Carlyle Secured Lending, Inc. (CGBD) stock analysis

CGBDNasdaqFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 9/3014% above fair value

$11.18−0.22 (-1.93%)

Close on Nov 12, 2026Market cap $769.24MP/E 21.1Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Mixed9 of 30 checks passed

Carlyle Secured Lending passes 9 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 1/6
Growth: 0/6
Past performance: 1/6
Financial health: 4/6
Dividend: 3/6

What stands out

No debt
Carlyle Secured Lending has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 59.3% a year on average over the last five fiscal years.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.

What to watch

Margin of safety under 20%
The price is 13.5% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $11.40 is above our fair value estimate of $10.04.
Return on equity under 15%
Return on equity was 3.3% over the last twelve months and averaged 10.6% over five years; we look for 15% on both.
EPS growing under 10% a year
Diluted EPS grew -12.2% a year over the last three fiscal years.

Valuation1/6

P/E above its 5-year median
Carlyle Secured Lending's P/E of 21.5 is above its own 5-year median of 10.4.
P/E above the industry
Carlyle Secured Lending's P/E of 21.5 is above the US market median of 19.5.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Carlyle Secured Lending's price-to-book of 0.73 is below the US market median of 1.92.
Trading above fair value
The share price of $11.40 is above our fair value estimate of $10.04.
Margin of safety under 20%
The price is 13.5% above fair value, so there is no margin of safety.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing under 10% a year
Diluted EPS grew -12.2% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -50.1% over the last twelve months, against a 5-year average of 59.3% a year.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance1/6

Return on equity under 15%
Return on equity was 3.3% over the last twelve months and averaged 10.6% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
Carlyle Secured Lending's return on equity of 3.3% is below the US market median of 3.5%.
Earnings grew over 5 years
Net income grew 59.3% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health4/6

No debt
Carlyle Secured Lending has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.19; above 3 is the safe zone and below 1.8 the distress zone.

Dividend3/6

Pays a dividend
Carlyle Secured Lending paid dividends worth 13.2% of the share price over the last twelve months.
Yield above Treasuries
The 13.2% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; Carlyle Secured Lending yields 13.2%.
Dividend stability
Fewer than five years of dividend history.
Not covered by earnings
Dividends take 299% of net income, leaving little room.
Cash-flow cover
Needs dividends paid and free cash flow.

Fair value

How we estimate it

Our estimate per share

$10.04

The share price is 14% above this estimate.

20%+ below

Near fair value

20%+ above

$11.40Price$10.04Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	15.2×	10.4×	19.5×	$8.05	62%
P/B	1.4×	0.8×	1.9×	$21.65	15%
Earnings power	8.3% cost of equity	–	–	$7.62	23%
Fair value				$10.04	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 10.4
US market median 19.5

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $4.86M
Value traded per 1% price move: $4.13M

Downside

Low risk

Typical loss in a bad month: 11.0%
Volatility (annualized): 25%
Sharpe ratio, 1 year: -0.34
Beta to the S&P 500 (5Y): 0.68

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years	Five-year pace
Net income	-21.4%	-6.5%	+59.3%	–
EPS, diluted	-36.1%	-12.2%	+66.1%	–

Measure	FY2016	FY2020	FY2025
Return on equity	–	0.7%	6.8%
Return on assets	–	–	3.0%
Diluted shares	36M	56M	69M

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