TPG Inc.TPG
NasdaqGS•Financial Services•Asset Management
TPG Inc. operates as an alternative asset manager in the United States and internationally. The company provides investment management services to TPG Funds, limited partners, separately managed accounts and clients, and other vehicles; advisory, debt and equity arrangement, and underwriting and placement services; and capital structuring and other advice services. In addition, it invests in private equity funds, real estate funds, hedge funds, and credit funds. TPG Inc. was founded in 1992 and is based in Fort Worth, Texas.
TPG Inc. (TPG) reported trailing twelve months revenue of $4.14B as of March 2026, a 11.4% increase year-over-year. Quarterly revenue reached $500.01M, reflecting continued top-line momentum.
TPG Inc. generated $157.74M in TTM net income, with quarterly EBITDA of $-26.78M. The operating margin contracted from 2.4% to -5.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-5.4%) and net margin (-0.3%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 2.5% a year ago, reflecting increased costs or interest expense.
TPG trades at a P/E of 40.2x (a premium multiple) and a P/S of 1.5x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company generated $176.55M in free cash flow over the trailing twelve months, a 10.9% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $13.31B in total assets with $2.34B in long-term debt against $3.72B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 17 quarters of fundamental data
Operating margins are under pressure, averaging 4.7%. The business may lack pricing power or face rising costs.'
ROE is positive at ~2.1% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~52.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 17 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 48.4% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 57.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation