Carlyle Group Inc. (CGABL) intrinsic value & 10-year financials
Carlyle Group Inc. (CGABL) has a Graham intrinsic value of $66.65 per share. Over the last 10 fiscal years revenue grew 8.6% a year to $4.8B, with an average return on invested capital of 25.3%.
- Graham intrinsic value
- $66.65
- Revenue (FY2025)
- $4.8B
- Revenue growth (10-yr CAGR)
- 8.6%
- ROIC (10-yr avg)
- 25.3%
- Free cash flow (FY2025)
- -$3.4B
CGABL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.8B | $808.7M | $2.18 | -$3.4B | — | — |
| FY2024 | $5.4B | $1.0B | $2.77 | -$837.2M | — | — |
| FY2023 | $3.0B | -$608.4M | -$1.68 | $138.3M | — | — |
| FY2022 | $4.4B | $1.2B | $3.35 | -$419.9M | — | 18.8% |
| FY2021 | $8.8B | $3.0B | $8.20 | $1.7B | — | 64.5% |
| FY2020 | $2.9B | $348.2M | $0.97 | -$230.4M | — | 8.6% |
| FY2019 | $3.4B | $380.9M | $0.94 | $330.8M | — | 9.2% |
| FY2018 | $2.4B | $116.5M | $0.27 | -$374.8M | — | — |
| FY2017 | $3.7B | $244.1M | $0.79 | -$41.1M | — | — |
| FY2016 | $2.3B | $6.4M | -$0.03 | -$326.0M | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Carlyle Group Inc. is a consistent compounder, expanding top-line revenue at 8.6% annually over the past decade.
Carlyle Group Inc. has earned high returns on invested capital, averaging 25.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Carlyle Group Inc. shows that management has aggressively returned capital to shareholders by retiring 59.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Carlyle Group Inc. is modeled at 13.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $66.65 per share.