TPG Inc.
- Open
- 39.86
- Day high
- 39.86
- Day low
- 38.46
- Prev close
- 39.69
- Volume
- 1.7M
- Mkt cap
- $6.5B
- P/E (TTM)
- 49.9
- EPS (TTM)
- $0.78
- P/B
- 5.7
- P/S
- 1.8
- Yield
- 2.96%
- Per share
- $1.20
TPG Inc. (TPG) is a Financial Services company listed on NASDAQ. The stock is down 26% over the past year. Drillr has 1 published research article covering TPG.
TPG Inc. (TPG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TPG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.61 | $0.70 | +14.8% | $557M | -8.4% |
| Feb 5, 2026 | $0.65 | $0.71 | +10.1% | $1.5B | +172.1% |
| Nov 4, 2025 | $0.56 | $0.53 | -5.7% | $840M | +55.6% |
| Aug 6, 2025 | $0.45 | $0.69 | +52.8% | $921M | +88.8% |
| May 7, 2025 | $0.46 | $0.48 | +4.9% | $743M | +56.5% |
| Feb 13, 2024 | $0.41 | $0.51 | +24.4% | $982M | +151.7% |
| May 15, 2023 | $0.33 | $0.24 | -27.3% | $660M | +112.3% |
| Feb 15, 2023 | $0.53 | $0.59 | +11.3% | $422M | +42.4% |
| Jan 14, 2022 | — | $6.73 | — | $741M | — |
| Mar 31, 2021 | — | $15.02 | — | $1.4B | — |
TPG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | McRaven William H.director | Grant | 7,434 | — |
| Apr 16, 2026 | Trujillo Daviddirector | Tax | 8,379 | $39.42 |
| Apr 16, 2026 | Chu Jennifer L.officer: Chief Legal Officer & GC | Tax | 19,679 | $39.42 |
| Apr 3, 2026 | Chu Jennifer L.officer: Chief Legal Officer & GC | Tax | 22,079 | $40.51 |
| Feb 13, 2026 | WINKELRIED JONdirector, 10 percent owner, officer: Chief Executive Officer | Grant | 21,032 | — |
| Feb 13, 2026 | COULTER JAMES Gdirector, 10 percent owner, officer: Executive Chairman | Grant | 210,464 | — |
| Feb 13, 2026 | Davidson Martinofficer: Chief Accounting Officer | Grant | 3,514 | — |
| Feb 13, 2026 | Vazquez-Ubarri Aniludirector, officer: Chief Operating Officer | Grant | 9,110 | — |
| Feb 13, 2026 | Weingart Jackofficer: Chief Financial Officer | Grant | 27,567 | — |
| Feb 13, 2026 | WINKELRIED JONdirector, 10 percent owner, officer: Chief Executive Officer | Grant | 67,353 | — |
| Feb 13, 2026 | WINKELRIED JONdirector, 10 percent owner, officer: Chief Executive Officer | Grant | 10,509 | — |
| Feb 13, 2026 | Raj Nehaldirector | Grant | 22,419 | — |
| Feb 13, 2026 | Harris Joannofficer: Chief Compliance Officer | Grant | 2,278 | — |
| Feb 13, 2026 | Davis Kelvin L.director | Grant | 70,788 | — |
| Feb 13, 2026 | Rhodes Jeffrey K.director | Grant | 36,524 | — |
Source: TPG SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full TPG insider & 13F page →TPG Inc. company profile
Overview
TPG Inc. (NASDAQ:TPG) is a leading global alternative asset management firm founded in 1992 and headquartered in Fort Worth, Texas. The company went public in January 2022, marking a significant milestone in its three-decade evolution from a traditional private equity firm into a diversified alternative investment platform. TPG has grown to become one of the world's largest alternative asset managers, with $246 billion in assets under management as of 2024, serving institutional investors, high-net-worth individuals, and other clients worldwide through its comprehensive suite of investment strategies spanning private equity, credit, real estate, and impact investing.
Business
TPG operates as an alternative asset manager, which means it manages investment funds that pursue strategies beyond traditional stocks and bonds. The alternative investment industry encompasses private equity, credit, real estate, infrastructure, and other specialized investment approaches that typically require longer investment horizons and offer potentially higher returns than public markets. The company's business is organized around several key investment platforms: **Private Equity (approximately 40-50% of fee-earning AUM):** TPG's flagship business involves acquiring controlling stakes in companies, improving their operations and strategic positioning, then selling them for a profit typically 3-7 years later. The firm focuses on sectors like healthcare, technology, consumer goods, and industrial services, often targeting corporate carve-outs and complex transactions that require specialized expertise. **Credit Strategies (approximately 30-40% of fee-earning AUM):** Through its Angelo Gordon acquisition completed in 2023, TPG significantly expanded its credit platform. This includes direct lending to middle-market companies, structured credit products, collateralized loan obligations (CLOs), and credit solutions for complex situations. The credit business provides more steady, fee-generating income compared to the cyclical nature of private equity. **Real Estate (approximately 10-15% of fee-earning AUM):** TPG invests in commercial real estate properties and real estate-related companies, focusing on value-add opportunities and market dislocations. The firm also offers real estate credit strategies that provide financing for property transactions. **Impact and Climate Investing (growing segment):** Through its RISE franchise, TPG focuses on investments that generate both financial returns and positive social or environmental impact. The climate investing platform targets clean energy, infrastructure, and climate transition opportunities, representing a rapidly growing area as global decarbonization efforts accelerate.
Revenue model
TPG generates revenue through a traditional alternative asset management fee structure known as "2 and 20," though actual fee rates vary by strategy and investor type. The primary revenue streams include: **Management Fees:** TPG charges annual management fees typically ranging from 1-2% of committed capital or assets under management. These fees provide steady, recurring income regardless of investment performance and cover the firm's operational expenses. Management fees represented approximately $413 million in Q1 2025. **Performance Fees (Carried Interest):** When investments generate returns above predetermined hurdle rates, TPG receives a percentage of the profits, typically 15-20%. This creates significant upside potential during strong performance periods but can be volatile based on market conditions and realization timing. **Transaction and Advisory Fees:** TPG earns fees from portfolio companies for services like deal structuring, monitoring, and strategic advisory work. These fees totaled $54 million in Q1 2025. The firm's paying customers are primarily institutional investors including pension funds, sovereign wealth funds, insurance companies, endowments, and family offices. Increasingly, TPG is expanding into the private wealth channel, targeting high-net-worth individuals through products like TPOP (TPG's perpetually offered private equity vehicle). Several factors influence TPG's profitability margins. **Positive margin drivers** include the scalable nature of asset management (growing AUM without proportional cost increases), higher-fee strategies like private equity and specialized credit, and the firm's expanding fee-earning asset base. **Margin pressures** can arise from competitive fee compression, particularly in more commoditized strategies, higher compensation costs as the firm competes for top talent, and the cyclical nature of performance fees tied to market conditions and exit timing. The integration of acquisitions like Angelo Gordon also initially pressures margins before synergies are realized.
Competitive moat
TPG's competitive moat stems from several interconnected advantages, though the strength varies across its business segments. The firm's **strongest moat** lies in its established institutional relationships and track record spanning over three decades. These relationships create significant switching costs for investors, as changing asset managers involves extensive due diligence, legal processes, and relationship rebuilding. The firm benefits from **network effects** where its scale and reputation attract high-quality deal flow, top talent, and preferential access to investment opportunities. TPG's diversified platform allows for cross-selling opportunities and provides stability during market downturns affecting individual strategies. The Angelo Gordon acquisition particularly strengthened the firm's credit capabilities, creating a more comprehensive offering that's difficult for smaller competitors to replicate. However, TPG's moat faces meaningful challenges. The alternative asset management industry has **low barriers to entry** for experienced professionals who can launch competing firms, often taking key relationships and strategies with them. **Fee compression** pressures are intensifying as the industry matures and institutional investors demand better terms. The firm also faces competition from larger players like Blackstone and KKR, which have greater scale and resources, as well as from boutique specialists in particular strategies. The **sustainability of TPG's moat** depends largely on its ability to continue generating superior investment returns and innovating with new strategies. While the firm has strong capabilities, investment performance can be cyclical, and past success doesn't guarantee future results. The alternative asset management industry's growth has attracted significant capital and talent, making differentiation increasingly challenging. TPG's moat is **moderately strong** but requires continuous reinforcement through performance, innovation, and relationship management.
Risks & safety
TPG demonstrates a **strong margin of safety** from a balance sheet perspective, though valuation metrics suggest limited downside protection at current levels. **Liquidity and Solvency:** - Cash position: $822 million as of Q1 2025 - Current ratio: 4.71x indicating strong short-term liquidity - Debt-to-equity ratio: 2.55x, though much of this reflects fund structures rather than traditional corporate debt - Free cash flow: $192 million in Q1 2025, demonstrating cash generation capability - No significant solvency concerns given the asset-light business model **Valuation Metrics:** - P/E ratio: 54.8x based on Q1 2025 earnings, indicating expensive valuation - EV/EBITDA: 13.6x, elevated for an asset management company - Price-to-book: 6.77x, reflecting premium to tangible book value - Graham number suggests significant overvaluation relative to conservative metrics **Other Considerations:** - Fee-related earnings provide more stable income base compared to performance-dependent revenues - Growing fee-earning AUM ($143 billion) provides recurring revenue foundation - Business model benefits from operating leverage as AUM scales
Recent development
Over the past few years, TPG has executed several transformative strategic initiatives that have significantly expanded and diversified its platform. The most significant development was the **completion of the Angelo Gordon acquisition in November 2023**, which added approximately $70 billion in AUM and established TPG as a major player in credit strategies. This acquisition nearly doubled the firm's fee-earning AUM and provided immediate scale in direct lending, structured credit, and CLO management. TPG has been **aggressively expanding its fundraising capabilities** across multiple strategies. The firm raised $30 billion in 2024, a 54% increase from the previous year, with particular strength in credit strategies ($12 billion) and private equity/infrastructure ($14 billion). Notable fundraising successes include Twin Brooks' fifth fund exceeding its target at $3.9 billion and the RISE Climate franchise targeting $10 billion in capital commitments. The company has launched several **innovative new strategies** to capture emerging market opportunities. These include GP-led secondary funds, hybrid solutions strategies, the Climate Transition Infrastructure Fund, and expansion into digital infrastructure through the announced Peppertree Capital Management acquisition. TPG also launched a sports investment strategy in partnership with Rory McIlroy, demonstrating its ability to identify niche opportunities. **Private wealth channel expansion** represents a key growth initiative, with TPG developing semi-liquid products like TPOP (TPG's perpetually offered private equity vehicle) to access the high-net-worth market. The firm is also exploring **insurance partnerships** to leverage its credit and infrastructure capabilities for insurance company portfolios, though it maintains focus on remaining balance sheet-light. Operationally, TPG has demonstrated strong **capital deployment and realization activity**, deploying $33 billion and realizing $23 billion in 2024. The firm's portfolio companies have shown resilient performance with private equity portfolio revenue growth of approximately 18% over the last 12 months, indicating effective value creation capabilities even in challenging market conditions.
TPG company profile · for informational purposes only — not investment advice.
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