Latest Ratios: P/E Ratio 8.2x · EV/EBITDA 15.9x · 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 | $177M | $263M | $289M | $388M | $341M | $556M | $399M | $353M | $223M | $207M | $190M |
| Enterprise Value | $626M | $712M | $641M | $842M | $856M | $972M | $621M | $669M | $316M | $342M | $519M |
| P/E Ratio → | 8.17 | 5.36 | 9.00 | — | — | 7.27 | 11.24 | 11.11 | 6.12 | 10.75 | 17.07 |
| P/S Ratio | 4.79 | 3.73 | 6.34 | — | — | 6.36 | 8.90 | 8.79 | 6.88 | 7.63 | 10.48 |
| P/B Ratio | 0.50 | 0.74 | 0.83 | 1.12 | 0.81 | 1.28 | 1.00 | 1.06 | 0.67 | 0.88 | 0.88 |
| P/FCF | 1.77 | — | 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 | — | 10.07 | 14.09 | — | — | 11.13 | 13.88 | 16.64 | 9.73 | 12.60 | 28.58 |
| EV / EBITDA | 15.94 | 9.40 | 20.02 | — | — | 12.38 | 17.60 | 20.06 | 8.64 | 12.41 | 21.41 |
| EV / EBIT | 8.27 | 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 | 114.8% | 114.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 79.9% | 100.0% | 100.0% |
| Operating Margin | 107.1% | 107.1% | 70.4% | 147.1% | 211.1% | 87.6% | 78.9% | 79.0% | 107.8% | 96.7% | 126.7% |
| Net Profit Margin | 69.6% | 69.6% | 70.4% | 147.1% | 211.1% | 87.6% | 78.9% | 79.0% | 112.7% | 70.8% | 61.2% |
| 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 | — | — | 5.95 | 7.40 | 10.07 | 2.63 | 5.06 | 13.88 |
| 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 | — | — | 5.30 | 6.31 | 9.47 | 2.53 | 4.90 | 13.56 |
| 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 | — | 0.08 | 0.06 | -0.03 | -0.01 | 0.09 | 0.07 | 0.06 | 0.07 | 0.05 | 0.04 |
| 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 | 23.4% | 15.7% | 18.1% | 14.2% | 14.5% | 8.2% | 10.7% | 9.6% | 13.2% | 10.9% | 11.3% |
| 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 | 12.2% | 18.7% | 11.1% | — | — | 13.8% | 8.9% | 9.0% | 16.3% | 9.3% | 5.9% |
| FCF Yield | 56.6% | — | 53.0% | 12.7% | — | — | 7.6% | — | — | 12.1% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.8% |
| Total Shareholder Yield | 23.4% | 15.7% | 18.1% | 14.2% | 14.5% | 8.2% | 10.7% | 9.6% | 13.2% | 10.9% | 14.1% |
| Shares Outstanding | — | $40M | $39M | $36M | $33M | $31M | $31M | $25M | $20M | $16M | $16M |
Includes 30+ ratios · 12 years · Updated daily
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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 8.2x. The historical average is 9.8x. This places it at the 30th percentile of its historical range.
TriplePoint Venture Growth BDC Corp.'s current EV/EBITDA is 15.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
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 8.2x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TriplePoint Venture Growth BDC Corp.'s current dividend yield is 23.45% with a payout ratio of 83.9%.
TriplePoint Venture Growth BDC Corp. has 114.8% gross margin and 107.1% 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.
Key Metrics
Top Statement Risk
Negative net interest income erosion
Metrics are mathematically derived from official filings.
Deep Discount Signals Distressed Market Skepticism
Based on reported figures, TPVG trades at a P/B of 0.50 against a book value of about $8.69 per share, a discount that suggests investors doubt the durability of the reported equity base and its earnings power.
A price-to-book multiple of 0.50 implies the market values the portfolio at roughly half of reported net asset value, which typically reflects expectations of further credit losses or NAV erosion rather than a temporary mispricing. The 8.8% reported yield and 3.58 trailing P/E are both distorted by volatile non-interest income, so the P/E is not a reliable anchor here. Investors should monitor whether the book value per share holds near $8.69 across upcoming quarters, since any decline would push the already depressed multiple lower and validate the market's skepticism.
ROE Propped Up by Non-Core Income
As reported in financial statements, TPVG's 2026Q2 ROE of 2.6% coexists with a net interest margin of negative 1.0%, which suggests headline returns depend on fee and gain income rather than the core lending spread.
Decomposing returns through the DuPont lens, a negative NIM combined with a 0.44 equity-to-assets ratio means leverage cannot amplify a spread that has turned negative, so the 2.6% ROE must come from non-interest sources. ROE has swung between negative 2.0% and 6.3% across the ten quarters, a range that points to earnings quality that is highly sensitive to timing of realizations. Investors should treat the current ROE as a low-confidence figure until the NIM turns positive and stays there.
Negative Spread Overwhelms Cost Control
Based on TPVG's reported figures, net interest margin fell from 2.9% in 2024Q1 to negative 1.0% in 2026Q2, while the efficiency ratio ranged from 6.0% to 142.3%, a pattern that reflects unstable revenue denominators rather than cost discipline.
A compressing NIM from 2.9% to negative territory signals that funding and asset yields have moved against the lender, a structural pressure that expense control cannot offset. The efficiency ratio's extreme swings, including 142.3% in 2024Q4, indicate that the ratio is driven by the revenue denominator more than by operating costs, making it a poor read on operating leverage. The trend warrants further investigation into the drivers of spread compression before any credit is given to cost improvements.
Equity Ratio Thins as Earnings Base Shrinks
As reported in financial statements, TPVG's equity-to-assets ratio slipped from 0.47 in 2024Q3 to 0.44 in 2026Q2, a modest decline that nonetheless leaves a substantial equity cushion relative to the asset base.
A 0.44 equity-to-assets ratio indicates capital remains a large share of the balance sheet, which provides a buffer against further losses in the portfolio. However, the ratio is declining while the earnings base contracts, meaning equity is being deployed against a less productive asset mix. Investors should monitor whether dividend payments, which ran at roughly 1.9 times net income in 2026Q2, gradually erode this cushion over time.
Peer Discount Looks Structural, Not Cyclical
Based on the peer data, TPVG's P/B of 0.50 sits close to Sunrise Realty Trust at 0.47 and Horizon Technology at 0.53, while Hercules Capital and Capital Southwest trade at 1.42 and 1.51, suggesting the market separates lagging BDCs from stronger ones.
TPVG's ROE of 2.6% trails peers such as Hercules Capital at 15.8% and Capital Southwest at 10.2%, and its negative net margin contrasts with positive margins at the stronger peers. The valuation gap appears to reflect this performance divergence rather than a broad sector mispricing. Whether the gap is structural depends on whether TPVG can restore positive NIM, which the reported figures do not yet demonstrate.
Trailing P/E Misleads on Recovery
The trailing P/E of 3.58 may appear to signal cheapness, but it is driven by volatile non-interest income and may obscure a deteriorating net interest base, so the multiple should not be read as evidence of recovery.
Using P/E for a BDC with swinging fee income can make a stock look inexpensive during a quarter of gains and expensive during losses, which obscures the underlying spread trend. The more informative metrics here are NAV per share stability and NIM direction, neither of which currently supports a recovery narrative. Investors should weigh P/B and net interest income trajectory over headline P/E when assessing whether the discount is justified.