# TPG Inc. (TPG)

> Source: Nexqual · https://nexqual.com/TPG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, TPG Inc. (TPG), nexqual.com/TPG" · informational, not investment advice.

**Price:** USD 46.17 (+4.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 44.08 · day 43.35–46.2 · 52w 36.95–70.38 · market cap $18.0B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.18B, net income $236M (4.6% margin) (SEC filings).
- Valuation: P/E 76.3x (avg 425.6x at the last 3 fiscal year-ends), net debt $1.40B.
- 1 of 80 tracked superinvestors hold TPG (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.88 on a 1–5 scale) (17 analysts), mean target USD 57.65 (range 47–68).
- Total return with dividends: 1Y -13.5% vs S&P 500 +14.9%; 5Y +69.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.63, revenue estimate $609M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.98B | $2.00B | $2.39B | $3.50B | $4.67B | $5.18B |
| Net income | $0K | $92.4M | $80.1M | $23.5M | $185M | $236M |
| EPS (diluted) | $0.00 | -$0.19 | -$0.04 | -$0.42 | $0.45 | — |
| Net margin | 0.0% | 4.6% | 3.4% | 0.7% | 4.0% | 4.6% |
| Revenue growth | +135.3% | -59.8% | +19.3% | +46.5% | +33.4% | — |
| Cash + short-term investments | $973M | $1.11B | $665M | $808M | $826M | — |
| Total debt | — | $445M | $945M | $1.28B | $1.72B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 76.3x · P/S 3.5x · EV/Sales 3.8x · P/B 4.8x · Earnings yield 1.31% · Net debt $1.40B · EV $19.4B
P/E at fiscal year-ends: Dec 2025 129.4x, Dec 2024 976.0x, Dec 2023 171.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TPG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Vulcan Value Partners |  | 2.92% | $95.8M | Added +18.9% |

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 17 analysts; mean target USD 57.65 (low 47, high 68).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | TD Cowen | Target lowered | Buy | $64 → $60 |
| 2026-10-08 | Barclays | Target lowered | Overweight | $64 → $60 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $47 |
| 2026-08-05 | UBS | Target raised | Buy | $59 → $65 |
| 2026-08-05 | Keefe, Bruyette & Woods | Target raised | Outperform | $53 → $57 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $60 → $65 |
| 2026-08-05 | Evercore ISI Group | Target raised | In-Line | $47 → $50 |
| 2026-08-05 | Barclays | Target raised | Overweight | $58 → $64 |
| 2026-07-21 | Morgan Stanley | Target lowered | Equal-Weight | $60 → $54 |
| 2026-07-13 | BMO Capital | Target lowered | Outperform | $52 → $50 |
| 2026-07-09 | Citizens | Target lowered | Market Outperform | $75 → $68 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-01-10) |
|---|---|---|
| Total return | -13.5% | +69.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -13.6% | +11.7% |
| Volatility (annualized) | 39.5% | 40.9% |
| Max drawdown | -44.9% (Jan 2026→Apr 2026) | -43.2% (Nov 2024→Apr 2026) |

## Peers (Asset Management)
BEN (Franklin Templeton, Inc.) USD 31.52 -0.51% · PS (Pershing Square Inc.) USD 45.04 -3.72% · CRBG (Corebridge Financial Inc.) USD 35.59 +0.82% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23% · PHYS ("Sprott Physical Gold Trust") USD 30.39 -2.72% · OWL (Blue Owl Capital Inc.) USD 9.71 +5.89%

## More
Full page: https://nexqual.com/TPG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TPG's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1880661/000188066126000011/tpg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | TPG Operating Group | "Further, a majority of the TPG Operating Group's assets consist of indirect ownership interests in the general partners or managing members of the funds we sponsor." |
| Partner | GP | "We have agreed with GP LLC that the TPG Operating Group partnership will not make any elections that would result in the IRS pursuing the partners of such partnerships for such taxes owed for periods ending on or prior t…" |
| Partner | TPG Capital | "Our Capital platform funds are organized in three primary products: (1) TPG Capital, (2) TPG Healthcare Partners, and (3) TPG Asia." |
| Partner | TPG Mortgage Investment Trust, Inc. (MITT) | "TPG Asset Based Finance invests through a variety of vehicles including the Mortgage Value Partners Fund open-ended hedge fund, the Asset Based Credit closed-end fund series and evergreen vehicle, SMAs and TPG Mortgage I…" |
| Partner | TPG RE Finance Trust, Inc. (TRTX) | "TPG's real estate products (collectively referred to as "Real Estate") are (1) TPG Real Estate Partners, (2) TPG Real Estate Thematic Advantage Core-Plus, (3) TPG AG U.S. Real Estate, (4) TPG AG Europe Real Estate, (5) T…" |
| Partner | Peppertree Capital Management | "We use our website (https://www.tpg.com), Rise website (https://therisefund.com), Angelo Gordon website (https://www.angelogordon.com), TPG Private Equity Opportunities website (https://tpop.tpg.com), TPG Twin Brook webs…" |
| Partner | Jackson Financial Inc. (JXN) | "On February 11, 2026, the Company closed the previously announced transaction to establish a long-term, strategic investment management partnership (the "Transaction") with Jackson Financial Inc. ("Jackson") whereby TPG …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Management fees | $522.7M | 74.1% | +15.5% |
| Transaction fees | $97.2M | 13.8% | +180.8% |
| Expense reimbursements and other | $69.2M | 9.8% | -0.4% |
| Incentive fees | $8.9M | 1.3% | +32.2% |
| Monitoring fees | $7.0M | 1.0% | +21.4% |
| Total revenue | $705.0M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.63 | $0.69 | -9.3% | $608.9M | 15 |
| Next quarter (ends 2026-12-31) | $0.79 | $0.84 | -6.4% | $683.0M | 12 |
| Current fiscal year (ends 2026-12-31) | $1.97 | $2.32 | -15.0% | $2.48B | 1 |
| Next fiscal year (ends 2027-12-31) | $3.75 | $3.67 | +2.2% | $2.94B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±13.1%; last 8 reports averaged ±4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 57.9% | ±13.1% |
| 2026-12-18 | 56 | 48.4% | ±15.0% |
| 2027-01-15 | 84 | 44.7% | ±16.7% |
| 2027-02-19 | 119 | 41.3% | ±18.8% |
| 2027-05-21 | 210 | 44.7% | ±26.1% |