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. In the quarter to June 2026, revenue grew 100.0%, EPS grew 1,366.7%, free cash flow fell 14.3% and total debt rose 45.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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TPG Inc. (TPG) Piotroski F-score
TPG Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 1.00 |
| FY2024 | 5 | 1.00 |
| FY2023 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.54% | 0.24% | Pass | 1 |
| Positive operating cash flow | 1.03b | 532.15m | Pass | 1 |
| Rising return on assets | 1.54% | 0.24% | Pass | 1 |
| Cash flow above net income | 847.81m | 508.66m | Pass | 1 |
| Falling long-term leverage | 0.14 | 0.13 | Fail | 0 |
| Rising current ratio | 0.30 | 0.26 | Pass | 1 |
| No new shares issued | 138,879,000 | 100,220,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.39 | 0.35 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| IVZ Invesco Ltd. compare | 6 |
| TPG TPG Inc. | 6 |
| OWL Blue Owl Capital Inc. compare | 5 |
| TROW T. Rowe Price Group, Inc. compare | 5 |
| BEN Franklin Resources Inc compare | 5 |
| EQH Equitable Holdings, Inc. compare | 4 |
| CRBG Corebridge Financial, Inc. compare | 4 |
| ARCC Ares Capital Corporation compare | 2 |
| CG Carlyle Group Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover