The business behind the dividend
| Measure | TPG | Median | Formula |
|---|---|---|---|
| Return on equity | 4.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 11.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $300.33m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.00bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 27.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 7.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.42x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Interest cover — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2022 | 2021 | 2020 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | 4.5% | 0.7% | 2.4% | 3.0% | — | 289.8% | — | 3.0% |
| Return on capital employed | 11.4% | -0.5% | 1.9% | — | — | — | — | 1.9% |
| Operating margin | 27.5% | -1.2% | 5.5% | — | — | — | — | 5.5% |
| Net margin | 7.6% | 1.1% | 5.2% | 7.4% | — | — | — | 7.4% |
| Debt to equity | 0.42x | 0.36x | 0.28x | 0.14x | — | 0.15x | — | 0.28x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, TPG pays out less than 5 of them. The median for that group is 19.5%, against this company’s 73.8%.
Closest on free cash flow
- Lazard (LAZ) 38.3%
- Blue OWL Capital (OWL) 45.6%
- Western Union (WU) 61.2%
- CME Group (CME) 93.8%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →