TPG Inc. (TPG) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Financial services · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 440.0% | The figure most screeners publish. |
| Operating cash flow | 71.8% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 73.8% | What is left after maintaining the business. |
Spread between highest and lowest: 368 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% |
Among the 24 financial services companies here, only 21% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $1.98 ÷ diluted EPS $0.45
- Operating cash flow — dividends paid $740.8m ÷ operating cash flow $1,032.4m
- Free cash flow — dividends paid $740.8m ÷ (operating cash flow $1,032.4m − capex $28.8m)
Where the figures came from
- 10-K filed 2026-02-17 · accession
0001880661-26-000011
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- dividends paid derived as $1.98 x 374m shares = $741m; no total was filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.