TPG Inc. (TPG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-66.6%

$16.31

vs $48.88 price

Levered DCF

$99.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.64

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	48×	273.22×	48.51×	25.3×	0.52×	1.63×	1.99×	9.94×
P/B	7.48×	8.03×	5.99×	4.33×	1.5×	0.95×	1.16×	0×
P/S	1.9×	2.4×	1.87×	1.47×	0.43×	1.04×	1.09×	1.48×
EV / EBITDA	27.31×	147.33×	69.61×	531.86×	1.19×	3.72×	4.68×	0×
Gross margin	96.9%	96.7%	97.9%	98.6%	99.7%	99.1%	99.2%	99.3%
Operating margin	14.7%	-0.9%	4.5%	-1.6%	83.6%	63.9%	55.1%	45.4%
Net margin	4.0%	0.9%	4.3%	6.1%	39.1%	40.9%	22.3%	16.7%
Current ratio	0.15×	29.13×	26.8×	30.3×	8.84×	15.38×	16.26×	0×
Debt / equity	1.45×	2.02×	2.18×	1.16×	0.39×	0.2×	0.23×	0×
Interest coverage	6.11×	-0.28×	2.17×	-1.1×	273.91×	73.48×	66.65×	62.95×
Dividend yield	13.9%	13.2%	18.5%	30.1%	44.3%	12.7%	10.6%	9.2%
Payout ratio	665.8%	3545.1%	803.1%	717.1%	48.9%	32.2%	51.7%	81.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.6%	3.0%	13.8%	18.1%	135.7%	37.7%	23.8%	0.0%
Return on invested capital	7.6%	-0.2%	0.3%	-0.3%	52.7%	20.8%	21.7%	0.0%
Return on assets	1.4%	0.2%	0.9%	1.2%	24.3%	13.3%	8.7%	0.0%
Free cash flow yield	11.3%	8.0%	20.3%	62.3%	61.2%	-0.9%	34.9%	37.1%
Earnings yield	2.1%	0.4%	2.3%	4.2%	90.6%	39.5%	20.5%	11.3%
Enterprise value	$22.7B	$16.3B	$9.1B	$4.9B	$5.6B	$5.4B	$5.6B	$0
Net debt / EBITDA	1.08×	7.01×	4.56×	-56.3×	-0.08×	-0.25×	-0.16×	0×
Cash conversion cycle (days)	0	-128	-321	-697	-2,867	-1,297	-1,385	0