What is Carlyle Secured's earnings per share (EPS)?

Carlyle Secured (CGBD) reported diluted earnings per share of $1.01 for fiscal year 2025. This represents a -36.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Carlyle Secured Financials

CGBD

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Carlyle Secured (CGBD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CGBD FY2025 2026-05-11

FY2025 balance-sheet expansion increased assets and borrowing, but operating cash turned sharply negative while accounting profit stayed positive.

Between FY2024 and FY2025, total assets jumped from $1.93B to $2.79B and debt-to-equity rose from 1.1x to 1.3x, yet operating cash flow swung from $104M to -$205M while net income remained positive at $70M. That combination means the year’s expansion was funded through the balance sheet, not through cash generated inside the period.

The business is earning less on each dollar of capital even before considering the bigger balance sheet: ROE fell from 16.9% in FY2021 to 6.0% in FY2025, and ROA dropped from 7.9% to 2.5%. More leverage is therefore supporting a weaker return profile rather than amplifying a stable one.

Cash on hand was only $76M against $1.62B of total liabilities in FY2025, and dividends paid of $104M exceeded net income of $70M. That is a thin cash buffer for a leveraged balance sheet, so day-to-day flexibility depends more on access to funding than on cash sitting idle.

Financial Health Signals

Financial health score pending refresh

We are recalculating Carlyle Secured's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

Carlyle Secured passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

-2.92x

For every $1 of reported earnings, Carlyle Secured generates $-2.92 in operating cash flow (-$204.6M OCF vs $70.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$70.0M

YoY-21.4%

5Y CAGR+59.3%

Carlyle Secured reported $70.0M in net income in fiscal year 2025. This represents a decrease of 21.4% from the prior year.

EPS (Diluted)

$1.01

YoY-36.1%

5Y CAGR+66.1%

Carlyle Secured earned $1.01 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 36.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$76.5M

YoY+35.2%

5Y CAGR+2.3%

Carlyle Secured held $76.5M in cash against $1.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

72M

YoY+41.1%

5Y CAGR+5.4%

Carlyle Secured had 72M shares outstanding in fiscal year 2025. This represents an increase of 41.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

6.0%

YoY-3.8pp

5Y CAGR+5.2pp

Carlyle Secured's ROE was 6.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$13.9M

5Y CAGR-12.6%

Carlyle Secured spent $13.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

CGBD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	$44.0M+42.9%	$30.8M-22.3%	$39.6M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$70.0M-21.4%	$89.0M-3.6%	$92.3M+7.8%	$85.6M-46.6%	$160.4M+2248.1%	$6.8M
EPS (Diluted)	$1.01-36.1%	$1.58-3.7%	$1.64+10.1%	$1.49-44.6%	$2.69+3262.5%	$0.08

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$10.2M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$4.2M	N/A	$23.9M+63.4%	$14.6M+4.1%	$14.1M	N/A	$19.6M+4.6%	$18.7M
EPS (Diluted)	$-0.06	N/A	$0.33+65.0%	$0.20-20.0%	$0.25	N/A	$0.35+6.1%	$0.33

CGBD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.8B+44.9%	$1.9B-0.9%	$1.9B-4.9%	$2.0B+0.5%	$2.0B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$76.5M+35.2%	$56.6M-6.4%	$60.4M+98.1%	$30.5M-67.2%	$93.1M+36.0%	$68.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.6B+59.0%	$1.0B-0.9%	$1.0B-8.4%	$1.1B+3.9%	$1.1B	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.5B+59.3%	$960.9M-2.0%	$980.2M-9.0%	$1.1B+3.2%	$1.0B	N/A
Total Equity	$1.2B+29.0%	$905.2M-0.8%	$912.8M-0.5%	$917.4M-3.3%	$948.8M+5.3%	$901.4M
Retained Earnings	-$195.7M-23.9%	-$158.0M-4.1%	-$151.7M+1.3%	-$153.7M-0.8%	-$152.5M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.6B-8.3%	$2.8B+9.1%	$2.6B-0.7%	$2.6B+1.6%	$2.5B+31.6%	$1.9B+6.0%	$1.8B-2.7%	$1.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$97.2M+27.1%	$76.5M+46.3%	$52.3M+6.2%	$49.2M-80.4%	$250.9M+343.5%	$56.6M-17.6%	$68.7M-25.5%	$92.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.4B-11.2%	$1.6B+18.9%	$1.4B-0.8%	$1.4B+4.2%	$1.3B+29.5%	$1.0B+12.1%	$910.3M-4.8%	$955.8M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.4B-9.9%	$1.5B+17.2%	$1.3B-0.2%	$1.3B+5.0%	$1.2B+29.8%	$960.9M+13.3%	$848.5M-6.4%	$906.1M
Total Equity	$1.1B-4.4%	$1.2B-2.1%	$1.2B-0.4%	$1.2B-1.2%	$1.2B+33.9%	$905.2M-0.2%	$906.6M-0.5%	$910.8M
Retained Earnings	-$228.0M-16.5%	-$195.7M-4.4%	-$187.5M-2.9%	-$182.2M-8.7%	-$167.7M-6.1%	-$158.0M+0.6%	-$158.9M-3.4%	-$153.7M

CGBD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$204.6M-296.2%	$104.3M-54.8%	$230.6M+1489.1%	$14.5M-80.8%	$75.4M-75.3%	$305.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$224.5M+307.6%	-$108.1M+46.1%	-$200.7M-160.3%	-$77.1M-51.8%	-$50.8M+81.4%	-$273.5M
Dividends Paid	$104.0M+8.4%	$96.0M+3.2%	$93.0M+7.1%	$86.8M+3.8%	$83.7M-13.4%	$96.6M
Share Buybacks	$13.9M	$0-100.0%	$4.0M-86.0%	$28.5M+0.1%	$28.4M+4.3%	$27.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$212.4M+238.6%	-$153.3M-553.2%	$33.8M+114.6%	-$230.9M-258.4%	$145.8M+231.2%	-$111.1M-276.7%	$62.9M-12.0%	$71.5M
Capital Expenditures	$4K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$212.4M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$191.6M-208.0%	$177.5M+676.9%	-$30.8M-205.1%	$29.3M-39.7%	$48.5M-51.0%	$99.0M+214.6%	-$86.4M-75.7%	-$49.2M
Dividends Paid	$28.7M-1.5%	$29.2M0.0%	$29.2M0.0%	$29.2M+28.0%	$22.8M-4.1%	$23.7M-4.2%	$24.8M+0.2%	$24.7M
Share Buybacks	$18.5M	N/A	N/A	N/A	$0	$0	$0	$0

CGBD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	6.0%-3.8pp	9.8%-0.3pp	10.1%+0.8pp	9.3%-7.6pp	16.9%+16.1pp	0.8%
Return on Assets	2.5%-2.1pp	4.6%-0.1pp	4.8%+0.6pp	4.2%-3.7pp	7.9%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.31+0.3	1.06-0.0	1.07-0.1	1.17+0.1	1.10	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-0.4%	N/A	2.0%+0.8pp	1.2%+0.1pp	1.2%	N/A	2.2%+0.1pp	2.1%
Return on Assets	-0.2%	N/A	0.9%+0.4pp	0.6%+0.0pp	0.5%	N/A	1.1%+0.1pp	1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.24-0.1	1.31+0.2	1.100.0	1.09+0.1	1.03-0.0	1.06+0.1	0.94-0.1	0.99
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Carlyle Secured profitable?

Yes, Carlyle Secured (CGBD) reported a net income of $70.0M in fiscal year 2025.

How much debt does Carlyle Secured have?

As of fiscal year 2025, Carlyle Secured (CGBD) had $76.5M in cash and equivalents against $1.5B in long-term debt.

What is Carlyle Secured's return on equity (ROE)?

Carlyle Secured (CGBD) has a return on equity of 6.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Carlyle Secured's operating cash flow?

Carlyle Secured (CGBD) generated -$204.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Carlyle Secured's total assets?

Carlyle Secured (CGBD) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Carlyle Secured buy back shares?

Yes, Carlyle Secured (CGBD) spent $13.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Carlyle Secured have outstanding?

Carlyle Secured (CGBD) had 72M shares outstanding as of fiscal year 2025.

What is Carlyle Secured's debt-to-equity ratio?

Carlyle Secured (CGBD) had a debt-to-equity ratio of 1.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Carlyle Secured's return on assets (ROA)?

Carlyle Secured (CGBD) had a return on assets of 2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Carlyle Secured's cash runway?

Based on fiscal year 2025 data, Carlyle Secured (CGBD) had $76.5M in cash against an annual operating cash burn of $204.6M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Carlyle Secured's Piotroski F-Score?

Carlyle Secured (CGBD) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Carlyle Secured's earnings high quality?

Carlyle Secured (CGBD) has an earnings quality ratio of -2.92x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.