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Targa Resources, Inc.

TRGP Energy Oil & Gas Midstream

Targa Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.0 billion, up 3.95% from fiscal 2024.

Revenue
+34.9%
EPS
+38.0%
Free cash flow
+265.7%
Total debt
+13.8%

Quarter to September 2026, against a year earlier

273.15 11.85 −4.16%
Market cap
$58.3B
P/E
24.1×
Fwd P/E
27.8×
Dividend yield
1.74%
F-score
6/9
Altman Z
2.27
Beneish M
−3.05
Dividend safety
64/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 30.81
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 4 3 — 1 — — 2 1 — —
Insider Ownership 1.60%

Capital & Financial Ratios $m

Size
Market Cap 58,290.00
Revenue ttm 18,188.90
Net income ttm 2,494.30
Free cash flow ttm 933.80
Net debt Q 19,701.90
Valuation
P/E 24.11
Forward P/E 27.80
Price / sales 3.22
Forward P/S Powerpack
Price / FCF 62.74
Price / book 14.79 (above 6: high)
Financial health
Current ratio Q 0.74 (below 1: weak)
Debt / equity Q 5.01 (above 2: weak)
Interest coverage Q 4.71
Growth
Revenue growth Q +34.87% (above 0%: growing)
Operating income growth Q +30.96% (above 0%: growing)
EPS, this year +33.58% (at or above 15%: strong)
EPS, next year A +9.72%
Revenue, next year A +11.87% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +21.01% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.3×, against a ten-year median of 1.7×; over the ten years it ranged from 1.0× in 2022 to 4.9× in 2026.
P/E against its own 10 years 29.20%
10-year low 10-year high
P/S against its own 10 years 95.12%
10-year low 10-year high
P/B against its own 10 years 93.11%
10-year low 10-year high
EV/Sales against its own 10 years 94.90%
10-year low 10-year high
EV/FCF against its own 10 years 68.88%
10-year low 10-year high

Dividends raised 5 years running

Yield
1.74%
Annual rate
4.75
Payout ratio
42.0%
Growth, 2018–26
+3.38%/yr
  1. 3.64 ’18
  2. 3.64 ’19 +0
  3. 1.21 ’20 −67
  4. 0.40 ’21 −67
  5. 1.40 ’22 +250
  6. 1.85 ’23 +32
  7. 2.75 ’24 +49
  8. 3.75 ’25 +36
  9. 4.75 ’26 +27
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 142 157 166 143
Receivables 1,471 1,618 1,475 2,180
Inventory 372 334 429 342
Other 210 186 293 244
2,195 2,296 2,363 2,908
2023 2024 2025 Q'26
Payables 1,575 2,013 1,873 —
ST’ Debt 621 388 770 563
Other 54 167 234 —
2,761 3,173 3,547 3,916

Compound Annual Growth %

10y 5y 3y
Sales 9.84% 15.57% (6.65%)
Cash Flow 14.24% 17.56% 18.06%
Earnings 41.24% 0.00% 27.10%
Book Value (6.48%) (12.41%) (13.74%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.83 Actual 3.54

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.23 2.20 Miss by 0.03
Q4 FY25 2.39 2.51 Beat by 0.12
Q1 FY26 2.55 2.21 Miss by 0.34
Q2 FY26 2.83 3.54 Beat by 0.71
Q3 FY26 2.81 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.21 3.54 3.04 — —
’25 0.91 2.97 2.20 2.51 8.49
’24 1.22 1.33 1.75 1.44 5.74
’23 0.03 1.44 0.97 1.23 3.66
’22 0.06 1.61 0.84 1.38 3.88
’21 0.53 0.15 0.66 (1.45) (0.07)
’20 (7.60) 0.21 0.16 (0.04) (7.26)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,095 4,440 5,599 — —
’25 4,562 4,260 4,151 4,056 17,028
’24 4,562 3,562 3,852 4,405 16,382
’23 4,521 3,404 3,897 4,239 16,060
’22 4,959 6,056 5,360 4,555 20,930
’21 3,633 3,416 4,460 5,442 16,950
’20 2,049 1,524 2,115 2,573 8,260
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 740 1,441 1,365 — —
’25 954 858 599 1,506 3,917
’24 876 905 541 1,328 3,650
’23 1,170 677 407 958 3,212
’22 748 636 460 538 2,381
’21 680 624 495 504 2,303
’20 453 286 357 649 1,745
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (160) 431 120 — —
’25 162 (48) (73) 542 584
’24 207 164 (288) 601 684
’23 694 79 (184) 238 826
’22 544 420 64 19 1,047
’21 584 521 373 321 1,798
’20 111 12 170 500 793
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 26.0% a year for ten years. It grew 11.2% a year over the last ten.

Implied
26.0%
10 years, reported
11.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,691 8,815 10,484 8,671 8,260 16,950 20,930 16,060 16,382 17,028 18,189 +10.9% 19,050 24,003 27,112 +16.8%
Gross margin, % 26.42 21.65 21.42 28.41 37.21 19.00 19.34 33.52 34.66 38.29 41.82 +11.9 pt
EBT (260) (293) 66 (47) (1,573) 437 1,663 1,943 1,938 2,486 3,159 n/m
EBT margin, % (3.88) (3.32) 0.63 (0.54) (19.04) 2.58 7.95 12.10 11.83 14.60 17.37 +18.5 pt
Net income (159) 104 60 41 (1,325) 422 1,531 1,579 1,554 1,957 2,494 n/m
Per share, $
Per share, $ Revenue 43.33 42.60 46.76 37.30 35.57 74.15 92.08 71.51 74.39 78.80 84.80 +6.9%
Earnings (1.80) (0.31) (0.53) (1.44) (7.26) (0.07) 3.95 3.69 5.77 8.52 11.33 n/m
Cash flow 5.42 4.54 5.10 5.98 7.51 10.07 10.47 14.30 16.57 18.13 23.55 +14.3%
Capex (3.64) (6.27) (13.89) (12.38) (4.10) (2.21) (5.87) (10.62) (13.47) (15.42) (19.20) +17.4%
Free cash flow 1.78 (1.73) (8.79) (6.40) 3.41 7.86 4.60 3.68 3.11 2.70 4.35 +4.7%
Book value 38.31 33.70 34.42 37.51 26.72 25.93 21.92 20.53 20.06 14.80 18.46 (10.0%)
Shares, m 154 207 224 233 232 229 227 225 220 216 215 +3.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 17.84 23.42 30.88 21.65 24.11 9.4
P/S 1.34 1.15 0.77 1.09 0.74 0.70 0.77 1.21 2.40 2.34 3.22 1.3
P/B 1.56 1.50 1.08 1.12 1.04 2.31 3.22 4.21 8.90 12.47 14.79 3.7
EV/Sales 2.06 1.71 1.38 1.96 1.65 1.08 1.31 2.01 3.26 3.36 4.30 2.0
EV/FCF 49.98 (42.10) (7.36) (11.41) 17.20 10.22 26.16 39.00 77.97 97.82 83.84 25.7
Cash, $m
Cash, $m Operating cash flow 837 940 1,144 1,390 1,745 2,303 2,381 3,212 3,650 3,917 5,051 +18.7%
Capex (562) (1,297) (3,115) (2,878) (952) (505) (1,334) (2,385) (2,966) (3,333) (4,118) +21.9%
Free cash flow 275 (358) (1,971) (1,488) 793 1,798 1,047 826 684 584 934 +8.7%
Balance, $m
Balance, $m Working capital (161) (347) (1,380) (214) (319) (529) (710) (566) (876) (1,184) (1,008) +24.8%
Net debt 4,808 4,916 6,428 7,491 7,513 6,439 11,317 12,812 14,017 17,266 19,702 +15.3%
Shareholders’ equity 5,915 6,973 7,717 8,722 6,205 5,928 4,982 4,610 4,418 3,198 3,961 (6.6%)
Returns, %
Returns, % ROA (2.13) (0.47) (0.76) (1.87) (9.71) (0.10) 5.16 4.12 5.85 7.68 0.00 +9.8 pt
ROIC 0.33 (0.64) 1.05 0.74 (5.94) 4.37 6.63 9.42 9.14 10.17 10.82 +9.8 pt
ROE (4.64) (1.02) (1.68) (4.20) (23.49) (0.29) 17.65 17.27 28.12 48.35 0.00 +53.0 pt
People
People Employees 1,970 2,130 2,460 2,680 2,372 2,430 2,850 3,182 3,370 3,570 — +6.8%
Revenue/emp, $m 3.40 4.14 4.26 3.24 3.48 6.98 7.34 5.05 4.86 4.77 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Targa Resources is a midstream energy company: it moves and processes natural gas, natural gas liquids and crude oil between producing wells and their markets. Its customers include oil and gas producers, refiners, marketers and users of natural gas and natural gas liquids. The corporation was formed in 2005, and Matthew J. Meloy is its chief executive officer.

The business has two operating segments. Gathering and Processing collects gas from wells, compresses and treats it, and separates it into marketable natural gas and a mixture of natural gas liquids, or NGLs. It also gathers, stores and handles crude oil. Targa buys and sells these commodities as well as providing services to other owners.

Targa Resources, Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $80.3B 24.7× 29.8× +10.26% (above 0%: growing) +16.89% (above 0%: growing) −262.96% (below 0%: shrinking) 80.83% 35.25% Compare
EPD Enterprise Products Partners L.P. $79.1B 12.2× 12.6× +49.28% (above 0%: growing) +22.95% (above 0%: growing) +1,121.03% (above 0%: growing) 10.94% 11.09% Compare
KMI Kinder Morgan, Inc. $67.3B 18.7× 22.0× +9.29% (above 0%: growing) +21.43% (above 0%: growing) −1.32% (below 0%: shrinking) 65.44% 25.60% Compare
ET Energy Transfer LP $66.1B 12.6× 12.0× +85.94% (above 0%: growing) +17.86% (above 0%: growing) +215.45% (above 0%: growing) 17.71% 7.50% Compare
TRP TC Energy Corporation $65.2B 26.0× 23.4× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $58.3B 24.1× 27.8× +34.87% (above 0%: growing) +38.01% (above 0%: growing) +265.70% (above 0%: growing) 36.08% 19.58%
MPLX MPLX LP $57.3B 13.2× 14.0× −0.39% (below 0%: shrinking) −23.83% (below 0%: shrinking) −23.76% (below 0%: shrinking) 56.01% 40.94% Compare
LNG Cheniere Energy, Inc. $57.1B 19.4× 27.5× +39.00% (above 0%: growing) +19.12% (above 0%: growing) +163.53% (above 0%: growing) 39.30% 31.02% Compare
OKE ONEOK, Inc. $54.4B 13.3× 15.2× +44.26% (above 0%: growing) +47.18% (above 0%: growing) −46.10% (below 0%: shrinking) 22.83% 12.59% Compare
Median of peers $65.6B 16.0× 18.6× +24.63% +18.70% +11.46% 47.66% 28.31%

All 57 Oil & Gas Midstream stocks →

From the latest earnings call

Updated

  • CEO Matt Meloy said Permian volume growth was tracking slightly ahead of expectations despite greater-than-anticipated price-driven curtailments in the first half.
  • CFO Benjamin Branstetter said lower marketing opportunities and LPG exports offset higher volumes in the third quarter, while capital spending would likely remain elevated in 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.97%
Held by the ten largest 49.47%
Holder Shares Stake Change
Vanguard 28.11m 13.11% −39.27k
BlackRock 20.83m 9.72% +291.11k
State Street 14.23m 6.63% +626.89k
Wellington Management 14.18m 6.61% −867.07k
HARRIS ASSOCIATES L P 7.74m 3.61% −746.37k
Geode Capital Management 6.08m 2.84% +75.16k
Norges Bank 4.22m 1.97% +4.22m
Blackstone Inc. 3.60m 1.68% +259.59k
Morgan Stanley 3.56m 1.66% +341.28k
TORTOISE CAPITAL ADVISORS, L.L.C. 3.53m 1.65% −17.27k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 21.47m 31.01m 769.90
2024 15.52m 77.27m 728.89
2023 14.19m 28.56m 347.40
2022 15.20m 39.20m 287.16
2021 14.69m 40.28m 200.01

Ownership

Directors and executive officers, together 1.37%
The Vanguard Group 13.21%
BlackRock, Inc. 9.33%
Wellington Management Group LLP 8.39%
State Street Corporation 6.77%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Targa Resources, Inc. (TRGP) Latest News

6 Nov

Impact 4 · · GuruFocus.com

5 Nov

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

29 Oct

Impact 4 · · Zacks

28 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Barchart

19 Oct

Impact 4 · · Insider Monkey

7 Oct

Impact 3 · · MT Newswires

28 Sep

Impact 4 · · Zacks

26 Sep

Impact 4 · · Insider Monkey

25 Sep

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

22 Sep

Impact 3 · · Business Wire

20 Sep

Impact 3 ·

19 Sep

Impact 4 ·

27 Aug

Impact 4 ·

25 Aug

Impact 3 ·

21 Aug

Impact 4 ·

18 Aug

Impact 4 ·
Impact 4 ·

17 Aug

Impact 4 ·

15 Aug

Impact 4 ·
Impact 3 ·

14 Aug

Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

9 Aug

Impact 3 · · MarketBeat

6 Aug

Impact 3 · · Moby transcript
Impact 3 ·

TRGP metrics, ten years each

stockrow.com/TRGP · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com