Tetragon Financial Group Ltd (TFG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tetragon Financial Group Ltd stock $32.00, price $16.00, upside +100.0%, quality 67 out of 100. Rating: strongly undervalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $6.65 – $18.80 · fair‑value band $22.49 – $57.83 · the $16.00 price screens below the $32.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Tetragon Financial Group Limited is a close ended feeder fund launched and managed by Tetragon Financial Management LP. The fund invests its entire corpus in Tetragon Financial Group Master Fund Limited. It was formerly known as Tetragon Credit Income Fund Limited.
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Tetragon Financial Group Limited was formed on June 23, 2005 and is domiciled in the Guernsey, Channel Islands.
Stock analysis
Tetragon Financial Group Ltd (TFG) currently trades at $16.00, while our model-based Fair Value estimate is $32.00, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $72.36 per share, and 6 of the 8 models we run sit above the $16.00 price.
Bear case: the Dividend Discount group reads lowest at $3.89, and 2 of the 8 models stay below the price. Data coverage for this calculation is high.
Scenario range: $22.49 (bear) to $57.83 (bull), the price of $16.00 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Tetragon Financial Group Ltd reported revenue of $1.0B in FY2025 versus $448M in FY2021, a compound +23.1%/yr. Reported net income was $730M in FY2025, compounding +14.9%/yr from FY2021.
Key figures
Market cap $1.4B Small · P/E ratio 13.0 · P/S ratio 9.24 · EPS (TTM) $1.23 · Dividend yield 3.4% · Net margin 71.0% · Return on equity 4.9% · Return on assets (EBIT) 9.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 100%, TFG screens cheaper than that median.
Fair Value models
Bear$22.49Fair Value $32.00Bull$57.83
Price $16.00 · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.5813 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+181.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.4%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.3%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+33.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.6%
Dividend (yield on the price)3.4%
Per share before 2016divided by the spin-off factor 1.0191
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 21.6% / 16.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.58% → 74%
2025 sits 178% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
News mood ⓘNews mood, the average tone of recent news (68 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Tetragon Financial Group Ltd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 588 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Above median
Fair Value upside+100.0% · Top 25%
Profitability
Return on equity (12 months)4.9% · Below median
Return on assets17.1% · Top 25%
Net margin (12 months)49.2% · Above median
Operating margin (12 months)127.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)8.6% · Above median
Dividend yield (12 months)3.4% · Below median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Tetragon Financial Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/TFG.AS
Frequently asked questions
Is Tetragon Financial Group Ltd (TFG) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $32.00 versus a price of $16.00, about +100% upside (undervalued).
What is the fair value of TFG?
Our model-based fair value for Tetragon Financial Group Ltd is $32.00 (as of Nov 8, 2026), built from audited fundamentals. The current price: $16.00.
What is the quality score of TFG?
Tetragon Financial Group Ltd has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tetragon Financial Group Ltd (TFG)?
Our model-based price target is the fair value of $32.00 (as of Nov 8, 2026) from 8 valuation models. Cautious scenario $22.49, optimistic scenario $57.83. It is a calculation from audited fundamentals, not an analyst target.
What is the Tetragon Financial Group Ltd stock forecast for 2026?
Our models put fair value at $32.00, about +100% upside versus a price of $16.00 (undervalued). Cautious scenario $22.49, optimistic scenario $57.83. The calculation is refreshed regularly with new filings.
What is the revenue of Tetragon Financial Group Ltd (TFG)?
Tetragon Financial Group Ltd reported trailing-twelve-month revenue of about $355M (latest available figure, as of Nov 8, 2026).
Does Tetragon Financial Group Ltd pay a dividend?
Tetragon Financial Group Ltd currently shows a dividend yield of 3.44% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Tetragon Financial Group Ltd (TFG) and when is the ex-dividend date?
Tetragon Financial Group Ltd pays a dividend of $0.55 per share a year, a dividend yield of 3.4%. The last ex-dividend date was Oct 30, 2026. A dividend has been paid every year since at least 2007. The payout ratio is 44.7% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Tetragon Financial Group Ltd (TFG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tetragon Financial Group Ltd it is $32.00 per share (as of Nov 8, 2026), against a price of $16.00. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Tetragon Financial Group Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, TFG trades below its calculated fair value: price $16.00, fair value $32.00, a gap of about +100% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TFG?
No. The price is what the market pays today ($16.00); the fair value is what the company's own numbers justify ($32.00). For Tetragon Financial Group Ltd the two are $16.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tetragon Financial Group Ltd worth?
The market values Tetragon Financial Group Ltd at about $1.4B (market capitalisation, as of Nov 8, 2026). Per share that is $16.00; our models calculate a fair value of $32.00 per share.
What do the bullish and bearish scenarios say about TFG?
Our models span a range for Tetragon Financial Group Ltd: cautious scenario $22.49, base $32.00, optimistic $57.83 per share (as of Nov 8, 2026, price $16.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TFG?
Tetragon Financial Group Ltd trades at a price-to-earnings ratio of 13.0 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $32.00 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 4.8. Other multiples: P/B 0.4, P/S 4.0, EV/EBITDA 2.0.
How solid is the balance sheet of Tetragon Financial Group Ltd (TFG)?
Balance-sheet figures for Tetragon Financial Group Ltd (as of Nov 8, 2026): return on equity 4.9%, debt of 0.04 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is TFG from its 52-week high?
Tetragon Financial Group Ltd trades at $16.00, about 14% below its 52-week high of $18.71 and 36% above the low of $11.80 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $32.00 is for.
Which stocks are comparable to Tetragon Financial Group Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tetragon Financial Group Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price $16.00, calculated fair value $32.00 (+100%), Quality Score 67/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TFG calculated?
We run Tetragon Financial Group Ltd through 8 models from 5 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $32.00 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Tetragon Financial Group Ltd currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tetragon Financial Group Ltd (TFG)?
The closing price on Nov 6, 2026 was $16.00. Our model-based fair value is $32.00, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tetragon Financial Group Ltd right now?
The price is below even our cautious bear case ($22.49). The market is more pessimistic than our downside scenario. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($22.49 to $57.83) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Tetragon Financial Group Ltd (TFG) come from?
Earnings per share at Tetragon Financial Group Ltd grew −0.4 % a year from 2012 to 2023. Broken into its drivers: revenue per share −1.5 %, EBIT margin +3.9 %, tax rate −7.1 %, residual (interest, one-offs) +4.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tetragon Financial Group Ltd
How large is the market capitalisation of Tetragon Financial Group Ltd (TFG)?
The market capitalisation of Tetragon Financial Group Ltd is $1.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tetragon Financial Group Ltd (TFG)?
The price-to-sales ratio of Tetragon Financial Group Ltd is 9.24 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tetragon Financial Group Ltd (TFG)?
Earnings per share at Tetragon Financial Group Ltd are $1.23 (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tetragon Financial Group Ltd (TFG)?
The dividend yield of Tetragon Financial Group Ltd is 3.4% (payout 44.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Tetragon Financial Group Ltd (TFG)?
The net margin of Tetragon Financial Group Ltd is 71.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tetragon Financial Group Ltd (TFG)?
The return on equity (ROE) of Tetragon Financial Group Ltd is 4.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tetragon Financial Group Ltd (TFG)?
On an EBIT basis the return on assets of Tetragon Financial Group Ltd is 9.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tetragon Financial Group Ltd (TFG)?
The operating margin of Tetragon Financial Group Ltd is 127% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tetragon Financial Group Ltd (TFG)?
Revenue at Tetragon Financial Group Ltd is growing +8.6% versus a year earlier (3y avg +155%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tetragon Financial Group Ltd (TFG)?
Earnings per share at Tetragon Financial Group Ltd are growing −0.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tetragon Financial Group Ltd (TFG) generate?
The free cash flow of Tetragon Financial Group Ltd is −$368M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Tetragon Financial Group Ltd (TFG) carry?
The net debt of Tetragon Financial Group Ltd is $323M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026