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The Carlyle Group Inc CG

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Carlyle Group Struggling to Generate Consistent Distributable Earnings Despite Improving Markets

Greggory Warren

The Carlyle Group has built a solid position in the alternative-asset management industry. It relies on its reputation, broad product portfolio, investment performance history, and cadre of dedicated professionals to not only raise capital but maintain its standing as a go-to firm for institutional and high-net-worth investors looking for exposure to alternative assets. With $426.0 billion in total AUM, including $307.4 billion in fee-earning AUM, at the end of December 2023, Carlyle is one of the world's largest alternative-asset managers.

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Price vs Fair Value

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CG is trading within a range we consider fairly valued.
Price
$46.88
Fair Value
$51.00
Uncertainty
High
1-Star Price
$24.50
5-Star Price
$38.30
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The Carlyle Group, with $307.3 billion in fee-earning AUM at the end of June 2024, is one of the go-to firms for institutional and high-net-worth investors looking for exposure to alternative assets.

Bears

A prolonged downturn in the credit and/or equity markets could leave potential investors in The Carlyle Group's funds with limited liquidity and large commitments to other funds, making it very difficult for the firm to raise new capital.

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
27.42
Price/Sales
5.04
Dividend Yield (Trailing)
2.99%
Dividend Yield (Forward)
2.99%
Total Yield
5.21%

Company Profile

The Carlyle Group is one of the world's largest alternative-asset managers, with $434.6 billion in total AUM, including $307.3 billion in fee-earning AUM, at the end of June 2024. The company has three core business segments: private equity, which includes private equity, real estate, infrastructure, and natural resources funds (accounting for 34% of fee-earning AUM and 58% of base management fees during 2023), global credit (51% and 27%) and investment solutions (15% and 15%). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving more than 2,900 active carry fund investors from 88 countries.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Value
Total Number of Employees
2,200
Website
https://www.carlyle.com

Competitors

Valuation

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Metric
CG
KKR
BX
Price/Earnings (Normalized)
 27.4234.0656.16
Price/Book Value
 3.325.4617.08
Price/Sales
 5.045.7411.42
Price/Cash Flow
 35.6527.4924.58
Price/Earnings
CG
KKR
BX

Financial Strength

Metric
CG
KKR
BX
Quick Ratio
 —4.09—
Current Ratio
 —4.10—
Interest Coverage
 —2.14—
Quick Ratio
CG
KKR
BX

Profitability

Metric
CG
KKR
BX
Return on Assets (Normalized)
 −1.46%2.13%8.77%
Return on Equity (Normalized)
 −5.73%32.04%51.12%
Return on Invested Capital (Normalized)
 —5.11%—
Return on Assets
CG
KKR
BX

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