Carlyle Group
CG · Asset Management & Custody Banks
$38.59
1.6%TPG
TPG · Asset Management & Custody Banks
$44.64
3.3%The short version
- Carlyle Group is the larger business, with $4.8B of revenue in fiscal 2025 against $4.7B for TPG.
- TPG grew revenue faster (33.4%, against −11.9%).
- TPG earned a higher return on the capital invested in it (15.2%, against 13.7%).
- Investors pay more for each dollar of TPG’s earnings: a P/E of 66.6x against 40.2x for Carlyle Group.
| Latest fiscal year | CG · FY25 | TPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.2B | $17.2B |
| Revenue | $4.8B | $4.7B |
| Free cash flow | −$3.4B | — |
| Net income | $809M | $185M |
| Growth | ||
| Revenue growth | −11.9% | 33.4% |
| 5-year growth | 10.3% | — |
| Share count change | 0.8% | 2.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 16.9% | 4.0% |
| FCF margin | −70.6% | — |
| Return on capital | 13.7% | 15.2% |
| Return on equity | 12.1% | 4.8% |
| Balance sheet | ||
| Net debt | $1.0B | $896M |
| Net debt / EBITDA | 0.7x | 1.0x |
| Dividends and buybacks | $1.2B | $0.0M |
| Valuation & quality | ||
| P/E | 40.2x | 66.6x |
| Piotroski F-score | — | — |
FY16
CG $2.3B
TPG —
FY17
CG $3.7B
TPG —
FY18
CG $2.4B
TPG —
FY19
CG $3.4B
TPG —
FY20
CG $2.9B
TPG —
FY21
CG $8.8B
TPG —
FY22
CG $4.4B
TPG $2.0B
FY23
CG $3.0B
TPG $2.4B
FY24
CG $5.4B
TPG $3.5B
FY25
CG $4.8B
TPG $4.7B
CG
TPG
FY16
CG —
TPG —
FY17
CG —
TPG —
FY18
CG —
TPG —
FY19
CG —
TPG —
FY20
CG —
TPG —
FY21
CG —
TPG —
FY22
CG —
TPG —
FY23
CG —
TPG —
FY24
CG —
TPG —
FY25
CG —
TPG —
CG
TPG
FY16
CG −$326M
TPG —
FY17
CG −$41.1M
TPG —
FY18
CG −$375M
TPG —
FY19
CG $331M
TPG —
FY20
CG −$230M
TPG —
FY21
CG $1.7B
TPG —
FY22
CG −$420M
TPG —
FY23
CG $138M
TPG —
FY24
CG −$837M
TPG —
FY25
CG −$3.4B
TPG —
CG
TPG
FY16
CG —
TPG —
FY17
CG —
TPG —
FY18
CG —
TPG —
FY19
CG —
TPG —
FY20
CG 11.0%
TPG —
FY21
CG 67.9%
TPG —
FY22
CG 21.1%
TPG —
FY23
CG −5.3%
TPG 1.9%
FY24
CG 17.1%
TPG 1.1%
FY25
CG 13.7%
TPG 15.2%
CG
TPG
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.