TriplePoint Venture Growth BDC Corp. (TPVG) 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

-314.0%

-$9.87

vs $4.61 price

Levered DCF

-$15.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.02

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	5.36×	9×	-9.7×	-17.1×	7.27×	11.24×	11.11×	6.12×
P/B	0.74×	0.83×	1.12×	0.81×	1.28×	1×	1.06×	0.67×
P/S	2.71×	4.05×	64.95×	25.45×	5.52×	6.93×	7.04×	5.37×
EV / EBITDA	9.4×	20.02×	-21.15×	-47.49×	12.38×	17.6×	20.06×	6.69×
Gross margin	83.5%	64.0%	-453.4%	-71.0%	86.7%	77.9%	80.1%	62.4%
Operating margin	77.9%	45.0%	-667.0%	-149.8%	76.0%	61.4%	63.3%	84.3%
Net margin	50.6%	45.0%	-667.0%	-149.8%	76.0%	61.4%	63.3%	88.0%
Current ratio	0×	0×	0×	0×	0×	13×	0×	0.47×
Debt / equity	1.33×	1.15×	1.76×	1.35×	1.08×	0.65×	1.01×	0.29×
Interest coverage	2.86×	1.25×	-1.21×	-0.88×	5.72×	2.77×	3.17×	3.85×
Dividend yield	15.7%	18.1%	14.2%	14.5%	8.2%	10.7%	9.6%	14.2%
Payout ratio	83.9%	162.5%	-137.9%	-247.1%	59.5%	120.5%	106.4%	86.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	9.3%	-11.5%	-4.8%	17.6%	8.8%	9.6%	10.9%
Return on invested capital	9.0%	4.2%	-4.1%	-2.0%	8.3%	5.2%	4.6%	8.0%
Return on assets	5.9%	4.2%	-4.1%	-2.0%	8.3%	5.2%	4.6%	7.8%
Free cash flow yield	-21.7%	53.0%	12.7%	-29.6%	-26.0%	7.6%	-53.1%	-8.0%
Earnings yield	18.7%	11.1%	-10.3%	-5.9%	13.8%	8.9%	9.0%	16.4%
Enterprise value	$712.1M	$641.5M	$842.3M	$856.4M	$971.8M	$621.5M	$668.8M	$315.7M
Net debt / EBITDA	5.93×	11.01×	-11.42×	-28.58×	5.3×	6.31×	9.47×	1.96×
Cash conversion cycle (days)	0	0	0	0	0	-89	0	-467