Start here if you're new
what it is
TPG is a money manager that earns fees by investing other people's capital across private equity, credit, real estate, growth, impact, and markets.
how it gets paid
Last year Tpg made $2.4B in revenue.
why it's growing
Revenue grew 16.1% last year. The 3.33% EPS miss matters because the stock already trades at 220.1x trailing profit.
what just happened
TPG posted $0.29 a share and came in a hair below the $0.30 estimate.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
220.1x trailing p/e — you're paying up for this one
3.1% dividend yield — cash in your pocket every quarter
3.5% return on capital — nothing to write home about
xvary composite: 40/100 — below average
What they do
TPG is a money manager that earns fees by investing other people's capital across private equity, credit, real estate, growth, impact, and markets.
TPG controls $286B in AUM (assets under management → money it oversees → fees). More money under watch means more fees, and your shares ride that stream. It runs across 16 countries with 1,850 employees. Capital is 32% of AUM, while Market Solutions is 4%, so one bad sleeve does not sink the whole boat.
How they make money
$2.4B
annual revenue · their business grew +16.1% last year
total revenue
$2.4B
+16.1%
The products that matter
buyout and ownership investing
Private Equity
$12.3B raised last quarter
this is the flagship fundraising engine. It brought in $12.3B last quarter, which matters because new private-equity commitments become future management fees and, if exits go well, future performance fees.
flagship
lending and credit investing
Credit
$4.8B raised last quarter
credit raised $4.8B in the quarter. That gives TPG another fee stream beyond buyouts and matters because diversified fundraising is worth more than a one-engine story.
growth lane
real estate and infrastructure investing
Real Assets
part of $286B AUM
real assets sit inside the broader $286B platform. The number is thin here, so we are not pretending otherwise. What matters is that this segment widens the fundraising base beyond private equity alone.
diversifier
Key numbers
$286B
AUM
This is the fee base. More money under watch means more fees, and 16 countries help keep it spread out.
220.1x
trailing P/E
P/E means price divided by last year's profit. At 220.1x, you pay luxury prices for modest earnings.
3.1%
dividend yield
That is your cash return. It helps, but it does not erase the valuation risk.
94.1%
voting power
Insiders control 94.1% of the vote, so you do not steer the ship.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- net profit margin 4.1% — keeps 4 cents of every dollar in revenue
- return on equity 6% — $0.06 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TPG right now.
source: institutional data · return history unavailable
What just happened
missed estimates
TPG posted $0.29 a share and came in a hair below the $0.30 estimate.
TTM revenue was $2.4B, up 16.1% vs. prior year. EPS growth was negative 25.0% versus trailing earnings, so revenue is doing the heavy lifting.
$2.4B
revenue
$0.29
eps
16.1%
revenue vs. last year
the miss
The 3.33% EPS miss matters because the stock already trades at 220.1x trailing profit, so tiny misses hit harder.
-
shares of tpg have continued to move higher since our late-october review, rising more than 15% on the back of accelerating fundraising and deployment activity.the firm reported a strong third quarter, highlighted by broad-based momentum across private equity, credit, and real assets.
-
total assets under management climbed to $286 billion, up 20% vs. prior year, while fee-earning aum increased 15% to $163 billion.
-
capital formation was particularly robust, with nearly $18 billion raised during the quarter, bringing year-to-date fundraising above $35 billion and already surpassing the firm’s full-year 2024 total.
-
activity levels picked up across strategies.private equity fundraising totaled $12.3 billion in the quarter, driven largely by flagship buyout funds and increased commitments from existing investors.
-
credit also remained a key growth engine, with $4.8 billion raised and deployment reaching record levels, supported by disciplined underwriting and low realized loss rates.
source: Yahoo Finance consensus, 2026
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What could go wrong
the top risk is a private-equity fundraising and exit slowdown — TPG's valuation assumes the $18B quarter was momentum, not a one-off.
med
fundraising slips after the big quarter
TPG raised $18B across the platform, including $12.3B in private equity. If that pace fades, the fee pipeline fades with it. This business sells future earnings before it reports them.
slower fundraising would pressure growth off a $2.4B revenue base
med
portfolio marks fall and exits stay shut
When deal markets slow, realizations slow with them. That matters because alternative managers do not just need assets under management. They need exits, valuation support, and deal activity to translate platform scale into better earnings.
lower realizations would weigh on earnings and make the 220.1x multiple harder to defend
med
the stock rerates before profits improve
A stock at 220.1x trailing earnings does not need bad numbers to fall. It only needs numbers that are less impressive than the market already assumed.
valuation risk can hit even if the platform stays operationally fine
If fundraising, exits, or deployment stall, the pressure runs through the whole platform — $286B of AUM supporting $2.4B of annual revenue and just a 4.2% net margin.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
watch the next quarterly update, expected around may 2026. You want to see whether the strong fundraising quarter starts to show up in reported earnings.
metric
capital formation after the $18B quarter
one strong fundraising quarter is useful. Two in a row would say this is platform momentum, not timing.
trend
margin follow-through
last quarter's net margin was 11.3%, while the full business still sits at 4.2%. You want that gap closing in the right direction.
risk
AUM durability
AUM hit $286B. Watch whether market moves, realizations, and new commitments keep the platform growing fast enough to justify a premium stock.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 — the weakest rating. in human-speak, the model thinks most stocks have a better 6–12 month setup.
risk profile
average
stability score 3 — middle of the pack. You are not hiding in a bunker stock, but this is not chaos either.
chart momentum
top 20%
technical score 2 — the tape improved even while the broader outlook rank stays weak. That is a rally with something to prove.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 196 buyers vs. 100 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$46
$102
$66
current price
$74
target midpoint · +12% from current · 3-5yr high: $90 (+35% · 10% ann'l return)
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