Carlyle Group vs T. Rowe Price
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The short version
- T. Rowe Price is the larger business, with $7.3B of revenue in fiscal 2025 against $4.8B for Carlyle Group, about 1.5 times as much.
- T. Rowe Price grew revenue faster (3.1%, against −11.9%).
- T. Rowe Price turned more of its sales into free cash flow (20.2% FCF margin, against −70.6%).
- T. Rowe Price earned a higher return on the capital invested in it (21.7%, against 13.7%).
- Investors pay more for each dollar of Carlyle Group’s earnings: a P/E of 40.2x against 10.5x for T. Rowe Price.
| Latest fiscal year | CG · FY25 | TROW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.2B | $22.3B |
| Revenue | $4.8B | $7.3B |
| Free cash flow | −$3.4B | $1.5B |
| Net income | $809M | $2.1B |
| Growth | ||
| Revenue growth | −11.9% | 3.1% |
| 5-year growth | 10.3% | 3.3% |
| Share count change | 0.8% | −1.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 29.9% |
| Net margin | 16.9% | 28.5% |
| FCF margin | −70.6% | 20.2% |
| Return on capital | 13.7% | 21.7% |
| Return on equity | 12.1% | 19.7% |
| Balance sheet | ||
| Net debt | $1.0B | −$3.4B |
| Net debt / EBITDA | 0.7x | — |
| Dividends and buybacks | $1.2B | $1.8B |
| Valuation & quality | ||
| P/E | 40.2x | 10.5x |
| Piotroski F-score | — | — |
Revenue
FY16
CG $2.3B
TROW $4.3B
FY17
CG $3.7B
TROW $4.9B
FY18
CG $2.4B
TROW $5.4B
FY19
CG $3.4B
TROW $5.6B
FY20
CG $2.9B
TROW $6.2B
FY21
CG $8.8B
TROW $7.7B
FY22
CG $4.4B
TROW $6.5B
FY23
CG $3.0B
TROW $6.5B
FY24
CG $5.4B
TROW $7.1B
FY25
CG $4.8B
TROW $7.3B
CG
TROW
Operating margin
FY16
CG —
TROW 40.5%
FY17
CG —
TROW 43.4%
FY18
CG —
TROW 44.0%
FY19
CG —
TROW 42.5%
FY20
CG —
TROW 44.2%
FY21
CG —
TROW 48.4%
FY22
CG —
TROW 36.6%
FY23
CG —
TROW 30.7%
FY24
CG —
TROW 32.9%
FY25
CG —
TROW 29.9%
CG
TROW
Free cash flow
FY16
CG −$326M
TROW $22.2M
FY17
CG −$41.1M
TROW $43.4M
FY18
CG −$375M
TROW $1.5B
FY19
CG $331M
TROW $1.3B
FY20
CG −$230M
TROW $1.7B
FY21
CG $1.7B
TROW $3.2B
FY22
CG −$420M
TROW $2.1B
FY23
CG $138M
TROW $911M
FY24
CG −$837M
TROW $1.3B
FY25
CG −$3.4B
TROW $1.5B
CG
TROW
Return on capital
FY16
CG —
TROW 30.0%
FY17
CG —
TROW 34.5%
FY18
CG —
TROW 40.6%
FY19
CG —
TROW 36.6%
FY20
CG 11.0%
TROW 39.3%
FY21
CG 67.9%
TROW 43.3%
FY22
CG 21.1%
TROW 23.5%
FY23
CG −5.3%
TROW 19.7%
FY24
CG 17.1%
TROW 22.8%
FY25
CG 13.7%
TROW 21.7%
CG
TROW
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.