A Business at a Glance
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The following section of this Form 10-K generally refers to business developments during the year ended December 31, 2025. Discussion of prior period business developments that are not included in this Form 10-K can be found in “Part I, Item 1. Business” of our Annual Report on Form 10-K for the year ended December 31, 2024. Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 17.0B | 17.0B | 16.4B | 16.1B | 20.9B | 16.9B |
| Net Income | 1.9B | 1.9B | 1.3B | 836M | 897M | 71M |
| EPS | $8.49 | $8.49 | $5.74 | $3.66 | $3.88 | $0.31 |
| Free Cash Flow | 584M | 584M | 684M | 826M | 1.0B | 1.8B |
| ROIC | 12.7% | 14.3% | 13.1% | 13.9% | 11.6% | 10.1% |
| Gross Margin | 38.3% | 38.3% | 34.7% | 33.5% | 19.3% | 19.0% |
| Debt/Equity | 5.68 | 5.68 | 5.47 | 4.73 | 4.33 | 3.28 |
| Dividends/Share | $3.75 | $3.75 | $2.75 | $1.85 | $1.40 | $0.83 |
| Operating Income | 3.3B | 3.3B | 2.7B | 2.6B | 1.7B | 865M |
| Operating Margin | 19.6% | 19.6% | 16.5% | 16.4% | 8.3% | 5.1% |
| ROE | 60.4% | 65.5% | 49.3% | 30.5% | 33.6% | 3.5% |
| Shares Outstanding | 218M | 218M | 223M | 228M | 231M | 227M |
Targa Resources Corp. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Targa Resources Corp. trades at 28.3x trailing earnings, compared to its 15-year median P/E of 21.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 89.8x vs a median of 21.8x. The company's 5-year average ROIC is 12.6% with a gross margin of 29.0%. Total shareholder yield (dividends + buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is +12.8%.
Targa Resources Corp. (TRGP) has a current P/E ratio of 28.3, compared to its historical median P/E of 21.9. The stock is currently considered Expensive based on its historical valuation range.
Targa Resources Corp. (TRGP) has a 5-year average return on invested capital (ROIC) of 12.6%. This indicates solid capital allocation.
Targa Resources Corp. (TRGP) has a market capitalization of $52.5B. It is classified as a large-cap stock.
Yes, Targa Resources Corp. (TRGP) pays a dividend with a trailing twelve-month yield of 1.56%. The company also returns capital through share buybacks, with a buyback yield of 1.22%.
Based on historical P/E analysis, Targa Resources Corp. (TRGP) appears expensive. The current P/E of 28.3 is 29% above its historical median of 21.9. The estimated fair value CAGR (P/E method) is 52.8%.
Targa Resources Corp. (TRGP) operates in the Natural Gas Transmission industry, within the Utilities sector.
Targa Resources Corp. (TRGP) reported annual revenue of $17.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Targa Resources Corp. (TRGP) has a net profit margin of 10.9%. This is a healthy margin.
Targa Resources Corp. (TRGP) generated $584 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Targa Resources Corp. (TRGP) has a debt-to-equity ratio of 5.68. This indicates higher leverage, which may increase financial risk.
Targa Resources Corp. (TRGP) reported earnings per share (EPS) of $8.49 in its most recent fiscal year.
Targa Resources Corp. (TRGP) has a return on equity (ROE) of 65.5%. This indicates the company generates strong returns for shareholders.
Targa Resources Corp. (TRGP) has a 5-year average gross margin of 29.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for Targa Resources Corp. (TRGP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Targa Resources Corp. (TRGP) has a book value per share of $14.06, based on its most recent annual SEC filing.