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Alternative asset manager investing across private equity, growth equity, real estate and credit strategies.
Alternative asset manager investing across private equity, growth equity, real estate and credit strategies.
Earns recurring management fees on the capital investors commit to its funds and performance allocations (a share of gains, called carried interest) when it sells investments at a profit, which arrive unevenly. Buying Angelo Gordon in 2023 added a large credit and real estate business, including Twin Brook, alongside private equity.
Moat: narrow (brand, scale, distribution). Established buyout and impact-investing (Rise Fund) brand supports fundraising, though the sector is competitive.
Headquarters: Fort Worth, Texas, US · Founded: 1992 · Employees: 1,900
Size TPG (TPG) is a United States Financials company (Investment Managers) with a market value of $17.9B, the 528th largest of 3,117 United States companies the cockpit tracks. Shares closed at $46.50 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against +5.7% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 21.4% over the last twelve months (peer median +11.3%); the operating margin is 17.3% (peer median 35.9%).
Valuation It trades at 13.8× forward earnings against a peer median of 12.3× (10th most expensive of 21).
Credit TPG has 1 bond outstanding ($500M), rated BBB+ by the agencies and trading like BBB at a weighted spread of 87 bp.
Short interest Short interest is 9.2% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.17B | $4.67B | $3.50B | $2.39B | $1.92B |
| Revenue growth | — | +34% | +47% | +24% | — |
| Gross profit | $5.00B | $4.53B | $3.36B | $2.34B | $1.88B |
| EBITDA | $1.06B | $833M | $141M | $106M | $39.2M |
| Net income | $207M | $124M | -$307,000 | $71.2M | $87.4M |
| Free cash flow | $181M | -$165M | -$93.7M | $203M | -$85.4M |
| Capital expenditure | $89.2M | $28.8M | $28.1M | $16.7M | $2.45M |
| Total debt | $2.94B | $2.42B | $1.58B | $1.26B | $592M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TPG TPG | $17.9B | +4% | +21% | 17% | 13.8× | n/a |
| Blackstone BX | $149B | -3% | +9% | 57% | 18.1× | n/a |
| KKR & KKR | $86.6B | -6% | +32% | 23% | 11.4× | n/a |
| Carlyle CG | $14.1B | -22% | -44% | 14% | 10.2× | n/a |
| Apollo Global Management APO | $68.9B | -12% | +11% | 11% | 11.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TPG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.8% | +1.5% | 10th highest of 21 |
| 6-month return | +4.2% | +5.7% | 11th highest of 21 |
| Distance from 52-week high | -33.9% | -14.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +21.4% | +11.3% | 4th highest of 21 |
| Operating margin | 17.3% | 35.9% | 6th lowest of 21 |
| Forward P/E | 13.8× | 12.3× | 10th most expensive of 21 |
| Bond spread | 87 bp | 112 bp | 3rd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| China Merchants Securities 600999.SS | China | $20.1B | +3% | -8% | 76% | 6.8× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| Blue Owl Capital OWL | United States | $15.4B | -7% | +11% | 17% | 10.4× | n/a | n/a |
| ICICI Prudential Asset Management ICICIAMC.NS | India | $15.4B | -11% | +22% | 73% | 39.2× | n/a | n/a |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| DWS Group GmbH & Co. KGaA DWS.DE | Germany | $14.7B | +7% | +24% | 37% | 12.6× | n/a | n/a |
| Carlyle CG | United States | $14.1B | -22% | -44% | 14% | 10.2× | n/a | n/a |
| Guosen Securities 002736.SZ | China | $13.9B | -16% | -10% | 34% | 7.9× | n/a | n/a |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
| CSC Financial 601066.SS | China | $23.4B | -3% | -2% | 49% | 14.2× | n/a | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 15% | 11.3× | n/a | n/a |
| IGM Financial IGM.TO | Canada | $13.3B | +7% | +20% | 36% | 14.0× | n/a | n/a |
| iA Financial IAG.TO | Canada | $13.1B | +29% | +13% | 59% | 13.9× | n/a | n/a |
| SEI Investments SEIC | United States | $12.5B | +15% | +13% | 30% | 15.3× | n/a | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 12% | 9.0× | n/a | n/a |
| HDFC Asset Management HDFCAMC.NS | India | $12.0B | -7% | +12% | 80% | 35.5× | n/a | n/a |
| Invesco IVZ | United States | $11.9B | -1% | +17% | 24% | 8.6× | n/a | n/a |
TPG has 1 bond outstanding with $500M face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.47%, a spread of 87 bp over government bonds.