Carlyle Secured Lending
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
7.407.31
Price/Sales ratio
3.184.54
Earnings per Share (EPS)
$1.85$1.88

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
107.0132.178.9212.6119.8213.1384.764.989.219.129.5513.13
Price/Sales ratio
56.9329.288.7412.3216.2311.4733.814.704.864.164.3711.47
Price/Book Value ratio
1.771.050.810.940.720.840.640.840.850.921.020.72
Price/Cash Flow ratio
-1.41-1.54-1.98-2.7526.92-8.761.8910.5954.363.657.44-8.76
Price/Free Cash Flow ratio
-1.41-1.54-1.98-2.7526.92-8.761.8910.5954.363.657.45-8.76
Price/Earnings Growth ratio
-0.270.140.03-0.58-0.320.21-0.910.00-0.29-0.500.03-0.32
Dividend Yield
1.97%5.91%9.82%7.16%12.03%13.29%16.67%10.46%11.00%11.04%7.76%13.29%
Profitability Indicator Ratios
Gross Profit Margin
100%10.39%60.74%52.35%-11.62%22.02%-179.73%72.12%68.02%83.10%81.29%-11.62%
Operating Profit Margin
-46.80%-8.97%-2.02%-2.01%-17.64%87.95%43.24%94.84%81.04%91.08%82.69%-17.64%
Pretax Profit Margin
53.19%91.02%97.97%97.98%82.35%87.95%43.24%94.84%65.28%46.85%47.10%87.95%
Net Profit Margin
53.19%91.02%97.97%97.67%81.87%87.37%39.89%94.38%52.81%45.65%45.71%87.37%
Effective Tax Rate
-87.97%-9.86%-2.06%0.31%0.58%0.65%7.74%0.48%1.72%2.57%2.96%0.58%
Return on Assets
0.78%1.68%4.68%4.16%1.87%2.80%0.35%7.89%4.19%4.75%5.35%1.87%
Return On Equity
1.65%3.26%9.13%7.46%3.67%6.41%0.75%16.90%9.33%10.10%10.64%3.67%
Return on Capital Employed
-0.75%-0.16%-0.09%-0.08%-0.41%2.87%0.38%8.02%6.53%9.71%11.19%-0.41%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/A0.47N/AN/AN/A0.40N/A
Quick Ratio
0.210.251.0845.760.47-0.043.99-0.0630.472.170.400.40
Cash ratio
0.132.001.620.701.940.952.953.960.541.280.270.95
Days of Sales Outstanding
156.0593.69130.9176.68162.88116.84511.6844.4157.5163.9152.39116.84
Days of Inventory outstanding
N/A0.00-0.00-18.26K0.00405.850.00889.21226.23N/AN/A405.85
Operating Cycle
N/A93.69130.91-18.18K162.88522.70511.68933.63283.7463.9152.39522.70
Days of Payables Outstanding
N/A414.20308.22402.60307.08256.93176.39181.07207.52330.31404.67307.08
Cash Conversion Cycle
N/A-320.50-177.30-18.58K-144.19265.76335.29752.5676.21-266.40-352.28265.76
Debt Ratios
Debt Ratio
0.43N/A0.460.410.460.530.510.510.520.500.460.46
Debt Equity Ratio
0.91N/A0.900.730.901.231.091.101.171.070.930.90
Long-term Debt to Capitalization
0.47N/A0.470.420.470.550.520.520.540.510.420.55
Total Debt to Capitalization
0.47N/A0.470.420.470.550.520.520.540.510.480.47
Interest Coverage Ratio
N/AN/AN/A-11.58-1.56-2.324.34N/AN/AN/A2.52-1.56
Cash Flow to Debt Ratio
-1.38N/A-0.45-0.460.02-0.070.310.070.010.230.140.02
Company Equity Multiplier
2.111.931.951.791.962.282.132.142.222.122.001.96
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
-40.34-19.00-4.41-4.470.60-1.3017.820.440.081.140.580.58
Free Cash Flow / Operating Cash Flow Ratio
111111111111
Cash Flow Coverage Ratio
-1.38N/A-0.45-0.460.02-0.070.310.070.010.230.140.02
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.65N/A
Dividend Payout Ratio
211.11%190.38%87.66%90.31%238.53%174.62%1413.83%52.17%101.38%100.80%98.21%174.62%