Carlyle Group vs T. Rowe Price
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KIRA’s take AI analyst
I put Carlyle Group and T. Rowe Price side by side, using each one’s latest annual report. Here is what stands out:
- 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 40.4x against 10.4x for T. Rowe Price.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Carlyle Group
CG
1/7
5-year growth
T. Rowe Price
TROW
6/7
Revenue growthNet marginFCF marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | CG FY25 | TROW FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.2B | $22.2B |
| 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 | 40.4x | 10.4x |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.