TPG
TPG's revenue rose 33.4% to $4.7 billion in fiscal 2025. Its net margin was 4.0%, up from 0.7% a year earlier. The diluted share count rose 2.6%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What TPG does
TPG is an alternative asset manager. Investors give it money to put into funds, and it invests that money mainly in private equity, credit and real estate. It manages $303.0 billion in assets, which the industry calls assets under management.
TPG earns management fees from its funds and, when investments do well, a share of the profits. Its income can swing a lot from period to period because of the way the profits arrive. Its growth has come partly from buying firms: Angelo Gordon, a credit and real estate investor bought in 2023, and Peppertree, a digital infrastructure investor focused on wireless towers, bought in 2025.
The 10-K says the firm has about 400 active portfolio companies, about 300 real estate properties and many credit positions, and it works across 16 countries. Its investment teams are organized by industry sector. It also provides products and services to insurance companies, and it says artificial intelligence could add competitive and legal risks.
Its biggest risks, as it describes them
- Not raising new funds, or investors in future funds negotiating lower fees.
- Revenue and earnings that vary widely from period to period.
- Funds that invest in high-risk assets that are hard to sell and may lose money.
- Risks from investing outside the United States, including changes in China's policies.
- Conflicts of interest between its leaders and holders of its shares.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
Returns on capital
Cash flow
Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for TPG's filings doesn't give both for any year, so free cash flow is left out.
Payouts and share count
Valuation
Two ways to value TPG yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from TPG's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from TPG's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $888M, net cash of −$896M at December 31, 2025 and 374 million diluted shares, from its filings. The scenarios are fitted to TPG: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 32.6% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Asset Management & Custody Banks); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $44.82
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from TPG's earnings per share of $0.67 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 40.4×, the average of the Financials median and TPG's own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $44.82
- Value at this multiple, against the last close
- —
- TPG's P/E at the last close
- 66.9×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| TPGTPG | $44.82 | $0.67 | 66.9× |
| Carlyle GroupCG | $38.75 | $0.96 | 40.4× |
Balance sheet
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | 1,108 | 665 | 808 | 826 |
| Debt incl. finance leases | 445 | 945 | 1,282 | 1,722 |
| Net debt (negative means net cash) | −663 | 280 | 474 | 896 |
| Net debt to EBITDA | −3.8x | 1.7x | 2.5x | 1.0x |
| Debt to equity | 0.1x | 0.3x | 0.4x | 0.4x |
| Interest coverage | 7.6x | 3.6x | 0.7x | 7.5x |
| Current ratio | — | — | — | — |
| Quick ratio | — | — | — | — |
Insider trades
No officer, director or 10% owner of TPG reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | — | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | Fail | Fail |
| Current ratio rose | — | — | — |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | Pass | Pass |
| F-score | — | — | — |
| Accruals ratio | −7.4% | −5.1% | −7.1% |
Compare
Put TPG side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| TPG | FY25 | 33.4% | — | — | 15.2% | 1.0x | — | |
| Ares Management | FY25 | 28.9% | — | — | — | — | — | Compare |
| Carlyle Group | FY25 | −11.9% | — | −70.6% | 13.7% | 0.7x | — | Compare |
| Brookfield Asset Management | FY25 | 21.0% | — | 43.4% | — | — | — | Compare |
| Invesco | FY25 | 5.1% | −10.9% | 22.6% | −3.8% | — | — | Compare |
4 years of figures
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | 2,003 | 2,390 | 3,500 | 4,670 |
| Revenue growth | — | 19.3% | 46.5% | 33.4% |
| Gross profit | — | — | — | — |
| Research and development | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | 92 | 80 | 24 | 185 |
| Diluted EPS (US$) | −0.19 | −0.04 | −0.42 | 0.45 |
| Diluted shares (millions) | 309 | 318 | 365 | 374 |
| Cash flow | ||||
| Cash from operations | 1,376 | 720 | 532 | 1,032 |
| Capital expenditure | — | — | — | — |
| Free cash flow | — | — | — | — |
| Dividends paid | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 357 | 16 | 0 |
| Stock-based compensation | 628 | 655 | 1,006 | 814 |
| Balance sheet at fiscal year end | ||||
| Cash and short-term investments | 1,108 | 665 | 808 | 826 |
| Debt incl. finance leases | 445 | 945 | 1,282 | 1,722 |
| Total assets | 7,942 | 9,370 | 10,535 | 13,493 |
| Total liabilities | 4,202 | 6,008 | 6,943 | 9,357 |
| Shareholders' equity | 3,086 | 3,361 | 3,592 | 4,136 |
| Margins and ratios | ||||
| Gross margin | — | — | — | — |
| Operating margin | — | — | — | — |
| Net margin | 4.6% | 3.4% | 0.7% | 4.0% |
| Free cash flow margin | — | — | — | — |
| Return on capital | — | 1.9% | 1.1% | 15.2% |
| Return on equity | — | 2.5% | 0.7% | 4.8% |
| Return on assets | — | 0.9% | 0.2% | 1.5% |
| Net debt to EBITDA | −3.8x | 1.7x | 2.5x | 1.0x |