TPG
TPG on Nasdaq. TPG sells investment funds to pension funds, endowments and wealthy investors. Market value $7.2bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
Nothing stands out yet.
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 2 cents. Above 10 is good.
What you pay for each dollar of net assets: $4.50.
Profit per $100 you pay: $1.40.
Quality score: 72 of 100. Price score: 8 of 100. Our list needs 70 on quality and 60 on price.
$44.97 a share, 22% above its 1-year low
Over the past year the price has ranged from $36.95 to $70.38.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $2.0bn | $2.4bn | $3.5bn | $4.7bn |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.31bn | 0.32bn | 0.36bn | 0.37bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 32.6% a year
- Buying back its own sharesNo, 21% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.8 billion last quarter, up 100% on a year ago.
- Profit: $93 million, up 525% on a year ago.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $855m |
| December 2024 | $1.1bn |
| March 2025 | $1.0bn |
| June 2025 | $921m |
| September 2025 | $1.2bn |
| December 2025 | $1.5bn |
| March 2026 | $500m |
| June 2026 | $1.8bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | $13m |
| March 2025 | $25m |
| June 2025 | $15m |
| September 2025 | $67m |
| December 2025 | $77m |
| March 2026 | -$1m |
| June 2026 | $93m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 370 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Vulcan Value PartnersC.T. Fitzpatrick | $96m | 2.9% | Added |
Largest holders overall
- Wellington Management Group LLP$447mAdded
- Temasek Holdings (Private)$412m
- Darlington Partners Capital Management, LP$365m
- BlackRock$324mAdded
- Millennium Management$318mAdded
- Vanguard Capital Management$262mAdded
- Vanguard Portfolio Management$261mAdded
- Capital International Investors$229mAdded
- Balyasny Asset Management L.P.$165mAdded
- Price T Rowe Associates$147mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Coulter James G.Insider or founderat least 56.4%−1.9 pts(filed with 2 related holders)Since 14 August 2026
What they said
This Amendment amends and supplements Item 4 of the Original Schedule 13D by inserting the following before the penultimate paragraph: "Q3 2026 Exchange Pursuant to the Exchange Agreement, on August 14, 2026, 6,960,798 Common Units were ultimately distributed to certain partners…
Read the filing - Wellington Management Group LLPPassive investorat least 11.2%+4.0 pts(filed with 3 related holders)Since 31 August 2026
- Temasek Holdings (Private) LimitedPassive investor6.5%−0.7 ptsSince 31 March 2026
- Darlington Partners Capital Management, LPPassive investorat least 5.9%(filed with 4 related holders)Since 13 March 2026
- Millennium Management LLCPassive investorat least 5.2%+0.9 pts(filed with 3 related holders)Since 11 June 2026
- Fullerton Management Pte LtdPassive investorat least 3.4%(filed with 2 related holders)Since 31 March 2025
- Millennium Management LLCPassive investorSold down below 5%Since 16 June 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 31 March 2025
- Massachusetts Financial Services CompanyPassive investorSold down below 5%Since 30 June 2025
- Capital International InvestorsPassive investorSold down below 5%Since 31 March 2026
- Holloway SamanthaPassive investorSold down below 5%Since 21 May 2025
- MANAGED ACCOUNT ADVISORS LLCPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Coulter James G. Insider or founder | at least 56.4%−1.9 pts (filed with 2 related holders) | 14 August 2026 | What they saidThis Amendment amends and supplements Item 4 of the Original Schedule 13D by inserting the following before the penultimate paragraph: "Q3 2026 Exchange Pursuant to the Exchange Agreement, on August 14, 2026, 6,960,798 Common Units were ultimately distributed to certain partners… Read the filing |
Wellington Management Group LLP Passive investor | at least 11.2%+4.0 pts (filed with 3 related holders) | 31 August 2026 | |
Temasek Holdings (Private) Limited Passive investor | 6.5%−0.7 pts | 31 March 2026 | |
Darlington Partners Capital Management, LP Passive investor | at least 5.9% (filed with 4 related holders) | 13 March 2026 | |
Millennium Management LLC Passive investor | at least 5.2%+0.9 pts (filed with 3 related holders) | 11 June 2026 | |
Fullerton Management Pte Ltd Passive investor | at least 3.4% (filed with 2 related holders) | 31 March 2025 | |
Millennium Management LLC Passive investor | Sold down below 5% | 16 June 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 March 2025 | |
Massachusetts Financial Services Company Passive investor | Sold down below 5% | 30 June 2025 | |
Capital International Investors Passive investor | Sold down below 5% | 31 March 2026 | |
Holloway Samantha Passive investor | Sold down below 5% | 21 May 2025 | |
MANAGED ACCOUNT ADVISORS LLC Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.