Latest Ratios: P/E Ratio 37.1x · EV/EBITDA 22.0x · 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 | $17.2B | $24.3B | $22.9B | $13.7B | $8.6B | — | — | — |
| Enterprise Value | $18.1B | $25.2B | $23.7B | $14.3B | $8.1B | — | — | — |
| P/E Ratio → | 37.13 | 52.76 | 975.78 | 196.23 | — | — | — | — |
| P/S Ratio | 3.78 | 5.34 | 9.04 | 7.55 | 5.80 | — | — | — |
| P/B Ratio | 4.14 | 5.88 | 6.38 | 4.08 | 2.79 | — | — | — |
| P/FCF | 17.16 | 24.24 | 45.47 | 19.50 | 6.26 | — | — | — |
| P/OCF | 16.68 | 23.56 | 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 | — | 5.54 | 9.34 | 7.88 | 5.45 | — | — | — |
| EV / EBITDA | 22.02 | 30.66 | 214.31 | 109.08 | 874.30 | — | — | — |
| EV / EBIT | 26.45 | 36.66 | — | 171.24 | — | — | — | — |
| EV / FCF | — | 25.13 | 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 | 6.14 | 6.14 | -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 | 7.2% | 5.1% | 3.6% | 4.7% | 7.7% | — | — | — |
| 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 | 2.7% | 1.9% | 0.1% | 0.5% | — | — | — | — |
| FCF Yield | 5.8% | 4.1% | 2.2% | 5.1% | 16.0% | — | — | — |
| Buyback Yield | 1.1% | 0.8% | 0.3% | 4.8% | 4.1% | — | — | — |
| Total Shareholder Yield | 8.3% | 5.8% | 3.9% | 9.5% | 11.8% | — | — | — |
| Shares Outstanding | — | $381M | $365M | $318M | $309M | $71M | $69M | $69M |
Includes 30+ ratios · 7 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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 37.1x. The historical average is 124.5x.
TPG Inc.'s current EV/EBITDA is 22.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.7x.
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 37.1x. Compare with industry peers and growth rates for a complete picture.
TPG Inc.'s current dividend yield is 7.18% 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.
Key Metrics
Top Statement Risk
Revenue volatility and negative NII
Metrics are mathematically derived from official filings.
Premium Multiple, Cyclical Earnings
TPG trades at 4.55x book and 40.8x trailing earnings, but forward P/E of 17.5x suggests the market expects a sharp earnings rebound, according to recent market data.
The trailing P/E is inflated by depressed earnings, while the forward multiple implies a normalization to mid-cycle profitability. The P/B of 4.55x is above peers like KKR (1.22x) and Blackstone (5.06x), indicating the market prices TPG as a high-growth franchise, but the low tangible book value per share (under $14) amplifies the multiple's sensitivity to earnings quality.
Fee-Driven ROE, Low Leverage
ROE averaged around 0.8% over the last ten quarters, with 2026Q2 at 1.9%, driven almost entirely by fee income (99.7% of revenue), as per financial statements.
The DuPont decomposition shows that ROE is constrained by a very low equity multiplier (assets/equity around 2.2x) and a negative net interest margin, which offsets the high fee income contribution. The 2026Q2 ROE improvement to 1.9% reflects a surge in non-interest income, but sustainability is questionable given the prior quarter's near-zero profitability.
Negative NIM, Volatile Efficiency
Net interest margin has been negative or near zero for ten quarters, with 2026Q2 at -0.2%, while the efficiency ratio swung from 69% to 107%, based on reported figures.
The negative NIM indicates that interest expense exceeds interest income, likely due to a large securities portfolio funded by higher-cost liabilities. The efficiency ratio's volatility (averaging ~90%) suggests poor operating leverage, as revenue swings do not consistently cover fixed costs. The 2026Q2 efficiency ratio of 75.1% is an improvement, but it follows a 107.4% quarter, highlighting instability.
Equity Buffer Strengthens
Equity/assets improved from 0.33 in 2024Q1 to 0.45 in 2026Q2, with equity reaching $3.7B, according to recent balance sheet data.
The rising equity ratio suggests a conservative capital structure, but it also depresses ROE. With no traditional deposit base, capital adequacy is less about regulatory ratios and more about supporting investment activities. The $583.6M dividend in 2026Q2, up from $326.9M in 2026Q1, indicates a strong capital return capacity, but investors should monitor whether this is sustainable given earnings volatility.
Minimal Credit Exposure
Loan loss provisions were negligible except for a $50.8M charge in 2026Q1, and no significant loan balances are reported, indicating minimal credit risk, as per financial statements.
TPG's balance sheet is dominated by investment securities ($9.6B), not loans, so traditional asset quality metrics like NPL ratios are not meaningful. The $50.8M provision in 2026Q1 may relate to investment impairments, but the lack of a loan book limits credit risk. However, the large securities portfolio could carry unrealized losses, which are not disclosed in the provided data.
P/E Misleads on Earnings Quality
The trailing P/E of 40.8x is distorted by volatile fee income and negative NII, obscuring the bank's true earning power, as per reported figures.
For asset managers, P/E is often misapplied because earnings can swing dramatically with investment gains and carried interest. TPG's 2026Q2 revenue surge to $1.8B, with 99.7% from non-interest income, may not be recurring. A better metric is P/B adjusted for unrealized gains/losses on the securities portfolio, or a normalized P/E based on mid-cycle earnings. Investors should also consider the dividend yield of 6.5%, which may be unsustainable if earnings do not stabilize.