TPG
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/4
| Measure | TPG | Checked against | |
|---|---|---|---|
| Owner earnings | $300.33m | positive | ✓ |
| Return on equity | 4.5% | median 11.7% | ✗ |
| Debt to equity | 0.42x | median 0.79x | ✓ |
| Operating margin | 27.5% | median 15.0% | ✓ |
Passes 3 of 4. To be clear: Warren Buffett has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 3/3
| Measure | TPG | Checked against | |
|---|---|---|---|
| Return on capital employed | 11.4% | median 10.1% | ✓ |
| Cash conversion | — | median 1.78x | — |
| Operating margin | 27.5% | median 15.0% | ✓ |
| Debt to equity | 0.42x | median 0.79x | ✓ |
Passes 3 of 3. To be clear: Terry Smith has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 2/3
| Measure | TPG | Checked against | |
|---|---|---|---|
| Return on capital employed | 11.4% | median 10.1% | ✓ |
| Return on equity | 4.5% | median 11.7% | ✗ |
| Operating margin | 27.5% | median 15.0% | ✓ |
Passes 2 of 3. To be clear: Charlie Munger has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 1/2
| Measure | TPG | Checked against | |
|---|---|---|---|
| Return on equity | 4.5% | median 11.7% | ✗ |
| Debt to equity | 0.42x | median 0.79x | ✓ |
| Cash conversion | — | median 1.78x | — |
Passes 1 of 2. To be clear: Chuck Akre has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 2/3
| Measure | TPG | Checked against | |
|---|---|---|---|
| Operating margin | 27.5% | median 15.0% | ✓ |
| Net margin | 7.6% | median 10.2% | ✗ |
| Return on capital employed | 11.4% | median 10.1% | ✓ |
Passes 2 of 3. To be clear: Philip Fisher has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 1/1
| Measure | TPG | Checked against | |
|---|---|---|---|
| Current ratio | — | median 1.25x | — |
| Debt to equity | 0.42x | median 0.79x | ✓ |
Passes 1 of 1. To be clear: Walter Schloss has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | TPG | Checked against | |
|---|---|---|---|
| Return on capital employed | 11.4% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 1/2
| Measure | TPG | Checked against | |
|---|---|---|---|
| Debt to equity | 0.42x | median 0.79x | ✓ |
| Net margin | 7.6% | median 10.2% | ✗ |
Passes 1 of 2. To be clear: Peter Lynch has never said anything about TPG. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 440.0% | whyThe figure most screeners publish. |
| Operating cash flow | 71.8% | whyBefore capital spending. |
| Free cash flow | 73.8% | whyAfter maintaining the business. |
Spread between highest and lowest: 368.2 percentage points. Same filings, different denominators.
Coverage rating 15 / 100 — Not covered. ? Peer standing 10/50Direction 4/30Stability 1/20
Free cash flow payout, last 4 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 73.8% |
| 2024-12-31 | 119.4% |
| 2023-12-31 | 63.2% |
| 2022-12-31 | 24.5% |
20% of the 25 financial services here pay out more — at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $1.98 ÷ diluted EPS $0.450
- Operating cash flow — dividends paid $741m ÷ operating cash flow $1,032m
- Free cash flow — dividends paid $741m ÷ (operating cash flow $1,032m − capex $28.8m)
Where the figures came from
- 10-K filed 2026-02-17 · accession 0001880661-26-000011
All public at sec.gov — you should not have to take our word for it.
Caveats on this company
- dividends paid derived as $1.98 x 374m shares = $741m; no total was filed
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: uncovered on earnings, covered on the basis that applies · rated not covered · when it files.
When this changes
Every figure above is recomputed whenever TPG files. The monthly letter carries what filed, what moved, and one finding computed across every company here.