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Global alternative asset manager investing in private equity, credit and investment solutions (fund-of-funds).
Global alternative asset manager investing in private equity, credit and investment solutions (fund-of-funds).
Investors commit money to funds for years and Carlyle charges annual fees on that capital, with a share of profit (carried interest) when investments are sold, so fee income is steady while profit shares come in lumps. It converted from a partnership to a regular corporation in 2020, widening its shareholder base.
Moat: narrow (brand, scale, distribution). Long-standing global buyout brand and government/defense-sector relationships support fundraising and deal access.
Headquarters: Washington, DC, US · Founded: 1987 · Employees: 2,500
Size Carlyle (CG) is a United States Financials company (Investment Managers) with a market value of $14.1B, the 624th largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.70 on 6 Nov 2026.
Performance Over six months the shares fell 21.6%, against +4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue fell 44.1% over the last twelve months (peer median +12.4%); the operating margin is 14.4% (peer median 35.9%).
Valuation It trades at 10.2× forward earnings against a peer median of 13.2× (5th cheapest of 21).
Credit Carlyle has 1 bond outstanding ($800M), rated A- by the agencies and trading like BBB- at a weighted spread of 126 bp.
Short interest Short interest is 5.5% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.49B | $4.79B | $5.29B | $2.64B | $4.78B |
| Revenue growth | — | -10% | +100% | -45% | — |
| Gross profit | $2.62B | $3.97B | $3.18B | $940M | $3.70B |
| EBITDA | $701M | $1.37B | $1.70B | -$283M | $1.81B |
| Net income | $364M | $809M | $1.02B | -$608M | $1.23B |
| Free cash flow | $670M | $1.36B | $1.53B | $875M | $762M |
| Capital expenditure | $125M | $99.4M | $77.7M | $66.6M | $659M |
| Total debt | $14.3B | $13.9B | $9.50B | $9.26B | $8.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Carlyle CG | $14.1B | -22% | -44% | 14% | 10.2× | n/a |
| Blackstone BX | $149B | -3% | +9% | 57% | 18.1× | n/a |
| KKR & KKR | $86.6B | -6% | +32% | 23% | 11.4× | n/a |
| Apollo Global Management APO | $68.9B | -12% | +11% | 11% | 11.5× | n/a |
| TPG TPG | $17.9B | +4% | +21% | 17% | 13.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | +1.9% | 9th highest of 21 |
| 6-month return | -21.6% | +4.2% | 2nd lowest of 20 |
| Distance from 52-week high | -41.0% | -15.8% | 2nd lowest of 21 |
| Revenue growth (TTM) | -44.1% | +12.4% | lowest of 21 |
| Operating margin | 14.4% | 35.9% | lowest of 21 |
| Forward P/E | 10.2× | 13.2× | 5th cheapest of 21 |
| Bond spread | 126 bp | 112 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carlyle CG | United States | $14.1B | -22% | -44% | 14% | 10.2× | n/a | n/a |
| Guosen Securities 002736.SZ | China | $13.9B | -16% | -10% | 34% | 7.9× | n/a | n/a |
| DWS Group GmbH & Co. KGaA DWS.DE | Germany | $14.7B | +7% | +24% | 37% | 12.6× | n/a | n/a |
| IGM Financial IGM.TO | Canada | $13.3B | +7% | +20% | 36% | 14.0× | n/a | n/a |
| iA Financial IAG.TO | Canada | $13.1B | +29% | +13% | 59% | 13.9× | n/a | n/a |
| ICICI Prudential Asset Management ICICIAMC.NS | India | $15.4B | -11% | +22% | 73% | 39.2× | n/a | n/a |
| Blue Owl Capital OWL | United States | $15.4B | -7% | +11% | 17% | 10.4× | n/a | n/a |
| SEI Investments SEIC | United States | $12.5B | +15% | +13% | 30% | 15.3× | n/a | n/a |
| HDFC Asset Management HDFCAMC.NS | India | $12.0B | -7% | +12% | 80% | 35.5× | n/a | n/a |
| Invesco IVZ | United States | $11.9B | -1% | +17% | 24% | 8.6× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| SBI Funds Management SBIFUNDS.NS | India | $10.8B | n/a | +21% | 89% | 31.1× | n/a | n/a |
| Stifel Financial SF | United States | $10.7B | -7% | +8% | 22% | 10.3× | n/a | n/a |
| China Merchants Securities 600999.SS | China | $20.1B | +3% | -8% | 76% | 6.8× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Affiliated Managers AMG | United States | $9.39B | +20% | +12% | 22% | 9.1× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
Carlyle has 1 bond outstanding with $800M face value. The agencies rate it A-; its bonds trade like BBB-. Weighted yield 6.06%, a spread of 126 bp over government bonds.