Friday 6 November 2026 Export TPG’s income statement to Excel — free account

TPG Inc.

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

Revenue growth 3 yrs

46.87 0.13 +0.28%

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Market cap: $18.0B
P/E: 19.7×
Fwd P/E: 23.7×
Dividend yield: 4.76%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

TPG Inc. (TPG) valuation and DCF model

What the price implies · reverse DCF

At $46.87 the price implies 2.7% a year of dividend growth, at a 9.0% cost of equity.

Return on equity averaged 9.3% over ten years; the price implies 15.6% for good.

In December 2022 the price assumed 4.2% a year; TPG Inc. went on to grow the dividend a share −36.6% a year to FY2025.

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 2.7% a year for ten years; $46.87; today’s price
Its base case: 5.0% a year for five years, then 3.0%; $52.14; 11.2% above today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record TPG Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Dividends

Dividend a share, last twelve months ($)the four quarters to September 2026, from the 10-Q and 10-K filings

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 2.7% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Current price ($)

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Value per share Expected return

Use the analysts’ consensus for years 1–3 (−18.6%, 31.5%, 28.9%)

How the model ends

Margin of safety (%)

Against TPG Inc.’s own cost of capital: risk-free 4.3% + beta 1.46 × equity premium 4.5% = 10.9% cost of equity; after-tax cost of debt 5.2%; weighted, 10.2%.

Use 10.2%

Base case value per share $52.14 ten years discounted, and what follows

Current price $46.87 market price per share

Above today’s price 11.2% upside at the base case’s assumptions

How we got there$23.34 10 years of dividends+$28.80 terminal value=$52.14 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	19.67×	173.76×	97.71×	80% below	13.38×	47% above
P/FCF	12.58×	8.04×	5.28×	138% above	7.79×	62% above
P/B	2.03×	1.53×	1.04×	95% above	0.91×	123% above
EV/EBITDA	—	21.89×	13.88×	—	3.38×	—
EV/Sales	—	1.34×	1.00×	—	3.90×	—

P/E P/FCF P/B EV/EBITDA EV/Sales

TPG trades at 2.03× P/B, against a 10-year average of 1.04× (range 0.43×–2.14×). That is dearer than 88% of the last 8 year-end readings; re-rating to the average implies $24.01 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.