Carlyle Secured Lending, Inc. (CGBD) Key Metrics
CGBD valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $714.9M
- Enterprise value
- $1.99B
- P/E (TTM)
- 20.8 10-yr median 12.3
- Forward P/E
- 7.9
- PEG ratio
- 3.54
- Price / sales
- 2.8 10-yr median 6.0
- Price / book
- 0.7 10-yr median 0.9
- EV / EBITDA
- 22.6 10-yr median 21.5
- Dividend yield
- 13.47% $1.40 a year
- Beta
- 0.72
CGBD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCGBD valuation Price multiples at each fiscal year-end price.
CGBD returns How much profit the business earns on the capital it uses.
CGBD per-share figures Results divided by the shares outstanding at year-end.
CGBD financial health Debt, liquidity and how easily interest is covered.
CGBD efficiency & capital use Working capital cycle and where the cash goes.
CGBD valuation history
CGBD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CGBD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CGBD cash returned to shareholders
CGBD price vs earnings per share
CGBD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $862.3M | $1.01B | $842.4M | $822.6M | $817.4M | $578.9M | $805.3M | $775.4M | $1.06B | — |
| Enterprise value | $2.35B | $1.95B | $1.76B | $1.88B | $1.84B | $1.51B | $1.95B | $2.09B | $2.14B | — |
| P/E ratio | 12.3 | 11.4 | 9.1 | 9.6 | 5.1 | 84.8 | 13.1 | 19.8 | 12.6 | — |
| Price / sales | 4.4 | 6.0 | 4.9 | 5.9 | 4.8 | 33.8 | 11.5 | 9.1 | 9.6 | — |
| Price / book | 0.7 | 1.1 | 0.9 | 0.9 | 0.9 | 0.6 | 0.8 | 0.7 | 0.9 | — |
| Price / free cash flow | — | 9.7 | 3.7 | 56.7 | 10.8 | 1.9 | — | 26.9 | — | — |
| Price / operating cash flow | — | 9.7 | 3.7 | 56.7 | 10.8 | 1.9 | — | 26.9 | — | — |
| EV / sales | 11.9 | 11.6 | 10.2 | 13.6 | 10.8 | 88.2 | 27.7 | 24.5 | 19.3 | — |
| EV / EBITDA | 14.2 | 20.5 | 18.6 | 21.5 | 5.1 | 158.4 | 31.5 | 50.8 | 25.0 | — |
| EV / free cash flow | — | 18.7 | 7.6 | 129.8 | 24.4 | 5.0 | — | 72.8 | — | — |
| Earnings yield | 8.1% | 8.8% | 11.0% | 10.4% | 19.6% | 1.2% | 7.6% | 5.0% | 7.9% | — |
| Free cash flow yield | −23.7% | 10.3% | 27.4% | 1.8% | 9.2% | 52.7% | −11.4% | 3.7% | −36.3% | — |
| Dividend yield | 12.1% | 9.5% | 11.0% | 10.6% | 10.2% | 16.7% | 13.3% | 12.0% | 7.2% | — |
| Shareholder yield (dividends + buybacks) | 13.7% | 9.5% | 11.5% | 14.0% | 13.7% | 21.4% | 21.3% | 12.7% | 7.2% | — |
| Share price at fiscal year-end | $12.49 | $17.93 | $14.96 | $14.31 | $13.73 | $10.26 | $13.38 | $12.40 | $20.04 | — |
| Per share | ||||||||||
| Revenue per share | $2.86 | $2.97 | $3.07 | $2.41 | $2.85 | $0.30 | $1.17 | $1.37 | $2.09 | $2.55 |
| Earnings per share | $1.01 | $1.58 | $1.64 | $1.49 | $2.69 | $0.12 | $1.02 | $0.63 | $1.59 | $2.03 |
| Operating cash flow per share | −$2.96 | $1.85 | $4.10 | $0.25 | $1.27 | $5.41 | −$1.53 | $0.46 | −$7.28 | −$9.14 |
| Free cash flow per share | −$2.96 | $1.85 | $4.10 | $0.25 | $1.27 | $5.41 | −$1.53 | $0.46 | −$7.28 | −$9.14 |
| Cash per share | $0.65 | $0.53 | $1.07 | $0.28 | $0.39 | $0.93 | $0.61 | $1.39 | $0.60 | $1.12 |
| Book value per share | $16.91 | $16.03 | $16.21 | $15.96 | $15.94 | $15.98 | $15.89 | $17.00 | $21.27 | $22.21 |
| Tangible book value per share | $16.91 | $16.03 | $16.21 | $15.96 | $15.94 | $15.98 | $15.89 | $17.00 | $21.27 | $22.21 |
| Dividends per share | $1.51 | $1.70 | $1.65 | $1.51 | $1.41 | $1.71 | $1.78 | $1.49 | $1.43 | $1.78 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $22.20 | $17.14 | $17.41 | $18.74 | $17.54 | $17.44 | $19.57 | $22.50 | $20.85 | $20.14 |
| Shares outstanding | 69.0M | 56.5M | 56.3M | 57.5M | 59.5M | 56.4M | 60.2M | 62.5M | 53.0M | 34.4M |
| Change in shares outstanding | +22.3% | +0.3% | −2.0% | −3.4% | +5.5% | −6.3% | −3.7% | +18.0% | +54.0% | +3.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.8% | 9.8% | 10.1% | 9.2% | 17.3% | 0.7% | 6.1% | 3.6% | 8.9% | 10.5% |
| Return on invested capital (ROIC) | 7.4% | 4.8% | 4.8% | 4.3% | 8.4% | 0.3% | 2.7% | 1.7% | 4.7% | 5.7% |
| Return on assets (ROA) | 3.0% | 4.6% | 4.6% | 4.2% | 8.1% | 0.3% | 2.9% | 1.9% | 4.8% | 5.4% |
| Return on tangible assets | 2.5% | 4.6% | 4.8% | 4.2% | 7.9% | 0.4% | 2.8% | 1.9% | 4.2% | 4.7% |
| Free cash flow margin | −103.4% | 62.2% | 133.5% | 10.5% | 44.4% | — | −130.9% | 33.6% | −348.3% | −358.7% |
| Income quality (OCF / net income) | −2.92 | 1.17 | 2.50 | 0.17 | 0.47 | 44.69 | −1.50 | 0.74 | −4.58 | −4.51 |
| Financial health | ||||||||||
| Total debt | $1.53B | $967.6M | $980.2M | $1.08B | $1.04B | $983.9M | $1.18B | $1.41B | $1.10B | $692.7M |
| Cash & short-term investments | $45.0M | $29.7M | $60.4M | $16.1M | $23.0M | $52.2M | $36.8M | $87.2M | $32.0M | $38.5M |
| Net debt | $1.49B | $938.0M | $919.7M | $1.06B | $1.02B | $931.7M | $1.14B | $1.32B | $1.07B | $654.2M |
| Debt / equity | 1.31 | 1.07 | 1.07 | 1.17 | 1.10 | 1.09 | 1.23 | 1.32 | 0.98 | 0.91 |
| Debt / assets | 0.55 | 0.50 | 0.50 | 0.53 | 0.51 | 0.51 | 0.54 | 0.67 | 0.55 | 0.46 |
| Net debt / EBITDA | 9.00 | 9.85 | 9.71 | 12.13 | 2.84 | 97.71 | 18.48 | 32.00 | 12.56 | 9.18 |
| Current ratio | 0.53 | 2.67 | 2.18 | 1.61 | 4.84 | 3.33 | 1.55 | 0.48 | 0.40 | 1.08 |
| Quick ratio | 0.53 | 2.67 | 2.18 | 0.52 | −0.07 | 3.33 | 2.51 | 0.48 | 45.76 | 1.08 |
| Interest coverage | 1.9 | 1.3 | 1.3 | 2.0 | 5.6 | 0.2 | 1.2 | 1.0 | 3.4 | 4.2 |
| Working capital | −$40.0M | $58.6M | $55.4M | $17.9M | $90.3M | $53.9M | $21.0M | −$23.5M | −$27.2M | $1.9M |
| Invested capital | $2.65B | $1.84B | $1.83B | $1.98B | $1.97B | $1.83B | $2.10B | $2.38B | $2.20B | $1.42B |
| Tangible asset value | $1.17B | $905.2M | $912.8M | $917.4M | $948.8M | $901.4M | $956.5M | $1.06B | $1.13B | $764.1M |
| Net current asset value | −$1.58B | −$927.1M | −$927.4M | −$1.08B | −$968.8M | −$944.2M | −$1.17B | −$1.00B | −$876.0M | −$700.5M |
| Graham number | $19.64 | $23.84 | $24.45 | $23.13 | $31.08 | $6.60 | $19.09 | $15.47 | $27.57 | $31.84 |
| Graham net-net per share | −$22.59 | −$16.78 | −$16.74 | −$18.67 | −$16.57 | −$16.86 | −$19.87 | −$14.69 | −$35.40 | −$19.43 |
| Capital allocation | ||||||||||
| Dividends paid | $104.0M | $96.0M | $93.0M | $86.8M | $83.7M | $96.6M | $107.1M | $93.3M | $76.0M | $61.2M |
| Share buybacks (net) | $13.9M | $0 | $4.0M | $28.5M | $28.4M | $27.3M | $64.7M | $4.9M | $0 | $0 |
| Dividend payout ratio | 148.7% | 107.9% | 100.8% | 101.4% | 52.2% | — | 174.6% | 238.5% | 90.3% | 87.7% |
| Dividends + buybacks / free cash flow | — | 92.1% | 42.1% | 794.4% | 148.6% | 40.6% | — | 340.9% | — | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | — | — |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.2% | 4.5% | 3.7% | 5.2% | 4.0% | 34.8% | 7.7% | 7.2% | 5.1% | 5.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 76.1 | 101.4 | 64.4 | 60.9 | 48.0 | 495.4 | 113.9 | 84.1 | 72.0 | 64.1 |
| Days of inventory on hand | — | — | — | 612.4 | 444.6 | -141.3 | -61.2 | -9,921.6 | -15,301.7 | 0.0 |
| Days payables outstanding | 331.2 | 175.9 | 153.7 | 219.9 | 179.7 | 235.0 | 137.6 | 435.3 | 513.2 | 493.1 |
| Cash conversion cycle (days) | -255.1 | -74.5 | -89.3 | 453.3 | 312.9 | 119.1 | -84.9 | -10,272.8 | -15,742.9 | -429.0 |
| Receivables turnover | 4.79 | 3.60 | 5.67 | 6.00 | 7.61 | 0.74 | 3.21 | 4.34 | 5.07 | 5.69 |
| Payables turnover | 1.10 | 2.07 | 2.37 | 1.66 | 2.03 | 1.55 | 2.65 | 0.84 | 0.71 | 0.74 |
| Inventory turnover | — | — | — | 0.60 | 0.82 | — | — | — | — | — |
| Asset turnover | 0.08 | 0.09 | 0.09 | 0.07 | 0.09 | 0.01 | 0.03 | 0.04 | 0.06 | 0.07 |
| Average receivables | $41.3M | $46.6M | $30.5M | $23.1M | $22.3M | $23.2M | $21.9M | $19.7M | $21.8M | $15.4M |
| Average payables | $52.2M | $33.0M | $30.2M | $26.5M | $23.3M | $30.8M | $41.7M | $45.1M | $34.5M | $22.2M |
| Average inventory | — | — | — | $73.8M | $57.7M | −$18.5M | −$18.5M | −$1.03B | −$1.03B | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from CGBD's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CGBD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Carlyle Secured Lending traded at 12.3 times earnings, against a 10-year median of 12.3. Based on the latest twelve months, the trailing P/E is 20.8 and the forward P/E is 7.9. Carlyle Secured Lending earned a return on equity of 6.8% and a return on invested capital of 7.4% in fiscal 2025. It ended the year with $1.5 billion of debt and $45.0 million in cash and short-term investments, net debt of $1.5 billion. It returned $117.9 million to shareholders: $104.0 million in dividends and $13.9 million in share buybacks. The share count rose 100.7% from 34.4M to 69.0M over 9 years.
See the CGBD income statement, the CGBD chart for price history, or the CGBD stock overview for the latest quote and news.
CGBD key metrics FAQ
What is Carlyle Secured Lending's P/E ratio?
Carlyle Secured Lending's trailing P/E ratio is 20.8 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 7.9. At the end of fiscal 2025 it was 12.3, compared with a 10-year median of 12.3.
What is Carlyle Secured Lending's EV/EBITDA?
Carlyle Secured Lending's enterprise value was 14.2 times EBITDA at the end of fiscal 2025 (enterprise value $2.3 billion, EBITDA $165.3 million); the current EV/EBITDA is 22.6.
What is Carlyle Secured Lending's return on equity?
Carlyle Secured Lending's return on equity (ROE) was 6.8% in fiscal 2025: net income of $70.0 million on average shareholders' equity of $1.0 billion.
What is Carlyle Secured Lending's ROIC?
Carlyle Secured Lending's return on invested capital was 7.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Carlyle Secured Lending have?
Carlyle Secured Lending had total debt of $1.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.31 and $1.5 billion of net debt (9.00 times EBITDA).
What is Carlyle Secured Lending's dividend yield?
Carlyle Secured Lending's forward dividend yield is 13.47%. Carlyle Secured Lending paid $104.0 million in dividends in fiscal 2025 ($1.51 per share), a payout ratio of 148.7%.
Does Carlyle Secured Lending buy back its shares?
Yes. Carlyle Secured Lending spent $13.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +22.3% over the year, to 69.0M..
What is Carlyle Secured Lending's free cash flow yield?
Carlyle Secured Lending generated -$204.6 million of free cash flow in fiscal 2025, a free cash flow yield of −23.7% on its market value at year-end ($862.3 million).
What is Carlyle Secured Lending's current ratio?
Carlyle Secured Lending's current ratio was 0.53 at the end of fiscal 2025: current assets were 0.53 times current liabilities.