Equitable Holdings, Inc. (EQH) vs TPG Inc. (TPG)

Equitable Holdings, Inc. and TPG Inc. are both Asset Management companies. TPG Inc. is the larger, with a market value of $16.8B against $14.4B — 1.2× the size. Equitable Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; TPG Inc. trades at 37.6×. TPG Inc. grew revenue faster over the last twelve months: 30.1% against −22.1%. TPG Inc. has the higher net margin (4.67% vs −9.25%) and the higher return on invested capital (7.97% vs 0.00%). Across the 20 metrics below, TPG Inc. leads on 17 and Equitable Holdings, Inc. on 3.

Valuation

Metric EQH TPG Asset Management median
P/E n/m 37.62 14.62
P/S 1.41 1.45 2.97
P/B n/m 1.95 0.94
Price to free cash flow 11.34 7.97 8.93
EV/EBITDA 9.25 9.14 10.32
EV/Sales 0.45 1.72 5.72
Earnings yield (6.09%) 2.66% 4.53%
Free cash flow yield 8.82% 12.55% 4.65%

Profitability

Metric EQH TPG Asset Management median
Gross margin 44.18% 100.00% 100.00%
Operating margin (3.62%) 15.54% 33.03%
Net margin (9.25%) 4.67% 13.53%
Free cash flow margin 12.44% 18.15% 12.44%
Return on equity (168.29%) 6.47% 4.83%
Return on assets (0.31%) 1.82% 1.57%
Return on invested capital 0.00% 7.97% 3.04%

Growth

Metric EQH TPG Asset Management median
Revenue growth (TTM) (22.10%) 30.07% 6.97%
EPS growth (last fiscal year) (227.78%) 207.14% —
Revenue growth, 5-year CAGR (1.24%) 17.17% 12.13%
Net income growth, 5-year CAGR 0.00% (33.68%) 0.00%

Health

Metric EQH TPG Asset Management median
Debt to equity 8.12 0.63 0.42
Current ratio 0.12 0.31 1.28
Net debt to EBITDA 60.82 1.06 1.06

Dividend

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

Size

Metric EQH TPG Asset Management median
Market cap 14.36b 16.78b 721.34m

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