Carlyle Group vs TPG
Carlyle Group reported revenue of $4.8 billion in fiscal 2025, about the same as TPG's $4.7 billion in fiscal 2025. Carlyle Group's revenue fell 11.9% in its latest year, and TPG's grew 33.4%.
Side by side
| Carlyle Group | TPG | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $4.8B | $4.7B |
| Revenue growth | −11.9% | 33.4% |
| Revenue growth a year, last 5 years | 10.2% | — |
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 16.9% | 4.0% |
| Free cash flow | −$3.4B | — |
| Free cash flow margin | −70.6% | — |
| Return on capital | 13.7% | 15.2% |
| Net debt to EBITDA | 0.7x | 1.0x |
| Dividends and buybacks | $1.2B | $0M |
| Change in diluted share count | 0.8% | 2.6% |
| Last close | $38.75 | $44.82 |
| P/E at the last close | 40.4× | 66.9× |
| Insider trades, last 12 months | sold $75.8 million | — |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Carlyle GroupTPG
Operating margin
Percent of revenue
Carlyle GroupTPG
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Carlyle GroupTPG
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Carlyle Group and TPG pages.