olivLaw · US equity research
TPG Inc. TPG
Investment Advice · SIC 6282
TPG Inc. is a global alternative asset manager active in private equity, credit and real estate, with a portfolio that has grown steadily and reached 326.8 bn USD at 30 June 2026. The Peppertree acquisition and rapid asset expansion make the company relevant to investors following the alternative asset management industry.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TPG Inc. (TPG) stock was 50.16 USD (+3.66% on the day), with P/E 64.0 on diluted EPS of 0.78 USD over the last 12 months, dividend yield 4.47%, beta 1.62, 52-week range 37.93–69.66 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (−0.2% YoY), net income of 99.6 m USD (+48.4% YoY), diluted EPS 0.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.2
- strong (55–70)
- Bollinger (20, 2)
- 41.05 – 49.38
- above the upper band · %B 1.09 · band width 18.4%
- SMA 50 / 200
- 46.77 / 45.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.73 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.7% | −1.1% | +13.8 pp | — |
| 3 months | +4.7% | −0.5% | +5.1 pp | — |
| 6 months | +11.4% | +4.4% | +7.0 pp | — |
| Year to date | −21.4% | +12.3% | −33.7 pp | — |
| 1 year | −6.1% | +13.5% | −19.6 pp | — |
| 3 years | +68.6% | +76.4% | −7.8 pp | — |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.0 bn | 920.5 m | 1.2 bn | 1.5 bn | 500.0 m | 1.8 bn | 1.2 bn |
| Depreciation & amortisation | 37.9 m | 31.4 m | 30.8 m | 41.0 m | 41.3 m | 41.8 m | 41.3 m | 40.3 m |
| Interest expense | 21.0 m | 22.4 m | 24.1 m | 28.2 m | 27.6 m | 31.2 m | 35.3 m | 34.3 m |
| Income tax | 11.4 m | 6.3 m | 9.2 m | 28.9 m | 22.5 m | -17.4 m | 36.3 m | 58.0 m |
| Net income | 13.0 m | 25.4 m | 14.9 m | 67.1 m | 77.1 m | -1.5 m | 93.4 m | 99.6 m |
| Diluted EPS | 0.04 ≈ | 0.00 | -0.05 | 0.20 | 0.20 ≈ | -0.22 | 0.39 | 0.41 |
| Operating cash flow | -188.1 m | 198.2 m | 385.9 m ≈ | 492.0 m ≈ | -43.7 m | 176.5 m | 347.7 m ≈ | 248.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 22 percentile of its own 9-quarter history (min 53.2, median 99.5, max 309.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 5.0 bn | 2.0 bn | 2.4 bn | 3.5 bn | 4.7 bn |
| Revenue YoY | unavailable | +135.3% | −59.8% | +19.3% | +46.5% | +33.4% |
| Net income | 0 | 0 | 92.4 m | 80.1 m | 23.5 m | 184.6 m |
| Net income YoY | unavailable | unavailable | unavailable | −13.3% | −70.7% | +686.0% |
| Diluted EPS | unavailable | 0.00 | -0.19 | -0.04 | -0.42 | 0.45 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 0.0% | 0.0% | 4.6% | 3.4% | 0.7% | 4.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 826.1 m USD
- Financial debt
- 1.7 bn USD
- Net debt
- 896.4 m USD
- Equity
- 4.1 bn USD
- Total assets
- 13.5 bn USD
- Debt / equity
- 0.42x
- Current ratio
- unavailable
- ROE
- 4.8%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 5.0 bn | 2.0 bn | 2.4 bn | 3.5 bn | 4.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 7.1 m | 21.2 m | 33.0 m | 47.7 m | 135.4 m | 144.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Interest expense | 15.7 m | 14.3 m | 19.0 m | 31.8 m | 77.1 m | 102.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | — | — | — | 83.7 m | -24.8 m | 666.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 9.8 m | 9.0 m | 32.5 m | 60.3 m | 52.1 m | 67.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 0 | 0 | 92.4 m | 80.1 m | 23.5 m | 184.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | — | 0.00 | -0.19 | -0.04 | -0.42 | 0.45 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | — | 0 | 308.9 m | 317.9 m | 364.7 m | 374.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | — | — | 1.09 | 1.40 | 1.65 | 1.98 | SEC (XBRL)· 17 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 858.2 m | 972.7 m | 1.1 bn | 665.2 m | 808.0 m | 826.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | — | 26.3 m | 24.1 m | 81.7 m | 89.5 m | 98.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | — | 230.2 m | 230.2 m | 436.1 m | 436.1 m | 498.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 164.6 m | 136.2 m | 649.5 m | 533.7 m | 659.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | — | 9.0 bn | 7.9 bn | 9.4 bn | 10.5 bn | 13.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | — | — | 444.6 m | 945.1 m | 1.3 bn | 1.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | — | 1.7 bn | 4.2 bn | 6.0 bn | 6.9 bn | 9.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | — | 6.3 bn | 3.1 bn | 3.4 bn | 3.6 bn | 4.1 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 95.4 m | 1.5 bn | 1.4 bn | 720.5 m | 532.1 m | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Investing cash flow | -108.1 m | -37.7 m | -3.0 m | -373.6 m | -44.5 m | -264.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 250.3 m | -1.3 bn | -1.2 bn | -789.2 m | -344.9 m | -750.4 m | SEC (XBRL)· 17 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.02 – 34.99 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)26.02 – 34.99 (Mid 29.85)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.3% | 35 (on a fixed band) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 32.6% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 64.0x | 0 (on a fixed band) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial35/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TPG Inc. (TPG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.7 bn USD in 2025; YoY growth 33.4%; net margin 5.3%; ROE 6.9%.
The estimated value range is 26.02–34.99 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 29.85 USD, the price of 50.16 USD leaves a potential of -40.5% (value / price − 1) and a margin of safety of -68.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 32.6%
What contradicts it
- P/E (TTM): 64.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (29 Oct 2026 · results).
In brief
TPG Inc. is a global alternative asset manager active in private equity, credit and real estate, with a portfolio that has grown steadily and reached 326.8 bn USD at 30 June 2026. The Peppertree acquisition and rapid asset expansion make the company relevant to investors following the alternative asset management industry.
SWOT
Strengths
- A diversified platform across six divisions reduces reliance on a single asset class, and the history of asset growth is solid 1.
- A global footprint with offices in several countries and an extensive partner network supports the generation of investment opportunities 1.
- A revenue structure based on management fees and performance allocations gives growth potential linked to the volume of assets 1.
Weaknesses
- Revenue depends heavily on fund performance, and weak performance could reduce fees and assets under management 1.
- The company relies on the experience of key professionals whose departure could affect investor relationships 1.
- Clawback provisions in governing agreements can create contingent obligations for the company 1.
Opportunities
Risks
- Dependence on key personnelhigh
The departure of senior leaders or key investment professionals could affect results and the ability to raise funds 1.
- Fund performancehigh
Weak performance could reduce fee revenue and could trigger redemptions from open-ended funds 1.
- Fundraisingmedium
If successor funds cannot be raised at comparable size, management fee revenue could decline 1.
- Clawback obligationsmedium
Clawback provisions may require the company to return performance fees previously paid 1.
- Tax changeslow
Legislative proposals on the tax treatment of partnership interests could increase compensation costs 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Evolution of assets under management and fundraisingQ1 2027
- Performance of private equity and credit funds2027
- Integration of the Peppertree acquisition and effects on the Real Estate platform2027
- Evolution of tax policy on partnership interestsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (29 Oct 2026 · results).
The business
TPG presents itself as a global alternative asset manager, with assets under management of 303.0 bn USD at 31 December 2025 and 326.8 bn USD at 30 June 2026 12. Its activity is organised into six multi-strategy platforms: Capital, Growth, Impact, Credit, Real Estate and Market Solutions 1. The company grew assets by 166.4% between 2021 and 2025, including through the Angelo Gordon and Peppertree acquisitions 1.
Segments
Market context
Trends
- Macroeconomic volatilitymixed
Tariffs and monetary policy adjustments created significant market swings in 2025, which can affect fund values and investment opportunities 1. If uncertainty persists, deal activity could be affected.
- Demand for alternativestailwind
Institutional investors show a growing preference for alternatives and bespoke structures, which can support fundraising 1.
- Investor consolidationheadwind
Some investors concentrate capital with fewer managers while others in-source their activity, which could pressure fees 1.
- Fundraising cyclemixed
If funds cannot raise successor vehicles of comparable size, fee revenue could decline as the investment periods of predecessor funds expire 1.
Competitive position
The company competes with other alternative asset managers that run large capital formation teams and launch fundraising campaigns at the same time 1. Competition for talent and investor capital is intense 1.
- Other US alternative asset managers
The sources refer to competitors with larger capital formation teams without naming them.
- Institutional investors that in-source
Pension and sovereign funds could become competitors if they invest directly without external advisers.
- Specialised funds and co-investment vehicles
Managed accounts and co-investment structures compete for the same investor capital.
- Alternative credit platforms
Competition in credit comes from platforms offering similar direct financing solutions.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report08 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report01 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Proxy statement21 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TPG Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TPG Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TPG Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.