Carlyle Group vs Invesco
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The short version
- Invesco is the larger business, with $6.4B of revenue in fiscal 2025 against $4.8B for Carlyle Group.
- Invesco grew revenue faster (5.1%, against β11.9%).
- Invesco turned more of its sales into free cash flow (22.6% FCF margin, against β70.6%).
- Carlyle Group earned a higher return on the capital invested in it (13.7%, against β3.8%).
| Latest fiscal year | CG Β· FY25 | IVZ Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.2B | $12.8B |
| Revenue | $4.8B | $6.4B |
| Free cash flow | β$3.4B | $1.4B |
| Net income | $809M | β$726M |
| Growth | ||
| Revenue growth | β11.9% | 5.1% |
| 5-year growth | 10.3% | 0.7% |
| Share count change | 0.8% | β0.6% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β10.9% |
| Net margin | 16.9% | β11.4% |
| FCF margin | β70.6% | 22.6% |
| Return on capital | 13.7% | β3.8% |
| Return on equity | 12.1% | β5.4% |
| Balance sheet | ||
| Net debt | $1.0B | $788M |
| Net debt / EBITDA | 0.7x | β |
| Dividends and buybacks | $1.2B | $501M |
| Valuation & quality | ||
| P/E | 40.2x | β |
| Piotroski F-score | β | β |
Revenue
FY16
CG $2.3B
IVZ $4.7B
FY17
CG $3.7B
IVZ $5.2B
FY18
CG $2.4B
IVZ $5.3B
FY19
CG $3.4B
IVZ $6.1B
FY20
CG $2.9B
IVZ $6.1B
FY21
CG $8.8B
IVZ $6.9B
FY22
CG $4.4B
IVZ $6.0B
FY23
CG $3.0B
IVZ $5.7B
FY24
CG $5.4B
IVZ $6.1B
FY25
CG $4.8B
IVZ $6.4B
CG
IVZ
Operating margin
FY16
CG β
IVZ 24.3%
FY17
CG β
IVZ 24.8%
FY18
CG β
IVZ 22.7%
FY19
CG β
IVZ 13.2%
FY20
CG β
IVZ 15.0%
FY21
CG β
IVZ 25.9%
FY22
CG β
IVZ 21.8%
FY23
CG β
IVZ β7.6%
FY24
CG β
IVZ 13.7%
FY25
CG β
IVZ β10.9%
CG
IVZ
Free cash flow
FY16
CG β$326M
IVZ $506M
FY17
CG β$41.1M
IVZ $1.0B
FY18
CG β$375M
IVZ $726M
FY19
CG $331M
IVZ $992M
FY20
CG β$230M
IVZ $1.1B
FY21
CG $1.7B
IVZ $969M
FY22
CG β$420M
IVZ $510M
FY23
CG $138M
IVZ $1.1B
FY24
CG β$837M
IVZ $1.1B
FY25
CG β$3.4B
IVZ $1.4B
CG
IVZ
Return on capital
FY16
CG β
IVZ 9.6%
FY17
CG β
IVZ 11.9%
FY18
CG β
IVZ 9.7%
FY19
CG β
IVZ 4.8%
FY20
CG 11.0%
IVZ 4.5%
FY21
CG 67.9%
IVZ 8.9%
FY22
CG 21.1%
IVZ 6.0%
FY23
CG β5.3%
IVZ β2.2%
FY24
CG 17.1%
IVZ 4.1%
FY25
CG 13.7%
IVZ β3.8%
CG
IVZ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.