Carlyle Secured Lending Inc

Carlyle Secured Lending Inc maintains a capital structure characterized by significant leverage, with long-term debt of $1.53 billion against total equity of $1.17 billion, resulting in a debt-to-equity ratio of 1.31. The firm trades at a price-to-book ratio of 0.64, indicating a discount to its tangible book value, while the price-to-earnings ratio stands at 14.56. Liquidity risk is assessed as medium, driven by negative operating cash flow of -$204.56 million and a net cash position that is negative after subtracting total debt. The company’s total assets amount to $2.79 billion, supporting its lending portfolio, while total liabilities reach $1.62 billion.

Profitability metrics show a return on equity of 4.43% and a return on assets of 1.85%, reflecting modest efficiency in capital deployment. Net income for the latest period is recorded at $69.97 million, supporting the current earnings yield implied by the 14.56 P/E multiple. Without cohort median data for direct comparison, these returns must be evaluated against the broader Capital Markets industry norms, where leverage is common but cash flow generation is critical for sustainability. The negative operating cash flow suggests potential timing mismatches in loan disbursements and repayments or increased provisioning, which warrants close monitoring.

Segment and geographic revenue concentration data is not available in the current input, limiting the ability to assess diversification risks within the lending portfolio. The company’s activity is broadly defined as Capital Markets, implying a focus on financial intermediation rather than product-specific segmentation. Investors should rely on disclosed segment reports for granular exposure analysis, as the current snapshot does not provide breakdowns by region or loan type.

Growth trajectory analysis is constrained by the absence of historical period data in the input. The current financial snapshot provides a single-period view of net income and balance sheet strength, but lacks the multi-year revenue or earnings history necessary to establish a trend. Consequently, the growth narrative relies on the current profitability level of $69.97 million and the stability of the asset base of $2.79 billion.

Risk factors include medium liquidity risk and low dilution risk, with a key flag noting that net cash is negative after subtracting total debt. The negative operating cash flow of -$204.56 million exacerbates liquidity concerns, potentially requiring reliance on debt markets or asset sales to meet obligations. The low dilution risk suggests that share count stability is maintained, with basic and diluted shares outstanding both at 71.81 million.

Recent events include analyst coverage updates with a mean price target of $12.75 and a median target of $13.00, indicating modest upside potential from the current market price of $10.48. The mean recommendation of 2.75 reflects a neutral stance, with three buy ratings and four hold ratings, and no strong buy recommendations. News observations indicate system-level reconciler activities but no specific corporate actions or material news events affecting the business operations.

Revenue grew 10.5% CAGR over four years, demonstrating consistent top-line expansion despite fluctuating net income.

Analysts project 21.7% upside to a mean price target of $12.75, suggesting undervaluation relative to current market price.

Long-term debt decreased from $1.08 billion in 2023 to $961 million in 2025, showing prior deleveraging efforts.

Dilution risk is assessed as low, providing stability for existing shareholders against equity erosion.

Net income declined 18.7% CAGR over four years, signaling deteriorating profitability despite revenue growth.

Debt-to-equity ratio of 1.31 places the company in the bottom quartile of its cohort, indicating high leverage.

Credit risk is flagged as high, posing significant potential for loan losses or asset quality deterioration.

Return on equity of 4.4% trails the 4.9% cohort median, reflecting inefficient capital utilization.

Long-term debt surged to $1.53 billion in 2026, reversing prior deleveraging and increasing financial risk.

Revenue $64.1M, +16,8% YoY; Operating income +16,5% YoY.

• ▍Revenue $64.1M, +16,8% YoY
• ▍Operating income +16,5% YoY
• ▍Net income −130,0% YoY
• ▍Net margin -6.6%

Revenue $66.9M, +18,7% YoY; Operating income −4,1% YoY.

• ▍Revenue $66.9M, +18,7% YoY
• ▍Operating income −4,1% YoY
• ▍Net income −18,6% YoY
• ▍Net margin 26.0%

Revenue $66.5M, +18,8% YoY; Operating income +7,9% YoY.

• ▍Revenue $66.5M, +18,8% YoY
• ▍Operating income +7,9% YoY
• ▍Net income +21,9% YoY
• ▍Net margin 35.9%

Revenue $67.3M, +15,5% YoY; Operating income +5,1% YoY.

• ▍Revenue $67.3M, +15,5% YoY
• ▍Operating income +5,1% YoY
• ▍Net income −22,0% YoY
• ▍Net margin 21.7%

Revenue $54.9M; Operating income $21.6M.

• ▍Revenue $54.9M
• ▍Operating income $21.6M
• ▍Net margin 25.6%

Revenue $56.4M; Operating income $25.0M.

• ▍Revenue $56.4M
• ▍Operating income $25.0M
• ▍Net margin 37.9%

Revenue $56.0M; Operating income $24.9M.

• ▍Revenue $56.0M
• ▍Operating income $24.9M
• ▍Net margin 35.0%

Revenue $58.3M; Operating income $26.9M.

• ▍Revenue $58.3M
• ▍Operating income $26.9M
• ▍Net margin 32.2%

Revenue $255.6M, +9,9% YoY; Operating income −4,3% YoY.

• ▍Revenue $255.6M, +9,9% YoY
• ▍Operating income −4,3% YoY
• ▍Net income −21,4% YoY
• ▍Net margin 27.4%

Revenue $232.6M, −3,7% YoY; Operating income −4,3% YoY.

• ▍Revenue $232.6M, −3,7% YoY
• ▍Operating income −4,3% YoY
• ▍Net income −3,6% YoY
• ▍Net margin 38.3%

Revenue $241.6M, +16,6% YoY; Operating income +5,7% YoY.

• ▍Revenue $241.6M, +16,6% YoY
• ▍Operating income +5,7% YoY
• ▍Net income +7,8% YoY
• ▍Net margin 38.2%

Revenue $207.3M, +21,0% YoY; Operating income +19,8% YoY.

• ▍Revenue $207.3M, +21,0% YoY
• ▍Operating income +19,8% YoY
• ▍Net income −46,6% YoY
• ▍Net margin 41.3%