Latest Ratios: P/E Ratio 35.1x · EV/EBITDA 20.9x · ROE 4.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.3B | $9.8B | $22.9B | $13.7B | $8.6B | — | — | — |
| Enterprise Value | $17.2B | $10.7B | $23.7B | $14.3B | $8.1B | — | — | — |
| P/E Ratio → | 35.06 | 52.76 | 975.78 | 196.23 | — | — | — | — |
| P/S Ratio | 3.48 | 2.09 | 8.74 | 7.40 | 5.71 | — | — | — |
| P/B Ratio | 1.57 | 2.36 | 6.38 | 4.08 | 2.79 | — | — | — |
| P/FCF | 16.20 | 9.72 | 45.47 | 19.50 | 6.26 | — | — | — |
| P/OCF | 15.75 | 9.45 | 43.07 | 19.05 | 6.25 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.28 | 9.03 | 7.72 | 5.37 | — | — | — |
| EV / EBITDA | 20.86 | 12.95 | 214.31 | 109.08 | 874.30 | — | — | — |
| EV / EBIT | 25.05 | 15.48 | — | 171.24 | — | — | — | — |
| EV / FCF | — | 10.61 | 47.01 | 20.35 | 5.88 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.9% | 96.9% | 96.7% | 97.9% | 98.6% | 99.7% | 99.1% | 99.2% |
| Operating Margin | 14.7% | 14.7% | -0.9% | 4.5% | -1.6% | 83.6% | 63.9% | 55.1% |
| Net Profit Margin | 4.0% | 4.0% | 0.9% | 4.3% | 6.1% | 39.1% | 40.9% | 22.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | 0.7% | 2.5% | 1.8% | 34.1% | 19.0% | 11.3% |
| ROA | 1.5% | 1.5% | 0.2% | 0.9% | 1.1% | 27.3% | 14.8% | 8.7% |
| ROIC | 9.3% | 9.3% | -0.4% | 1.5% | -0.3% | 50.4% | 20.3% | 18.9% |
| ROCE | 7.4% | 7.4% | -0.3% | 1.0% | -0.3% | 59.2% | 23.4% | 21.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.42 | 0.42 | 0.44 | 0.38 | 0.19 | 0.09 | 0.09 | 0.11 |
| Debt / EBITDA | 2.09 | 2.09 | 14.32 | 9.62 | 64.13 | 0.13 | 0.34 | 0.39 |
| Net Debt / Equity | — | 0.22 | 0.22 | 0.18 | -0.17 | -0.05 | -0.07 | -0.05 |
| Net Debt / EBITDA | 1.09 | 1.09 | 7.01 | 4.56 | -56.30 | -0.08 | -0.26 | -0.16 |
| Debt / FCF | — | 0.89 | 1.54 | 0.85 | -0.38 | -0.24 | — | -0.24 |
| Interest Coverage | — | — | -0.28 | 2.17 | -1.10 | 273.91 | 73.48 | 66.65 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.15 | 0.15 | 29.13 | 26.80 | 30.30 | 8.84 | 15.38 | 16.26 |
| Quick Ratio | 0.15 | 0.15 | 29.13 | 26.80 | 30.30 | 8.84 | 15.38 | 16.26 |
| Cash Ratio | 0.15 | 0.15 | 17.72 | 15.63 | 25.18 | 7.28 | 11.98 | 9.16 |
| Asset Turnover | — | 0.35 | 0.25 | 0.20 | 0.19 | 0.62 | 0.32 | 0.39 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 19.0% | — | — | — | — | — | — | — |
| Payout Ratio | 665.8% | 665.8% | 3545.1% | 803.1% | 717.1% | 48.9% | 32.2% | 51.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 1.9% | 0.1% | 0.5% | — | — | — | — |
| FCF Yield | 6.2% | 10.3% | 2.2% | 5.1% | 16.0% | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 19.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $153M | $365M | $318M | $309M | $71M | $69M | $69M |
Performance fee realization volatility
Based on reported financial data, TPG trades at a TTM P/E of 32.80, which appears elevated relative to peers like Apollo Global Management, suggesting that the market is pricing in significant future earnings growth that remains unproven given the firm's recent history of net income volatility.
The forward P/E of 14.09 implies a substantial expected recovery in earnings, yet this valuation assumes a level of predictability in performance fee realizations that the firm has historically struggled to deliver. Investors should monitor whether the current premium over peers is justified by the integration of Angelo Gordon or if it represents an over-optimistic outlook on the firm's ability to scale fee-related earnings.
As reported in quarterly filings, TPG's ROIC has struggled to maintain positive momentum, fluctuating between -0.6% and 3.7% over the last ten quarters, which indicates that the firm is currently failing to generate returns on invested capital that exceed its likely cost of capital.
The inability to consistently compound returns on invested capital suggests that the firm's aggressive inorganic growth strategy has yet to yield the expected operational synergies. This trend warrants further investigation into whether the capital deployed for acquisitions is being effectively utilized to drive long-term shareholder value or if it is merely inflating the asset base without improving core profitability.
According to recent financial statements, TPG's asset turnover remains consistently low at approximately 0.06 to 0.11, reflecting the capital-heavy nature of the asset management business and the inherent difficulty in optimizing working capital cycles within a firm dominated by lumpy performance-based revenue streams.
The lack of meaningful improvement in asset turnover suggests that the firm's operational efficiency is secondary to the timing of fund-level capital deployments. Investors should be cautious, as the current efficiency metrics do not indicate a lean operating model, but rather one that is highly dependent on the macro-environment for deal flow and exit opportunities.
Based on the firm's unique business model, the P/E ratio is the most commonly misapplied metric, as it fails to account for the significant non-cash charges and the lumpy nature of carried interest that frequently distort TPG's GAAP net income figures.
Using P/E to value TPG obscures the underlying stability of fee-related earnings, which are a better indicator of long-term value than volatile performance allocations. Analysts should instead focus on Fee-Related Earnings (FRE) and Distributable Earnings (DE) to gain a clearer picture of the firm's core cash-generating capacity, as these metrics strip away the accounting noise that makes traditional P/E analysis misleading.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TPG stock.
TPG Inc.'s current P/E ratio is 35.1x. The historical average is 124.5x.
TPG Inc.'s current EV/EBITDA is 20.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
TPG Inc.'s return on equity (ROE) is 4.8%. The historical average is 10.6%.
Based on historical data, TPG Inc. is trading at a P/E of 35.1x. Compare with industry peers and growth rates for a complete picture.
TPG Inc.'s current dividend yield is 18.96% with a payout ratio of 665.8%.
TPG Inc. has 96.9% gross margin and 14.7% operating margin. Operating margin between 10-20% is typical for established companies.
TPG Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.