TPG Inc. (TPG)

Price$44.34Cached quoteAs of 2026-10-08 15:24 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is already matched by a demanding earnings multiple.

The diluted equity value is about $20.3 billion. Against last-twelve-month after-tax distributable earnings of $1.08 billion, a management measure intended to approximate earnings available for distribution, the shares trade near 19 times those earnings. Trailing reported diluted earnings imply roughly 80 times earnings. Second-quarter fee-related earnings, meaning profit from recurring management and related fees, grew 43%, supporting a premium. Still, about 19 times distributable earnings already requires durable growth, leaving insufficient margin of safety for an Undervalued verdict.

Big pictureRecurring fees are becoming more durable, but cash results still swing with investment activity and compensation.

Operating cash flow rose to $1.03 billion in 2025 from $532 million in 2024, but it was $721 million in 2023 and $1.38 billion in 2022, showing meaningful variability. First-half 2026 operating cash flow was about $524 million. Stock compensation was $814 million in 2025 and $487 million in first-half 2026, so headline operating cash flow overstates what owners retain unless dilution is considered. More encouragingly, last-twelve-month fee-related earnings reached $1.11 billion, providing a more recurring earnings base.

Business strengthRapid asset growth and long client commitments support earnings, while rising debt reduces downside protection.

Assets under management reached $326.8 billion, up 25% in a year, while fee-earning assets rose 24% to $181 billion. About 68% of total assets have contractual lives of at least ten years and another 16% are perpetual, supporting durable fees. TPG also identifies $51.7 billion of assets that could generate higher future fees, worth an estimated $289 million of annual revenue. However, cash was $945 million against $2.34 billion of debt, leaving roughly $1.4 billion of net debt and a thinner cushion than previously.

What could change the storyMore fee-paying assets could lift value, but slower growth or heavier dilution would expose the premium.

The strongest bull case is converting the $51.7 billion fee pipeline and Jackson partnership into recurring earnings; Jackson alone promises at least $12 billion of managed assets with a minimum 0.50% management fee when fully ramped. The bear case is capital intensity creeping upward: first-half stock compensation was $487 million, diluted weighted-average shares rose about 4% year over year, and debt increased. The latest dividend consumed roughly 85% of attributable distributable earnings. At about 19 times those earnings, flat earnings would leave only about a 5% earnings-to-value yield, so continued fee growth matters.

AI: News

Second-quarter earnings surgeTPG delivered faster recurring profit and fundraising growth, strengthening expectations for future fee income.

On August 4, TPG reported second-quarter fee-related earnings of $315 million, up 43% year over year, as fee-related revenue rose 27%. Assets under management increased 25% to $327 billion, and the firm raised $16.1 billion during the quarter. After-tax distributable earnings increased more modestly to $280 million. The shares closed about 5.7% higher that session. The timing makes an earnings-related reaction plausible, although a single day's move cannot be attributed to one cause with certainty.

Jackson partnershipThe Jackson deal adds long-duration fee-paying assets but uses capital and shares to secure that growth.

Announced January 6 and launched in February, the partnership gives TPG a minimum $12 billion investment-management mandate, with incentives to reach $20 billion. The initial term is ten years, potentially extending through year fifteen, and management indicated a minimum 0.50% fee. In exchange, TPG invested $500 million for roughly 6.5% of Jackson and issued $150 million of TPG shares to Jackson. The arrangement expands recurring credit fees, but it also adds balance-sheet exposure and dilution.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021 · Jan 18	2021 · Dec 31	2020
Revenue	$2.42B	$2.09B	$1.53B	$1.25B	—	$977.9M	$883.4M
Operating expenses	$4.09B	$3.58B	$2.36B	$1.94B	—	$916.6M	$817.6M
Net income	$184.6M	$23.5M	$80.1M	$92.4M	$6.2M	$0	$0
Net profit margin	7.61%	1.13%	5.22%	7.41%	—	0.00%	0.00%
Basic EPSper basic share	$0.89	$0.00	$0.89	$1.10	—	$0.00	—
Diluted EPSper diluted share	$0.45	-$0.42	-$0.04	-$0.19	—	$0.00	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TPG
Holder	Shares held
WELLINGTON MANAGEMENT GROUP LLP	11.02M
Temasek Holdings (Private) Ltd	10.16M
DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP	9M
BlackRock, Inc.	7.98M
MILLENNIUM MANAGEMENT LLC	7.83M
VANGUARD CAPITAL MANAGEMENT LLC	6.45M
VANGUARD PORTFOLIO MANAGEMENT LLC	6.45M
Capital International Investors	5.66M
Balyasny Asset Management L.P.	4.07M
WINKELRIED JON	3.96M
PRICE T ROWE ASSOCIATES INC /MD/	3.62M
CITADEL ADVISORS LLC	3.12M
COULTER JAMES G	3.04M
STATE STREET CORP	2.6M
GEODE CAPITAL MANAGEMENT, LLC	2.5M
Vulcan Value Partners, LLC	2.36M
Jackson Brooke LLC	2.28M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.27M
Qube Research & Technologies Ltd	2.22M
MORGAN STANLEY	2.22M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)6$978.62M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jul 16, 2025Form 4 · 10b5-1	MESSEMER DEBORAH M.Director	SellClass A Common Stock	1.8K	$56.32	$101.2K	16.8K
May 22, 2025Form 4	Bondo FTW, Inc. +2Other	SellClass A Common Stock · indirect	21.00M	$46.57	$977.97M	0
Mar 19, 2025Form 4 · 10b5-1	Berenson BradfordGeneral Counsel	SellClass A Common Stock	2.5K	$50.04	$125.6K	290.8K
Mar 5, 2025Form 4 · 10b5-1	Berenson BradfordGeneral Counsel	SellClass A Common Stock	2.6K	$50.32	$130.7K	293.4K
Jan 14, 2025Form 4	MESSEMER DEBORAH M.Director	SellClass A Common Stock	1.7K	$61.91	$104.9K	15.8K