# TPG (TPG.US)

Canonical: https://gigainvestors.com/s/TPG

Analysis as of: 2026-10-16T07:32:28.143Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $43.37 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.97×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.45×

- FY2019: 0.55×

- FY2020: 0.69×

- FY2021: 0.94×

- FY2022: -0.01×

- FY2023: 0.04×

- FY2024: -0.01×

- FY2025: 0.15×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 22.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 38.9%

- ROIC, second-lowest year: -1.7%

- Typical minus recent gross margin: 22.0 pp

- Typical gross margin (annual median): 98.0%

- Recent gross margin (lower of latest and 3-year median): 76.0%

- Years with nonpositive capital: 1

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 18.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 65.6%

- FY2020: 69.7%

- FY2021: >100%

- FY2022: -1.9%

- FY2023: 7.3%

- FY2024: -1.7%

- FY2025: 38.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.8B

- Net income, five-year total: $2.6B

- Working capital / revenue, annual change: -1.9 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 1.33×

- FY2023: 1.39×

- FY2024: 5.57×

- FY2025: 1.19×

### management: na

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 78.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.59×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.98×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -6.3%

- FY2020: 11.9%

- FY2021: 7.9%

- FY2022: -16.2%

- FY2023: -6.8%

- FY2024: -4.8%

- FY2025: -6.3%

## Holders

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 38% since Nov 2024 · "TPG Inc. (NASDAQ:TPG) Surges After Q2 2025 Earnings Beat and Record Dividend Announcement" (chartmill.com, Aug 2025) · sales +33.4%

Story as of 2026-10-16T09:59:42.826Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +33.4%; source https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm; observed 2026-02-17.

- FY2018: $1.6B 

- FY2019: $2.2B 

- FY2020: $2.1B 

- FY2021: $5.0B 

- FY2022: $2.0B 

- FY2023: $2.4B 

- FY2024: $3.5B 

- FY2025: $4.7B 

### Gross margin · FY2025

gross margin 96.8%; source https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm; observed 2026-02-17.

- FY2018: 99.3% 

- FY2019: 99.2% 

- FY2022: 74.0% 

- FY2023: 76.0% 

- FY2024: 72.5% 

- FY2025: 96.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 4.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm#000188066126000011 (filed 2026-02-17); FY2025: revenue 4670212000; grossProfit 4522823000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TPG.US: 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.

### Why customers stay

Margins ranged from 72.5% to 96.8% during 2023–25; it earns 38.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 76%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 72.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 96.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 8-year return on capital observations [[2019,0.6563916898634439],[2020,0.6974705681624296],[2021,4.56583992484403],[2022,-0.019266195589452306],[2023,0.07329920532747383],[2024,-0.017458097276278447],[2025,0.38915622863711313]]; median 0.38915622863711313. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 190.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 4583000; owner earnings 271165000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 8151000; owner earnings 481666000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 115548000; cash acquisitions 0; owner earnings 819167000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 1791000; cash acquisitions 24817000; owner earnings 2200317000. Growth capex plus acquisitions / owner earnings = 0.011278829368677332.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 2449000; cash acquisitions 0; owner earnings 122967000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 16728000; cash acquisitions 356835000; owner earnings 111035000. Growth capex plus acquisitions / owner earnings = 3.2137163957310757.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 28131000; cash acquisitions 16334000; owner earnings 130738000. Growth capex plus acquisitions / owner earnings = 0.12493689669415166.

- Source: https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 28802000; cash acquisitions 235154000; owner earnings 220219670.4387201. Growth capex plus acquisitions / owner earnings = 1.067815602173629.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2018,214943000],[2019,248256000],[2020,298584000],[2021,1066680000],[2022,1018094000],[2023,643224000],[2024,832491000],[2025,1229045000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 190563000 USD.

### Are managers owners

Insiders own 5.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TPG.US SharesStats.PercentInsiders = 5.375 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Closing price 43.37 USD; reporting-to-trading FX 1; FY2025 annual sales per share 12.483005440247757; price multiple 3.474323567957943. FY2025 cash earnings/share 0.588624958382213. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-01: $33.57 per share

- 2022-02: $30.74 per share

- 2022-03: $30.14 per share

- 2022-04: $25.40 per share

- 2022-05: $29.17 per share

- 2022-06: $23.91 per share

- 2022-07: $28.52 per share

- 2022-08: $29.36 per share

- 2022-09: $27.84 per share

- 2022-10: $30.75 per share

- 2022-11: $33.30 per share

- 2022-12: $27.83 per share

- 2023-01: $32.21 per share

- 2023-02: $33.02 per share

- 2023-03: $29.33 per share

- 2023-04: $28.97 per share

- 2023-05: $25.80 per share

- 2023-06: $29.26 per share

- 2023-07: $29.43 per share

- 2023-08: $28.12 per share

- 2023-09: $30.12 per share

- 2023-10: $27.64 per share

- 2023-11: $35.00 per share

- 2023-12: $43.17 per share

- 2024-01: $41.63 per share

- 2024-02: $44.35 per share

- 2024-03: $44.70 per share

- 2024-04: $43.10 per share

- 2024-05: $41.92 per share

- 2024-06: $41.45 per share

- 2024-07: $50.99 per share

- 2024-08: $50.45 per share

- 2024-09: $57.56 per share

- 2024-10: $67.68 per share

- 2024-11: $69.96 per share

- 2024-12: $62.84 per share

- 2025-01: $67.25 per share

- 2025-02: $55.16 per share

- 2025-03: $47.43 per share

- 2025-04: $46.45 per share

- 2025-05: $48.13 per share

- 2025-06: $52.45 per share

- 2025-07: $57.07 per share

- 2025-08: $60.35 per share

- 2025-09: $57.45 per share

- 2025-10: $55.04 per share

- 2025-11: $59.08 per share

- 2025-12: $63.84 per share

- 2026-01: $58.91 per share

- 2026-02: $43.42 per share

- 2026-03: $40.51 per share

- 2026-04: $43.62 per share

- 2026-05: $42.57 per share

- 2026-06: $40.55 per share

- 2026-07: $43.66 per share

- 2026-08: $54.12 per share

- 2026-09: $44.13 per share

- 2026-10: $43.37 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:38:13.522Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): 2,361,862 TPG shares; USD 95,774,000 reported position value; 2.92% of portfolio; add; quarter 2026 Q2.

# TPG — Tpg Inc

Held by 1 investor · USD 95,774,000 total · 2026 Q2 · reported price USD 40.55 (split-adjusted).
Page: https://gigainvestors.com/s/TPG

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| C.T. Fitzpatrick (https://gigainvestors.com/VVP) | USD 95,774,000 | 2.9% | add +18.92% |

## Total held by quarter

- 2025 Q1: USD 86,329,391 · 1 holder · USD 47.45
- 2025 Q2: USD 113,457,456 · 1 holder · USD 57.16
- 2025 Q3: USD 112,336,004 · 1 holder · USD 57.36
- 2025 Q4: USD 110,246,425 · 2 holders · USD 63.90
- 2026 Q1: USD 80,453,913 · 1 holder · USD 40.51
- 2026 Q2: USD 95,774,000 · 1 holder · USD 40.55