Recent News
On April 30, Carlyle announced A$600 million in preferred-equity financing to support CC Capital’s acquisition of Insignia Financial.
On June 16, Carlyle’s Global Credit platform closed a single-asset continuation vehicle with Content Partners to provide new capital for film and TV projects.
On June 1, Carlyle filed an 8‑K noting the appointment of Kate Heinzelman as General Counsel effective June 29.
On June 24, the firm published a climate-risk framework describing integration of climate considerations across investment platforms.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 13.12 signals no strong market trend; DI+ registered 25.41 with a peak-and-reversal (bearish) and DI- registered 23.75 with a dip-and-reversal (bearish). Together these readings imply momentum recently favored downside pressure rather than a sustained trend, weighing against an immediate bullish re-rating.
MACD and momentum: MACD sits at 0.04 above its signal line at -0.12, which reflects a recent bullish crossover; however, the MACD trend shows a peak-and-reversal (bearish momentum). The coexistence of a bullish crossover and a peak reversal signals short-lived bullish impulses inside a weakening momentum backdrop.
MRO (momentum/regression oscillator): MRO at -16.38 indicates price sits below model target and therefore carries potential to increase toward target levels; the negative value implies upward potential, but the magnitude suggests moderate strength rather than an extreme move.
RSI and EMAs: RSI at 48.34 with a peak-and-reversal indicates declining relative strength from recent highs. Price closed at $44.41, below the 200‑day average of $51.67 and marginally below the 20‑ and 50‑day averages (~$44.73), aligning short-term momentum with the broader, longer-term weakness signaled by the moving averages.
Price structure and volatility: Price sits slightly above the lower 1σ Bollinger band ($43.62), with 52‑week range $39.60–$68.44 and a 12‑week return of -6%. Short-term volatility looks muted relative to the year window, while the 42‑day beta (0.89) and 52‑week beta (1.55) highlight lower recent sensitivity to market moves but greater historical sensitivity over the full year.
Fundamental Analysis
Earnings and cash flow: Reported EPS of $0.89 missed the $0.92 estimate by $0.03, an EPS surprise of -3.26%. Net income totaled -$132,200,000 for the period, and free cash flow reached -$1,270,500,000, producing a free cash flow yield of -6.94%. Cash from operations remained negative at -$1,242,400,000, and operating cash flow change (cashFlowDelta) showed a -$290,900,000 swing.
Profitability and returns: Return on equity sits at -2.45% and return on assets at -0.45%, reflecting near-term earnings pressure. Earnings growth reads -11.88% while QoQ earnings contracted steeply (-328.13% QoQ) and YoY earnings fell by -149.684% as reported, pointing to a challenging profitability environment this cycle.
Valuation multiples: Trailing PE at 57.20 contrasts with forward PE of 40.21; PE increased YoY by 53.59% while forward PE declined modestly QoQ. Price‑to‑book at 3.39 sits slightly above the industry peer mean of 3.152 (industry peer median 3.216), and P/B moved down QoQ by 8.55% but rose YoY by 23.41%. Price‑to‑sales at 51.97 and a price‑target mean of $39.56—below the current $44.41 close—underscore valuation tension.
Balance sheet and leverage: Total assets reached $29.842 billion with total debt $14.617 billion and net debt $11.396 billion; debt‑to‑assets at 48.98% and debt‑to‑equity at 270.51% indicate elevated leverage. Debt to capital sits at 73.01% and interest expense totaled $205,000,000, while interest income measured $217,100,000; cost of debt remains low at 1.136% but leverage magnifies sensitivity to cash‑flow pressure.
Operational and growth metrics: Asset growth measured 2.49%, but revenue growth shows divergent signals: reported revenue growth metric reads -64.61% while the revenue growth year‑over‑year value reports 375.51%; asset turnover at 0.01196 declined QoQ by 66.27% and YoY by 57.65%, indicating lower revenue generation per asset base in the latest periods.
Dividends and capital returns: Dividend rate $0.35127 and yield 0.69% persisted while dividend payout and coverage ratios sit negative, reflecting that dividend cash outflows exceeded covered earnings in the period reported.
Valuation conclusion: WMDST values the stock as over‑valued. High trailing multiples, negative free cash flow, negative net income, and elevated leverage create a valuation profile that requires improving cash conversion and profitability to justify current market pricing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 2.0 B |
| Operating Cash Flow | $ -1.24 B | |
| Capital Expenditures | $ -28.10 M | |
| Change In Working Capital | $ 308.0 M | |
| Dividends Paid | $ -126.40 M | |
| Cash Flow Delta | $ -290.90 M | |
| End Period Cash Flow | $ 1.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 352.5 M | |
| Forward Revenue | $ -305.53 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 50.5 M | |
| Depreciation and Amortization | $ 50.5 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 217.1 M | |
| Interest Expense | $ 205.0 M | |
| Net Interest Income | $ 12.1 M | |
| Income Before Tax | $ -179.00 M | |
| Tax Provision | $ -37.10 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -132.20 M | |
| Net Income From Continuing Operations | $ -141.90 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.92 | |
| EPS Actual | $ 0.89 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -3.261 % | |
| Forward EPS | $ 1.27 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 29.8 B | |
| Intangible Assets | $ 473.6 M | |
| Net Tangible Assets | $ 4.9 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 2.8 B | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 11.4 B | |
| Total Debt | $ 14.6 B | |
| Total Liabilities | $ 22.5 B | |
| EQUITY | ||
| Total Equity | $ 5.4 B | |
| Retained Earnings | $ 1.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.02 | |
| Shares Outstanding | 359.839 M | |
| Revenue Per-Share | $ 0.98 | |
| VALUATION | Market Capitalization | $ 18.3 B |
| Enterprise Value | $ 32.9 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 93.435 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.523 | |
| Asset To Liability | 1.328 | |
| Debt To Capital | 0.73 | |
| Debt To Assets | 0.49 | |
| Debt To Assets QoQ | 2.651 % | |
| Debt To Assets YoY | 12.846 % | |
| Debt To Assets IPRWA | high: 0.674 CG: 0.49 median: 0.211 mean: 0.197 low: 0.0 |
|
| Debt To Equity | 2.705 | |
| Debt To Equity QoQ | 12.181 % | |
| Debt To Equity YoY | 44.255 % | |
| Debt To Equity IPRWA | high: 3.986 CG: 2.705 mean: 1.751 median: 0.969 low: -1.068 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.39 | |
| Price To Book QoQ | -8.554 % | |
| Price To Book YoY | 23.407 % | |
| Price To Book IPRWA | high: 7.056 CG: 3.39 median: 3.216 mean: 3.152 low: -0.507 |
|
| Price To Earnings (P/E) | 57.2 | |
| Price To Earnings QoQ | -3.339 % | |
| Price To Earnings YoY | 53.587 % | |
| Price To Earnings IPRWA | high: 131.673 mean: 62.581 CG: 57.2 median: 56.13 low: -114.937 |
|
| PE/G Ratio | -4.814 | |
| Price To Sales (P/S) | 51.968 | |
| Price To Sales QoQ | 142.329 % | |
| Price To Sales YoY | 126.06 % | |
| Price To Sales IPRWA | high: 89.649 CG: 51.968 mean: 26.131 median: 21.141 low: -50.338 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 40.205 | |
| Forward PE/G | -3.384 | |
| Forward P/S | -58.322 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.012 | |
| Asset Turnover Ratio QoQ | -66.272 % | |
| Asset Turnover Ratio YoY | -57.649 % | |
| Asset Turnover Ratio IPRWA | high: 0.275 mean: 0.037 median: 0.013 CG: 0.012 low: -0.147 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 21.416 CG: 0 mean: -7.954 median: -13.519 low: -13.798 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.08 | |
| CapEx To Depreciation | -0.556 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 19.6 B | |
| Net Invested Capital | $ 19.6 B | |
| Invested Capital | $ 19.6 B | |
| Net Tangible Assets | $ 4.9 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.136 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -1.046 | |
| Dividend Payout Ratio | -0.956 | |
| Dividend Rate | $ 0.35 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.493 % | |
| Revenue Growth | -64.608 % | |
| Revenue Growth QoQ | -187.662 % | |
| Revenue Growth YoY | 375.513 % | |
| Revenue Growth IPRWA | high: 130.559 % median: -1.879 % mean: -2.867 % CG: -64.608 % low: -156.276 % |
|
| Earnings Growth | -11.881 % | |
| Earnings Growth QoQ | -328.13 % | |
| Earnings Growth YoY | -149.684 % | |
| Earnings Growth IPRWA | high: 45.0 % median: 9.091 % mean: -0.151 % CG: -11.881 % low: -132.432 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -1.27 B | |
| Free Cash Flow Yield | -6.935 % | |
| Free Cash Flow Yield QoQ | 19.734 % | |
| Free Cash Flow Yield YoY | 188.118 % | |
| Free Cash Flow Yield IPRWA | high: 29.426 % median: 0.626 % mean: -1.545 % CG: -6.935 % low: -27.411 % |
|
| Free Cash Growth | 2.7 % | |
| Free Cash Growth QoQ | -105.091 % | |
| Free Cash Growth YoY | -195.779 % | |
| Free Cash Growth IPRWA | high: 314.536 % median: 8.623 % CG: 2.7 % mean: -1.088 % low: -569.703 % |
|
| Free Cash To Net Income | 9.61 | |
| Cash Flow Margin | -23.177 % | |
| Cash Flow To Earnings | 0.618 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.448 % | |
| Return On Assets QoQ | -135.137 % | |
| Return On Assets YoY | -181.307 % | |
| Return On Assets IPRWA | high: 6.815 % mean: 0.826 % median: 0.371 % CG: -0.448 % low: -7.04 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | -0.024 | |
| Return On Equity QoQ | -139.372 % | |
| Return On Equity YoY | -204.976 % | |
| Return On Equity IPRWA | high: 0.222 median: 0.052 mean: 0.049 CG: -0.024 low: -0.194 |
|
| DuPont ROE | -2.369 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |