Carlyle Secured Lending (CGBD) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Carlyle Secured Lending

NasdaqGS•Financial Services•Asset Management

$11.37-0.01(<0.01%)Market closed

Market Cap

$793.48M

P/E

21.4x

P/S

3.1x

P/B

0.7x

Carlyle Secured Lending, Inc. is business development company specializing in first lien debt, senior secured loans, second lien senior secured loan unsecured debt, mezzanine debt and investments in equities. It specializes in directly investing. It specializes in middle market. It targets healthcare and pharmaceutical, aerospace and defense, high tech industries, business services, software, beverage food and tobacco, hotel gamming and leisure, banking finance insurance and in real estate sector. The fund seeks to invest across United States of America, Luxembourg, Cayman Islands, Cyprus, and United Kingdom. It invests in companies with EBITDA between $25 million and $100 million.

How this company scores

AverageMetricSide Score: 41/100

Strongest: Growth (12/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability10/25

Growth12/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality12/25

Strengths

Strong marginsConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 21.4x5y range 6.3x – 21.4x

Currently above its 13-quarter median.

P/S · 3.1x5y range 2.3x – 4.3x

Currently near its 13-quarter median.

P/B · 0.7x5y range 0.6x – 1.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 9.5% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -161.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $793.48M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $259.59M
Q. Revenue: $62.09M
TTM EBITDA: $102.04M
TTM Op. Income: $102.04M
Q. Op. Income: $24.68M
TTM Net Income: $37.01M
Q. Net Income: $-60,000
EPS: $0
Shares Out.: $69.54M

$259.59M in TTM revenue grew 10.7% YoY, reaching $62.09M last quarter. TTM EBITDA of $102.04M and TTM operating income of $102.04M show growth is flowing through to the bottom line. TTM net income of $37.01M means revenue is converting into profit. Over the past year, TTM revenue is up 11% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 39.7%
Op. Margin: 39.7%
Net Margin: -0.1%

Op. margin of 39.7% is down 2.8% YoY — costs are rising relative to revenue. Net margin at -0.1% Over the past year, operating margin is down 7% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 21.4x
P/S Ratio: 3.1x
P/B Ratio: 0.7x

At 21.4x P/E, the stock trades within typical market levels. P/S of 3.1x and P/B of 0.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.44B
Cash: $48.86M
Long-Term Debt: $1.29B
Book Value: $1.08B
D/E Ratio: 1.2
Debt/EBITDA: 52.3

With $2.44B in assets and $1.29B in long-term debt, D/E is 1.2and book value is $1.08B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $73.62M
TTM Free Cash Flow: $166.57M
FCF Margin: 64.2%
FCF / Net Income: 4.5

TTM FCF of $166.57M on $73.62M in operating cash flow. The FCF / Net Income ratio of 4.5x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.