olivLaw · European equity research
Tetragon Financial Group Limited TFG.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Tetragon Financial Group is a Guernsey investment holding company listed on Euronext Amsterdam that invests in alternative assets through GP stakes in asset managers, LP investments in funds and direct investments. For 2025 the company reported a return on equity of 23.4%, and its total net asset value reached 3891.8 million USD.
At the close of 05 Nov 2026, Tetragon Financial Group Limited (TFG.AS) stock was 16.00 USD (+0.00% on the day), with market capitalisation 1.4 bn USD, P/E 2.1 on diluted EPS of 7.59 USD over the last 12 months, dividend yield 227.50%, beta 0.20, 52-week range 11.90–19.20 USD.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 75.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 14.08 – 16.28
- in the upper half of the band · %B 0.87 · band width 14.5%
- SMA 50 / 200
- 14.59 / 14.01
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.42 / 0.35
- 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.3% | −0.6% | +11.0 pp | — |
| 3 months | +15.5% | −4.2% | +19.7 pp | — |
| 6 months | +19.9% | +4.3% | +15.5 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | −16.2% | +9.9% | −26.2 pp | +0.3% |
| 3 years | +63.6% | +49.8% | +13.8 pp | +2.2% |
| 5 years | +81.8% | +42.8% | +39.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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 0 percentile of its own 3-quarter history (min 2.3, median 3.6, max 6.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 141.1 m | 352.2 m | 729.6 m |
| Net income YoY | unavailable | +149.6% | +107.2% |
| Diluted EPS | 1.53 | 3.94 | 7.59 |
| Diluted EPS YoY | unavailable | +157.5% | +92.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 27.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 3.9 bn USD
- Total assets
- 4.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 20.7%
- ROA
- 18.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 165.1 m | 377.6 m | 756.9 m | esef· 18 Mar 2026verified |
| Interest expense | 24.0 m | 25.4 m | 27.3 m | esef· 18 Mar 2026verified |
| Net income | 141.1 m | 352.2 m | 729.6 m | esef· 18 Mar 2026verified |
| Diluted EPS | 1.53 | 3.94 | 7.59 | esef· 18 Mar 2026verified |
| Weighted average diluted shares | 92.2 m | 89.4 m | 96.1 m | esef· 18 Mar 2026verified |
| Dividend per share | 0.27 | 35.70 | 36.40 | esef· 18 Mar 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.1 m | 30.5 m | 27.1 m | esef· 18 Mar 2026verified |
| Total assets | 3.1 bn | 3.6 bn | 4.3 bn | esef· 18 Mar 2026verified |
| Total liabilities | 280.4 m | 391.9 m | 364.7 m | esef· 18 Mar 2026verified |
| Equity | 2.8 bn | 3.2 bn | 3.9 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 87.1 m | 85.3 m | 87.3 m | esef· 18 Mar 2026derived |
Cash flow · USD
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: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
23% · 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: 73.67 – 643.28 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E73.67 – 192.56 (Mid 105.17)17 companies used · median multiple 13.9x · quartiles 9.7x – 25.4xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)478.33 – 643.28 (Mid 548.68)
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: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 27.7x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 2.1x | 95 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial26/100 · 1/2 factors with a value
- Valuation· partial95/100 · 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
Tetragon Financial Group Limited (TFG.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 20.7%.
The estimated value range is 276.00–417.92 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 326.92 USD, the price of 16.00 USD leaves a potential of 1,943.3% (value / price − 1) and a margin of safety of 95.1% (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: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 27.7x
- P/E (TTM): 2.1x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 1.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for TFG.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
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.
In brief
Tetragon Financial Group is a Guernsey investment holding company listed on Euronext Amsterdam that invests in alternative assets through GP stakes in asset managers, LP investments in funds and direct investments. For 2025 the company reported a return on equity of 23.4% 1, and its total net asset value reached 3891.8 million USD 1.
SWOT
Strengths
- Diversification across several asset classes and a return on equity above the stated target in 2025 1.
- Recurring fee income from GP stakes in asset managers, which supports performance across different economic conditions 1.
- A long record of documented returns since the IPO and a policy of returning capital to shareholders 1.
Weaknesses
Opportunities
Risks
- Market riskhigh
Performance depends on equity, credit and currency markets, and volatility can directly affect NAV 1.
- Liquidity riskmedium
Private fund and GP stake investments are hard to sell quickly, and debt must be managed 1.
- Concentration riskhigh
The ten largest investments represent a significant part of the portfolio, which magnifies the effect of individual developments 1.
- Operational riskmedium
Reliance on external managers and the company's own platform creates compliance and financial control risks 1.
- Valuation riskmedium
Many assets are valued on NAVs supplied by managers or on internal models, which can lead to later adjustments 1.
Investment thesis
What would need to be true (bull case)
- If return on equity stays within the stated target range, the company could sustain distributions to shareholders 1.
- Fee income from GP stakes could become more stable if M&A activity continues at its current pace 1.
- Broad diversification across strategies could reduce the portfolio's sensitivity to the equity market 1.
What would break the thesis
What to watch
- Effect of the BGO stake monetisation on fee income2026
- Level of dividends paid and share repurchases carried out2026
- Return on equity compared with the 10-15% targetnext 10-K
- Monthly NAV changes published by the company2026
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.
The business
The Tetragon Partners platform buys, launches and builds asset management businesses, providing working capital, co-investment capital and operating infrastructure while preserving entrepreneurial independence for the chief investment officers 1. The aim is for fee income to diversify returns across economic conditions 1. The company says it has effectively monetised its 13% stake in BGO, which will no longer be counted as a platform partner 1.
Segments
GP stakes in asset managers
These are the largest asset category, at 1754.2 million USD at 31 December 2025 1. The main single holding is Equitix, valued at 1149.1 million USD 1, alongside stakes in LCM, BGO (monetised in 2026) and other platform managers 1.
LP funds and direct investments
Equity, credit and real estate funds, together with direct private equity and venture positions, make up the rest of net assets, including the Westbourne River, Hawke's Point and Banyan Square funds 1. Direct investments such as the stake in Ripple Labs are idiosyncratic, opportunistic bets 1.
Net cash and distributions
Net cash after adjustments is negative, reflecting the drawn credit facility, and the company paid a full-year 2025 dividend of 0.45 USD per share 1. Tetragon aims to return value to shareholders through dividends and buybacks, informed by the sustainability of its cash generation 1.
Market context
Trends
- Consolidation in GP stakestailwind
M&A activity in asset management has roughly doubled compared with the prior decade, which could lift the value of GP stakes if exits materialise 1.
- Volatility from trade policymixed
High tariffs and reshaped supply chains created volatility in both directions, which could affect private fund valuations 1.
- Limited liquidity in private fundsmixed
The company expects liquidity for GP stakes to improve as the strategy matures, although this depends on future market conditions 1.
- Adoption of digital assetsmixed
Clearer US regulation could accelerate adoption of digital assets even though prices fell in 2025 1.
Competitive position
Tetragon competes with other alternative investors and asset managers offering similar LP and GP strategies. It differentiates through partnerships with managers combined with idiosyncratic direct investing 1. The sources do not name specific competitors, so this analysis is limited to the company's own strategy 1.
The company measures its performance against the MSCI ACWI Local Index, which it uses as the reference benchmark 1. Its differentiation rests on generating alpha with lower market sensitivity than that index 1.
- Other alternative fund managers
The sources do not name specific competitors; the company operates alongside LP and GP fund managers in general.
- Asset manager GP stake buyers
Firms that buy or hold GP stakes similar to the Tetragon Partners strategy; not named in the source.
- Private equity and venture funds
Compete for direct and co-investment opportunities; the source gives no names.
- Credit funds and CLO managers
Compete in the lower-liquidity credit segment; the source gives no names.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202406 Mar 2025
- Annual report 202306 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Tetragon Financial Group Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.