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Side-by-side financial comparison of Carlyle Group Inc. (CG) and NCR Atleos Corp (NATL). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.7× NCR Atleos Corp). Carlyle Group Inc. runs the higher net margin — 18.8% vs 7.2%, a 11.6% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 4.0%). NCR Atleos Corp produced more free cash flow last quarter ($194.0M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 4.9%).
The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
CG vs NATL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $358.1M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 13.5% |
| Net Margin | 18.8% | 7.2% |
| Revenue YoY | 84.1% | 4.0% |
| Net Profit YoY | 69.8% | 102.4% |
| EPS (diluted) | $0.96 | $1.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $332.7M | $1.1B | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $973.1M | $979.0M | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $2.6B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $688.4M | $1.0B |
| Q4 25 | $358.1M | $83.0M | ||
| Q3 25 | $900.0K | $26.0M | ||
| Q2 25 | $319.7M | $39.0M | ||
| Q1 25 | $130.0M | $14.0M | ||
| Q4 24 | $210.9M | $41.0M | ||
| Q3 24 | $595.7M | $21.0M | ||
| Q2 24 | $148.2M | $27.0M | ||
| Q1 24 | $65.6M | $-9.0M |
| Q4 25 | 24.3% | 13.5% | ||
| Q3 25 | 25.8% | 9.8% | ||
| Q2 25 | 28.0% | 10.8% | ||
| Q1 25 | 17.6% | 9.5% | ||
| Q4 24 | 25.7% | 13.4% | ||
| Q3 24 | 29.9% | 10.6% | ||
| Q2 24 | 20.5% | 9.8% | ||
| Q1 24 | 17.5% | 6.5% |
| Q4 25 | 18.8% | 7.2% | ||
| Q3 25 | 0.3% | 2.3% | ||
| Q2 25 | 20.3% | 3.5% | ||
| Q1 25 | 13.4% | 1.4% | ||
| Q4 24 | 20.4% | 3.7% | ||
| Q3 24 | 22.6% | 2.0% | ||
| Q2 24 | 13.9% | 2.5% | ||
| Q1 24 | 9.5% | -0.9% |
| Q4 25 | $0.96 | $1.09 | ||
| Q3 25 | $0.00 | $0.34 | ||
| Q2 25 | $0.87 | $0.52 | ||
| Q1 25 | $0.35 | $0.19 | ||
| Q4 24 | $0.56 | $0.56 | ||
| Q3 24 | $1.63 | $0.28 | ||
| Q2 24 | $0.40 | $0.37 | ||
| Q1 24 | $0.18 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.0B | $456.0M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $7.1B | $403.0M |
| Total Assets | $29.1B | $5.7B |
| Debt / EquityLower = less leverage | — | 6.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $456.0M | ||
| Q3 25 | $2.2B | $412.0M | ||
| Q2 25 | $1.3B | $357.0M | ||
| Q1 25 | $1.2B | $352.0M | ||
| Q4 24 | $1.3B | $419.0M | ||
| Q3 24 | $1.4B | $395.0M | ||
| Q2 24 | $914.8M | $374.0M | ||
| Q1 24 | $1.3B | $343.0M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $7.1B | $403.0M | ||
| Q3 25 | $6.8B | $330.0M | ||
| Q2 25 | $6.7B | $350.0M | ||
| Q1 25 | $6.4B | $275.0M | ||
| Q4 24 | $6.3B | $219.0M | ||
| Q3 24 | $6.3B | $264.0M | ||
| Q2 24 | $5.7B | $250.0M | ||
| Q1 24 | $5.7B | $283.0M |
| Q4 25 | $29.1B | $5.7B | ||
| Q3 25 | $27.1B | $5.7B | ||
| Q2 25 | $25.1B | $5.8B | ||
| Q1 25 | $24.1B | $5.7B | ||
| Q4 24 | $23.1B | $5.5B | ||
| Q3 24 | $22.7B | $5.7B | ||
| Q2 24 | $22.3B | $5.8B | ||
| Q1 24 | $20.8B | $5.8B |
| Q4 25 | — | 6.63× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-1.2B | $231.0M |
| Free Cash FlowOCF − Capex | $-1.2B | $194.0M |
| FCF MarginFCF / Revenue | -65.1% | 16.8% |
| Capex IntensityCapex / Revenue | 2.2% | 3.2% |
| Cash ConversionOCF / Net Profit | -3.34× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $231.0M | ||
| Q3 25 | $-1.6B | $25.0M | ||
| Q2 25 | $-168.8M | $-23.0M | ||
| Q1 25 | $-352.1M | $123.0M | ||
| Q4 24 | $-352.8M | $80.0M | ||
| Q3 24 | $791.9M | $107.0M | ||
| Q2 24 | $-1.3B | $9.0M | ||
| Q1 24 | $71.1M | $148.0M |
| Q4 25 | $-1.2B | $194.0M | ||
| Q3 25 | $-1.6B | $-5.0M | ||
| Q2 25 | $-186.3M | $-44.0M | ||
| Q1 25 | $-368.8M | $94.0M | ||
| Q4 24 | $-379.5M | $62.0M | ||
| Q3 24 | $772.8M | $85.0M | ||
| Q2 24 | $-1.3B | $-14.0M | ||
| Q1 24 | $56.9M | $124.0M |
| Q4 25 | -65.1% | 16.8% | ||
| Q3 25 | -475.7% | -0.4% | ||
| Q2 25 | -11.8% | -4.0% | ||
| Q1 25 | -37.9% | 9.6% | ||
| Q4 24 | -36.8% | 5.6% | ||
| Q3 24 | 29.3% | 7.9% | ||
| Q2 24 | -120.4% | -1.3% | ||
| Q1 24 | 8.3% | 11.9% |
| Q4 25 | 2.2% | 3.2% | ||
| Q3 25 | 7.0% | 2.7% | ||
| Q2 25 | 1.1% | 1.9% | ||
| Q1 25 | 1.7% | 3.0% | ||
| Q4 24 | 2.6% | 1.6% | ||
| Q3 24 | 0.7% | 2.1% | ||
| Q2 24 | 1.7% | 2.1% | ||
| Q1 24 | 2.1% | 2.3% |
| Q4 25 | -3.34× | 2.78× | ||
| Q3 25 | -1732.78× | 0.96× | ||
| Q2 25 | -0.53× | -0.59× | ||
| Q1 25 | -2.71× | 8.79× | ||
| Q4 24 | -1.67× | 1.95× | ||
| Q3 24 | 1.33× | 5.10× | ||
| Q2 24 | -8.57× | 0.33× | ||
| Q1 24 | 1.08× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CG
| Fund Management Fee | $606.8M | 32% |
| Other | $528.7M | 28% |
| Global Private Equity Segment | $307.3M | 16% |
| Global Credit Segment | $238.0M | 13% |
| Carlyle Alp Invest Segment | $124.6M | 7% |
| Incentive Fee | $55.4M | 3% |
| Fee Related Performance Revenues | $29.2M | 2% |
| Investment Advice | $11.1M | 1% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
