About these figures. TPG became a listed corporation in January 2022; its filings' figures for earlier years belong to the partnership before it and are incomplete, so its history starts in 2022. TPG's filings tag no capital spending line, so capital spending and free cash flow are left blank.
What TPG does
TPG is an alternative asset manager. Investors give it money to put into funds, and it invests that money mainly in private equity, credit and real estate. It manages $303.0 billion in assets, which the industry calls assets under management.
TPG earns management fees from its funds and, when investments do well, a share of the profits. Its income can swing a lot from period to period because of the way the profits arrive. Its growth has come partly from buying firms: Angelo Gordon, a credit and real estate investor bought in 2023, and Peppertree, a digital infrastructure investor focused on wireless towers, bought in 2025.
The 10-K says the firm has about 400 active portfolio companies, about 300 real estate properties and many credit positions, and it works across 16 countries. Its investment teams are organized by industry sector. It also provides products and services to insurance companies, and it says artificial intelligence could add competitive and legal risks.
- Legal name
- TPG Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0001880661-26-000011
0001880661
Revenue and margins
TPG had $4.7B of revenue in fiscal 2025, up 33.4% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
TPG returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 2.6%.
Value TPG yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$896M and divides by 374.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 66.6x · peers — · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably TPG can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $665M | $808M | $826M |
| Debt incl. finance leases | $445M | $945M | $1.3B | $1.7B |
| Net debt / EBITDA | −3.8x | 1.7x | 2.5x | 1.0x |
| Debt / equity | 0.1x | 0.3x | 0.4x | 0.4x |
| Interest coverage | 7.6x | 3.6x | 0.7x | 7.5x |
| Total assets | $7.9B | $9.4B | $10.5B | $13.5B |
| Total liabilities | $4.2B | $6.0B | $6.9B | $9.4B |
| Shareholders' equity | $3.1B | $3.4B | $3.6B | $4.1B |
| Net debt (− = net cash) | −$663M | $280M | $474M | $896M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −7.4% | −5.1% | −7.1% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| TPG TPG | $17.2B | 33.4% | — | — | 15.2% | 66.6x | — | |
| Ares Management ARES | — | 28.9% | — | — | — | — | — | Compare → |
| Carlyle Group CG | $14.2B | −11.9% | — | −70.6% | 13.7% | 40.2x | — | Compare → |
| Brookfield Asset Management BAM | — | 21.0% | — | 43.4% | — | — | — | Compare → |
| Invesco IVZ | $12.8B | 5.1% | −10.9% | 22.6% | −3.8% | — | — | Compare → |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $2.0B | $2.4B | $3.5B | $4.7B |
| Interest expense | $19.0M | $31.8M | $77.1M | $102M |
| Pretax income | $125M | $83.7M | −$24.8M | $667M |
| Income tax | $32.5M | $60.3M | $52.1M | $67.0M |
| Net income | $92.4M | $80.1M | $23.5M | $185M |
| Diluted EPS | −$0.19 | −$0.04 | −$0.42 | $0.45 |
| Diluted shares | 0.31B | 0.32B | 0.36B | 0.37B |
| Cash flow | ||||
| Cash from operations | $1.4B | $721M | $532M | $1.0B |
| Depreciation and amortization | $33.0M | $47.7M | $135M | $145M |
| Stock-based compensation | $628M | $655M | $1.0B | $814M |
| Acquisitions | $0.0M | $357M | $16.3M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||
| Cash and short-term investments | $1.1B | $665M | $808M | $826M |
| Total debt | $445M | $945M | $1.3B | $1.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $24.1M | $81.7M | $89.5M | $98.6M |
| Total assets | $7.9B | $9.4B | $10.5B | $13.5B |
| Total liabilities | $4.2B | $6.0B | $6.9B | $9.4B |
| Shareholders' equity | $3.1B | $3.4B | $3.6B | $4.1B |
| Margins | ||||
| EBITDA margin | 8.8% | 6.8% | 5.4% | 19.6% |
| Net margin | 4.6% | 3.4% | 0.7% | 4.0% |
| Returns | ||||
| Return on capital | — | 1.9% | 1.1% | 15.2% |
| Return on equity | — | 2.5% | 0.7% | 4.8% |
| Return on assets | — | 0.9% | 0.2% | 1.5% |
| Growth | ||||
| Revenue growth | — | 19.3% | 46.5% | 33.4% |
| Net income growth | — | −13.4% | −70.7% | 686.1% |
| Share count change | — | 2.9% | 14.7% | 2.6% |
| Financial health | ||||
| Net debt / EBITDA | −3.8x | 1.7x | 2.5x | 1.0x |
| Debt / equity | 0.1x | 0.3x | 0.4x | 0.4x |
| Interest coverage | 7.6x | 3.6x | 0.7x | 7.5x |
| Capital allocation | ||||
| Stock comp / revenue | 31.3% | 27.4% | 28.8% | 17.4% |
| Quality scores | ||||
| Accruals ratio | — | −7.4% | −5.1% | −7.1% |
Source: SEC EDGAR XBRL filings (CIK 0001880661). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.