | 0.06 | 0.04 | 0.05 | 0.06 |
| 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 | 13.8% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 148.7% | 148.7% | 1.4% | 100.8% | — | — | 1413.8% | 174.6% | 238.5% | 90.3% | 87.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 8.1% | 8.8% | 11.0% | 10.4% | 19.6% | 0.8% | 7.6% | 5.1% | 7.9% | — |
| FCF Yield | — | — | 10.3% | 27.4% | 8.7% | 8.5% | 52.7% | — | 3.7% | — | — |
| Buyback Yield | 1.8% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 15.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $69M | $56M | $56M | $57M | $60M | $56M | $60M | $63M | $53M | $34M |
Portfolio Valuation Model Sensitivity
According to current market data, CGBD trades at a P/B ratio of 0.64, which, when compared to the broader BDC peer group, suggests that investors are pricing in significant skepticism regarding the underlying net asset value and the long-term sustainability of the current 13.9% dividend yield.
The forward P/E of 7.92 implies a market expectation of earnings contraction or high risk, contrasting sharply with the higher multiples afforded to more stable, platform-backed peers. This valuation gap warrants further investigation into whether the market is correctly identifying potential credit impairments within the Level 3 asset portfolio.
Based on reported financial statements, CGBD's ROIC has trended downward from 1.2% in 2024Q1 to 0.4% in 2026Q1, indicating a persistent decay in the firm's ability to generate efficient returns on its invested capital base relative to its historical performance.
This decline suggests that the company's shift toward first-lien senior secured debt may be sacrificing yield without providing a commensurate improvement in risk-adjusted returns. Investors should monitor whether this trend reflects a structural inability to deploy capital effectively in a competitive middle-market lending environment.
As reported in recent SEC filings, CGBD's debt-to-equity ratio has consistently hovered above 1.0x, reaching 1.24 in 2026Q1, which highlights a persistent reliance on external financing that appears increasingly precarious given the firm's recent net losses and volatile interest coverage ratios.
The interest coverage ratio of 0.83 in 2026Q1 suggests that debt service is becoming less comfortable, potentially limiting the firm's financial flexibility. This leverage profile warrants careful scrutiny, as it appears to be supporting dividend payouts rather than fueling productive asset growth.
Based on quarterly data, CGBD's current ratio has experienced extreme fluctuations, dropping from a peak of 4.62 in 2025Q2 to 1.27 in 2026Q1, which suggests that the firm's short-term liquidity position is highly sensitive to the timing of asset liquidations and cash inflows.
Such volatility in liquidity metrics may indicate an over-reliance on specific, non-recurring cash events to meet short-term obligations. This instability appears to be a structural risk that could leave the company vulnerable under conditions of market stress or reduced access to wholesale funding.
The P/E ratio is frequently misapplied to CGBD, as it fails to account for the non-cash nature of PIK income and the inherent subjectivity of Level 3 asset valuations, which can artificially inflate reported earnings while masking underlying credit deterioration within the loan portfolio.
Analysts should instead prioritize Net Investment Income (NII) adjusted for non-cash accruals and monitor the non-accrual rate as a more accurate reflection of earning power. Relying on standard P/E multiples likely obscures the true economic reality of the firm's dividend sustainability and asset quality.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying CGBD stock.
Carlyle Secured Lending, Inc.'s current P/E ratio is 10.8x. The historical average is 24.5x. This places it at the 33th percentile of its historical range.
Carlyle Secured Lending, Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.7x.
Carlyle Secured Lending, Inc.'s return on equity (ROE) is 6.8%. The historical average is 6.0%.
Based on historical data, Carlyle Secured Lending, Inc. is trading at a P/E of 10.8x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Carlyle Secured Lending, Inc.'s current dividend yield is 13.84% with a payout ratio of 148.7%.
Carlyle Secured Lending, Inc. has 70.9% gross margin and 86.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Carlyle Secured Lending, Inc.'s Debt/EBITDA ratio is 8.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.