Tpg IncTpg Inc
Tpg Inc

Tpg Inc

TPG
Financials·Capital Markets

TPG, Inc. operates as a global, diversified alternative asset management firm. The firm invests across five multi-product platforms: Capital, Growth, Impact, Real Estate, and Market Solutions. It aims to build dynamic products and options for its clients while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. The company was founded by Jim Coulter and David Bonderman in 1992 and is headquartered in Fort Worth, TX.

Texas; U.S.A
Market cap
No dataNo data
Revenue
$4.7B+33.4% YoY
Net income
$184.6M+686.0% YoY
Free cash flow
$1B+94.0% YoY

Market

Listed stock
TPGPriceNasdaq
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Financial performance

Revenue
$4.7B+33.4% YoY
Operating income
$575.8M+835.9% YoY
Net income
$184.6M+686.0% YoY
Free cash flow
$1B+94.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $5B, 2022 $2B, 2023 $2.4B, 2024 $3.5B, 2025 $4.7B. Operating income: 2021 $4.1B, 2022 $58.1M, 2023 $26.1M, 2024 $-78.2M, 2025 $575.8M. Net income: 2021 $0, 2022 $92.4M, 2023 $80.1M, 2024 $23.5M, 2025 $184.6M. Free cash flow: 2021 $1.5B, 2022 $1.4B, 2023 $720.5M, 2024 $532.1M, 2025 $1B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
33.4%−1302 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $4.1B, 2022-12-31 $58.1M, 2023-12-31 $26.1M, 2024-12-31 $-78.2M, 2025-12-31 $575.8M. Net income: 2021-12-31 $0, 2022-12-31 $92.4M, 2023-12-31 $80.1M, 2024-12-31 $23.5M, 2025-12-31 $184.6M. Free cash flow: 2021-12-31 $1.5B, 2022-12-31 $1.4B, 2023-12-31 $720.5M, 2024-12-31 $532.1M, 2025-12-31 $1B

Growth heatmap

2022202320242025CAGR
Revenue
-59.8%
+19.3%
+46.5%
+33.4%
-1.6%
Gross profit
-54.4%
+19.3%
+46.5%
+33.4%
+1.5%
Operating income
-98.6%
-55.1%
-399.7%
+835.9%
-38.7%
Free cash flow
-6.6%
-47.6%
-26.1%
+94.0%
-8.5%

Earnings quality

Operating cash flow
$1B+94.0% YoY
Net income
$184.6M+686.0% YoY
Free cash flow
$1B+94.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 559%, 2024-12-31 2266%, 2023-12-31 900%, 2022-12-31 1489%. Free cash flow: 2025-12-31 559%, 2024-12-31 2266%, 2023-12-31 900%, 2022-12-31 1489%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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