The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL): fair value, margin of safety and Wheel Score

Is CGABL undervalued?

At 15.60 (close of 16 Oct 2026), CGABL trades within a few percent of the GLS average fair value of 15.57 (exactly at fair value). 7 models produced a value and they split 3 above the price to 4 below. A stock priced at fair value earns about half of the Wheel Score's Value points; the rest of the score comes from health, moat, premium and stability.

There is a wide gap between Lynch (1.72) and DCF (37.93). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.

The nightly engine files CGABL under Defensive: a low beta, a dividend and positive earnings.

Nine valuation models for CGABL

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 0.9/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.

Returns on capital are moderate - ROIC 11.5%, ROE 11.5%, ROA 2.8% - with debt at 0.00 times equity and negative free cash flow.

The dividend yield is 3.80% at a payout ratio of 104%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Fund Management Fee 60%, Performance Allocations 24%, Incentive Fee 9% (quarter Q2 FY2026).

Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 36: No options

No options are listed on The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 36) and the stock is left out of every options screen; the fair value and health figures above are still useful for a plain stock position.

Volume runs at 16k shares a day on a market cap of $5.6B, with a beta of 0.79 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 11 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for CGABL in the nightly calendar. The shares go ex-dividend on 30 Oct 2026 (0.2891 per share), so a covered call sold before then carries a small early-assignment risk around that date.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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