CGBD (Carlyle Secured Lending) Beneish M-Score: 4.79 (As of Jul. 21, 2026)

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CGBD Carlyle Secured Lending Inc CGBD
56 GF Score
Price $10.46
GF Value $18.40
Valuation Possible Value Trap
! 7 Warning Signs
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What is Carlyle Secured Lending Beneish M-Score?

Carlyle Secured Lending CGBD +0.77% 56 Beneish M-Score is 4.79 as of Jul. 21, 2026. GuruFocus rates CGBD with a GF Score™ of 56/100 and a GF Value™ of $18.40 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 952 Asset Management companies, Carlyle Secured Lending ranks worse than 93.59% 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 4.79 higher than -1.78, which implies that the company might have manipulated its financial results.

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

CGBD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6   Med: -1.45   Max: 23.79
Current: 4.79

During the past 13 years, the highest Beneish M-Score of Carlyle Secured Lending was 23.79. The lowest was -3.60. And the median was -1.45.

CGBD
56GF Score
Carlyle Secured Lending Inc CGBD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Carlyle Secured Lending 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 Carlyle Secured Lending 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 * 8.9413+0.528 * 1+0.404 * 1+0.892 * 0.753+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7403+4.679 * 0.07416-0.327 * 1.0984
=4.79

* 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 $173.69 Mil.
Revenue was -1.247 + 20.459 + 26.516 + 17.335 = $63.06 Mil.
Gross Profit was -1.247 + 20.459 + 26.516 + 17.335 = $63.06 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $2,557.61 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $9.69 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $1,384.60 Mil.
Net Income was -4.218 + 17.385 + 23.903 + 14.63 = $51.70 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 212.389 + -153.25 + 33.813 + -230.924 = $-137.97 Mil.
 Total Receivables was $25.80 Mil.
Revenue was 16.677 + 23.633 + 22.119 + 21.32 = $83.75 Mil.
Gross Profit was 16.677 + 23.633 + 22.119 + 21.32 = $83.75 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $2,533.81 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $7.40 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $1,248.88 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)
=(173.692 / 63.063) / (25.798 / 83.749)
=2.754262 / 0.308039
=8.9413

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)
=(83.749 / 83.749) / (63.063 / 63.063)
=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 + 0) / 2557.613) / (1 - (0 + 0) / 2533.808)
=1 / 1
=1

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
=63.063 / 83.749
=0.753

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(9.692 / 63.063) / (7.396 / 83.749)
=0.153688 / 0.088312
=1.7403

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)
=((1384.603 + 0) / 2557.613) / ((1248.88 + 0) / 2533.808)
=0.541365 / 0.492887
=1.0984

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
=(51.7 - 0 - -137.972) / 2557.613
=0.07416

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.

Carlyle Secured Lending has a M-score of 4.79 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 4.79 mean?
Carlyle Secured Lending (CGBD) has a Beneish M-Score of 4.79 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carlyle Secured Lending and its competitors. According to the industry distribution chart, Carlyle Secured Lending ranks #891 out of 952 companies in the Asset Management industry, placing it in the top 93.6%.
Is Carlyle Secured Lending's Beneish M-Score too high?
Carlyle Secured Lending's current Beneish M-Score is 4.79. Based on the distribution chart, Carlyle Secured Lending ranks #891 out of 952 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Carlyle Secured Lending has a GF Score™ of 56/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Carlyle Secured Lending's Beneish M-Score compare to RMT and GGN?
According to the Asset Management industry distribution chart, Carlyle Secured Lending ranks #891 out of 952 companies for Beneish M-Score. This places Carlyle Secured Lending 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 Carlyle Secured Lending and its competitors. Carlyle Secured Lending's current Beneish M-Score is 4.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carlyle Secured Lending stock overvalued right now?
Based on GuruFocus' analysis, Carlyle Secured Lending (CGBD) is currently considered Possible Value Trap. The stock's GF Value™ is $18.40, compared to a current price of $10.46 — trading 43.2% below its estimated fair value. The current Beneish M-Score is 4.79. Carlyle Secured Lending's overall GF Score™ is 56/100 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 Carlyle Secured Lending (CGBD), the current Beneish M-Score is 4.79 as of Jul. 21, 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 Carlyle Secured Lending (CGBD) Overvalued in 2026?

Based on GuruFocus' analysis, Carlyle Secured Lending stock appears to be undervalued. The current stock price of $10.46 is trading 43.2% below its estimated GF Value™ of $18.40. GuruFocus considers Carlyle Secured Lending to be Possible Value Trap.

Key valuation signals for CGBD:

  • Beneish M-Score: 4.79
  • GF Value™: $18.40 vs. price of $10.46 (43.2% below fair value)
  • GF Score™: 56/100 with 7 warning signs

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

Carlyle Secured Lending Business Description

Other Exchanges 6JR:Germany
Address One Vanderbilt Avenue, Suite 3400, New York, NY, USA, 10017
Carlyle Secured Lending Inc is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. It focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies located in the United States. The company's investment objective is to generate current income and capital appreciation through debt investments in U.S. middle-market companies.
56GF Score

Get the complete analysis for CGBD

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

$10.46
Price
$18.40
GF Value