BLK
BlackRock, Inc.
BLK has the edge over CGBD overall, supported by stronger valuation and stronger fundamentals.
CGBD
Carlyle Secured Lending, Inc.
CGBD has slightly lower modeled downside risk, despite its lower overall score.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
CGBD Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
CGBD's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like CGBD.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK has the edge over CGBD in the historical PE scenario, which offers more potential upside but is not a forecast.
CGBD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.5x | $2.84 | -75% |
| Forward | 7.6x | $11.18 | — |
| Fair | 10x | $5.27 | -53% |
| Expensive | 12x | $6.15 | -45% |
| Current | 22x | $11.18 | — |
Historical ranges are pointers, not guarantees.
CGBD's PE is in its expensive range at 22x. On analysts' estimates for next year's earnings, today's price would be 7.6x, in its cheap range.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
CGBD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect CGBD's profitability to improve, with its earnings and revenue holding steady.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK has the edge over CGBD on earnings, with more consistent year-over-year improvement.
CGBD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.47 | +183% |
| Q3 2026 | $0.52 | -55% |
| Q2 2026 | $0.50 | -58% |
| Q1 2026 | $0.70 | -47% |
| Q4 2025 | $1.01 | -36% |
| Q3 2025 | $1.16 | -33% |
| Q2 2025 | $1.18 | -38% |
| Q1 2025 | $1.31 | -21% |
| Q4 2024 | $1.58 | -3.7% |
CGBD's earnings per share have fallen from their peak: $0.52 over the past year, against $2.78 in late 2021.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the stronger quarterly revenue trend. Revenue is up 19% for BLK versus down 70% for CGBD.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
CGBD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $15.8M | -70% |
| Q1 2022 | $40.4M | -10% |
| Q4 2021 | $43.7M | -9.4% |
| Q3 2021 | $57.5M | +32% |
| Q2 2021 | $52.5M | -23% |
| Q4 2020 | $48.2M | +15% |
CGBD's revenue has slid since its 2020 peak: $16M last quarter, down 70% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 31% | -51 points |
| Q1 2022 | 77% | -3.2 points |
| Q4 2021 | 79% | -0.6 points |
| Q3 2021 | 83% | +5.2 points |
| Q2 2021 | 82% | -0.8 points |
| Q1 2021 | 80% | N/A |
| Q4 2020 | 79% | +15 points |
| Q3 2020 | 78% | N/A |
CGBD's operating margin was 31% last quarter, down 51 points from the same quarter a year ago, near the bottom of its range since 2019.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK has the edge over CGBD on cash flow, with more consistent year-over-year improvement.
CGBD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $36.2M | +7.1% |
| Q2 2026 | $73.6M | +$304.5M |
| Q1 2026 | $212.4M | +46% |
| Q4 2025 | -$153.3M | -$42.1M |
| Q3 2025 | $33.8M | -46% |
| Q2 2025 | -$230.9M | -423% |
| Q1 2025 | $145.8M | +80% |
| Q4 2024 | -$111.1M | -299% |
CGBD's free cash flow was $169M over the past year, against −$162M the year before. Free cash flow isn't a meaningful measure for financial services companies like CGBD.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has 165M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
CGBD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -727K shares |
| 1 year | -5.6% | -4.1M shares |
| 3 years | +23% | +12.8M shares |
| 5 years | +16% | +9.6M shares |
| Available history | +17% | +10M shares |
CGBD has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6.1M |
| Q2 2026 | $12.5M |
| Q1 2026 | $18.5M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
CGBD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 8.9x | High |
| Q1 2022 | 6.0x | High |
| Q4 2021 | 6.3x | High |
| Q3 2021 | 6.1x | High |
| Q2 2021 | 6.1x | High |
| Q1 2021 | 5.5x | High |
| Q4 2020 | 97.7x | High |
| Q4 2019 | 17.9x | High |
CGBD's net debt is about 8.9 years of its operating earnings (EBITDA), up from 6.1 years a year ago. Net leverage isn't a meaningful measure for financial services companies like CGBD.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
CGBD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.9 | Neutral |
| Stochastic | 50.2 | Neutral |
CGBD's weekly RSI is 52 (neutral) and its Stochastic is 50 (neutral).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
CGBD PE vs Financial Services Sector
| Metric | CGBD | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 13x | 65% above |
| PE % | 90 | 63 | 27 pts above |
CGBD has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over CGBD on trend strength, trading above more of its moving averages.
CGBD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.8 | 3.9% above |
| 20 week MA | $10.9 | 2.6% above |
| 50 week MA | $11.4 | 1.5% below |
| 100 week MA | $13.1 | 15% below |
| 200 week MA | $14.4 | 22% below |
CGBD has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 22% below its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over CGBD on returns for 2026, with the stronger performance.
CGBD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.2 | $11.1 | -22% |
| 2021 | $11.1 | $14.0 | +27% |
| 2022 | $14.0 | $14.8 | +5.2% |
| 2023 | $14.8 | $15.0 | +1.4% |
| 2024 | $15.0 | $18.3 | +22% |
| 2025 | $18.3 | $12.6 | -31% |
| 2026 YTD | $12.6 | $11.2 | -11% |
CGBD has finished higher in four of the last six years. It's down 11% so far in 2026.