TPG Inc. (TPG) Margin Analysis - Discounting Cash Flows

TPG Inc.

TPG (NASDAQ)

(%)

Models
TPG Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 11	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	3,771	4,667	2,623	1,856	1,504
Revenue Growth Rate	-19.22%	77.91%	41.37%	23.35%	-73.05%
Cost of Revenue	123	144.5	87.51	38.53	21.61
Gross Profit	3,647	4,523	2,536	1,817	1,483
Gross Margin	96.74%	96.9%	96.66%	97.92%	98.56%
Operating Income	658.1	685.1	-24.82	83.65	-23.75
Operating Margin	17.45%	14.68%	-0.946%	4.51%	-1.58%
Net Income	166.7	184.6	23.48	80.09	92.43
Net Margin	4.42%	3.96%	0.895%	4.32%	6.14%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 11	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	3,771	4,667	2,623	1,856	1,504
Cash from Operating Activities	1,076	1,032	532.1	720.5	1,376
Cash from Operating Activities Margin	28.54%	22.12%	20.28%	38.83%	91.45%
Free Cash Flow	1,057	1,004	504	703.8	1,373
Free Cash Flow Margin	28.02%	21.5%	19.21%	37.92%	91.29%
Depreciation and Amortization	144.5	144.5	135.4	47.67	32.99
Depreciation and Amortization Margin	3.83%	3.1%	5.16%	2.57%	2.19%
Capital Expenditure	-19.48	-28.8	-28.13	-16.73	-2.45
Capital Expenditure Margin	-0.517%	-0.617%	-1.07%	-0.901%	-0.163%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 98.56}, {"l": "2023", "x": "2023-12-31", "y": 97.92}, {"l": "2024", "x": "2024-12-31", "y": 96.66}, {"l": "2025", "x": "2025-12-31", "y": 96.9}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -1.58}, {"l": "2023", "x": "2023-12-31", "y": 4.51}, {"l": "2024", "x": "2024-12-31", "y": -0.946}, {"l": "2025", "x": "2025-12-31", "y": 14.68}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 6.14}, {"l": "2023", "x": "2023-12-31", "y": 4.32}, {"l": "2024", "x": "2024-12-31", "y": 0.895}, {"l": "2025", "x": "2025-12-31", "y": 3.95}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 91.29}, {"l": "2023", "x": "2023-12-31", "y": 37.92}, {"l": "2024", "x": "2024-12-31", "y": 19.21}, {"l": "2025", "x": "2025-12-31", "y": 21.5}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,491	840	696	743.3	744.5	636
Revenue Growth Rate	77.5%	20.69%	-6.36%	-0.163%	17.08%
Cost of Revenue	41.32	32.32	25.31	24.06	23.1	21.79
Gross Profit	1,450	807.7	670.7	719.3	721.4	614.2
Gross Margin	97.23%	96.15%	96.36%	96.76%	96.9%	96.57%
Operating Income	296.4	228.1	39.34	94.18	22.53	-7.54
Operating Margin	19.88%	27.16%	5.65%	12.67%	3.03%	-1.19%
Net Income	77.11	49.3	14.94	25.39	12.98	8.96
Net Margin	5.17%	5.87%	2.15%	3.42%	1.74%	1.41%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,491	840	696	743.3	744.5	636
Cash from Operating Activities	0	492	385.9	198.2	-188.1	68.93
Cash from Operating Activities Margin	0%	58.57%	55.44%	26.66%	-25.26%	10.84%
Free Cash Flow	0	482	382.8	191.8	-189.5	58.38
Free Cash Flow Margin	0%	57.38%	55%	25.81%	-25.46%	9.18%
Depreciation and Amortization	41.32	41.03	30.81	31.38	37.94	32.4
Depreciation and Amortization Margin	2.77%	4.88%	4.43%	4.22%	5.1%	5.1%
Capital Expenditure	0	-10.05	-3.08	-6.35	-1.46	-10.55
Capital Expenditure Margin	0%	-1.2%	-0.443%	-0.854%	-0.196%	-1.66%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 96.57}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 96.9}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 96.76}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 96.36}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 96.15}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 97.23}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": -1.19}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 3.03}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 12.67}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 5.65}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 27.16}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 19.88}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 1.41}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 1.74}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 3.42}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 2.15}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 5.87}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 5.17}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 9.18}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -25.46}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 25.81}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 55}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 57.38}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 0}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}