TPG Inc. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
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~$14
Price-to-book vs peers
Base case. Range ~$14–$39. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $5.06bn, up 30.1% on a year earlier, faster than 11.4% a quarter earlier. That growth ranks 2 of 9 among the investment advice companies we cover. The diluted share count is up 3.9% on a year earlier, which dilutes existing holders. Our valuation models combined value is $15.75 a share, against a share price of $44.24.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
TPG Inc.'s trailing-twelve-month revenue grew 30.1% year on year, with a free-cash-flow margin of 16.0%. Where it stands out: change in growth rate of +18.6pp ranks 7 of 43 asset management & custody banks companies we cover. Where it lags: stock pay as % of revenue of 17.5% ranks 34 of 40 asset management & custody banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 142.8% while net income grew 279.3%: a 136pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value TPG Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$7.8 ~$5.3–$14 | Left out: out of range vs price (0.16x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$14 ~$15–$39 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$14 ~$14–$39 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare TPG Inc. with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.97 | +338% | $2.5bn | +17% |
| Next | $3.75 | +90% | $2.9bn | +19% |
Next year's EPS estimate has moved +2.2% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is −15.0% on 90 days ago. In the last 30 days, 1 analyst raised TPG Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $2.32 | $3.67 |
| 60 days ago | $2.30 | $3.66 |
| Now | $1.97 | $3.75 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.63 | $0.65 | +3.3% |
| Jun 2026 | $0.57 | $0.39 | −31.9% |
| Mar 2026 | $0.64 | −$0.05 | −107.8% |
| Dec 2025 | $0.68 | $0.29 | −57.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −8.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $3.9bn | $5.1bn | +30.1% |
| Net margin | 1.6% | 4.7% | +191.6% |
| P/E multiple | n/m | 77.8x | −74.9% |
| Share count | 367m | 382m | −3.7% |
Biggest factor: p/e multiple.
Last 3 years +82.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2.2bn | $5.1bn | +125.0% |
| Net margin | 5.0% | 4.7% | −7.3% |
| P/E multiple | 72.1x | 77.8x | +8.0% |
| Share count | 309m | 382m | −19.0% |
Biggest factor: revenue.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| TPG | +62% | +51% | +5% | −22% |
| Industry peers (median) | +19% | +15% | −4% | −6% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| TPG | 58% | 50% | 58% | 46% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| TPG | −26% | −16% | −43% | −45% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since January 13, 2022: 45% from January 6, 2026 to April 6, 2026. Getting back needed a 81% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +4.7% | −2.1% | — | — |
| August 4, 2026 | +3.4% | +1.6% | +9.2% | +14.2% |
| May 1, 2026 | +3.2% | −0.1% | +2.3% | −1.5% |
| February 5, 2026 | −1.9% | +0.6% | −13.1% | −22.9% |
| November 4, 2025 | −2.8% | −0.8% | +4.0% | +11.9% |
| August 6, 2025 | +5.1% | +0.7% | +13.2% | +3.1% |
| May 7, 2025 | +5.6% | +1.1% | +14.6% | +9.7% |
| February 11, 2025 | −2.5% | −0.2% | −3.4% | −24.7% |
| November 4, 2024 | −7.7% | +1.0% | +4.2% | +6.4% |
| August 6, 2024 | +1.5% | +0.2% | +10.0% | +16.6% |
| May 8, 2024 | −4.6% | +0.6% | −3.2% | −11.4% |
| February 13, 2024 | −3.9% | −0.5% | −4.2% | −1.2% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $2.1B |
| FY23 Q4 | $2.6B |
| FY24 Q1 | $2.8B |
| FY24 Q2 | $2.9B |
| FY24 Q3 | $3.4B |
| FY24 Q4 | $3.5B |
| FY25 Q1 | $3.7B |
| FY25 Q2 | $3.9B |
| FY25 Q3 | $4.3B |
| FY25 Q4 | $4.7B |
| FY26 Q1 | $4.1B |
| FY26 Q2 | $5.1B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -32.5% |
| FY23 Q4 | 8.1% |
| FY24 Q1 | 43.6% |
| FY24 Q2 | 29.8% |
| FY24 Q3 | 66.0% |
| FY24 Q4 | 34.8% |
| FY25 Q1 | 33.6% |
| FY25 Q2 | 33.2% |
| FY25 Q3 | 24.9% |
| FY25 Q4 | 33.4% |
| FY26 Q1 | 11.4% |
| FY26 Q2 | 30.1% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 87.1% |
| FY23 Q4 | 25.9% |
| FY24 Q1 | 37.8% |
| FY24 Q2 | 25.2% |
| FY24 Q3 | 2.6% |
| FY24 Q4 | 11.3% |
| FY25 Q1 | 4.3% |
| FY25 Q2 | 8.6% |
| FY25 Q3 | 17.6% |
| FY25 Q4 | 19.0% |
| FY26 Q1 | 20.7% |
| FY26 Q2 | 16.0% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 2,115 | 4,976 | 2,003 | 2,390 | 3,500 | 4,670 | 5,056 |
| Net income | 0 | 0 | 92 | 80 | 23 | 185 | 236 |
| Diluted EPS | — | $0.00 | −$0.19 | −$0.04 | −$0.42 | $0.45 | $0.62 |
| Growth (year on year) | |||||||
| Revenue | — | +135.3% | −59.8% | +19.3% | +46.5% | +33.4% | +30.1% |
| Net income | — | — | — | −13.3% | −70.7% | — | — |
| Margins | |||||||
| Net margin | 0.0% | 0.0% | 4.6% | 3.4% | 0.7% | 4.0% | 4.7% |
| Cash flow | |||||||
| Cash from operations | 95 | 1,475 | 1,376 | 721 | 532 | 1,032 | 973 |
| Stock-based pay | 0 | 0 | 628 | 655 | 1,006 | 814 | 885 |
| Balance sheet | |||||||
| Cash | 858 | 973 | 1,107 | 665 | 808 | 826 | 945 |
| Total debt | 0 | 444 | 644 | 945 | 1,282 | 1,723 | 2,344 |
| Net debt (negative = net cash) | −858 | −528 | −464 | 280 | 474 | 896 | 1,399 |
| Diluted shares | — | — | 309m | 318m | 365m | 374m | 382m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 855 | 1,076 | 1,035 | 921 | 1,224 | 1,491 | 500 | 1,841 |
| Net income | 9 | 13 | 25 | 15 | 67 | 77 | −1 | 93 |
| Diluted EPS | −$0.08 | −$0.05 | $0.00 | −$0.05 | $0.20 | $0.30 | −$0.22 | $0.39 |
| Growth (year on year) | ||||||||
| Revenue | +133.6% | +9.5% | +25.6% | +23.7% | +43.0% | +38.5% | −51.7% | +100.0% |
| Net income | −38.9% | — | — | — | — | — | −105.7% | — |
| Margins | ||||||||
| Net margin | 1.0% | 1.2% | 2.5% | 1.6% | 5.5% | 5.2% | −0.3% | 5.1% |
| Cash flow | ||||||||
| Cash from operations | 69 | −188 | 198 | 386 | 492 | −44 | 177 | 348 |
| Stock-based pay | 242 | 308 | 206 | 210 | 158 | 240 | 255 | 232 |
| Last 12 months unless stated | TPG | ARES | BAM | IVZ | CG | TROW | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.1bn | $5.3bn | $5.7bn | $6.9bn | $3.6bn | $7.7bn | $858m |
| Revenue growth, last 12 months | 30.1% | 28.5% | 31.9% | 12.2% | −41.9% | 6.9% | 17.2% |
| Revenue growth, 3-year average | 31.0% | 18.9% | — | 6.3% | 4.9% | 6.7% | 10.2% |
| Revenue growth, latest quarter | 100.0% | 24.3% | 60.8% | 20.5% | −28.6% | 5.9% | 14.4% |
| Gross margin | — | — | — | — | 98.2% | 99.9% | 80.2% |
| Operating margin | — | — | — | −7.1% | — | 32.0% | 25.8% |
| Operating margin, 3-year average | — | — | — | 0.1% | — | 31.6% | 18.8% |
| Net margin | 4.7% | 12.0% | 53.4% | −4.5% | 10.1% | 28.4% | 15.2% |
| Cash from operations / revenue | 19.2% | 17.2% | 40.7% | 29.1% | −110.7% | 24.2% | 26.4% |
| Free-cash-flow margin | 16.0% | 17.2% | 40.3% | 27.8% | −114.2% | 20.7% | 21.9% |
| Free-cash-flow margin, 3-year average | 16.6% | 47.3% | 51.0% | 23.4% | −41.0% | 19.2% | 17.6% |
| Stock pay / revenue | 17.5% | 13.3% | 2.4% | 1.5% | 11.5% | 2.8% | 3.7% |
| Change in share count | 3.9% | — | — | −0.6% | 0.5% | −2.4% | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 30.1% | 17.2% | 17 of 43 |
| Change in growth rate Growth | +18.6pp | +1.0pp | 7 of 43 |
| Net margin Profitability | 4.7% | 15.2% | 33 of 43 |
| Stock pay as % of revenue Cash generation | 17.5% | 4.3% | 34 of 40 |
| Change in share count Balance sheet | 3.9% | -0.3% | 26 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Management Fees | $1.8B | ▲ 11.5% |
| Expense Reimbursements and Other | $288M | ▲ 17.2% |
| Transaction Fees | $231M | ▲ 64.6% |
| Incentive Fees | $49.3M | ▲ 49.2% |
| Monitoring Fees | $29M | ▼ 2.1% |
These categories overlap or exclude eliminations, so shares aren't shown.
From TPG Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Wellington Management Group LLP | $447M | 11.0M | 7.6% | ▲ 38.1% |
| Temasek Holdings (Private) Ltd | $412M | 10.2M | 7.1% | ▲ 1.3% |
| Darlington Partners Capital Management, LP | $365M | 9.0M | 6.2% | 0.0% |
| Blackrock, Inc. | $324M | 8.0M | 5.5% | ▲ 2.1% |
| Millennium Management LLC | $318M | 7.8M | 5.4% | ▲ 18.5% |
| Vanguard Capital Management LLC | $262M | 6.5M | 4.5% | ▲ 6.1% |
| Vanguard Portfolio Management LLC | $261M | 6.4M | 4.5% | ▲ 2.6% |
| Capital International Investors | $229M | 5.7M | 3.9% | ▲ 11.5% |
| Balyasny Asset Management L.P. | $165M | 4.1M | 2.8% | ▲ 202.4% |
| Price T Rowe Associates Inc | $147M | 3.6M | 2.5% | ▲ 81.4% |
| Citadel Advisors LLC | $126M | 3.1M | 2.2% | ▼ 17.1% |
| State Street Corp | $106M | 2.6M | 1.8% | ▲ 5.4% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not TPG Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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