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TPG

TPG Inc.

TPG

TPG Inc. • NASDAQ
$59.08 ▲ 1.56% (+0.91)
Market Cap $22.65 B
52w High $71.11
52w Low $37.52
Dividend Yield 1.98%
P/E 590.8
Volume 718.87K
Outstanding Shares 383.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $840.039M ▲ $579.581M ▼ $199.23M ▲ 23.717% ▲ $0.33 ▲ $269.171M ▲
Q2-2025 $696.031M ▼ $631.386M ▲ $14.941M ▼ 2.147% ▼ $0.033 ▼ $70.145M ▼
Q1-2025 $743.332M ▼ $625.095M ▼ $25.393M ▲ 3.416% ▲ $0.08 ▲ $125.559M ▲
Q4-2024 $744.545M ▲ $698.919M ▲ $12.98M ▲ 1.743% ▲ $0.04 ▲ $60.47M ▲
Q3-2024 $635.953M $621.708M $8.961M 1.409% $-0.27 $24.856M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.08B ▼ $13.02B ▲ $9.247B ▲ $1.144B ▲
Q2-2025 $1.112B ▲ $11.966B ▲ $8.407B ▲ $991.875M ▲
Q1-2025 $821.971M ▲ $11.314B ▲ $7.815B ▲ $823.079M ▲
Q4-2024 $808.017M ▼ $10.535B ▲ $6.943B ▼ $784.101M ▲
Q3-2024 $1.164B $10.522B $7.135B $723.16M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $67.14M ▲ $492.043M ▲ $-245.203M ▼ $-278.453M ▼ $-31.613M ▼ $481.994M ▲
Q2-2025 $30.111M ▼ $385.867M ▲ $-3.084M ▲ $-92.839M ▲ $289.944M ▲ $382.783M ▲
Q1-2025 $87.828M ▲ $198.188M ▲ $-6.347M ▼ $-177.777M ▼ $14.064M ▲ $191.841M ▲
Q4-2024 $11.094M ▲ $-188.074M ▼ $-1.463M ▲ $-167.091M ▼ $-356.628M ▼ $-189.537M ▼
Q3-2024 $8.961M $68.932M $-10.553M $-14.752M $43.627M $58.379M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Expense Reimbursements And Other
Expense Reimbursements And Other
 $130.00M ▲$60.00M ▼$70.00M ▲$80.00M ▲
Incentive Fees
Incentive Fees
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Management fees
Management fees
 $820.00M ▲$420.00M ▼$450.00M ▲$470.00M ▲
Monitoring Fees
Monitoring Fees
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Transaction Fees
Transaction Fees
 $70.00M ▲$50.00M ▼$30.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been quite up and down over the last few years, with a sharp spike earlier in the period, then a slowdown, and more recently a return to growth. Profitability is much less stable than revenue: margins were very strong earlier but have been thin more recently, with operating results hovering around break-even even as revenue improved. Net income is positive but modest in the latest periods, especially relative to earlier peak years, which suggests more pressure on fee rates, investment performance, or costs. Overall, the income statement tells a story of a business that still grows its top line but is facing a tougher environment for turning that into strong, consistent earnings.

Balance Sheet

Balance Sheet The balance sheet has expanded over time, showing a larger overall platform, but the mix has shifted. Total assets are higher than a few years ago, while cash balances are fairly steady, not overly rich but not strained based on the cash generation profile. Debt has climbed, meaning the business is relying more on borrowing than before, while reported equity is relatively small compared with the asset base. This structure is common in alternative asset managers but means results are more sensitive to funding markets, valuation changes, and any bumps in performance fees or fundraising. The key takeaway is a growing platform with more leverage and a relatively thin equity cushion.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been consistently positive in recent years, even as accounting profits have been volatile. The business is capital-light, with very limited spending on physical assets, so most operating cash effectively becomes free cash flow. That gives TPG flexibility to service debt, pay out capital, or invest in new funds and platforms, even in years when reported earnings look less impressive. The main risk is that this strength depends on continued investor inflows and realizations from investments, which can be cyclical.

Competitive Edge

Competitive Edge TPG operates as a global alternative asset manager with a diversified set of platforms across private equity, growth equity, real estate, and credit. Its long history, strong brand, and broad institutional relationships give it good access to deals and fundraising opportunities. The acquisition of Angelo Gordon strengthened its presence in credit, which deepens the platform and makes it more competitive against larger peers. At the same time, the firm competes with some of the most powerful players in asset management, where fundraising, fee levels, and talent are highly contested. Performance track record, ability to exit investments, and continued innovation in strategies will be key to retaining and growing its competitive position.

Innovation and R&D

Innovation and R&D Innovation at TPG is mainly about investing strategy and platform design rather than traditional research labs. The firm has been an early mover in impact investing through The Rise Fund and climate-focused strategies, which differentiates it from many peers and taps into a fast-growing investor theme. It relies heavily on data-driven analysis, sector-specialist teams, and operational experts to support portfolio companies, using technology and analytics to improve performance rather than selling technology itself. New initiatives in AI-related infrastructure, climate investing, and expansion in Asia show a willingness to push into frontier areas, but also bring execution and timing risk. Overall, TPG’s “R&D” is its willingness to pioneer new investment themes and measurement frameworks, especially around social and environmental impact.

Summary

TPG today looks like a mature alternative asset manager with a growing platform, solid cash generation, but less impressive recent profitability compared with earlier standout years. Revenue has recovered after a dip, yet margins are currently slim, highlighting a tougher backdrop for performance fees and cost management. The balance sheet supports growth but has more leverage and relatively modest equity, which heightens sensitivity to market cycles and valuation swings in private assets. Strong, recurring cash flow and a capital-light model provide resilience and flexibility. Strategically, TPG’s early leadership in impact and climate investing, its diversified platforms, and its global network are meaningful strengths, while intense competition, fundraising cycles, and the challenge of integrating acquisitions and new themes (like AI and Asian expansion) are important watchpoints. The overall picture is of a differentiated, innovative platform whose long-term success will hinge on converting its thematic strengths into steadier, higher-margin earnings through the cycle.

NEWS

November 17, 2025 · 4:10 PM UTC

TPG RE Finance Trust, Inc. Closes $1.1 Billion Commercial Real Estate CLO

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November 17, 2025 · 9:00 AM UTC

Pike Corporation to Accelerate Growth through Partnership with TPG, La Caisse and Management

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November 5, 2025 · 4:01 PM UTC

TPG to Acquire PTC's Industrial Connectivity and IoT Businesses

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November 4, 2025 · 8:00 AM UTC

TPG Reports Third Quarter 2025 Results

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October 28, 2025 · 4:35 PM UTC

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2025

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