TriplePoint Venture Growth (TPVG)
NYSE:TPVG
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TriplePoint Venture Growth
(NYSE:TPVG)
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Rating:52Neutral
Price Target:
$4.50
▼(-11.59% Downside)
Action:ReiteratedDate:03/05/26
The score is held back primarily by inconsistent financial performance and cash-flow volatility, plus weak technicals with the stock trading below major moving averages. Offsetting factors include supportive earnings-call updates on liquidity/capital actions and origination momentum, and a very high dividend yield, though earnings-based valuation is unclear given the reported P/E of 0.0.
Positive Factors
Origination Momentum & Pipeline
Sustained, materially higher originations expand the interest‑earning asset base and diversify borrower exposure, driving recurring interest and fee income over months. A >$2B pipeline provides durable visibility into new fundings, supporting steady revenue generation if credit screening and funding execution remain consistent.
Negative Factors
Volatile Cash Flow and Profitability
Wide swings in cash generation and erratic profitability undermine predictability of interest coverage, dividend funding and reinvestment. For a BDC reliant on steady interest spreads and predictable cash receipts, such variability increases execution risk and makes distributable earnings and capital planning less durable.
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Positive Factors
Negative Factors
Origination Momentum & Pipeline
Sustained, materially higher originations expand the interest‑earning asset base and diversify borrower exposure, driving recurring interest and fee income over months. A >$2B pipeline provides durable visibility into new fundings, supporting steady revenue generation if credit screening and funding execution remain consistent.
Read all positive factors
TriplePoint Venture Growth (TPVG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$206.10M
Dividend Yield17.28%
Average Volume (3M)584.13K
Price to Earnings (P/E)8.1
Beta (1Y)0.90
Revenue Growth206.13%
EPS Growth298.86%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.25
Shares Outstanding40,491,146
10 Day Avg. Volume484,347
30 Day Avg. Volume584,126
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.74
Price to Sales (P/S)2.71
P/FCF Ratio-4.62
Enterprise Value/Market Cap3.17
Enterprise Value/Revenue7.16
Enterprise Value/Gross Profit8.05
Enterprise Value/Ebitda8.63
Forecast
1Y Price Target
$5.67Price Target Upside11.39% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)0.94
Revenue Forecast (FY)$93.01M
TriplePoint Venture Growth Business Overview & Revenue Model
Company Description
TriplePoint Venture Growth BDC Corp. is a business development company specializing investments in venture capital-backed companies at the growth stage investments. It also provides debt financing to venture growth space companies which includes g...
How the Company Makes Money
TPVG makes money primarily by originating and holding interest-earning loans and other debt investments to venture capital-backed companies. The largest recurring revenue stream is interest income (including cash-pay and, when applicable, non-cash...
TriplePoint Venture Growth Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful progress in originations, portfolio growth, NAV improvement, liquidity and capital structure actions, along with active sponsor alignment and incentives that materially support earnings and flexibility. Offsetting items include yield compression amid a lower-rate environment, volatility and unrealized losses in the warrant/equity portfolio, specific credit workouts (NA-KD, Frubana, Prodigy), and near-term exit-market uncertainty. Overall, the company is positioned with stronger origination momentum, a larger pipeline and improved balance-sheet flexibility, though execution risks remain tied to credit resolutions and public/exit market timing.Positive Updates
Strong Origination and Funding Growth
Closed $508M of new debt commitments in 2025 versus $175M in 2024 (≈+190%), and funded $287M during 2025 versus $135M in 2024 (≈+113%), marking the highest origination activity in over two years. Adviser/TriplePoint signed $1.2B of term sheets in 2025 (≈+63% vs $736M in 2024). Pipeline exceeded $2.0B at year-end.
Negative Updates
Declining Portfolio Yields
Weighted average annualized portfolio yield on debt investments fell to 13.7% for FY2025 from 15.7% in FY2024 (down 2.0 percentage points). Q4 yield was 12.7%; onboarding yields moderated due to lower base rates, mix shift toward higher-quality borrowers, revolving loans and lower OID.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Origination and Funding Growth
Closed $508M of new debt commitments in 2025 versus $175M in 2024 (≈+190%), and funded $287M during 2025 versus $135M in 2024 (≈+113%), marking the highest origination activity in over two years. Adviser/TriplePoint signed $1.2B of term sheets in 2025 (≈+63% vs $736M in 2024). Pipeline exceeded $2.0B at year-end.
Read all positive updates
Company Guidance
Management guided 2026 with a quarterly new‑funding target of $25–$50 million (unless prepayments provide visibility), noting $155 million of new term sheets and $15 million of funding so far in Q1 and a pipeline exceeding $2.0 billion; they emphasized strong liquidity and a refined capital profile with $252.4 million total liquidity ($47.4m cash + $205m revolver capacity), an extended revolver to 11/30/2027 (final maturity 5/30/2029), issuance of $75 million of 7.5% senior notes due Feb‑2028 and use of proceeds plus revolver/cash to repay the $200 million March‑2026 notes, leaving gross leverage of 1.33x and net leverage of 1.20x. Portfolio and operating metrics cited: $508 million of new debt commitments in 2025, $287 million funded in 2025 (vs. $135m prior year), Q4 fundings of $93m to 16 companies (onboarding yield ~12%), full‑year weighted average portfolio yield 13.7% (Q4 12.7%; core excl. prepayments 12.1%), investment portfolio fair value ~$784m (+16% y/y), NAV $8.73/share (vs. $8.61), net investment income $42.3m or $1.05/share for FY2025, distributions paid $1.08/share, spillover income ~$42.3m or $1.04/share, ~63% of debt portfolio floating with ~79% of those at prime floors (limiting downside from further rate cuts), and the adviser’s income incentive fee waiver extended through 2026 while the sponsor purchased ~2.0 million shares (~5% of outstanding).TriplePoint Venture Growth Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 97.21M | 71.19M | 5.97M | 13.39M | 100.74M |
| Gross Profit | 81.18M | 45.53M | -27.07M | -9.51M | 87.35M |
| EBITDA | 75.73M | 32.05M | -39.82M | -20.07M | 76.56M |
| Net Income | 49.21M | 32.05M | -39.82M | -20.07M | 76.56M |
Balance Sheet | |||||
| Total Assets | 839.65M | 763.04M | 978.83M | 1.01B | 927.67M |
| Cash, Cash Equivalents and Short-Term Investments | 20.36M | 45.90M | 153.33M | 51.49M | 51.27M |
| Total Debt | 469.08M | 398.83M | 607.90M | 566.98M | 467.50M |
| Total Liabilities | 486.03M | 417.35M | 632.52M | 594.59M | 493.18M |
| Stockholders Equity | 353.62M | 345.69M | 346.31M | 419.94M | 434.49M |
Cash Flow | |||||
| Free Cash Flow | -57.03M | 152.92M | 49.23M | -100.89M | -144.68M |
| Operating Cash Flow | -57.03M | 152.92M | 49.23M | -100.89M | -144.68M |
| Investing Cash Flow | -77.11M | 0.00 | 56.92M | -421.00M | -417.37M |
| Financing Cash Flow | 25.67M | -245.78M | 6.17M | 101.00M | 159.15M |
TriplePoint Venture Growth Technical Analysis
Neutral
5.09
Price Trends
5.22
Negative
5.62
Negative
5.66
Negative
Market Momentum
-0.06
Negative
52.04
Neutral
94.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TPVG, the sentiment is Neutral. The current price of 5.09 is above the 20-day moving average (MA) of 4.93, below the 50-day MA of 5.22, and below the 200-day MA of 5.66, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 52.04 is Neutral, neither overbought nor oversold. The STOCH value of 94.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TPVG.
TriplePoint Venture Growth Risk Analysis
TriplePoint Venture Growth disclosed 87 risk factors in its most recent earnings report. TriplePoint Venture Growth 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
TriplePoint Venture Growth Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $212.23M | 7.08 | 0.04% | 13.03% | 315.14% | 116.85% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.25B | 7.49 | 14.09% | 13.53% | 33.44% | 25.22% | |
64 Neutral | $297.54M | -2.84 | ― | 5.39% | ― | ― | |
58 Neutral | $293.18M | 10.64 | 5.42% | 16.61% | -3.09% | 200.66% | |
55 Neutral | $269.79M | 17.24 | 0.03% | 12.83% | 90.34% | -44.25% | |
52 Neutral | $206.10M | 8.14 | 14.02% | 17.28% | 206.13% | 298.86% |
* Financial Sector Average
TPVG
TriplePoint Venture Growth
5.05
-0.23
-4.32%
SSSS
SuRo Capital
12.17
7.65
169.49%
PNNT
Pennantpark Investment
4.55
-0.94
-17.18%
SCM
Stellus Capital
9.45
-1.62
-14.61%
TRIN
Trinity Capital
15.01
2.65
21.43%
LIEN
Chicago Atlantic BDC
9.30
-0.17
-1.81%
TriplePoint Venture Growth Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
TriplePoint Venture Growth Reports Strong 2025 Investment Income
Positive
Mar 4, 2026
TriplePoint Venture Growth BDC Corp. reported on March 4, 2026 that it achieved net investment income of $42.3 million, or $1.05 per share, for fiscal 2025 and a net increase in net assets from operations of $1.22 per share, supported by strong po...
Business Operations and StrategyPrivate Placements and Financing
TriplePoint Venture Growth Refinances 2026 Notes, Enhancing Flexibility
Positive
Mar 2, 2026
On February 27, 2026, TriplePoint Venture Growth BDC Corp. entered into a $75 million master note purchase agreement for senior unsecured notes due February 27, 2028, carrying a fixed annual interest rate of 7.50% and sold in a private placement t...
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.
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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.