Carlyle (CG)
Market Price (4/30/2026): $47.81 | Market Cap: $17.2 BilSector: Financials | Industry: Asset Management & Custody Banks
Carlyle (CG)
Market Price (4/30/2026): $47.81Market Cap: $17.2 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. | Weak multi-year price returns2Y Excs Rtn is -31% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -102%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -105% Key risksCG key risks include [1] poor financial strength from substantial debt levels. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -31% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -102%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -105% |
| Key risksCG key risks include [1] poor financial strength from substantial debt levels. |
Qualitative Assessment
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Carlyle (CG) stock has lost about 20% since 12/31/2025 because of the following key factors:
1. Challenging Private Equity Market Conditions: The broader private equity industry has experienced headwinds since late 2025 and into early 2026, characterized by a significant slowdown in capital raising, with industry-wide capital inflows down over 30% from 2023. This trend, coupled with extended holding periods for assets and persistent, albeit moderating, interest rates, has led to reduced liquidity for investors and pressured exit opportunities for firms like Carlyle, creating investor hesitancy and impacting new fund deployment.
2. Underperforming Assets and Future Growth Uncertainty in Global Private Equity: Carlyle has faced company-specific challenges within its Global Private Equity segment. Certain assets, such as Mount Milligan, have consistently missed production guidance and are projected to underperform industry peers by approximately 25%. Additionally, a decline in gold equivalent production since 2022 and the anticipation that organic growth will not materialize until 2028-2029 contribute to uncertainty regarding the segment's near-term performance.
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1. Challenging Private Equity Market Conditions: The broader private equity industry has experienced headwinds since late 2025 and into early 2026, characterized by a significant slowdown in capital raising, with industry-wide capital inflows down over 30% from 2023. This trend, coupled with extended holding periods for assets and persistent, albeit moderating, interest rates, has led to reduced liquidity for investors and pressured exit opportunities for firms like Carlyle, creating investor hesitancy and impacting new fund deployment.
2. Underperforming Assets and Future Growth Uncertainty in Global Private Equity: Carlyle has faced company-specific challenges within its Global Private Equity segment. Certain assets, such as Mount Milligan, have consistently missed production guidance and are projected to underperform industry peers by approximately 25%. Additionally, a decline in gold equivalent production since 2022 and the anticipation that organic growth will not materialize until 2028-2029 contribute to uncertainty regarding the segment's near-term performance.
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Stock Movement Drivers
Fundamental Drivers
The -18.6% change in CG stock from 12/31/2025 to 4/29/2026 was primarily driven by a -33.6% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.73 | 47.81 | -18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,988 | 3,213 | 7.5% |
| Net Income Margin (%) | 22.1% | 25.2% | 13.7% |
| P/E Multiple | 32.0 | 21.2 | -33.6% |
| Shares Outstanding (Mil) | 360 | 359 | 0.3% |
| Cumulative Contribution | -18.6% |
Market Drivers
12/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CG | -18.6% | |
| Market (SPY) | 5.2% | 58.6% |
| Sector (XLF) | -4.7% | 75.8% |
Fundamental Drivers
The -22.7% change in CG stock from 9/30/2025 to 4/29/2026 was primarily driven by a -25.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.88 | 47.81 | -22.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,710 | 3,213 | -13.4% |
| Net Income Margin (%) | 33.9% | 25.2% | -25.7% |
| P/E Multiple | 17.8 | 21.2 | 19.5% |
| Shares Outstanding (Mil) | 360 | 359 | 0.4% |
| Cumulative Contribution | -22.7% |
Market Drivers
9/30/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CG | -22.7% | |
| Market (SPY) | 8.0% | 57.2% |
| Sector (XLF) | -2.8% | 73.0% |
Fundamental Drivers
The 12.6% change in CG stock from 3/31/2025 to 4/29/2026 was primarily driven by a 42.6% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.47 | 47.81 | 12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,402 | 3,213 | -5.6% |
| Net Income Margin (%) | 30.0% | 25.2% | -16.1% |
| P/E Multiple | 14.9 | 21.2 | 42.6% |
| Shares Outstanding (Mil) | 357 | 359 | -0.4% |
| Cumulative Contribution | 12.6% |
Market Drivers
3/31/2025 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CG | 12.6% | |
| Market (SPY) | 29.3% | 71.8% |
| Sector (XLF) | 5.8% | 76.7% |
Fundamental Drivers
The 70.0% change in CG stock from 3/31/2023 to 4/29/2026 was primarily driven by a 154.5% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4292026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.12 | 47.81 | 70.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,355 | 3,213 | -4.2% |
| Net Income Margin (%) | 36.5% | 25.2% | -31.1% |
| P/E Multiple | 8.3 | 21.2 | 154.5% |
| Shares Outstanding (Mil) | 363 | 359 | 1.2% |
| Cumulative Contribution | 70.0% |
Market Drivers
3/31/2023 to 4/29/2026| Return | Correlation | |
|---|---|---|
| CG | 70.0% | |
| Market (SPY) | 81.5% | 67.8% |
| Sector (XLF) | 69.5% | 70.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CG Return | 78% | -44% | 43% | 28% | 20% | -19% | 79% |
| Peers Return | 81% | -23% | 71% | 60% | -7% | -23% | 172% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 90% |
Monthly Win Rates [3] | |||||||
| CG Win Rate | 75% | 42% | 42% | 50% | 58% | 0% | |
| Peers Win Rate | 71% | 42% | 70% | 73% | 52% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CG Max Drawdown | -1% | -53% | -13% | -6% | -31% | -23% | |
| Peers Max Drawdown | -6% | -36% | -4% | -6% | -34% | -35% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, KKR, APO, ARES, TPG. See CG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/29/2026 (YTD)
How Low Can It Go
| Event | CG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -57.7% | -25.4% |
| % Gain to Breakeven | 136.5% | 34.1% |
| Time to Breakeven | 1,008 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -50.4% | -33.9% |
| % Gain to Breakeven | 101.7% | 51.3% |
| Time to Breakeven | 308 days | 148 days |
| 2018 Correction | ||
| % Loss | -40.7% | -19.8% |
| % Gain to Breakeven | 68.7% | 24.7% |
| Time to Breakeven | 271 days | 120 days |
Compare to BX, KKR, APO, ARES, TPG
In The Past
Carlyle's stock fell -57.7% during the 2022 Inflation Shock from a high on 11/12/2021. A -57.7% loss requires a 136.5% gain to breakeven.
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About Carlyle (CG)
The Carlyle Group Inc. is an investment firm specializing in direct and fund of fund investments. Within direct investments, it specializes in management-led/ Leveraged buyouts, privatizations, divestitures, strategic minority equity investments, structured credit, global distressed and corporate opportunities, small and middle market, equity private placements, consolidations and buildups, senior debt, mezzanine and leveraged finance, and venture and growth capital financings, seed/startup, early venture, emerging growth, turnaround, mid venture, late venture, PIPES. The firm invests across four segments which include Corporate Private Equity, Real Assets, Global Market Strategies, and Solutions. The firm typically invests in industrial, agribusiness, ecological sector, fintech, airports, parking, Plastics, Rubber, diversified natural resources, minerals, farming, aerospace, defense, automotive, consumer, retail, industrial, infrastructure, energy, power, healthcare, software, software enabled services, semiconductors, communications infrastructure, financial technology, utilities, gaming, systems and related supply chain, electronic systems, systems, oil and gas, processing facilities, power generation assets, technology, systems, real estate, financial services, transportation, business services, telecommunications, media, and logistics sectors. Within the industrial sector, the firm invests in manufacturing, building products, packaging, chemicals, metals and mining, forestry and paper products, and industrial consumables and services. In consumer and retail sectors, it invests in food and beverage, retail, restaurants, consumer products, domestic consumption, consumer services, personal care products, direct marketing, and education. Within aerospace, defense, business services, and government services sectors, it seeks to invest in defense electronics, manufacturing and services, government contracting and services, information technology, distribution companies. In telecommunication and media sectors, it invests in cable TV, directories, publishing, entertainment and content delivery services, wireless infrastructure/services, fixed line networks, satellite services, broadband and Internet, and infrastructure. Within real estate, the firm invests in office, hotel, industrial, retail, for sale residential, student housing, hospitality, multifamily residential, homebuilding and building products, and senior living sectors. The firm seeks to make investments in growing business including those with overleveraged balance sheets. The firm seeks to hold its investments for four to six years. In the healthcare sector, it invests in healthcare services, outsourcing services, companies running clinical trials for pharmaceutical companies, managed care, pharmaceuticals, pharmaceutical related services, healthcare IT, medical, products, and devices. It seeks to invest in companies based in Sub-Saharan focusing on Ghana, Kenya, Mozambique, Botswana, Nigeria, Uganda, West Africa, North Africa and South Africa focusing on Tanzania and Zambia; Asia focusing on Pakistan, India, South East Asia, Indonesia, Philippines, Vietnam, Korea, and Japan; Australia; New Zealand; Europe focusing on France, Italy, Denmark, United Kingdom, Germany, Austria, Belgium, Finland, Iceland, Ireland, Netherlands, Norway, Portugal, Spain, Benelux , Sweden, Switzerland, Hungary, Poland, and Russia; Middle East focusing on Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey, and UAE; North America focusing on United States which further invest in Southeastern United States, Texas, Boston, San Francisco Bay Area and Pacific Northwest; Asia Pacific; Soviet Union, Central-Eastern Europe, and Israel; Nordic region; and South America focusing on Mexico, Argentina, Brazil, Chile, and Peru. The firm seeks to invest in food, financial, and healthcare industries in Western China. In the real estate sector, the firm seeks to invest in various locations across Europe focusing on France and Central Europe, United States, Asia focusing on China, and Latin America. It typically invests between $1 million and $50 million for venture investments and between $50 million and $2 billion for buyouts in companies with enterprise value of between $31.57 million and $1000 million and sales value of $10 million and $500 million. It seeks to invest in companies with market capitalization greater than $50 million and EBITDA between $5 million to $25 million. It prefers to take a majority or a minority stake. It typically holds its investments for three to five years. Within automotive and transportation sectors, the firm seeks to hold its investments in for four to six years. While investing in Japan, it does not invest in companies with more than 1,000 employees and prefers companies' worth between $100 million and $150 million. The firm originates, structures, and acts as lead equity investor in the transactions. The Carlyle Group Inc. was founded in 1987 and is based in Washington, District of Columbia with additional offices in 21 countries across 5 continents (North America, South America, Asia, Australia and Europe).
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1. Carlyle is like Blackstone for private market investments.
2. Carlyle is like KKR, specializing in buying and growing private companies.
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- Corporate Private Equity Investments: Carlyle manages funds that invest directly in private companies across various stages, from venture capital to large-scale buyouts, in diverse industries globally.
- Real Asset Investments: Carlyle manages funds focused on acquiring and developing real estate, infrastructure, energy, and natural resource assets worldwide.
- Global Market Strategies: Carlyle manages funds that pursue credit-related strategies, including structured credit, distressed debt, and other opportunistic investments across global markets.
- Investment Solutions: Carlyle provides customized investment mandates and fund-of-funds strategies for institutional and high-net-worth investors.
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The provided company description for The Carlyle Group Inc. (CG) details its activities as an investment firm, outlining the types of direct and fund-of-fund investments it makes, the sectors it invests in, and its geographic focus. The description primarily characterizes Carlyle's role as an investor and asset manager that deploys capital into various businesses and assets.
However, the description does not identify Carlyle's major customers. As an investment firm, Carlyle's "customers" are typically the institutional investors (such as pension funds, sovereign wealth funds, endowments, and insurance companies) and high-net-worth individuals (often through family offices) who commit capital to Carlyle's investment funds as Limited Partners. The information provided focuses on where Carlyle invests its capital (the companies and assets it buys into), not on the specific entities or individuals that invest with Carlyle.
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Harvey Schwartz, Chief Executive Officer
Harvey Schwartz became the Chief Executive Officer of Carlyle in February 2023. Prior to joining Carlyle, he had a distinguished 21-year career at Goldman Sachs from 1997 to 2018, where he served in various senior leadership roles, including President and Co-Chief Operating Officer from 2016 to 2018, and Chief Financial Officer from 2012 to 2016. Earlier in his career, he worked at J.B. Hanauer & Co., First Interregional Equity Corporation, and Citigroup.
Justin Plouffe, Chief Financial Officer
Justin Plouffe assumed the role of Chief Financial Officer of Carlyle on January 1, 2026. He joined Carlyle in 2007 and has focused on investing across Carlyle's credit strategies and driving growth initiatives for the Global Credit platform. He has served as a Portfolio Manager for several cross-platform credit strategies and as President and Chief Executive Officer of Carlyle's affiliated Business Development Companies, Carlyle Secured Lending, Inc. and Carlyle Credit Solutions, Inc. Before joining Carlyle, Mr. Plouffe was an attorney at Ropes & Gray LLP.
Mark Jenkins, Co-President and Head of Global Credit & Insurance
Mark Jenkins became Co-President and Head of Global Credit & Insurance for Carlyle on January 1, 2026. He joined Carlyle in 2016. Before joining Carlyle, Mr. Jenkins was a Senior Managing Director at Canada Pension Plan Investment Board (CPPIB), where he led the Global Private Investment group and founded CPPIB Credit Investments, a multi-strategy platform making direct principal credit investments. He also held senior positions at Barclays Capital as Managing Director, Co-Head of Leveraged Finance Origination and Execution, and spent 11 years at Goldman Sachs in leadership roles within the Fixed Income and Financing groups.
Jeff Nedelman, Co-President and Global Head of Client Business
Jeff Nedelman was appointed Co-President of Carlyle and continues to lead the Global Client Business, effective January 1, 2026. He joined Carlyle in 2023. Prior to Carlyle, he was a Partner and Senior Managing Director at Certares from 2020 to 2023, where he was a member of the Investment Committee and the Management Committee. Before Certares, Mr. Nedelman spent over 25 years at Goldman Sachs, most recently as Co-Chief Operating Officer of Global Equities, and previously as Global Head of Prime Services and Head of Americas Equity Sales.
Ruulke Bagijn, Global Head of Investment Solutions
Ruulke Bagijn is the Global Head of Investment Solutions at Carlyle and Chair of the Board of AlpInvest. She leads one of Carlyle's three business segments and oversees AlpInvest, Carlyle's dedicated private equity primary fund, co-investment, and secondary solutions platform. Before joining AlpInvest in 2017, Ms. Bagijn was the Global Head of Real Assets Private Equity at AXA Investment Managers – Real Assets and a member of its Management Board. She also served as Co-Chief Investment Officer of Investment Management and Chief Investment Officer of Private Markets at PGGM, where she was responsible for managing investments in infrastructure, hedge funds, structured credit, private equity, insurance-linked securities, and private real estate.
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The Carlyle Group Inc. (CG), a global investment firm specializing in direct and fund of fund investments, faces several key risks inherent to its business model and the broader financial landscape. Here are the top three key risks to Carlyle's business: 1.Market Volatility and Economic Uncertainty
Carlyle operates in an environment where market volatility and economic uncertainty can significantly impact investment valuations and opportunities. High interest rates and challenging debt market conditions can adversely affect the value of certain assets within their portfolios and the ability of their funds and portfolio companies to access capital markets. This risk directly influences investment performance and their ability to safeguard assets under management (AUM) from adverse market conditions. 2.Ability to Attract and Retain Capital
As an alternative asset manager, Carlyle's success heavily relies on its ability to raise capital for new funds and retain existing investor commitments. The alternative asset management space is highly competitive, with numerous firms vying for investor capital. Deteriorating market conditions, economic uncertainty, and increased cost-consciousness among investors can lead to pressure on management fees and the economic terms of future funds, potentially impacting revenue and growth. 3.Regulatory Risks and Tax Changes
Carlyle's global operations expose it to a complex and evolving regulatory environment. Changes in tax laws, regulations, or adverse interpretations by tax authorities across various jurisdictions could negatively impact Carlyle's effective tax rate, tax liability, and the performance of its funds. Such changes could also affect its ability to raise funds from foreign investors and increase compliance costs, necessitating stringent compliance measures and proactive risk management.AI Analysis | Feedback
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Carlyle (CG) operates as a global investment firm specializing in various direct and fund-of-funds investments across four main segments: Corporate Private Equity, Real Assets, Global Market Strategies, and Solutions. The addressable markets for these services are substantial on a global scale. For its **Corporate Private Equity** segment, the global private equity and venture capital assets under management (AUM) reached over $11 trillion as of year-end 2023. More specifically, the global private equity market size was valued at approximately USD 6,749.85 billion in 2025. Other estimates suggest the global private equity market size could be as high as USD 19.96 trillion in 2026. In the **Real Assets** segment, which includes investments in real estate, infrastructure, and energy, the professionally-managed global real estate investment market was approximately $9.6 trillion in 2019. The broader global real estate market size was estimated at USD 4,332.38 billion in 2025 and is projected to reach USD 7,351.30 billion by 2033. Another estimate placed the global real estate market size at USD 7,517.4 billion in 2025. Looking at the total value of all global real estate, including residential, commercial, and agricultural land, it amounted to nearly $393.3 trillion at the beginning of 2025. Carlyle's **Global Market Strategies** segment, encompassing structured credit, distressed debt, and leveraged finance, operates within the global private credit market. This market reached US$3.5 trillion in assets under management by the end of 2024. The global private credit market has surpassed US$3 trillion in AUM and is estimated to grow from USD 1.67 trillion in 2025 to USD 2.9 trillion by 2030. For its **Solutions** segment, which involves fund of funds investments, the global fund of funds (FOF) market was valued at USD 15.6 billion in 2024. This market is estimated to grow to USD 2.8 billion by 2035 from USD 1.7 billion in 2026.AI Analysis | Feedback
Carlyle (CG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:
- Continued Expansion of the Global Credit Business: Carlyle's global credit segment has demonstrated robust momentum, characterized by significant increases in assets under management (AUM) and distributable earnings. The firm anticipates the durability of its credit business across various market cycles and is actively enhancing its origination capabilities in private credit, particularly in areas like structured and opportunistic credit strategies.
- Strategic Growth in Global Wealth and Individual Investor Markets: Carlyle is focused on expanding its reach into the individual investor market through "evergreen wealth" investment vehicles and new product launches. This strategy aims to attract continuous inflows from individual and mass affluent investors, thereby diversifying its client base and substantially increasing its AUM.
- Strong Fundraising Momentum and Performance in Investment Solutions (Carlyle AlpInvest and Secondaries): The Investment Solutions segment, particularly Carlyle AlpInvest and secondaries platforms, is a significant growth driver. These units have consistently shown strong performance, contributing to substantial increases in fee revenues and AUM. Carlyle has set a target for over $200 billion in inflows over a three-year period, underscoring its robust fundraising capabilities.
- Accelerated Private Equity Deal Activity and Realizations: While private equity exits have experienced some fluctuations, Carlyle anticipates a notable increase in private equity realizations and overall deal activity in the coming quarters. This expectation is supported by a strong backlog of announced transactions, improving private equity fund performance, and a substantial accrued carry balance.
- Growth in Fee-Related Earnings (FRE) and Margin Expansion: Carlyle is strategically focused on increasing its Fee-Related Earnings (FRE), with a target of over $1.9 billion by the end of 2028. This growth is expected to be driven by rising management fees from an expanding AUM base, disciplined cost management, the scalability of its infrastructure, and a strategic shift towards more consistent and compounding revenue streams. Analysts predict a significant compound annual growth rate in management fees from 2025 to 2027.
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Share Repurchases
- Carlyle's Board of Directors approved a new $2 billion share repurchase authorization in February 2026.
- This program allows the firm to buy back common stock over time as part of its disciplined capital allocation framework.
Share Issuance
- Carlyle Group's shares outstanding were 0.368 billion in 2024, reflecting a 1.83% increase from 2023.
- For the quarter ending September 30, 2025, shares outstanding were 0.376 billion, a 3.21% increase year-over-year.
Inbound Investments
- Carlyle raised $9 billion of new capital in Q3 2024, contributing to $43 billion raised over the preceding 12 months.
- In 2025, the firm achieved $54 billion in inflows, outperforming its $40 billion target by $14 billion.
- Carlyle's AlpInvest unit raised $20 billion for its global secondary strategies, with AlpInvest Secondaries Fund VIII reaching its $15 billion hard cap upon closing in September 2025.
Outbound Investments
- In August 2024, Carlyle agreed to acquire Vantive, Baxter International's kidney-care spinoff, for $3.8 billion.
- In early 2025, Carlyle, in partnership with SK Capital Partners, agreed to acquire Bluebird Bio, a gene-therapy company, for up to $96 million.
- In February 2026, Carlyle acquired Nido Home Finance, a Mumbai-based commercial bank.
Capital Expenditures
- Carlyle Group reported capital expenditures of $28 million in 2023, $31 million in 2024, and $61 million in 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is Carlyle Stock Built to Withstand a Pullback? | 10/17/2025 | |
| Day 9 of Gains Streak for Carlyle Stock with 19% Return (vs. 18% YTD) [7/10/2025] | 07/11/2025 | |
| CG Dip Buy Analysis | 07/10/2025 | |
| Carlyle Total Shareholder Return (TSR): 30.7% in 2024 and 4.4% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Carlyle (CG) Operating Cash Flow Comparison | 02/17/2025 | |
| Carlyle (CG) Net Income Comparison | 02/15/2025 | |
| Carlyle Market Price | 01/20/2025 | |
| Carlyle vs. S&P500 Correlation | 10/03/2024 | |
| Carlyle Price Volatility | 09/24/2024 | |
| Fundamental Metrics: ... | 06/19/2024 | |
| ARTICLES | ||
| Mid Cap Stocks Trading At 52-Week High | 09/18/2025 | |
| CG Stock Up 19% after 9-Day Win Streak | 07/11/2025 |
Trade Ideas
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|---|---|---|---|---|---|---|---|
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.1% | 3.1% | 0.0% |
| 03202026 | MKTX | MarketAxess | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.2% | -5.2% | -5.7% |
| 03202026 | RYAN | Ryan Specialty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -2.7% | -2.7% | -8.5% |
| 03312020 | CG | Carlyle | Dip Buy | DB | Growth | FCF YieldDip Buy with Growth and High Free Cash Flow YieldBuying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap) | 15.9% | 75.9% | -9.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 105.09 |
| Mkt Cap | 48.6 |
| Rev LTM | 9,006 |
| Op Inc LTM | 893 |
| FCF LTM | 2,099 |
| FCF 3Y Avg | 1,803 |
| CFO LTM | 2,150 |
| CFO 3Y Avg | 1,910 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.1% |
| Rev Chg 3Y Avg | 30.0% |
| Rev Chg Q | 40.1% |
| QoQ Delta Rev Chg LTM | 9.7% |
| Op Inc Chg LTM | -5.6% |
| Op Inc Chg 3Y Avg | 91.7% |
| Op Mgn LTM | 15.9% |
| Op Mgn 3Y Avg | 21.1% |
| QoQ Delta Op Mgn LTM | -1.1% |
| CFO/Rev LTM | 27.3% |
| CFO/Rev 3Y Avg | 24.5% |
| FCF/Rev LTM | 26.9% |
| FCF/Rev 3Y Avg | 24.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 48.6 |
| P/S | 4.5 |
| P/Op Inc | 27.5 |
| P/EBIT | 10.3 |
| P/E | 33.1 |
| P/CFO | 8.8 |
| Total Yield | 8.5% |
| Dividend Yield | 4.7% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.4 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.6% |
| 3M Rtn | -19.0% |
| 6M Rtn | -16.9% |
| 12M Rtn | -8.8% |
| 3Y Rtn | 68.2% |
| 1M Excs Rtn | -5.8% |
| 3M Excs Rtn | -21.2% |
| 6M Excs Rtn | -23.3% |
| 12M Excs Rtn | -37.5% |
| 3Y Excs Rtn | -5.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Private Equity | 2,248 | 2,278 | 3,180 | 4,073 | 1,525 |
| Reconciling Items | 1,139 | -1,011 | -274 | 3,579 | 418 |
| Global Credit | 923 | 779 | 800 | 451 | 414 |
| Consolidated Funds | 632 | 570 | 311 | 253 | 227 |
| Global Investment Solutions | 484 | 348 | 422 | 426 | 351 |
| Other income (loss) | 24 | 7 | -42 | 2 | -21 |
| Total | 5,450 | 2,971 | 4,397 | 8,785 | 2,913 |
Price Behavior
Price Behavior
| Market Price | $47.81 | |
| Market Cap ($ Bil) | 17.2 | |
| First Trading Date | 05/03/2012 | |
| Distance from 52W High | -30.1% | |
| 50 Days | 200 Days | |
| DMA Price | $49.25 | $56.88 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -2.9% | -16.0% |
| 3M | 1YR | |
| Volatility | 43.1% | 36.6% |
| Downside Capture | 1.74 | 1.17 |
| Upside Capture | 137.70 | 175.43 |
| Correlation (SPY) | 56.1% | 63.9% |
CG Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.35 | 1.79 | 1.95 | 1.68 | 1.67 | 1.74 |
| Up Beta | -0.62 | 2.05 | 2.05 | 1.66 | 1.28 | 1.43 |
| Down Beta | 0.66 | -0.12 | 0.95 | 1.38 | 1.90 | 1.90 |
| Up Capture | 173% | 235% | 237% | 158% | 292% | 867% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 8 | 19 | 29 | 60 | 133 | 407 |
| Down Capture | 165% | 228% | 224% | 176% | 147% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 22 | 33 | 65 | 117 | 340 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CG | |
|---|---|---|---|---|
| CG | 25.6% | 36.6% | 0.69 | - |
| Sector ETF (XLF) | 9.5% | 14.7% | 0.40 | 72.8% |
| Equity (SPY) | 31.5% | 12.5% | 1.93 | 63.9% |
| Gold (GLD) | 35.2% | 27.2% | 1.09 | -3.1% |
| Commodities (DBC) | 46.7% | 18.1% | 1.99 | -10.7% |
| Real Estate (VNQ) | 12.8% | 13.4% | 0.65 | 36.1% |
| Bitcoin (BTCUSD) | -19.6% | 42.1% | -0.40 | 40.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CG | |
|---|---|---|---|---|
| CG | 6.8% | 39.5% | 0.28 | - |
| Sector ETF (XLF) | 10.3% | 18.7% | 0.43 | 68.6% |
| Equity (SPY) | 13.1% | 17.1% | 0.60 | 72.0% |
| Gold (GLD) | 20.1% | 17.8% | 0.92 | 6.0% |
| Commodities (DBC) | 14.6% | 19.1% | 0.63 | 14.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 55.2% |
| Bitcoin (BTCUSD) | 8.1% | 56.2% | 0.36 | 33.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CG | |
|---|---|---|---|---|
| CG | 15.8% | 37.3% | 0.51 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 64.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 68.0% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 2.4% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 23.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 53.5% |
| Bitcoin (BTCUSD) | 67.5% | 66.9% | 1.07 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/6/2026 | 0.9% | -7.2% | -17.5% |
| 10/31/2025 | -2.8% | -1.7% | 5.3% |
| 8/6/2025 | -2.1% | 4.0% | 1.9% |
| 5/8/2025 | 1.9% | 13.9% | 13.7% |
| 2/11/2025 | 0.7% | 5.9% | -17.8% |
| 11/7/2024 | -0.0% | -2.4% | 1.4% |
| 8/5/2024 | -7.5% | -10.6% | -12.2% |
| 5/1/2024 | -1.0% | 1.2% | 5.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 14 |
| # Negative | 12 | 12 | 10 |
| Median Positive | 1.1% | 5.2% | 6.7% |
| Median Negative | -2.4% | -3.1% | -10.2% |
| Max Positive | 3.8% | 14.8% | 24.9% |
| Max Negative | -9.7% | -11.2% | -17.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rubenstein, David M | Direct | Sell | 3202026 | 46.68 | 500,000 | 23,340,000 | 1,279,015,382 | Form | |
| 2 | Rubenstein, David M | Direct | Sell | 12122025 | 56.55 | 625,000 | 35,343,750 | 1,583,379,868 | Form | |
| 3 | Ferguson, Jeffrey W | General Counsel | Direct | Sell | 8132025 | 64.23 | 202,606 | 13,013,879 | 48,383,410 | Form |
| 4 | Ferguson, Jeffrey W | General Counsel | Direct | Sell | 8132025 | 62.37 | 97,394 | 6,074,464 | 59,617,051 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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