CG
The Carlyle Group Inc.
CG's fundamentals are weak and it looks expensive: trading at 42x earnings, about three times its usual 15x. Analysts expect earnings growth, though they disagree widely on how much.
CG Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| N/A | |
| N/A |
CG's profitability is currently stable, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like CG.
CG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.4x | $5.99 | -85% |
| Forward | 9.5x | $39.36 | — |
| Fair | 14x | $13.43 | -66% |
| Expensive | 36x | $33.42 | -15% |
| Current | 42x | $39.36 | — |
Historical ranges are pointers, not guarantees.
CG's PE is in its expensive range at 42x. If earnings grow as analysts expect, today's price would be 9.5x next year's earnings, in its fair range.
CG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CG, with profitability holding steady. However, they disagree widely on these estimates.
CG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.16 | +343% |
| Q3 2026 | $0.94 | -47% |
| Q2 2026 | $0.96 | -72% |
| Q1 2026 | $1.46 | -50% |
| Q4 2025 | $2.18 | -21% |
| Q3 2025 | $1.78 | +493% |
| Q2 2025 | $3.41 | +$4.52 |
| Q1 2025 | $2.94 | +$4.72 |
| Q4 2024 | $2.77 | +$4.45 |
CG's earnings per share have fallen from their peak: $0.94 over the past year, against $8.20 in late 2021.
CG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $334.1M | +0.4% |
| Q2 2026 | $1.1B | -29% |
| Q1 2026 | $254M | -74% |
| Q4 2025 | $1.9B | +84% |
| Q3 2025 | $332.7M | -87% |
| Q2 2025 | $1.6B | +47% |
| Q1 2025 | $973.1M | +41% |
| Q4 2024 | $1B | +11% |
CG's revenue has slid since its 2021 peak: $334M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -16% | -5 points |
| Q2 2026 | 22% | -3 points |
| Q1 2026 | -45% | -62 points |
| Q4 2025 | 27% | +4.9 points |
| Q3 2025 | -11% | -41 points |
| Q2 2025 | 25% | +4.1 points |
| Q1 2025 | 17% | -1.6 points |
| Q4 2024 | 22% | +113 points |
CG's operating margin was −16% last quarter, down 5 points from the same quarter a year ago.
CG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $333.7M | +$1.9B |
| Q2 2026 | -$32.5M | +$153.8M |
| Q1 2026 | -$1.3B | -$901.7M |
| Q4 2025 | -$1.2B | -$857.6M |
| Q3 2025 | -$1.6B | -305% |
| Q2 2025 | -$186.3M | +$1.1B |
| Q1 2025 | -$368.8M | -748% |
| Q4 2024 | -$379.5M | -260% |
CG's free cash flow was −$2.2B over the past year, against −$2.5B the year before. Free cash flow isn't a meaningful measure for financial services companies like CG.
CG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.5% | -13M shares |
| 1 year | -5.9% | -22.2M shares |
| 3 years | -2.6% | -9.4M shares |
| 5 years | -2.9% | -10.4M shares |
| Available history | -0.8% | -3M shares |
CG has 354M diluted shares, down 5.9% from a year ago, with $923M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $210.4M |
| Q2 2026 | $304.1M |
| Q1 2026 | $204.8M |
| Q4 2025 | $203.7M |
| Q3 2025 | $202.7M |
| Q2 2025 | $103.6M |
| Q1 2025 | $176.5M |
| Q4 2024 | $75.8M |
CG spent $923M buying back its own shares over the past year, up 65% from the year before.
CG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.0x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | -1.8x | Net Cash |
| Q4 2025 | -1.6x | Net Cash |
| Q3 2025 | -2.4x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
CG has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like CG.
CG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.1 | Neutral |
| Stochastic | 26.1 | Neutral |
CG's weekly RSI is 39 (neutral) and its Stochastic is 26 (neutral).
CG PE vs Financial Services Sector
| Metric | CG | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 222% above |
| PE % | 87 | 63 | 24 pts above |
CG is trading at 42x earnings, a 222% premium to the Financial Services sector's median of 13x.
CG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.1 | 0.8% above |
| 20 week MA | $43.1 | 8.7% below |
| 50 week MA | $48.5 | 19% below |
| 100 week MA | $50.5 | 22% below |
| 200 week MA | $44.4 | 11% below |
CG has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 11% below its 200-week average.
CG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.2 | $31.4 | +0.4% |
| 2021 | $31.4 | $55.5 | +77% |
| 2022 | $55.5 | $29.9 | -46% |
| 2023 | $29.9 | $40.7 | +36% |
| 2024 | $40.7 | $50.9 | +25% |
| 2025 | $50.9 | $61.1 | +20% |
| 2026 YTD | $61.1 | $39.4 | -36% |
CG is down 36% so far in 2026, after finishing higher in five of the previous six years.