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Midstream energy company that gathers, processes and transports natural gas and natural gas liquids (NGLs).
Midstream energy company that gathers, processes and transports natural gas and natural gas liquids (NGLs).
Processing contracts pay it partly in fees and partly in a share of the gas and liquids it handles, so, unlike pure toll pipelines, commodity prices matter more. Gas gathered from Permian producers runs to its fractionators and export docks on the Gulf Coast, earning a fee at each step.
Moat: narrow (scale, installed base, distribution). Integrated Permian-to-Gulf-Coast pipeline and export infrastructure is costly and slow to duplicate.
Headquarters: Houston, Texas, US · Founded: 2005 · Employees: 3,570
Size Targa Resources (TRGP) is a United States Energy company (Gas Distributors) with a market value of $56.7B, the 229th largest of 3,117 United States companies the cockpit tracks. Shares closed at $264.59 on 6 Nov 2026.
Performance Over six months the shares gained 6.6%, against -4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 8 in its peer set.
Growth Revenue fell 0.8% over the last twelve months (peer median +14.6%); the operating margin is 24.8% (peer median 9.6%).
Valuation It trades at 21.7× forward earnings against a peer median of 14.3× (2nd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.6 points above its cost of capital (7.8% WACC).
Credit Targa Resources has 21 bonds outstanding ($17.9B), rated BBB by the agencies and trading like BBB at a weighted spread of 96 bp.
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.1B | $17.2B | $16.6B | $15.6B | $21.7B |
| Revenue growth | — | +3% | +6% | -28% | — |
| Gross profit | $4.62B | $3.87B | $3.33B | $2.54B | $2.79B |
| EBITDA | $5.90B | $5.03B | $4.38B | $3.52B | $3.58B |
| Net income | $2.26B | $1.84B | $1.27B | $828M | $1.14B |
| Free cash flow | $741M | $584M | $684M | $826M | $1.05B |
| Capital expenditure | $3.54B | $3.33B | $2.97B | $2.39B | $1.33B |
| Total debt | $19.6B | $17.5B | $14.3B | $13.0B | $11.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Targa Resources TRGP | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Oneok OKE | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRGP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.3% | -1.1% | lowest of 8 |
| 6-month return | +6.6% | -4.2% | 3rd highest of 8 |
| Distance from 52-week high | -16.4% | -14.7% | 4th lowest of 8 |
| Revenue growth (TTM) | -0.8% | +14.6% | 2nd lowest of 8 |
| Operating margin | 24.8% | 9.6% | highest of 8 |
| Forward P/E | 21.7× | 14.3× | 2nd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 7.2% | 12.8% | 3rd least demanding of 7 |
| Growth delivered (Del g) | +15.8% | +23.3% | 2nd lowest of 7 |
| Hurdle (Req g minus delivered) | -8.5 pp | -8.1 pp | 4th least demanding of 7 |
| ROIC minus cost of capital | +6.6 pp | -6.9 pp | 2nd highest of 8 |
| EV / EBITDA | 12.9× | 8.3× | 3rd most expensive of 8 |
| Net debt / EBITDA | 3.3× | 0.7× | 2nd most indebted of 8 |
| Bond spread | 96 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Targa Resources TRGP | United States | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% | +15.8% |
| Oneok OKE | United States | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% | +31.8% |
| GAIL (India) GAIL.NS | India | $12.9B | +11% | +10% | 9% | 8.7× | 16.9% | +19.8% |
| Adani Total Gas ATGL.NS | India | $6.69B | -11% | +24% | 14% | 27.9× | n/a | n/a |
| Petronet Lng PETRONET.NS | India | $5.02B | +12% | -30% | 16% | 11.3× | 0.9% | +10.8% |
| Gujarat Energy GUJENERGY.NS | India | $2.15B | -46% | +43% | 10% | 7.6× | 8.7% | +19.1% |
| Indraprastha Gas IGL.NS | India | $2.10B | -16% | +15% | 3% | 19.3× | 27.0% | +26.8% |
| Mahanagar Gas MGL.NS | India | $1.18B | -4% | +14% | 9% | 15.3× | 24.5% | +30.8% |
Targa Resources has 21 bonds outstanding with $17.9B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.74%, a spread of 96 bp over government bonds.