Latest Ratios: P/E Ratio 3.9x · EV/EBITDA 8.5x · ROE 14.1%. (2014–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $194M | $263M | $289M | $388M | $341M | $556M | $399M | $353M | $223M | $207M | $190M |
| Enterprise Value | $643M | $712M | $641M | $842M | $856M | $972M | $621M | $669M | $316M | $342M | $519M |
| P/E Ratio → | 3.93 | 5.36 | 9.00 | — | — | 7.27 | 11.24 | 11.11 | 6.12 | 10.75 | 17.07 |
| P/S Ratio | 2.00 | 2.71 | 4.05 | 64.95 | 25.45 | 5.52 | 6.93 | 7.04 | 5.37 | 6.15 | 8.12 |
| P/B Ratio | 0.55 | 0.74 | 0.83 | 1.12 | 0.81 | 1.28 | 1.00 | 1.06 | 0.67 | 0.88 | 0.88 |
| P/FCF | — | — | 1.89 | 7.88 | — | — | 13.10 | — | — | 8.25 | — |
| P/OCF | — | — | 1.89 | 7.88 | — | — | 13.10 | — | — | 8.25 | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.33 | 9.01 | 141.09 | 63.94 | 9.65 | 10.81 | 13.32 | 7.60 | 10.15 | 22.14 |
| EV / EBITDA | 8.49 | 9.40 | 20.02 | — | — | 12.69 | 17.60 | 21.06 | 4.88 | 13.02 | 22.56 |
| EV / EBIT | 8.49 | 9.40 | 20.02 | — | — | 12.69 | 17.60 | 21.06 | 6.92 | 13.02 | 22.56 |
| EV / FCF | — | — | 4.19 | 17.11 | — | — | 20.43 | — | — | 13.63 | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.5% | 83.5% | 64.0% | -453.4% | -71.0% | 86.7% | 77.9% | 80.1% | 62.4% | 80.6% | 77.5% |
| Operating Margin | 77.9% | 77.9% | 45.0% | -667.0% | -149.8% | 76.0% | 61.4% | 63.3% | 84.3% | 77.9% | 98.1% |
| Net Profit Margin | 50.6% | 50.6% | 45.0% | -667.0% | -149.8% | 76.0% | 61.4% | 63.3% | 88.0% | 57.1% | 47.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.1% | 14.1% | 9.3% | -10.4% | -4.7% | 18.3% | 9.6% | 9.5% | 12.8% | 8.5% | 5.0% |
| ROA | 6.1% | 6.1% | 3.7% | -4.0% | -2.1% | 9.5% | 5.2% | 5.5% | 7.5% | 4.1% | 2.7% |
| ROIC | 7.2% | 7.2% | 2.8% | -3.1% | -1.6% | 7.3% | 4.0% | 4.3% | 6.5% | 4.3% | 4.0% |
| ROCE | 9.4% | 9.4% | 3.7% | -4.0% | -2.1% | 9.5% | 5.2% | 5.5% | 9.7% | 9.9% | 9.1% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 1.15 | 1.76 | 1.35 | 1.08 | 0.65 | 1.01 | 0.29 | 0.59 | 1.56 |
| Debt / EBITDA | 6.19 | 6.19 | 12.45 | — | — | 6.11 | 7.40 | 10.57 | 1.48 | 5.31 | 14.63 |
| Net Debt / Equity | — | 1.27 | 1.02 | 1.31 | 1.23 | 0.96 | 0.56 | 0.95 | 0.28 | 0.57 | 1.52 |
| Net Debt / EBITDA | 5.93 | 5.93 | 11.01 | — | — | 5.44 | 6.31 | 9.93 | 1.43 | 5.14 | 14.29 |
| Debt / FCF | — | — | 2.31 | 9.23 | — | — | 7.33 | — | — | 5.38 | — |
| Interest Coverage | 2.86 | 2.86 | 1.25 | -1.21 | -0.88 | 5.72 | 2.77 | 3.17 | 5.03 | 4.01 | 4.35 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | 13.00 | — | 0.47 | 0.66 | 0.23 |
| Quick Ratio | — | — | — | — | — | — | 13.00 | — | 0.47 | 0.66 | 0.23 |
| Cash Ratio | — | — | — | — | — | — | 12.38 | — | 0.06 | 0.02 | 0.04 |
| Asset Turnover | — | 0.12 | 0.09 | 0.01 | 0.01 | 0.11 | 0.08 | 0.07 | 0.09 | 0.07 | 0.05 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 21.4% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 83.9% | 83.9% | 162.5% | — | — | 59.5% | — | 106.4% | 80.8% | 117.6% | 193.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 25.5% | 18.7% | 11.1% | — | — | 13.8% | 8.9% | 9.0% | 16.3% | 9.3% | 5.9% |
| FCF Yield | — | — | 53.0% | 12.7% | — | — | 7.6% | — | — | 12.1% | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 21.4% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $40M | $39M | $36M | $33M | $31M | $31M | $25M | $20M | $16M | $16M |
Portfolio credit quality volatility
According to current market data, TPVG trades at a P/B ratio of 0.54, which, when compared to peers like HTGC at 1.37, suggests that investors are pricing in significant potential for further NAV erosion rather than viewing the current valuation as a value-oriented entry point.
The low P/E of 3.85 and the substantial discount to book value indicate that the market is skeptical of the quality of the underlying loan portfolio and the sustainability of the dividend. This valuation gap relative to peers suggests that the market is discounting the firm's ability to navigate the current venture-debt cycle without further capital impairment.
Based on reported financial statements, TPVG's ROIC has trended into negative territory, reaching -5.4% in 2026Q1, which highlights a fundamental decay in the company's ability to generate positive returns on its invested capital compared to the more stable performance observed in previous fiscal years.
The shift from positive ROIC in 2025 to negative figures in 2026 suggests that the cost of capital and credit losses are outpacing the interest income generated from the portfolio. This trend warrants further investigation into whether the current underwriting standards are sufficient to cover the inherent risks of the venture-growth stage.
As reported in recent SEC filings, TPVG's debt-to-equity ratio of 1.33x in 2025Q4 sits near the upper bound of typical BDC leverage limits, indicating that the firm has limited capacity to absorb further portfolio markdowns without triggering potential regulatory or covenant-related constraints that could force a de-leveraging event.
The high leverage ratio, combined with the volatility in interest coverage, suggests that the company's balance sheet is increasingly vulnerable to interest rate shocks or borrower defaults. Investors should monitor whether management will be forced to reduce leverage, which could negatively impact the dividend yield and overall return profile.
Based on the reported figures, the 21.8% dividend yield is the most commonly misapplied metric for TPVG, as it obscures the fact that the payout is currently disconnected from the company's actual cash-generating capacity and is being sustained despite significant volatility in net income and operating cash flow.
Investors often mistake high dividend yields for income stability, but in the case of TPVG, the yield appears to be a reflection of market-priced risk rather than a sustainable return. A more appropriate metric for evaluating this business model would be the 'Net Investment Income' coverage ratio, which provides a clearer picture of whether the dividend is supported by recurring interest income.
Includes 30+ ratios · 12 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TPVG stock.
TriplePoint Venture Growth BDC Corp.'s current P/E ratio is 3.9x. The historical average is 9.8x.
TriplePoint Venture Growth BDC Corp.'s current EV/EBITDA is 8.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
TriplePoint Venture Growth BDC Corp.'s return on equity (ROE) is 14.1%. The historical average is 7.7%.
Based on historical data, TriplePoint Venture Growth BDC Corp. is trading at a P/E of 3.9x. Compare with industry peers and growth rates for a complete picture.
TriplePoint Venture Growth BDC Corp.'s current dividend yield is 21.39% with a payout ratio of 83.9%.
TriplePoint Venture Growth BDC Corp. has 83.5% gross margin and 77.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
TriplePoint Venture Growth BDC Corp.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.