Carlyle Group vs TPG
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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 β11.9%).
- TPG earned a higher return on the capital invested in it (15.2%, against 13.7%).
- Investors pay more for each dollar of TPGβs earnings: a P/E of 66.6x against 40.2x for Carlyle Group.
| Latest fiscal year | CG Β· FY25 | TPG Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.2B | $17.2B |
| Revenue | $4.8B | $4.7B |
| Free cash flow | β$3.4B | β |
| Net income | $809M | $185M |
| Growth | ||
| Revenue growth | β11.9% | 33.4% |
| 5-year growth | 10.3% | β |
| Share count change | 0.8% | 2.6% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 16.9% | 4.0% |
| FCF margin | β70.6% | β |
| 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 | β | β |
Revenue
FY16
CG $2.3B
TPG β
FY17
CG $3.7B
TPG β
FY18
CG $2.4B
TPG β
FY19
CG $3.4B
TPG β
FY20
CG $2.9B
TPG β
FY21
CG $8.8B
TPG β
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
Operating margin
FY16
CG β
TPG β
FY17
CG β
TPG β
FY18
CG β
TPG β
FY19
CG β
TPG β
FY20
CG β
TPG β
FY21
CG β
TPG β
FY22
CG β
TPG β
FY23
CG β
TPG β
FY24
CG β
TPG β
FY25
CG β
TPG β
CG
TPG
Free cash flow
FY16
CG β$326M
TPG β
FY17
CG β$41.1M
TPG β
FY18
CG β$375M
TPG β
FY19
CG $331M
TPG β
FY20
CG β$230M
TPG β
FY21
CG $1.7B
TPG β
FY22
CG β$420M
TPG β
FY23
CG $138M
TPG β
FY24
CG β$837M
TPG β
FY25
CG β$3.4B
TPG β
CG
TPG
Return on capital
FY16
CG β
TPG β
FY17
CG β
TPG β
FY18
CG β
TPG β
FY19
CG β
TPG β
FY20
CG 11.0%
TPG β
FY21
CG 67.9%
TPG β
FY22
CG 21.1%
TPG β
FY23
CG β5.3%
TPG 1.9%
FY24
CG 17.1%
TPG 1.1%
FY25
CG 13.7%
TPG 15.2%
CG
TPG
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.