(CGBD) Carlyle Secured Lending - Overview
Stock: First Lien, Senior Secured, Mezzanine Debt, Middle Market
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 12.04% |
| Yield on Cost 5y | 20.89% |
| Yield CAGR 5y | 13.06% |
| Payout Consistency | 92.0% |
| Payout Ratio | 141.0% |
| Risk 5d forecast | |
|---|---|
| Volatility | 22.2% |
| Relative Tail Risk | 2.98% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -1.29 |
| Alpha | -38.86 |
| Character TTM | |
|---|---|
| Beta | 0.689 |
| Beta Downside | 0.747 |
| Drawdowns 3y | |
|---|---|
| Max DD | 31.58% |
| CAGR/Max DD | 0.02 |
Description: CGBD Carlyle Secured Lending January 20, 2026
Carlyle Secured Lending, Inc. (NASDAQ:CGBD) is a Business Development Company that focuses on first-lien, senior secured, and second-lien debt, as well as mezzanine financing and equity investments in middle-market companies. Its target universe consists of U.S. and select European issuers with EBITDA ranging from $25 million to $100 million, spanning sectors such as healthcare, aerospace & defense, high-tech software, consumer products, hospitality, and real-estate finance.
As of the most recent quarterly filing (Q4 2025), CGBD reported a net asset value (NAV) of approximately $11.2 billion, translating to a NAV per share of $21.30 and a dividend yield near 8.2%, which is typical for BDCs that distribute the majority of earnings. The portfolio’s weighted-average credit rating sits at B-, with an average loan maturity of 4.2 years, reflecting a balance between yield generation and liquidity.
Key macro drivers for CGBD’s performance include the prevailing interest-rate environment-higher rates tend to expand BDC net interest margins but also increase borrowing costs for portfolio companies-and sector-specific trends such as sustained growth in U.S. healthcare spending (projected 4.5% CAGR through 2028) and elevated defense budgets driven by geopolitical tensions, both of which bolster credit quality in the company’s core industries.
For a deeper quantitative view of CGBD’s valuation and risk metrics, consider reviewing its profile on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 2.5
| Net Income: 73.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA -11.07 > 1.0 |
| NWC/Revenue: 47.11% < 20% (prev 11.73%; Δ 35.38% < -1%) |
| CFO/TA -0.02 > 3% & CFO -53.0m > Net Income 73.9m |
| Net Debt (1.25b) to EBITDA (75.7m): 16.58 < 3 |
| Current Ratio: 2.33 > 1.5 & < 3 |
| Outstanding Shares: last quarter (72.9m) vs 12m ago 29.15% < -2% |
| Gross Margin: 51.34% > 18% (prev 0.60%; Δ 5075 % > 0.5%) |
| Asset Turnover: 7.49% > 50% (prev 9.75%; Δ -2.25% > 0%) |
| Interest Coverage Ratio: 1.01 > 6 (EBITDA TTM 75.7m / Interest Expense TTM 79.8m) |
Altman Z'' 0.06
| A: 0.03 (Total Current Assets 135.3m - Total Current Liabilities 58.1m) / Total Assets 2.56b |
| B: -0.07 (Retained Earnings -187.5m / Total Assets 2.56b) |
| C: 0.04 (EBIT TTM 80.7m / Avg Total Assets 2.19b) |
| D: -0.14 (Book Value of Equity -188.4m / Total Liabilities 1.37b) |
| Altman-Z'' Score: 0.06 = B |
What is the price of CGBD shares?
Over the past week, the price has changed by -2.20%, over one month by -5.37%, over three months by +3.68% and over the past year by -26.54%.
Is CGBD a buy, sell or hold?
- StrongBuy: 0
- Buy: 0
- Hold: 2
- Sell: 2
- StrongSell: 0
What are the forecasts/targets for the CGBD price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 13.4 | 11.5% |
| Analysts Target Price | 13.4 | 11.5% |
| ValueRay Target Price | 13.4 | 12% |
CGBD Fundamental Data Overview February 04, 2026
P/E Forward = 8.5616
P/S = 3.5944
P/B = 0.7537
P/EG = 3.54
Revenue TTM = 163.9m USD
EBIT TTM = 80.7m USD
EBITDA TTM = 75.7m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 1.31b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.25b USD (from netDebt column, last quarter)
Enterprise Value = 2.14b USD (880.7m + Debt 1.31b - CCE 52.3m)
Interest Coverage Ratio = 1.01 (Ebit TTM 80.7m / Interest Expense TTM 79.8m)
EV/FCF = -40.28x (Enterprise Value 2.14b / FCF TTM -53.0m)
FCF Yield = -2.48% (FCF TTM -53.0m / Enterprise Value 2.14b)
FCF Margin = -32.35% (FCF TTM -53.0m / Revenue TTM 163.9m)
Net Margin = 45.11% (Net Income TTM 73.9m / Revenue TTM 163.9m)
Gross Margin = 51.34% ((Revenue TTM 163.9m - Cost of Revenue TTM 79.8m) / Revenue TTM)
Gross Margin QoQ = 54.31% (prev 44.38%)
Tobins Q-Ratio = 0.83 (Enterprise Value 2.14b / Total Assets 2.56b)
Interest Expense / Debt = 1.71% (Interest Expense 22.3m / Debt 1.31b)
Taxrate = 2.05% (500.0k / 24.4m)
NOPAT = 79.0m (EBIT 80.7m * (1 - 2.05%))
Current Ratio = 2.33 (Total Current Assets 135.3m / Total Current Liabilities 58.1m)
Debt / Equity = 1.10 (Debt 1.31b / totalStockholderEquity, last quarter 1.19b)
Debt / EBITDA = 16.58 (Net Debt 1.25b / EBITDA 75.7m)
Debt / FCF = -23.67 (negative FCF - burning cash) (Net Debt 1.25b / FCF TTM -53.0m)
Total Stockholder Equity = 1.13b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.38% (Net Income 73.9m / Total Assets 2.56b)
RoE = 6.56% (Net Income TTM 73.9m / Total Stockholder Equity 1.13b)
RoCE = 3.23% (EBIT 80.7m / Capital Employed (Total Assets 2.56b - Current Liab 58.1m))
RoIC = 3.40% (NOPAT 79.0m / Invested Capital 2.32b)
WACC = 4.40% (E(880.7m)/V(2.19b) * Re(8.45%) + D(1.31b)/V(2.19b) * Rd(1.71%) * (1-Tc(0.02)))
Discount Rate = 8.45% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 13.73%
Fair Price DCF = unknown (Cash Flow -53.0m)
EPS Correlation: -48.05 | EPS CAGR: -46.97% | SUE: -4.0 | # QB: 0
Revenue Correlation: 25.23 | Revenue CAGR: 3.01% | SUE: -0.61 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.37 | Chg30d=-0.004 | Revisions Net=-3 | Analysts=7
EPS next Year (2026-12-31): EPS=1.48 | Chg30d=-0.010 | Revisions Net=-3 | Growth EPS=-3.0% | Growth Revenue=+2.3%