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Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BX | $89.0B | 30.6× | — | 6.2× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 721 |
| APO | $68.4B | 20.9× | — | 2.1× | 22.7% | — | 10.9% | 15.0% | 9.5% | — | — |
| AMP | $42.7B | 13.5× | — | 2.3× | 5.5% | — | 18.8% | 54.4% | 54.4% | — | 444 |
| TROW | $22.2B | 11.2× | — | 3.0× | 3.1% | — | 28.5% | 19.2% | 19.2% | — | 372 |
| BEN | $16.1B | 34.8× | 25.3× | 1.8× | 3.5% | — | 6.0% | 4.3% | 3.6% | 3.2× | 189 |
| CG | $14.3B | 18.4× | 9.1× | 3.0× | -11.9% | — | 16.9% | 11.5% | 11.5% | -1.5× | 146 |
| EVR | $11.2B | 20.7× | — | 2.9× | 29.5% | — | 15.3% | 29.1% | 29.1% | — | 147 |
| AMG | $9.9B | 16.8× | — | 4.8× | 1.6% | — | 34.5% | 22.1% | 12.1% | — | 131 |
| HLI | $9.6B | 22.2× | 14.7× | 3.7× | 9.5% | — | 16.3% | 18.2% | 18.2% | -2.1× | 125 |
| MORN | $8.4B | 25.5× | 12.6× | 3.4× | 7.5% | 61.0% | 15.3% | 30.6% | 16.3% | 0.8× | 92 |
| TPG | $7.8B | 103.7× | 12.1× | 1.7× | 33.4% | — | 4.0% | 4.5% | 3.2% | 1.2× | 67 |
| OWL | $7.1B | 103.3× | 21.3× | 12.4× | 7.6% | — | 13.9% | 3.6% | 1.4% | 6.5× | 138 |
| VCTR | $6.8B | 27.1× | 13.8× | 5.2× | 46.2% | — | 25.3% | 13.6% | 9.7% | 1.5× | 88 |
| FHI | $4.4B | 11.4× | 7.9× | 2.4× | 10.3% | — | 22.4% | 33.7% | 26.1% | -0.5× | 96 |
| LAZ | $3.7B | 17.7× | 11.0× | 1.2× | 1.5% | — | 7.4% | 27.2% | 9.3% | 0.6× | 77 |
| CNS | $3.7B | 24.4× | 19.1× | 6.7× | 7.5% | — | 27.6% | 27.3% | 27.3% | -0.8× | 65 |
| APAM | $2.6B | 9.0× | 6.8× | 2.2× | 7.6% | — | 24.3% | 66.2% | 46.2% | 0.5× | 79 |
| RPC | $1.0B | 54.2× | 20.2× | 3.4× | 0.3% | — | 6.6% | 4.8% | 2.5% | 5.1× | — |
| ABX | $828M | 23.5× | 11.1× | 3.5× | 110% | 87.7% | 15.5% | 8.7% | 4.4% | 3.4× | 19 |
| VRTS | $783M | 5.9× | 5.0× | 0.9× | -6.0% | — | 15.9% | 14.6% | 10.3% | 1.7× | 40 |
| GCMG | $773M | 30.1× | 7.0× | 1.4× | 8.5% | — | 8.1% | 168% | 10.0% | 1.4× | 18 |
| NOAH | $462M | 29.3× | — | 1.2× | 4.8% | — | 21.4% | 5.7% | 5.7% | — | 9 |
| HKHC | $405M | 80.4× | 30.2× | 5.6× | 30.5% | — | 7.0% | 1.5% | 1.5% | -3.0× | — |
| WHG | $180M | 23.9× | 28.1× | 1.8× | 3.2% | — | 7.2% | 5.6% | 5.6% | -4.8× | 14 |
| RILY | $136M | 0.4× | 12.1× | 0.1× | 29.6% | 85.0% | 31.8% | -179% | 24.5% | 10.8× | 15 |
Peers = companies sharing TPG's sector (Investment Advice) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
On the SBC-adjusted basis free cash flow is -$87.9M — there is nothing left to discount once stock compensation is charged, so no growth rate can be solved for. The 3-yr avg basis gives $737.1M over those same years — the whole difference is the stock compensation.
mean 403.5% · volatility σ 795%
Central path = implied —/yr growth; shaded band = ±1σ (795%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $1.00B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $4.67B 100.0% | $3.50B 100.0% | $2.39B 100.0% | $2.00B 100.0% | — | $4.98B 100.0% | $2.11B 100.0% |
| Selling, General & Admin | $702.2M 15.0% | $583.7M 16.7% | $483.6M 20.2% | $368.9M 18.4% | — | $278.6M 5.6% | $260.7M 12.3% |
| Total Operating Expenses | $4.09B 87.7% | $3.58B 102.2% | $2.36B 98.9% | $1.94B 97.1% | — | $916.6M 18.4% | $817.6M 38.7% |
| Interest Expense | $102.3M 2.2% | $77.1M 2.2% | $31.8M 1.3% | $19.0M 0.9% | — | $14.3M 0.3% | $15.7M 0.7% |
| Other Income (Expense), net | $90.8M 1.9% | $53.4M 1.5% | $57.5M 2.4% | -$81.8M -4.1% | — | $605.2M 12.2% | $151.4M 7.2% |
| Pretax Income | $666.6M 14.3% | -$24.8M -0.7% | $83.7M 3.5% | — | — | — | — |
| Income Tax Expense | $67.0M 1.4% | $52.1M 1.5% | $60.3M 2.5% | $32.5M 1.6% | — | $9.0M 0.2% | $9.8M 0.5% |
| Net Income | $184.6M 4.0% | $23.5M 0.7% | $80.1M 3.4% | $92.4M 4.6% | $6.2M | $0 0.0% | $0 0.0% |
| Per Share | |||||||
| EPS (Basic) | $0.89 | $0.00 | $0.89 | $1.10 | — | $0.00 | — |
| EPS (Diluted) | $0.45 | -$0.42 | -$0.04 | -$0.19 | — | $0.00 | — |
| Weighted Avg Shares (Basic) | 138.9M | 100.2M | 80.3M | 79.3M | — | 0 | — |
| Weighted Avg Shares (Diluted) | 374.1M | 364.7M | 317.9M | 308.9M | — | 0 | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.9% on $1.72B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
No trend data available for this metric.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-17 | 2 co-filers Chief Financial Officer | Grant | 164,908 | — | — |
| 2026-08-17 | 2 co-filers Chief Financial Officer | Grant | 164,908 | $0.00 | — |
| 2026-08-05 | Coulter James G Executive Chairman | Grantindirect | 3,577 | $0.00 | — |
| 2026-08-05 | 3 co-filers Chief Executive Officer | Grant | 1,152 | $0.00 | — |
| 2026-08-05 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
Raj Nehal Director |
| Grantindirect |
| 382 |
| $0.00 |
| — |
| 2026-08-05 | Harris Joann Chief Compliance Officer | Grantindirect | 38 | $0.00 | — |
| 2026-08-05 | 2 co-filers Group filing | Grant | 4 | $0.00 | — |
| 2026-08-05 | Davidson Martin Chief Accounting Officer | Grant | 60 | $0.00 | — |
| 2026-08-05 | Vazquez-Ubarri Anilu Chief Operating Officer | Grant | 155 | $0.00 | — |
| 2026-08-05 | Trujillo David Director | Grant | 630 | $0.00 | — |
| 2026-08-05 | 2 co-filers President | Grantindirect | 984 | $0.00 | — |
| 2026-08-05 | Sarvananthan Ganendran Director | Grantindirect | 263 | $0.00 | — |
| 2026-08-05 | Rhodes Jeffrey K. Director | Grantindirect | 620 | $0.00 | — |
| 2026-08-05 | 2 co-filers President | Grantindirect | 98 | $0.00 | — |
| 2026-08-05 | 3 co-filers Chief Executive Officer | Grantindirect | 357 | $0.00 | — |
| 2026-08-05 | 2 co-filers Group filing | Grantindirect | 1,202 | $0.00 | — |
| 2026-08-05 | 3 co-filers Chief Executive Officer | Grantindirect | 179 | $0.00 | — |
| 2026-07-15 | Cranston Mary B Director | Grant | 4,181 | — | — |
| 2026-07-15 | Messemer Deborah M. Director | Grant | 4,181 | — | — |
| 2026-07-15 | Elsesser Kathy Director | Grant | 4,181 | — | — |
| 2026-07-15 | Mcraven William H. Director | Grant | 4,181 | — | — |
| 2026-07-15 | Coulter James G Executive Chairman | Tax withholding | 40,950 | $43.15 | $1.8m |
| 2026-07-15 | Bright Gunther Director | Grant | 4,181 | — | — |
| 2026-06-16 | Davis Kelvin L. Director | Other | 41,661 | $42.48 | — |
| 2026-05-12 | Mcraven William H. Director | Grant | 7,434 | — | — |
| 2026-04-14 | Trujillo David Director | Tax withholding | 8,379 | $39.42 | $330k |
| 2026-04-14 | Chu Jennifer L. Chief Legal Officer & GC | Tax withholding | 19,679 | $39.42 | $776k |
| 2026-04-01 | Chu Jennifer L. Chief Legal Officer & GC | Tax withholding | 22,079 | $40.51 | $894k |
| 2026-02-11 | Coulter James G Executive Chairman | Grantindirect | 210,464 | $0.00 | — |
| 2026-02-11 | 3 co-filers Chief Executive Officer | Grant | 67,353 | $0.00 | — |
| 2026-02-11 | Harris Joann Chief Compliance Officer | Grantindirect | 2,278 | $0.00 | — |
| 2026-02-11 | Davis Kelvin L. Director | Grantindirect | 70,788 | $0.00 | — |
| 2026-02-11 | Davidson Martin Chief Accounting Officer | Grant | 3,514 | $0.00 | — |
| 2026-02-11 | Weingart Jack Chief Financial Officer | Grantindirect | 27,567 | $0.00 | — |
| 2026-02-11 | Vazquez-Ubarri Anilu Chief Operating Officer | Grant | 9,110 | $0.00 | — |
| 2026-02-11 | Trujillo David Director | Grant | 37,089 | $0.00 | — |
| 2026-02-11 | 2 co-filers President | Grantindirect | 57,959 | $0.00 | — |
| 2026-02-11 | Sarvananthan Ganendran Director | Grantindirect | 15,435 | $0.00 | — |
| 2026-02-11 | Rhodes Jeffrey K. Director | Grantindirect | 36,524 | $0.00 | — |
| 2026-02-11 | Raj Nehal Director | Grantindirect | 22,419 | $0.00 | — |
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 4-yr range · 31th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 4% against ROIC 3% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| SG&A | 12.3 | 5.6 | — | 18.4 | 20.2 | 16.7 | 15.0 |
| Income Tax | 0.5 | 0.2 | — | 1.6 | 2.5 | 1.5 | 1.4 |
| Net Income | 0.0 | 0.0 | — | 4.6 | 3.4 | 0.7 | 4.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TPG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -2.51pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | 0.5% | 10.6% | -10.1pts |
| FY2024 | -1.3% | 11.6% | -12.9pts |
| FY2025 | 7.9% | 9.8% | -1.9pts |
| Now | 3.2% | 10.8% | -7.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | not reported | 68.0% |
| FY2021 | not reported | not reported | 93.6% |
| FY2022 | not reported | not reported | 4.6% |
| FY2023 | not reported | 1.1% | 3.4% |
| FY2024 | not reported | -2.2% | 0.7% |
| FY2025 | not reported | 12.3% | 4.0% |
Return on equity (4%) and return on invested capital (3%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$498M of goodwill — 10% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 0 of the last 3 years.
Cash conversion is 10.17x but SBC is 17.42% of revenue.
Cash conversion is strong at 10.17x, but SBC is 17.42% of revenue — the cash flow looks clean partly because paying people in stock never passes through it.
Covers interest 3.9x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.63x |
| 5% | 5.35x |
| 10% | 5.07x |
| 15% | 4.78x |
| 20% | 4.50x |
| 25% | 4.22x |
| 30% | 3.94x |
| 35% | 3.66x |
| 40% | 3.38x |
| 45% | 3.10x |
| 50% | 2.81x |
| 55% | 2.53x |
| 60% | 2.25x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.6x today but falls to 3.9x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
Once stock compensation is charged, free cash flow averages -$88M over the last 3 years — there is nothing left to discount, so no growth rate can be solved for. Before the charge it averages $737M.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: positive_free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | $185M | $185M |
| Share-based comp | $814M | $998M |
| Other non-cash & working capital | $34M | $1.03B |
| Operating cash flow | $1.03B | $1.03B |
| Capex | −$29M | $1.00B |
| Free cash flow | $1.00B | $1.00B |
| FCF after SBC | $190M | $190M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 135.3% | not reported | not reported |
| FY2023 | 19.3% | not reported | not reported |
| FY2024 | 46.5% | not reported | not reported |
| FY2025 | 33.4% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2021 | 35.5 percent |
| FY2022 | not reported |
| FY2022 | -16.2 percent |
| FY2023 | -6.8 percent |
| FY2024 | -4.8 percent |
| FY2025 | -6.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 4 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.