TPG (FRA:B81) Beneish M-Score: -2.69 (As of Jun. 24, 2026)


FRA:B81 TPG Inc FRA:B81
69 GF Score
Price €35.25
GF Value €50.73
Valuation Significantly Undervalued
! 4 Warning Signs
View Full Analysis

What is TPG Beneish M-Score?

TPG FRA:B81 -2.79% 69 Beneish M-Score is -2.69 as of Jun. 24, 2026. GuruFocus rates FRA:B81 with a GF Score™ of 69/100 and a GF Value™ of €50.73 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 955 Asset Management companies, TPG ranks better than 71.52% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for TPG's Beneish M-Score or its related term are showing as below:

FRA:B81' s Beneish M-Score Range Over the Past 10 Years
Min: -3.53   Med: -2.45   Max: -1.74
Current: -2.69

During the past 8 years, the highest Beneish M-Score of TPG was -1.74. The lowest was -3.53. And the median was -2.45.

FRA:B81
69GF Score
TPG Inc FRA:B81
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TPG Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of TPG for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0477+0.528 * 1+0.404 * 1.0084+0.892 * 1.0652+0.115 * 0.8942
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0012+4.679 * -0.063801-0.327 * 1.2113
=-2.75

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €318 Mil.
Revenue was 468.218 + 874.243 + 688.175 + 581.517 = €2,612 Mil.
Gross Profit was 468.218 + 874.243 + 688.175 + 581.517 = €2,612 Mil.
Total Current Assets was €0 Mil.
Total Assets was €11,511 Mil.
Property, Plant and Equipment(Net PPE) was €505 Mil.
Depreciation, Depletion and Amortization(DDA) was €133 Mil.
Selling, General, & Admin. Expense(SGA) was €589 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,582 Mil.
Net Income was -1.258 + 65.855 + 57.203 + 12.954 = €135 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 152.715 + -37.322 + 419.221 + 334.547 = €869 Mil.
 Total Receivables was €285 Mil.
Revenue was 665.327 + 688.982 + 553.362 + 544.49 = €2,452 Mil.
Gross Profit was 665.327 + 688.982 + 553.362 + 544.49 = €2,452 Mil.
Total Current Assets was €0 Mil.
Total Assets was €10,465 Mil.
Property, Plant and Equipment(Net PPE) was €542 Mil.
Depreciation, Depletion and Amortization(DDA) was €124 Mil.
Selling, General, & Admin. Expense(SGA) was €553 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,938 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(318.028 / 2612.153) / (284.943 / 2452.161)
=0.121749 / 0.116201
=1.0477

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(2452.161 / 2452.161) / (2612.153 / 2612.153)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 505.183) / 11510.854) / (1 - (0 + 542.196) / 10465.472)
=0.956112 / 0.948192
=1.0084

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2612.153 / 2452.161
=1.0652

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(124.256 / (124.256 + 542.196)) / (133.073 / (133.073 + 505.183))
=0.186444 / 0.208495
=0.8942

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(589.341 / 2612.153) / (552.592 / 2452.161)
=0.225615 / 0.225349
=1.0012

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((2581.977 + 0) / 11510.854) / ((1938.035 + 0) / 10465.472)
=0.224308 / 0.185184
=1.2113

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(134.754 - 0 - 869.161) / 11510.854
=-0.063801

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

TPG has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.69 mean?
TPG (FRA:B81) has a Beneish M-Score of -2.69 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TPG and its competitors. According to the industry distribution chart, TPG ranks #272 out of 955 companies in the Asset Management industry, placing it in the top 28.5%.
Is TPG's Beneish M-Score too high?
TPG's current Beneish M-Score is -2.69. Based on the distribution chart, TPG ranks #272 out of 955 companies in the Asset Management industry, which is above the industry midpoint. Overall, TPG has a GF Score™ of 69/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TPG's Beneish M-Score compare to OWL and PDI?
According to the Asset Management industry distribution chart, TPG ranks #272 out of 955 companies for Beneish M-Score. This puts TPG in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Asset Management company?
A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TPG and its competitors. TPG's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TPG stock overvalued right now?
Based on GuruFocus' analysis, TPG (FRA:B81) is currently considered Significantly Undervalued. The stock's GF Value™ is €50.73, compared to a current price of €35.25 — trading 30.5% below its estimated fair value. The current Beneish M-Score is -2.69. TPG's overall GF Score™ is 69/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For TPG (FRA:B81), the current Beneish M-Score is -2.69 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is TPG (FRA:B81) Overvalued in 2026?

Based on GuruFocus' analysis, TPG stock appears to be undervalued. The current stock price of €35.25 is trading 30.5% below its estimated GF Value™ of €50.73. GuruFocus considers TPG to be Significantly Undervalued.

Key valuation signals for FRA:B81:

  • Beneish M-Score: -2.69
  • GF Value™: €50.73 vs. price of €35.25 (30.5% below fair value)
  • GF Score™: 69/100 with 4 warning signs

No single metric tells the full story. See the FRA:B81 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TPG Business Description

Address 301 Commerce Street, Suite 3300, Fort Worth, TX, USA, 76102
TPG Inc is an alternative asset management firm. It invests across five multi-product platforms, namely Capital, Growth, Impact, Real Estate, Market Solutions, and TPG Angelo Gordon. The company invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, market solutions, innovation, and inclusion.
69GF Score

Get the complete analysis for FRA:B81

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€35.25
Price
€50.73
GF Value