Shareholders being diluted. Shares outstanding up 35% from December 2022 to August 2026.
Carlyle Secured Lending had 35% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Carlyle Secured Lending had 35% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Cash flow well above reported profit. Free cash flow is 4.5× reported profit.
Free cash flow is 4.5× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Revenue is falling. Revenue fell 18% in the 12 months to June 2026 vs the 12 months before.
Carlyle Secured Lending's revenue fell 18% in the 12 months to June 2026 vs the 12 months before.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 69 → 68
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Revenue and earnings-per-share growth over one year, and revenue growth over three years.
Earnings per share growth-43.7%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.94Sector median: 0.0999 · MAD: 0.2773
3-year revenue growth-5.1%
Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score -1.75Sector median: 0.0999 · MAD: 0.0858
Revenue growth-18.4%
Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Reported value33% base weight · Z-score -1.75Sector median: 0.0742 · MAD: 0.1477
Why it changed since the Oct 27, 2026 close: Score 41 → 42
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Why it changed since the Oct 27, 2026 close: Safety percentile 34 → 33
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Carlyle Secured Lending
Is Carlyle Secured Lending getting weaker?
Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Carlyle Secured Lending valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 68/100 against 432 financial services peers.Free cash flow yield 22.5% vs a peer median of 6.1% (stronger than 80% of peers).Free cash flow yield 22.5% vs peers 6.1% (stronger than 80% of peers).
Is Carlyle Secured Lending growing?
More slowly than most of its peers. Growth scores 11/100 against 432 financial services peers.Earnings per share growth -43.7% vs a peer median of 10.0% (weaker than 86% of peers).Earnings per share growth -43.7% vs peers 10.0% (weaker than 86% of peers).
How profitable is Carlyle Secured Lending?
About as profitable as its peers. Profitability scores 42/100 against 432 financial services peers.Return on assets 1.5% vs a peer median of 2.6% (weaker than 66% of peers).Return on assets 1.5% vs peers 2.6% (weaker than 66% of peers).
How risky is Carlyle Secured Lending?
Moderate risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings.Current ratio 1.36× vs a peer median of 2.02× (weaker than 64% of peers).Current ratio 1.36× vs peers 2.02× (weaker than 64% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Net income (12 months)
51.7M USD
37.0M USD
−28.4%
Debt
1.4B USD
1.3B USD
−6.5%
Cash
97.2M USD
48.9M USD
−49.8%
Shares outstanding
69.5M
68.8M
−1.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Asset Management · 43 companies
Valuations in Asset Management are near the top of their range since 2016.
95% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +10% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is +31% vs the whole market, against a usual +6%.
2016Shaded: most expensive fifth of its range2026
Carlyle Secured Lending looks cheaper than most of its peers on our valuation measures, while the Asset Management industry as a whole is valued high by its own standards since 2016. Both can be true at once.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Return on assets (ROA)
7.9%
4.2%
4.8%
4.6%
2.5%
▼ 2.1 pts
Return on equity (ROE)
16.9%
9.3%
10.1%
9.8%
6.0%
▼ 3.8 pts
Debt to equity
1.10×
1.17×
1.07×
1.06×
1.31×
▲ 24%
CGBD price history
Price history is added with the daily price update and will appear after the next one.