TPGTPG Inc.
Investment Advice
- Revenue
- $2.4B
- 16% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $18.0B
- Employees
- 1,900
- $1M revenue each
- Net debt / EBITDA
- —
- $1.4B net debt
- AI in 10-K
- 2.8
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$33M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo559% of net incomeCash flow under 80% of net income
- Dilutive SBCYes34% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 52nd pctBottom quartile of its SIC industry
- Quiet on AINo2.8 per 10K words · 67th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$18.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $978M | $1.2B | $1.5B | $2.1B | $2.4B | 16% |
| Net income | $0 | $92M | $80M | $23M | $185M | 686% |
| Operating cash flow | $1.5B | $1.4B | $721M | $532M | $1.0B | 94% |
| Stock-based comp | $0 | $628M | $655M | $1.0B | $814M | 19% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 18, 2026 | TPG GP A, LLC | SCHEDULE 13D/A | 55.8% | Passive |
| May 18, 2026 | TPG GP A, LLC | SCHEDULE 13D/A | 57.7% | Passive |
| Aug 20, 2025 | TPG GP A, LLC | SCHEDULE 13D/A | 60.6% | Passive |
| May 22, 2025 | TPG GP A, LLC | SCHEDULE 13D/A | 62.0% | Passive |
| Feb 25, 2025 | TPG GP A, LLC | SCHEDULE 13D/A | 67.8% | Passive |
| Nov 18, 2024 | TPG GP A, LLC | SC 13D/A | 71.4% | Active |
| Mar 4, 2024 | TPG GP A, LLC | SC 13D/A | 74.1% | Active |
| Feb 28, 2024 | TPG GP A, LLC | SC 13D/A | 74.1% | Active |
| Dec 4, 2023 | TPG GP A, LLC | SC 13D/A | 79.6% | Active |
| Nov 2, 2023 | TPG GP A, LLC | SC 13D | 79.6% | Active |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $30M | $48M | 252 | 138 |
| FY2024 | $33M | $244M | 239 | 132 |
| FY2023 | $199M | $298M | 159 | 95 |
| FY2022 | $34M | $35M | 98 | 78 |