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Friday 6 November 2026
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TPG Inc.
TPG Financial Asset Management
TPG Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, up 33.4% from fiscal 2024.
- Revenue
- −0.20%
- EPS
- +367.1%
- Free cash flow
- −57.6%
- Total debt
- +27.2%
Quarter to September 2026, against a year earlier
47.03
3.13
−6.24%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 1,404 | 1,988 | 2,115 | 4,976 | 2,003 | 2,390 | 3,500 | 4,670 | 5,054 | +18.7% | 1,770 | 2,083 | 2,423 | (19.6%) | |
| Gross margin, % | — | — | 0.00 | 0.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | +100.0 pt | ||||||
| EBT | — | — | 719 | 1,186 | 1,449 | 4,665 | (24) | 84 | (25) | 667 | 842 | (1.1%) | ||||||
| EBT margin, % | — | — | 51.21 | 59.66 | 68.50 | 93.74 | (1.19) | 3.50 | (0.71) | 14.27 | 16.66 | (36.9) pt | ||||||
| Net income | — | — | 265 | 481 | 1,439 | 4,656 | (56) | 23 | (77) | 600 | 743 | +12.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 20.35 | 28.81 | 30.65 | 70.09 | 25.27 | 29.75 | 34.92 | 33.63 | 29.52 | +7.4% | |||||
| Earnings | — | — | 3.83 | 6.96 | — | 2.91 | 1.10 | 0.89 | 0.00 | 0.89 | 2.39 | (18.8%) | ||||||
| Cash flow | — | — | 3.30 | 1.13 | 1.38 | 20.77 | 17.36 | 8.97 | 5.31 | 7.43 | 4.26 | +12.3% | ||||||
| Capex | — | — | 0.00 | 0.00 | (0.12) | (0.03) | (0.03) | (0.21) | (0.28) | (0.21) | (0.52) | n/m | ||||||
| Free cash flow | — | — | 3.30 | 1.13 | 1.26 | 20.75 | 17.33 | 8.76 | 5.03 | 7.23 | 3.74 | +11.8% | ||||||
| Book value | — | — | 0.00 | 29.25 | 0.00 | 88.19 | 38.94 | 41.84 | 35.84 | 29.78 | 23.18 | n/m | ||||||
| Shares, m | — | — | 69 | 69 | 69 | 71 | 79 | 80 | 100 | 139 | 159 | +10.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 2.65 | 2.65 | 2.65 | 2.65 | 10.81 | 45.91 | 721.47 | 70.93 | 19.67 | 107.5 | |||||
| P/S | — | — | 0.54 | 0.54 | 0.54 | 0.54 | 1.12 | 1.37 | 1.80 | 1.90 | 1.59 | 1.0 | ||||||
| P/B | — | — | 0.43 | 0.43 | 0.43 | 0.43 | 0.73 | 0.98 | 1.75 | 2.14 | 2.03 | 0.9 | ||||||
| EV/Sales | — | — | 0.43 | 0.43 | 0.43 | 0.43 | 0.78 | 1.49 | 1.93 | 2.09 | — | 1.0 | ||||||
| EV/FCF | — | — | 1.46 | 1.46 | 1.46 | 1.46 | 1.14 | 5.04 | 13.41 | 9.71 | — | 4.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 228 | 78 | 95 | 1,475 | 1,376 | 721 | 532 | 1,032 | 729 | +24.1% | |||||
| Capex | — | — | (5) | (8) | (8) | (2) | (2) | (17) | (28) | (29) | (89) | +30.0% | ||||||
| Free cash flow | — | — | 228 | 78 | 87 | 1,473 | 1,373 | 704 | 504 | 1,004 | 640 | +23.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 857 | (2,242) | (3,589) | (3,414) | (3,930) | (4,597) | n/m | |||||
| Net debt | — | — | — | (207) | (416) | (547) | (681) | 267 | 461 | 883 | 1,466 | n/m | ||||||
| Shareholders’ equity | — | — | — | 2,018 | — | 6,261 | 3,086 | 3,361 | 3,592 | 4,136 | 3,967 | +12.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | 0.00 | 52.24 | 0.00 | 1.09 | 0.93 | 0.24 | 1.54 | 1.94 | +1.5 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | 44.40 | 1.51 | 0.45 | (1.21) | 7.17 | 7.44 | +7.2 pt | ||||||
| ROE | — | — | 0.00 | 0.00 | 64.25 | 0.00 | 1.98 | 2.48 | 0.68 | 4.78 | 6.94 | +4.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 1,013 | 1,110 | 1,850 | 1,900 | 1,900 | — | +17.0% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.00 | 4.91 | 1.80 | 1.29 | 1.84 | 2.46 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
TPG Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PFG Principal Financial Group, Inc. | $24.0B | 12.6× | 12.2× | +25.39% (above 0%: growing) | +190.78% (above 0%: growing) | +51.01% (above 0%: growing) | 49.13% | 18.17% | Compare |
| TROW T. Rowe Price Group, Inc. | $23.2B | 11.0× | 9.8× | +5.88% (above 0%: growing) | −3.12% (below 0%: shrinking) | −13.81% (below 0%: shrinking) | 100.00% | 38.40% | Compare |
| PS Pershing Square Inc. | $20.1B | — | — | — | n/m | — | 100.00% | (166.36%) | Compare |
| TPG TPG Inc. | $18.0B | 19.7× | 23.7× | −0.20% (below 0%: shrinking) | +367.06% (above 0%: growing) | −57.60% (below 0%: shrinking) | 100.00% | 18.08% | |
| BEN Franklin Resources Inc | $16.4B | 22.0× | 16.0× | +14.26% (above 0%: growing) | +106.67% (above 0%: growing) | −55.71% (below 0%: shrinking) | 100.00% | 9.15% | Compare |
| OWL Blue Owl Capital Inc. | $15.5B | 71.1× | 35.0× | +10.79% (above 0%: growing) | +200.00% (above 0%: growing) | +42.36% (above 0%: growing) | 100.00% | 18.32% | Compare |
| CRBG Corebridge Financial, Inc. | $15.0B | 7.3× | 16.6× | +13.81% (above 0%: growing) | +1,100.22% (above 0%: growing) | +2,420.83% (above 0%: growing) | 53.67% | 39.88% | Compare |
| CG Carlyle Group Inc. | $14.2B | 39.7× | 14.5× | −28.57% (below 0%: shrinking) | −57.30% (below 0%: shrinking) | +82.56% (above 0%: growing) | 100.00% | 39.97% | Compare |
| EQH Equitable Holdings, Inc. | $14.2B | 9.5× | 15.9× | +167.66% (above 0%: growing) | n/m | +385.71% (above 0%: growing) | 73.90% | 37.18% | Compare |
| Median of peers | $15.9B | 12.6× | 15.9× | +13.81% | +148.73% | +51.01% | 100.00% | 27.75% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
90.00%
Held by the ten largest
48.62%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 13.99m | 8.74% | +575.96k |
| Wellington Management | 11.02m | 6.88% | +3.04m |
| Temasek Holdings (Private) Ltd | 10.16m | 6.35% | +134.96k |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP | 9.00m | 5.62% | 0.00 |
| BlackRock | 7.98m | 4.98% | +163.26k |
| Millennium Management | 7.83m | 4.89% | +1.22m |
| Capital Group | 6.23m | 3.89% | −1.86m |
| T. Rowe Price | 4.44m | 2.77% | −731.65k |
| Balyasny Asset Management L.P. | 4.07m | 2.54% | +2.73m |
| Citadel Advisors | 3.12m | 1.95% | −642.93k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 21 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 29.90m | 47.63m | 251.57 |
| 2024 | 32.75m | 244.23m | 239.23 |
| 2023 | 198.69m | 298.21m | 158.86 |
| 2022 | 34.12m | 35.15m | 97.80 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
TPG Inc. (TPG) Latest News
30 Oct
29 Oct
27 Oct
9 Sep
4 Aug
TPG metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
TPG is an alternative asset manager that raises money from investors and invests it across private equity, credit and real estate. Rather than offering one fund, it organizes its investment strategies into six platforms: Capital, Growth, Impact, Credit, Real Estate and Market Solutions. TPG was founded in 1992, is headquartered in Fort Worth, and is led by chief executive Jon Winkelried.
Its private equity strategies buy controlling stakes or provide growth capital to businesses. Its credit strategies invest in corporate and asset-backed lending, while its real estate strategies invest in property and property-related debt. The Impact platform seeks financial returns alongside measurable societal benefits. Market Solutions includes investments in existing private equity holdings and other specialized opportunities.