A Business at a Glance
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TPG is a leading global alternative asset manager with $303.0 billion in assets under management (“AUM”) as of December 31, 2025. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth. We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.7B | 4.7B | 3.5B | 2.4B | 2.0B | 5.0B |
| Net Income | 185M | 185M | 23M | 80M | 92M | - |
| EPS | $0.45 | $0.45 | $-0.42 | $-0.04 | $-0.19 | - |
| Free Cash Flow | 1.0B | 1.0B | 504M | 704M | 1.4B | 1.5B |
| ROIC | 9.7% | 3.4% | 0.5% | 1.9% | 2.6% | - |
| Gross Margin | 34.8% | 34.8% | 76.1% | 77.1% | 76.3% | 88.4% |
| Debt/Equity | 0.42 | 0.42 | 0.36 | 0.28 | 0.14 | 0.12 |
| Dividends/Share | $0.00 | $1.98 | $1.65 | $1.40 | $1.09 | - |
| Operating Income | 667M | 667M | - | - | - | - |
| Operating Margin | 14.3% | 14.3% | - | - | - | - |
| ROE | 4.5% | 4.8% | 0.7% | 2.4% | 3.0% | - |
| Shares Outstanding | 410M | 410M | 384M | 369M | 365M | 309M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 2.1B | 5.0B | 2.0B | 2.4B | 3.5B | 4.7B | 4.7B |
| Gross Margin | N/A | 88.4% | 76.3% | 77.1% | 76.1% | 34.8% | 34.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 261M | 279M | 369M | 483M | 584M | 702M | 702M |
| EBIT | N/A | N/A | N/A | N/A | N/A | 667M | 667M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | 14.3% | 14.3% |
| Net Income | N/A | N/A | 92M | 80M | 23M | 185M | 185M |
| Net Margin | N/A | N/A | 4.6% | 3.4% | 0.7% | 4.0% | 4.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | N/A | 2.6% | 1.9% | 0.5% | 3.4% | 9.7% |
| ROE | N/A | N/A | 3.0% | 2.4% | 0.7% | 4.8% | 4.5% |
| ROA | N/A | N/A | 1.2% | 0.9% | 0.2% | 1.5% | 1.4% |
| Cash Flow | |||||||
| Op. Cash Flow | 95M | 1.5B | 1.4B | 721M | 532M | 1.0B | 1.0B |
| Free Cash Flow | 87M | 1.5B | 1.4B | 704M | 504M | 1.0B | 1.0B |
| Owner Earnings | -434M | 1.5B | 715M | 18M | -610M | 74M | 74M |
| CapEx | 8.3M | 1.8M | 2.4M | 17M | 28M | 29M | 29M |
| Maint. CapEx | 7.1M | 0 | 33M | 48M | 135M | 145M | 145M |
| Growth CapEx | 1.2M | N/A | 0 | 0 | 0 | 0 | 0 |
| D&A | 7.1M | 0 | 33M | 48M | 135M | 145M | 145M |
| CapEx/OCF | N/A | N/A | 0.2% | 2.3% | 5.3% | N/A | 2.8% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 523M | 0 | 628M | 655M | 1.0B | 814M | 814M |
| Debt Repayment | 0 | 520K | 0 | 900K | 17M | 9.0M | 9.0M |
| Balance Sheet | |||||||
| Net Debt | N/A | -1.7B | -1.8B | -385M | -334M | 70M | 896M |
| Cash & Equiv. | 858M | 973M | 1.1B | 665M | 808M | 826M | 826M |
| Long-Term Debt | N/A | 199M | 445M | 945M | 1.3B | 1.7B | 1.7B |
| Debt/Equity | N/A | 0.12 | 0.14 | 0.28 | 0.36 | 0.42 | 0.42 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | 5.9 | 5.9 |
| Equity | N/A | 1.6B | 3.1B | 3.4B | 3.6B | 4.1B | 4.1B |
| Total Assets | N/A | 9.0B | 7.9B | 9.4B | 10.5B | 13.5B | 13.5B |
| Total Liabilities | N/A | 1.7B | 4.2B | 6.0B | 6.9B | 9.4B | 9.4B |
| Intangibles | N/A | N/A | 136M | 650M | 534M | 660M | 660M |
| Retained Earnings | N/A | N/A | 2.7M | -35M | -187M | -292M | -292M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||
| EPS | N/A | N/A | -0.19 | -0.04 | -0.42 | 0.45 | 0.45 |
| Owner EPS | N/A | 4.77 | 1.96 | 0.05 | -1.59 | 0.18 | 0.18 |
| Book Value | N/A | 5.20 | 8.46 | 9.10 | 9.35 | 10.08 | 10.08 |
| Cash Flow/Share | N/A | 4.77 | 3.77 | 1.95 | 1.39 | 2.52 | 0.80 |
| Dividends/Share | N/A | N/A | 1.09 | 1.40 | 1.65 | 1.98 | 0.00 |
| Shares Out. | N/A | 309.1M | 364.7M | 369.5M | 384.2M | 410.2M | 410.2M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 94.2 |
| P/FCF | N/A | N/A | 6.6 | 21.4 | 47.1 | N/A | 17.3 |
| EV/EBIT | N/A | N/A | N/A | 266.6 | 436.6 | N/A | 27.4 |
| Price/Book | N/A | N/A | 7.7 | 26.0 | 29.1 | N/A | 4.2 |
| Price/Sales | N/A | N/A | 7.6 | 6.7 | 8.5 | N/A | 3.7 |
| FCF Yield | N/A | N/A | 15.2% | 4.7% | 2.2% | N/A | 5.8% |
| Market Cap | 0 | N/A | 9.0B | 15.1B | 22.8B | 0 | 17.4B |
| Avg. Price | 0.00 | N/A | 25.86 | 27.87 | 47.78 | 0.00 | 42.38 |
| Year-End Price | 0.00 | N/A | 24.70 | 40.76 | 61.84 | 0.00 | 42.38 |
TPG Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
TPG Inc. trades at 423.8x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 7.2x vs a median of 21.4x. The company's 5-year average ROIC is 2.1% with a gross margin of 70.5%. Total shareholder yield (dividends) is 4.7%. At current prices, the estimated annualized return to fair value is -8.1%.
TPG Inc. (TPG) has a current P/E ratio of 423.8, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
TPG Inc. (TPG) has a 5-year average return on invested capital (ROIC) of 2.1%. This is below average and may indicate limited pricing power.
TPG Inc. (TPG) has a market capitalization of $17.4B. It is classified as a large-cap stock.
Yes, TPG Inc. (TPG) pays a dividend with a trailing twelve-month yield of 4.67%.
Based on historical P/E analysis, TPG Inc. (TPG) appears expensive. The current P/E of 423.8 is 2725% above its historical median of 15.0.
TPG Inc. (TPG) operates in the Investment Advice industry, within the Financials sector.
TPG Inc. (TPG) reported annual revenue of $4.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
TPG Inc. (TPG) has a net profit margin of 4.0%. This is a modest margin.
TPG Inc. (TPG) generated $1.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TPG Inc. (TPG) has a debt-to-equity ratio of 0.42. This indicates a conservatively financed balance sheet.
TPG Inc. (TPG) reported earnings per share (EPS) of $0.45 in its most recent fiscal year.
TPG Inc. (TPG) has a return on equity (ROE) of 4.8%. This indicates moderate shareholder returns.
TPG Inc. (TPG) has a 5-year average gross margin of 70.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for TPG Inc. (TPG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TPG Inc. (TPG) has a book value per share of $10.08, based on its most recent annual SEC filing.