Explain this page
Arphra AIPlain-English read on The Carlyle Group Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +94.99% | +91.24% | +70.92% | +83.22% | +65.93% | +74.69% | +73.55% | +72.95% | +71.81% |
| Operating margin | +69.16% | +42.76% | -32.18% | +34.09% | +26.19% | +9.62% | +9.23% | +9.35% | +9.65% |
| EBITDA margin | +70.05% | +46.77% | -22.51% | +38.59% | +27.30% | +14.51% | +14.73% | +14.23% | +14.10% |
| EBIT margin | +69.16% | +42.76% | -32.18% | +34.09% | +26.19% | +9.40% | +9.32% | +9.36% | +9.11% |
| Pre-tax margin | +69.16% | +42.76% | -32.18% | +34.09% | +23.67% | +8.45% | +8.34% | +8.47% | +8.61% |
| Net margin | +51.08% | +33.31% | -32.59% | +24.96% | +16.51% | +2.92% | +2.97% | +2.95% | +2.99% |
| Cost structure | |||||||||
| Cost of revenue / sales | +5.01% | +8.76% | +29.08% | +16.78% | +34.07% | +26.70% | +26.36% | +26.07% | +27.36% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +7.41% | +15.66% | +34.93% | +16.28% | +41.94% | +31.75% | +30.70% | +30.22% | +31.71% |
| Effective tax rate | +24.39% | +18.30% | — | +21.71% | +18.50% | +19.69% | +20.65% | +20.46% | +19.62% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +52.13% | +17.96% | -10.52% | +16.08% | +11.46% | +1.41% | +1.44% | +1.43% | +1.53% |
| Return on assets (ROA) | +14.00% | +5.72% | -2.87% | +4.42% | +2.78% | +0.37% | +0.38% | +0.38% | +0.40% |
| Return on capital (ROC) | +28.35% | +10.14% | -4.00% | +8.80% | +6.12% | +1.78% | +1.69% | +1.75% | +1.78% |
| Return on invested capital (ROIC) | +20.94% | +7.90% | -3.00% | +6.44% | +3.86% | +0.54% | +0.54% | +0.55% | +0.55% |
| Asset turnover | +27.40% | +17.18% | +8.82% | +17.70% | +16.82% | +12.71% | +12.93% | +13.01% | +13.43% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +51.08% | +33.31% | -32.59% | +24.96% | +16.51% | +2.92% | +2.97% | +2.95% | +2.99% |
| Asset turnover (× revenue / assets) | +27.40% | +17.18% | +8.82% | +17.70% | +16.82% | +12.71% | +12.93% | +13.01% | +13.43% |
| Equity multiplier (× assets / equity) | +372.41% | +313.77% | +366.08% | +363.97% | +412.58% | +380.21% | +375.08% | +371.65% | +379.86% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.27 | 0.17 | 0.09 | 0.18 | 0.17 | 0.13 | 0.13 | 0.13 | 0.13 |
| Fixed-asset turnover | 11.53 | 7.71 | 3.78 | 7.76 | 8.80 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 11.23 | 5.40 | 2.24 | 3.92 | — | — | — | — | — |
| Payables turnover | 0.77 | 0.89 | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 32.49 | 67.62 | 162.77 | 93.09 | — | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 474.95 | 410.91 | — | — | — | — | — | — | — |
| Cash conversion cycle | -442.46 | -343.28 | 162.77 | 93.09 | 0.00 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.60 | -0.31 | -0.34 | -0.74 | 1.81 | 2.53 | 2.56 | 2.49 | 2.49 |
| FCF / Net income | 0.59 | -0.34 | -0.23 | -0.82 | 1.69 | 1.65 | 1.70 | 1.72 | 1.61 |
| FCF margin | +30.04% | -11.42% | +7.41% | -20.48% | +27.84% | +4.83% | +5.04% | +5.06% | +4.82% |
| OCF margin | +30.75% | -10.31% | +10.97% | -18.58% | +29.87% | +7.39% | +7.59% | +7.34% | +7.45% |
| CapEx / Revenue | +0.71% | +1.10% | +3.57% | +1.90% | +2.03% | +2.52% | +2.44% | +2.52% | +2.44% |
| CapEx / D&A | 0.80 | 0.28 | 0.37 | 0.42 | 0.52 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 8.20 | 3.35 | -1.68 | 2.77 | 2.18 | 4.04 | 5.16 | 5.85 | 6.16 |
| EPS · basic | 8.37 | 3.39 | -1.68 | 2.85 | 2.25 | 4.11 | 5.20 | 5.92 | 6.24 |
| Book value / share | 15.74 | 18.65 | 16.01 | 17.25 | 19.03 | 21.96 | 29.42 | 33.93 | 31.64 |
| Tangible BV / share | 15.64 | 16.20 | 13.89 | 15.52 | 17.66 | 21.96 | 29.42 | 33.93 | 31.64 |
| Sales / share | 16.06 | 10.06 | 5.17 | 11.11 | 13.20 | 10.61 | 14.27 | 16.40 | 16.14 |
| Operating CF / share | 4.94 | -1.04 | 0.57 | -2.06 | 3.94 | 0.78 | 1.08 | 1.20 | 1.20 |
| Free cash flow / share | 4.83 | -1.15 | 0.38 | -2.27 | 3.68 | 0.51 | 0.72 | 0.83 | 0.78 |
| Dividends / share | 0.98 | 1.21 | 1.38 | 1.37 | 1.36 | 1.71 | 2.28 | 2.71 | 2.63 |
| Payout ratio | +11.96% | +36.21% | -81.80% | +49.29% | +62.46% | +553.21% | +539.76% | +559.51% | +544.60% |
| Retention ratio | +88.04% | +63.79% | +181.80% | +50.71% | +37.54% | -453.21% | -439.76% | -459.51% | -444.60% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -36.86% | -49.23% | +118.97% | +19.80% | -19.38% | +32.91% | +15.38% | -2.06% | +0.23% |
| Gross profit · YoY | — | -39.35% | -60.53% | +156.94% | -5.09% | -8.68% | +30.88% | +14.44% | -3.59% | -3.22% |
| Profit | ||||||||||
| Operating income · YoY | — | -60.96% | -138.21% | +331.94% | -7.95% | -70.38% | +27.50% | +16.84% | +1.04% | -21.65% |
| EBITDA · YoY | — | -57.84% | -124.44% | +475.40% | -15.27% | -57.14% | +34.89% | +11.48% | -2.97% | -17.97% |
| Net income · YoY | — | -58.82% | -149.67% | +267.72% | -20.75% | -85.74% | +34.97% | +14.76% | -0.58% | -29.69% |
| Operating | ||||||||||
| EBIT · YoY | — | -60.96% | -138.21% | +331.94% | -7.95% | -71.07% | +31.77% | +15.94% | -4.70% | -22.21% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -59.15% | -150.15% | +264.88% | -21.30% | +85.18% | +27.85% | +13.39% | +5.20% | -3.52% |
| EPS · basic · YoY | — | -59.50% | -149.56% | +269.64% | -21.05% | +82.64% | +26.63% | +13.78% | +5.45% | -3.60% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $8.5B | $8.68B | $9.26B | $9.5B | $13.89B | $13.22B | $17.88B | $19.82B | $20.5B |
| Net debt | $5.88B | $7.11B | $7.47B | $7.4B | $10.69B | $10.34B | $14.21B | $15.44B | $16.32B |
| Net debt / EBITDA | 1.44 | 4.13 | -17.77 | 4.69 | 7.99 | 18.05 | 18.39 | 17.92 | 19.52 |
| Debt / equity | 1.49 | 1.27 | 1.60 | 1.50 | 1.97 | 1.62 | 1.65 | 1.58 | 1.76 |
| Debt / assets | +40.00% | +40.55% | +43.71% | +41.10% | +47.72% | +42.56% | +44.07% | +42.57% | +46.42% |
| Equity / assets | +26.85% | +31.87% | +27.32% | +27.47% | +24.24% | +26.30% | +26.66% | +26.91% | +26.33% |
| Coverage | |||||||||
| EBITDA / interest expense | 13.98 | 5.34 | -0.77 | 2.30 | 10.79 | 0.92 | 0.92 | 0.87 | 0.87 |
| Operating income / interest | 13.80 | 4.88 | -1.11 | 2.03 | 10.35 | 0.61 | 0.58 | 0.57 | 0.60 |
| Interest expense | $291.8M | $322M | $542.9M | $685.9M | $123.9M | $621.57M | $838.61M | $992.4M | $959.37M |
| Liquidity | |||||||||
| Current ratio | 8.24 | 6.43 | 5.71 | 12.98 | 15.72 | — | — | — | — |
| Quick ratio | 8.08 | 6.21 | 5.71 | 12.98 | 15.72 | — | — | — | — |
| Cash ratio | 6.74 | 4.33 | 3.89 | 8.67 | 15.72 | — | — | — | — |
| Working capital | $2.81B | $1.97B | $2.16B | $2.9B | $3B | — | — | — | — |
| Working capital / revenue | +48.24% | +53.49% | +115.68% | +70.87% | +61.28% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).