(CGBD) Carlyle Secured Lending - Overview
Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 778m USD | Total Return: -12.1% in 12m
Avg Turnover: 5.86M
EPS Trend: -79.2%
Qual. Beats: 0
Rev. Trend: 48.9%
Qual. Beats: 0
Warnings
Share dilution 23.7% YoY
Below Avwap Earnings
Tailwinds
No distinct edge detected
Carlyle Secured Lending, Inc. (CGBD) is a business development company (BDC) that focuses on providing financing solutions to middle-market companies. The firm primarily originates first lien and senior secured loans, though it also maintains exposure to second lien debt, mezzanine debt, and equity investments. Its portfolio is diversified across several sectors, including healthcare, software, aerospace, and business services.
The company targets middle-market entities with annual EBITDA typically ranging from $25 million to $100 million. As a BDC, CGBD is required by law to distribute at least 90% of its taxable income to shareholders, a structure designed to provide retail investors access to private debt markets that are usually reserved for institutional players. This model relies on direct lending, where the firm acts as the primary lender rather than purchasing syndicated debt from larger investment banks.
Investors can evaluate the firms portfolio quality and yield metrics further on ValueRay. Geographically, while the firm is based in the United States, it maintains the flexibility to invest in international jurisdictions including the United Kingdom, Luxembourg, and the Cayman Islands.
- Net interest margin sensitivity to Federal Reserve benchmark rate fluctuations
- Credit performance and loss rates within middle market first lien portfolio
- Deployment volume and fee income from Carlyle Group direct lending platform
- Portfolio concentration risks in healthcare and software sector credit quality
- Dividend coverage ratios impacted by underlying portfolio company EBITDA growth
| Net Income: 51.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -8.32 > 1.0 |
| NWC/Revenue: 15.22% < 20% (prev 86.35%; Δ -71.13% < -1%) |
| CFO/TA -0.06 > 3% & CFO -157.2m > Net Income 51.7m |
| Net Debt (1.28b) to EBITDA (103.0m): 12.45 < 3 |
| Current Ratio: 1.39 > 1.5 & < 3 |
| Outstanding Shares: last quarter (70.9m) vs 12m ago 23.66% < -2% |
| Gross Margin: 75.32% > 18% (prev 0.55%; Δ 7.48k% > 0.5%) |
| Asset Turnover: 8.53% > 50% (prev 6.04%; Δ 2.49% > 0%) |
| Interest Coverage Ratio: 1.07 > 6 (EBITDA TTM 103.0m / Interest Expense TTM 91.3m) |
| A: 0.01 (Total Current Assets 118.0m - Total Current Liabilities 85.0m) / Total Assets 2.56b |
| B: -0.09 (Retained Earnings -228.0m / Total Assets 2.56b) |
| C: 0.04 (EBIT TTM 97.7m / Avg Total Assets 2.55b) |
| D: -0.16 (Book Value of Equity -227.3m / Total Liabilities 1.44b) |
| Altman-Z'' = -0.11 = B |
As of May 24, 2026, the stock is trading at USD 10.79 with a total of 402,251 shares traded.
Over the past week, the price has changed by -4.64%,
over one month by -6.97%,
over three months by -0.25% and
over the past year by -12.06%.
Carlyle Secured Lending has received a consensus analysts rating of 2.50. Therefore, it is recommended to sell CGBD.
- StrongBuy: 0
- Buy: 0
- Hold: 2
- Sell: 2
- StrongSell: 0
| Analysts Target Price | 12.4 | 15.2% |
P/E Forward = 7.9051
P/S = 3.0457
P/B = 0.6932
P/EG = 3.54
Revenue TTM = 217.1m USD
EBIT TTM = 97.7m USD
EBITDA TTM = 103.0m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 1.38b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.28b USD (calculated: Debt 1.38b - CCE 97.2m)
Enterprise Value = 2.06b USD (778.4m + Debt 1.38b - CCE 97.2m)
Interest Coverage Ratio = 1.07 (Ebit TTM 97.7m / Interest Expense TTM 91.3m)
EV/FCF = 44.55x (Enterprise Value 2.06b / FCF TTM 46.3m)
FCF Yield = 2.24% (FCF TTM 46.3m / Enterprise Value 2.06b)
FCF Margin = 21.30% (FCF TTM 46.3m / Revenue TTM 217.1m)
Net Margin = 23.81% (Net Income TTM 51.7m / Revenue TTM 217.1m)
Gross Margin = 75.32% ((Revenue TTM 217.1m - Cost of Revenue TTM 53.6m) / Revenue TTM)
Gross Margin QoQ = 73.23% (prev none%)
Tobins Q-Ratio = 0.81 (Enterprise Value 2.06b / Total Assets 2.56b)
Interest Expense / Debt = 6.61% (Interest Expense 91.3m / Debt 1.38b)
Taxrate = 2.65% (1.91m / 71.9m)
NOPAT = 95.1m (EBIT 97.7m * (1 - 2.65%))
Current Ratio = 1.39 (Total Current Assets 118.0m / Total Current Liabilities 85.0m)
Debt / Equity = 1.24 (Debt 1.38b / totalStockholderEquity, last quarter 1.12b)
Debt / EBITDA = 12.45 (Net Debt 1.28b / EBITDA 103.0m)
Debt / FCF = 27.73 (Net Debt 1.28b / FCF TTM 46.3m)
Total Stockholder Equity = 1.17b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.03% (Net Income 51.7m / Total Assets 2.56b)
RoE = 3.70% (Net Income TTM 51.7m / Total Stockholder Equity 1.40b)
RoCE = 3.95% (EBIT 97.7m / Capital Employed (Total Assets 2.56b - Current Liab 85.0m))
RoIC = 3.97% (NOPAT 95.1m / Invested Capital 2.40b)
WACC = 7.11% (E(778.4m)/V(2.16b) * Re(8.31%) + D(1.38b)/V(2.16b) * Rd(6.61%) * (1-Tc(0.03)))
Discount Rate = 8.31% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 79.57 | Cagr: 10.75%
[DCF] Terminal Value 73.10% ; FCFF base≈130.4m ; Y1≈114.4m ; Y5≈92.4m
[DCF] Fair Price = 2.89 (EV 1.48b - Net Debt 1.28b = Equity 200.7m / Shares 69.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -79.16 | EPS CAGR: -10.58% | SUE: -0.26 | # QB: 0
Revenue Correlation: 48.93 | Revenue CAGR: 6.27% | SUE: -0.33 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.33 | Chg30d=-8.26% | Revisions=-43% | Analysts=8
EPS next Quarter (2026-09-30): EPS=0.34 | Chg30d=-5.17% | Revisions=-25% | Analysts=8
EPS current Year (2026-12-31): EPS=1.36 | Chg30d=-6.66% | Revisions=-40% | GrowthEPS=-8.0% | GrowthRev=-4.2%
EPS next Year (2027-12-31): EPS=1.42 | Chg30d=-2.24% | Revisions=-33% | GrowthEPS=+4.5% | GrowthRev=+2.3%
[Analyst] Revisions Ratio: -43%