Carlyle Secured Lending (CGBD) Stock Analysis & Winston Score

TCG BDC, Inc. is business development company specializing in first lien debt, senior secured loans, second lien senior secured loan unsecured debt, mezzanine debt and investments in equities. It specializes in directly investing. It specializes in middle market. It targets healthcare and pharmaceutical, aerospace and defense, high tech industries, business services, software, beverage food and tobacco, hotel gamming and leisure, banking finance insurance and in real estate sector. The fund seek

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+54.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-123.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$97M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Carlyle Secured Lending grew revenue 55% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

73.2%

Premium pricing power — 73.2% gross margin

Operating Margin

25.9%

Excellent — 25.9% operating margin

ROCE

0.6%

Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+41.9%

Fast-growing sales (41.9% YoY)

EPS YoY

-48.9%

Earnings shrinking (-48.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

89%

Modest — 89% of profit becomes cash

FCF Margin

21.3%

Converts sales into free cash efficiently (21.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.24

Elevated debt (1.24)

Interest Cover

1.07x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

14.8x

no trend

Attractive valuation — P/E 14.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+6.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.8 → 8.0)

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Dividends

Dividend Yield

14.23%

no trend

Healthy income — 14.23% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-14.8%

no trend

Dividend cut (-14.8% YoY) — warning sign

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