회사 개요
Carlyle Secured Lending, Inc. (CGBD) operates as a business development company focused on the middle-market sector, executing direct investments across the capital structure of target companies. The firm's lending portfolio encompasses first lien debt, senior secured loans, second lien senior secured loans, unsecured debt, mezzanine debt, and equity investments, with a specific targeting of the healthcare industry. This entity functions within the Financial Services sector under the Asset Management industry classification, positioning it as an active participant in alternative asset management strategies. With a market capitalization of 7.8954 억 달러 (약 107 억 달러) and trailing twelve-month revenue of 2.5557 억 달러, the company demonstrates a significant operational footprint despite the N/A status of its reported employee count. These valuation and revenue figures indicate that the firm manages substantial capital pools to deploy across secured lending opportunities, reflecting a mature business model that relies on fee income and interest spreads rather than traditional wage-driven scaling metrics.
재무 건전성
The company reported a revenue of 2.5557 억 달러 and a net income of 6915 만 달러 over the trailing twelve months, while EBITDA data is currently unavailable in the provided financial statements. The substantial gap between the gross revenue figure and the net income indicates a highly efficient cost structure where operating expenses are minimal relative to the total revenue generated, likely due to the asset-light nature of direct lending operations. However, the free cash flow stands at -27,272,376 달러, suggesting a net cash outflow that implies ongoing capital expenditures, working capital adjustments, or specific lending deployment activities are consuming liquidity faster than it is being generated from operations. This negative cash flow position requires careful monitoring as it impacts the company's immediate financial flexibility to fund new assets without external financing. In terms of profitability efficiency, the gross margin is reported at 100.0%, which is standard for financial intermediaries as interest income is recorded as revenue without cost of goods sold. The operating margin reaches 74.5% and the profit margin sits at 27.4%, highlighting strong control over overhead costs and the ability to convert revenue into net earnings effectively. Regarding liquidity and leverage, the company holds 4532 만 달러 in cash against a total debt load of 15 억 3 천만 달러, resulting in a debt-to-equity ratio of 131.29% which characterizes a highly leveraged balance sheet typical for business development companies. Despite this high leverage, the current ratio of 3.62 indicates robust short-term liquidity, showing that current assets are more than three times the current liabilities, providing a buffer against immediate obligations. Furthermore, the return on equity is 6.8% and the return on assets is 5.1%, metrics that reveal management's effectiveness in generating returns relative to the shareholders' capital and the total asset base employed.
밸류에이션 평가
The stock trades at a trailing P/E ratio of 10.72 and a forward P/E of 7.44, where the lower forward multiple implies that the market expects earnings growth to accelerate in the coming periods relative to historical performance. The price-to-book ratio is 0.67, indicating that the market values the company at a significant discount to its tangible book value, which often signals undervaluation or concerns regarding asset quality in the secured lending portfolio. Alternative valuation metrics include a price-to-sales ratio of 3.09 and an EV/EBITDA that is listed as N/A, suggesting that analysts may rely more heavily on revenue-based or earnings-based multiples rather than enterprise value measures given the lack of EBITDA data. The stock has a 52-week high of 15.15 달러 and a 52-week low of 10.61 달러, meaning the current trading price sits below the recent peak but above the floor, reflecting moderate price volatility within the established annual range. The beta value of 0.71 suggests that the stock price is less volatile than the broader market, moving with lower intensity relative to general market swings, which provides a degree of stability for fixed-income-like investors.
Growth & Income
Revenue growth year-over-year is recorded at 18.7%, whereas earnings growth year-over-year is -40.5%, indicating that earnings are contracting significantly faster than revenue and implying potential one-time costs, restructuring charges, or a decline in net interest margins affecting profitability. As a dividend payer, the company offers a dividend yield of 14.8% with a payout ratio of 163.4%, which is mathematically unsustainable based on current earnings as it exceeds 100% of net income. This high payout ratio suggests that the dividend is being funded by cash reserves, debt proceeds, or retained earnings from prior periods rather than current operational profits, posing a risk to future dividend sustainability if earnings do not improve immediately. Consequently, the overall growth and income profile presents a dichotomy of expanding top-line revenue from a growing loan book offset by significant compression in bottom-line earnings and a dividend yield that relies on capital distribution rather than current earnings coverage.