CG (The Carlyle Group) Beneish M-Score: -1.70 (As of Jun. 25, 2026)


CG The Carlyle Group Inc CG
63 GF Score
Price $41.81
GF Value $55.02
Valuation Modestly Undervalued
! 7 Warning Signs
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What is The Carlyle Group Beneish M-Score?

The Carlyle Group CG +1.83% 63 Beneish M-Score is -1.70 as of Jun. 25, 2026. GuruFocus rates CG with a GF Score™ of 63/100 and a GF Value™ of $55.02 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 955 Asset Management companies, The Carlyle Group ranks worse than 67.96% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score -1.7 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for The Carlyle Group's Beneish M-Score or its related term are showing as below:

CG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36   Med: -1.93   Max: 0.88
Current: -1.7

During the past 13 years, the highest Beneish M-Score of The Carlyle Group was 0.88. The lowest was -3.36. And the median was -1.93.

CG
63GF Score
The Carlyle Group Inc CG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The Carlyle Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of The Carlyle Group for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.323+0.528 * 1+0.404 * 1.0036+0.892 * 0.8355+0.115 * 0.9924
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3766+4.679 * 0.157908-0.327 * 1.1285
=-1.70

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $1,126 Mil.
Revenue was 352.5 + 996 + 573.4 + 977.3 = $2,899 Mil.
Gross Profit was 352.5 + 996 + 573.4 + 977.3 = $2,899 Mil.
Total Current Assets was $0 Mil.
Total Assets was $29,842 Mil.
Property, Plant and Equipment(Net PPE) was $568 Mil.
Depreciation, Depletion and Amortization(DDA) was $196 Mil.
Selling, General, & Admin. Expense(SGA) was $795 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $14,617 Mil.
Net Income was -132.2 + 358.1 + 0.9 + 319.7 = $547 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -1242.4 + -1195.1 + -2610.6 + 882.3 = $-4,166 Mil.
 Total Receivables was $1,019 Mil.
Revenue was 666.5 + 771.3 + 1294.4 + 737.9 = $3,470 Mil.
Gross Profit was 666.5 + 771.3 + 1294.4 + 737.9 = $3,470 Mil.
Total Current Assets was $0 Mil.
Total Assets was $24,096 Mil.
Property, Plant and Equipment(Net PPE) was $544 Mil.
Depreciation, Depletion and Amortization(DDA) was $186 Mil.
Selling, General, & Admin. Expense(SGA) was $692 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $10,459 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1125.8 / 2899.2) / (1018.5 / 3470.1)
=0.388314 / 0.293507
=1.323

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(3470.1 / 3470.1) / (2899.2 / 2899.2)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 567.8) / 29842) / (1 - (0 + 544.3) / 24095.5)
=0.980973 / 0.977411
=1.0036

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2899.2 / 3470.1
=0.8355

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(185.7 / (185.7 + 544.3)) / (195.7 / (195.7 + 567.8))
=0.254384 / 0.25632
=0.9924

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(795.3 / 2899.2) / (691.5 / 3470.1)
=0.274317 / 0.199274
=1.3766

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((14617.1 + 0) / 29842) / ((10458.9 + 0) / 24095.5)
=0.489816 / 0.43406
=1.1285

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(546.5 - 0 - -4165.8) / 29842
=0.157908

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The Carlyle Group has a M-score of -1.70 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.70 mean?
The Carlyle Group (CG) has a Beneish M-Score of -1.70 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Carlyle Group and its competitors. According to the industry distribution chart, The Carlyle Group ranks #649 out of 955 companies in the Asset Management industry, placing it in the top 68%.
Is The Carlyle Group's Beneish M-Score too high?
The Carlyle Group's current Beneish M-Score is -1.70. Based on the distribution chart, The Carlyle Group ranks #649 out of 955 companies in the Asset Management industry, which is below the industry midpoint. Overall, The Carlyle Group has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does The Carlyle Group's Beneish M-Score compare to BEN and PS?
According to the Asset Management industry distribution chart, The Carlyle Group ranks #649 out of 955 companies for Beneish M-Score. This places The Carlyle Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Asset Management company?
A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Carlyle Group and its competitors. The Carlyle Group's current Beneish M-Score is -1.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Carlyle Group stock overvalued right now?
Based on GuruFocus' analysis, The Carlyle Group (CG) is currently considered Modestly Undervalued. The stock's GF Value™ is $55.02, compared to a current price of $41.81 — trading 24% below its estimated fair value. The current Beneish M-Score is -1.70. The Carlyle Group's overall GF Score™ is 63/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For The Carlyle Group (CG), the current Beneish M-Score is -1.70 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is The Carlyle Group (CG) Overvalued in 2026?

Based on GuruFocus' analysis, The Carlyle Group stock appears to be undervalued. The current stock price of $41.81 is trading 24% below its estimated GF Value™ of $55.02. GuruFocus considers The Carlyle Group to be Modestly Undervalued.

Key valuation signals for CG:

  • Beneish M-Score: -1.70
  • GF Value™: $55.02 vs. price of $41.81 (24% below fair value)
  • GF Score™: 63/100 with 7 warning signs

No single metric tells the full story. See the CG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

The Carlyle Group Business Description

Address 1001 Pennsylvania Avenue, NW, Washington, DC, USA, 20004-2505
Carlyle Group is one of the world's largest alternative-asset managers, with $476.9 billion in total AUM, including $336.8 billion in fee-earning AUM, at the end of 2025. The company has three core business segments: global private equity, which includes its private equity, real estate, infrastructure, and natural resources offerings (with $163.6 billion in total AUM and $101.4 billion in fee-earning AUM), global credit ($211.3 billion/$169.5 billion), and investment/fund solutions, known as Carlyle AlphInvest ($101.0 billion/$65.9 billion). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving more than 3,100 active carry fund investors from 87 countries.
63GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$41.81
Price
$55.02
GF Value