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TPG
(NASDAQ:TPG)
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Rating:66Neutral
Price Target:
$45.00
â–²(0.04% Upside)
Action:Reiterated
Date:06/22/26
The score is driven primarily by solid underlying financial durability (strong free cash flow and improved leverage) and a constructive earnings-call outlook (strong fundraising, FRE growth/margin expansion, and deployment pipeline). Offsetting factors are weaker longer-term price trend signals and a demanding valuation (high P/E), alongside recent revenue decline and volatile GAAP profitability.
Positive Factors
Cash Generation
Sizable and recurring operating cash flow and near‑billion dollar free cash flow provide durable internal funding for operations, support distributions and GP reinvestment, and reduce reliance on external financing. This strengthens financial flexibility across market cycles and underpins long‑term strategy execution.
Negative Factors
Revenue & Profit Volatility
Declining top‑line and near‑zero net margins highlight earnings volatility and uneven translation of cash into GAAP profits. This undermines earnings quality, makes performance allocations lumpy, and reduces cushion for downturns, raising execution and cash‑flow predictability risks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Sizable and recurring operating cash flow and near‑billion dollar free cash flow provide durable internal funding for operations, support distributions and GP reinvestment, and reduce reliance on external financing. This strengthens financial flexibility across market cycles and underpins long‑term strategy execution.
Read all positive factors
TPG Key Performance Indicators (KPIs)
Any
Revenue by Type
Categorizes revenue by its sources, providing clarity on how the firm earns money and the stability or volatility of its income streams.
Categorizes revenue by its sources, providing clarity on how the firm earns money and the stability or volatility of its income streams.
Data provided by:
The Fly
The FlyTPG (TPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.58B
Dividend Yield3.03%
Average Volume (3M)2.17M
Price to Earnings (P/E)50.1
Beta (1Y)1.57
Revenue Growth11.60%
EPS Growth28307.69%
CountryUS
Employees1,900
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.81
Shares Outstanding153,854,050
10 Day Avg. Volume2,237,508
30 Day Avg. Volume2,172,473
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)7.48
Price to Sales (P/S)1.90
P/FCF Ratio8.83
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue5.23
Enterprise Value/Gross Profit5.52
Enterprise Value/Ebitda30.19
Forecast
1Y Price Target
$55.70Price Target Upside23.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)2.82
Revenue Forecast (FY)$2.72B
TPG Business Overview & Revenue Model
Company Description
TPG Inc. operates globally as a specialized manager of alternative investments. The firm delivers a suite of services, including investment management for diverse pooled vehicles such as unconsolidated funds and collateralized loan obligations. Ad...
How the Company Makes Money
TPG primarily makes money by earning fees and investment-related income from the funds and vehicles it manages. The main revenue streams typically include: (1) Management fees: recurring fees charged to investors based on committed capital during ...
TPG Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented strong operational and financial momentum: material fundraising and deployment acceleration, FRE growth and margin expansion, robust private credit performance, and expanding private wealth traction. Headwinds were largely related to macro-driven valuation multiple compression in private equity (modest 1% portfolio decline), a GAAP net loss for the quarter, and some leverage/interest expense buildup tied to strategic transactions. Overall, the positive metrics around capital formation, deployment, realizations, diversified fee growth and clear dry powder and pipelines materially outweighed the lowlights.Positive Updates
Fee-Related Earnings Milestone
Fee-related earnings (FRE) grew 36% year-over-year to $247 million for the quarter and crossed $1.0 billion on a last-twelve-month basis for the first time in TPG history; FRE margin expanded to 44.3% (up 620 basis points YoY) with a full-year 2026 target of ~47%.
Negative Updates
GAAP Net Loss
Reported a GAAP net loss attributable to TPG Inc. of $123 million in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Fee-Related Earnings Milestone
Fee-related earnings (FRE) grew 36% year-over-year to $247 million for the quarter and crossed $1.0 billion on a last-twelve-month basis for the first time in TPG history; FRE margin expanded to 44.3% (up 620 basis points YoY) with a full-year 2026 target of ~47%.
Read all positive updates
Company Guidance
TPG guided that it expects 2026 fundraising to exceed $50 billion (after $10 billion raised in Q1) with the remainder weighted to the back half of the year, reiterated a full‑year FRE margin target of 47% (Q1 FRE margin 44.3%; LTM FRE >$1.0 billion), and said its effective tax rate should remain in the high single digits to low double digits until remaining deductions are used; on credit and deployment management noted $19 billion of credit dry powder, visibility into roughly $140 million of incremental annual fee revenue as that capital is deployed, plans to launch a multi‑strategy credit interval fund next year, and expects continued strong DPI from an active realizations pipeline; it also highlighted private‑wealth momentum with Q1 private‑wealth inflows up >130% y/y, TCAP gross inflows of $193 million (redemptions $31 million, 1.3% of shares outstanding; TCAP AUM $4.7 billion, +33% y/y) and TPOP inflows of $545 million (AUM $2.1 billion).TPG Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.52B | 4.67B | 2.62B | 1.86B | 1.50B | 5.58B |
| Gross Profit | 3.34B | 4.52B | 2.54B | 1.82B | 1.48B | 5.56B |
| EBITDA | 610.73M | 825.55M | 110.56M | 131.33M | 9.24M | 4.69B |
| Net Income | 139.90M | 184.59M | 23.48M | 80.09M | 92.43M | 2.18B |
Balance Sheet | ||||||
| Total Assets | 13.31B | 13.49B | 10.54B | 9.37B | 7.94B | 8.96B |
| Cash, Cash Equivalents and Short-Term Investments | 864.65M | 826.11M | 808.02M | 665.19M | 1.11B | 978.10M |
| Total Debt | 2.98B | 1.72B | 1.58B | 1.26B | 592.45M | 621.45M |
| Total Liabilities | 9.58B | 9.36B | 6.94B | 6.01B | 4.86B | 1.70B |
| Stockholders Equity | 1.13B | 1.19B | 784.10M | 579.16M | 509.67M | 1.61B |
Cash Flow | ||||||
| Free Cash Flow | 972.04M | 1.00B | 504.01M | 703.79M | 1.37B | 1.47B |
| Operating Cash Flow | 1.01B | 1.03B | 532.15M | 720.52M | 1.38B | 1.47B |
| Investing Cash Flow | -773.87M | -263.96M | -44.47M | -373.56M | -3.01M | -37.74M |
| Financing Cash Flow | -207.49M | -750.36M | -344.86M | -789.23M | -1.24B | -1.32B |
TPG Technical Analysis
Negative
44.98
Price Trends
42.46
Negative
42.68
Negative
50.66
Negative
Market Momentum
-0.60
Positive
41.84
Neutral
14.90
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TPG, the sentiment is Negative. The current price of 44.98 is above the 20-day moving average (MA) of 41.80, above the 50-day MA of 42.46, and below the 200-day MA of 50.66, indicating a bearish trend. The MACD of -0.60 indicates Positive momentum. The RSI at 41.84 is Neutral, neither overbought nor oversold. The STOCH value of 14.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TPG.
TPG Risk Analysis
TPG disclosed 72 risk factors in its most recent earnings report. TPG reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TPG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $143.74B | 30.02 | 36.16% | 3.02% | 17.79% | 17.92% | |
70 Outperform | $13.30B | 11.40 | 8.11% | 9.64% | 14.51% | -20.45% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $15.58B | 50.11 | 12.56% | 3.03% | 11.60% | 28307.69% | |
64 Neutral | $36.72B | 49.49 | 14.54% | 2.65% | 46.89% | 21.89% | |
62 Neutral | $82.41B | 29.15 | 9.92% | 0.56% | 35.81% | 27.22% | |
54 Neutral | $15.16B | 27.75 | 9.65% | 2.30% | -26.37% | -49.86% |
* Financial Sector Average
TPG
TPG
40.55
-10.05
-19.86%
KKR
KKR & Co
91.78
-39.79
-30.25%
BX
Blackstone Group
117.67
-29.74
-20.18%
CG
Carlyle Group
42.11
-9.36
-18.18%
ARCC
Ares Capital
18.53
-1.48
-7.38%
ARES
Ares Management
111.31
-57.20
-33.94%
TPG Corporate Events
Business Operations and StrategyExecutive/Board Changes
TPG Names Axel André Chief Financial Officer
Positive
Jun 22, 2026
On June 15, 2026, TPG appointed veteran finance executive Axel André as Partner and Chief Financial Officer, effective July 27, 2026, succeeding current CFO Jack Weingart, who will then focus fully on leading the firm’s Global Wealth So...
Business Operations and StrategyExecutive/Board Changes
TPG Adds Admiral McRaven to Support Governance Shift
Positive
Apr 9, 2026
On April 8, 2026, as part of its transition to a majority‑independent board, TPG Inc. expanded its board of directors from thirteen to fourteen members and appointed Admiral William H. McRaven as an independent director, effective May 1, 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.