Carlyle Group Inc. (CG) vs TPG Inc. (TPG)

Carlyle Group Inc. and TPG Inc. are both Asset Management companies. TPG Inc. is the larger, with a market value of $16.8B against $14.1B — 1.2× the size. TPG Inc. trades at the lower P/E: 37.6× against 39.6×. TPG Inc. grew revenue faster over the last twelve months: 30.1% against −41.9%. Carlyle Group Inc. has the higher net margin (10.1% vs 4.67%) and the lower return on invested capital (4.40% vs 7.97%). Both pay a dividend; Carlyle Group Inc. yields more (3.28% vs 2.87%). Across the 21 metrics below, TPG Inc. leads on 15 and Carlyle Group Inc. on 6.

Valuation

Metric CG TPG Asset Management median
P/E 39.63 37.62 14.62
P/S 3.97 1.45 2.97
P/B 1.99 1.95 0.94
Price to free cash flow n/m 7.97 8.93
EV/EBITDA 9.73 9.14 10.32
EV/Sales 4.39 1.72 5.72
Earnings yield 2.52% 2.66% 4.53%
Free cash flow yield (33.11%) 12.55% 4.65%

Profitability

Metric CG TPG Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 39.60% 15.54% 33.03%
Net margin 10.08% 4.67% 13.53%
Free cash flow margin (114.16%) 18.15% 12.44%
Return on equity 5.22% 6.47% 4.83%
Return on assets 1.37% 1.82% 1.57%
Return on invested capital 4.40% 7.97% 3.04%

Growth

Metric CG TPG Asset Management median
Revenue growth (TTM) (41.88%) 30.07% 6.97%
EPS growth (last fiscal year) (21.30%) 207.14% —
Revenue growth, 5-year CAGR 10.25% 17.17% 12.13%
Net income growth, 5-year CAGR 18.36% (33.68%) 0.00%

Health

Metric CG TPG Asset Management median
Debt to equity 1.91 0.63 0.42
Current ratio 2.35 0.31 1.28
Net debt to EBITDA (0.47) 1.06 1.06

Dividend

Metric CG TPG Asset Management median
Dividend yield 3.28% 2.87% 6.92%
Payout ratio — 19.29 0.77

Size

Metric CG TPG Asset Management median
Market cap 14.05b 16.78b 721.34m

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