Carlyle Secured Lending, Inc. (CGBD) AI Stock Analysis

Carlyle Secured Lending, Inc. operates as a specialized business development company targeting secured lending and debt investments. The firm focuses on direct investments in middle-market companies, primarily offering first lien debt, senior secured loans, second lien senior secured loans, mezzanine debt, and other debt instruments. It generally targets portfolio companies with EBITDA between $25 million and $100 million. Carlyle Secured Lending invests across various sectors, including healthcare and pharmaceuticals, aerospace and defense, high-tech, business services, software, food and beverage, hospitality and leisure, banking, insurance, and real estate, operating across the United States, Luxembourg, Cayman Islands, Cyprus, and the United Kingdom.

Revenue rose from $169.9M in FY2021 to $197.8M in FY2025, reflecting a 5-year revenue CAGR of 63.1%. Over that span, net income moved from $160.4M in FY2021 to $70.0M in FY2025, bringing net margin from 94.4% down to 35.4%. In FY2025, revenue increased 17.9% year-over-year with an operating margin of 86.2%. Trailing twelve months revenue stands at $259.6M with EPS of $0.50. In the latest quarter ended June 30, 2026, quarterly revenue fell 7.7% year-over-year, while quarterly earnings declined 40.5%.

As of June 30, 2026, Carlyle Secured Lending held $25.9M in cash and short-term investments against $1.30B in total debt, resulting in net debt of $1.28B. Total assets were $2.44B and shareholders' equity was $1.08B. The current ratio stood at 0.45, with a debt-to-equity ratio of 1.21. In FY2025, free cash flow was -$204.6M. Capital allocation in FY2025 included $104.0M in dividends paid and $13.9M directed to share buybacks.

CGBD trades at a trailing P/E of 20.8x, compared to the median of 12.1x for its US-listed Financial Services peers, while its forward P/E of 7.9x sits below the peer median of 10.8x. The company's enterprise value is $1.99B, carrying an EV-to-EBITDA multiple of 22.6x versus the peer median of 11.7x. Its price-to-book ratio is 0.7x. Over the past year, CGBD declined 2.7%, trailing the S&P 500 (SPY) gain of 16.8%. Over five years, the stock rose 16.3% compared to an 83.0% gain for the S&P 500.

CGBD pays a quarterly dividend with an annualized forward payout of $1.40 per share, resulting in a dividend yield of 13.47%. Carlyle Secured Lending has paid dividends for 10 consecutive years, delivering a 5-year annualized dividend growth rate of 2.3%. The current payout ratio is 106.4%, and the stock's last ex-dividend date was September 30, 2026.

Wall Street coverage includes 1 Strong Buy, 1 Buy, 5 Holds, and 1 Sell rating. The mean price target is $12.36, representing an 18.9% premium over the last close of $10.39. For the fiscal year ending December 31, 2026, consensus estimates project EPS of $1.43 on revenue of $252.8M. The company beat EPS estimates in 1 of the last 4 quarters, with the next earnings announcement scheduled for November 3, 2026.

This page is an AI-written research summary of Carlyle Secured Lending, Inc. (CGBD). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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