Targa Resources Corp.

TRGP · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Valuation
Market cap	$39,605	$38,924	$19,370	$16,639	$11,961	$6,040	$9,349	$8,248	$11,087	$10,139	$1,516	$4,454	$3,668	$2,166	$1,668	$1,115	–	–
Enterprise value	$57,115	$54,858	$34,109	$30,301	$21,602	$16,849	$20,410	$16,067	$16,598	$15,422	$12,145	$9,811	$8,533	$6,175	$4,262	$3,353	–	–
P/E (TTM) at period end	21.38×	30.43×	23.18×	18.55×	–	–	–	–	–	–	26.00×	43.54×	56.34×	56.86×	54.34×	–	–	–
P/S (TTM) at period end	2.33×	2.38×	1.21×	0.79×	0.71×	0.73×	1.08×	0.88×	1.26×	1.81×	0.23×	0.52×	0.58×	0.38×	0.24×	0.20×	–	–
P/B at period end	12.91×	15.01×	7.07×	6.24×	5.95×	2.28×	1.90×	1.36×	1.80×	1.93×	1.04×	26.23×	24.65×	15.03×	10.55×	7.73×	–	–
EV / EBITDA (TTM)	11.78×	13.32×	8.62×	10.73×	12.45×	–	17.53×	15.25×	24.16×	18.96×	15.11×	9.90×	13.33×	11.57×	8.01×	8.79×	–	–
EV / Sales (TTM)	3.35×	3.35×	2.12×	1.45×	1.27×	2.04×	2.35×	1.72×	1.88×	2.76×	1.82×	1.14×	1.35×	1.09×	0.61×	0.61×	–	–
Returns
Return on equity	60.4%	49.3%	30.5%	33.6%	(0.8%)	(63.5%)	(6.8%)	(2.0%)	(1.0%)	(5.3%)	4.0%	60.2%	43.8%	26.4%	19.4%	(140.2%)	–	27.7%
Return on invested capital	12.7%	11.7%	12.2%	9.7%	7.2%	(8.2%)	–	1.6%	–	0.3%	1.3%	10.0%	5.9%	6.6%	11.4%	6.1%	8.2%	8.9%
Dividend yield	2.1%	1.6%	2.2%	2.3%	1.6%	6.6%	10.3%	11.1%	7.7%	7.1%	11.8%	2.5%	2.4%	2.9%	2.3%	18.8%	–	–
Financial health
Current ratio	0.67×	0.72×	0.79×	0.77×	0.77×	0.82×	0.89×	0.51×	0.79×	0.86×	1.05×	1.07×	1.16×	1.07×	1.17×	1.20×	1.35×	1.84×
Debt / equity	5.78×	5.57×	4.81×	4.33×	3.27×	2.92×	1.59×	1.10×	0.82×	0.93×	4.06×	17.89×	20.09×	17.18×	9.91×	10.64×	18.38×	14.77×
Effective tax rate	21.3%	19.8%	18.7%	7.9%	3.4%	15.8%	188.2%	8.3%	135.6%	38.7%	(35.4%)	13.8%	19.3%	18.8%	11.0%	26.2%	20.7%	12.6%
Share count
Diluted shares outstanding	217	221	226	231	229	232	232	224	207	154	54	42	42	42	41	6	4	42

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Revenue and gross profit
Revenue	$16,742	$17,028	$16,382	$16,060	$20,930	$16,950	$8,260	$8,671	$9,351	$8,815	$5,587	$6,659	$8,616	$6,315	$5,679	$6,994	$5,476	$4,536	$7,999
Cost of revenue	($9,510)	($10,508)	($10,703)	($10,676)	($16,882)	($13,730)	($5,186)	($6,208)	($8,238)	($6,906)	($4,923)	($4,838)	($6,993)	($5,137)	($4,672)	($6,039)	($4,696)	($4,196)	($7,655)
Gross profit	$7,231	$6,520	$5,678	$5,384	$4,048	$3,220	$3,074	$2,553	$2,246	$1,909	$1,768	$1,821	$1,624	$1,178	$1,007	$956	$781	$340	$344
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($432)	($406)	($385)	($349)	($310)	($273)	($255)	($281)	($257)	($203)	($187)	($162)	($148)	($152)	($140)	($136)	($144)	($120)	($96)
Total operating expenses	($3,395)	($3,189)	($2,983)	($2,758)	($2,319)	($2,356)	($4,378)	($2,360)	($2,008)	($2,031)	($1,712)	($1,662)	($983)	($809)	($670)	($604)	($584)	($122)	($96)
Total costs and expenses	($12,906)	($13,697)	($13,686)	($13,434)	($19,201)	($16,085)	($9,564)	($8,478)	($9,113)	($8,937)	($5,531)	($6,499)	($7,976)	($5,946)	($5,343)	($6,643)	($5,280)	($4,319)	($7,751)
Operating income	$3,836	$3,331	$2,695	$2,626	$1,729	$865	($1,304)	$193	$238	($122)	$56	$159	$640	$368	$336	$351	$196	$217	$248
Earnings
EBITDA	$5,489	$4,846	$4,118	$3,956	$2,825	$1,735	($439)	$1,164	$1,053	$687	$814	$804	$992	$640	$534	$532	$382	$388	$409
Interest income	–	($853)	($767)	($688)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($902)	($853)	($767)	($688)	($446)	($388)	($391)	($338)	($186)	($234)	($254)	($10)	($12)	($134)	($121)	($112)	($111)	($132)	($141)
Pre-tax income	$2,929	$2,486	$1,938	$1,942	$1,663	$437	($1,573)	($47)	$66	($293)	($260)	($112)	$491	$250	$196	$242	$86	$100	$154
Income tax expense	($624)	($530)	($384)	($363)	($132)	($15)	$248	$88	($6)	$397	$101	($40)	($68)	($48)	($37)	($27)	($22)	($21)	($19)
Net income	$2,268	$1,923	$1,312	$1,346	$1,196	$71	($1,554)	($209)	$2	$54	($187)	$58	$102	$65	$38	$31	($15)	$29	$37
Per share
Diluted EPS (GAAP)	$10.48	$8.49	$5.74	$3.66	$3.88	($0.07)	($7.26)	($1.44)	($0.53)	($0.31)	($1.80)	$1.09	$2.43	$1.55	$0.91	$0.74	($30.94)	–	$2.28
Basic EPS (GAAP)	$10.50	$8.52	$5.77	$3.69	$3.95	($0.07)	($7.26)	($1.44)	($0.53)	($0.31)	($1.80)	$1.09	$2.44	$1.56	$0.93	$0.75	($30.94)	–	$2.28
Basic shares outstanding	215	216	220	225	227	229	232	232	224	207	154	54	42	42	41	41	6	4	42
Margins
Gross margin	43.2%	38.3%	34.7%	33.5%	19.3%	19.0%	37.2%	29.4%	24.0%	21.7%	31.6%	27.3%	18.8%	18.6%	17.7%	13.7%	14.3%	7.5%	4.3%
Operating margin	22.9%	19.6%	16.5%	16.4%	8.3%	5.1%	(15.8%)	2.2%	2.5%	(1.4%)	1.0%	2.4%	7.4%	5.8%	5.9%	5.0%	3.6%	4.8%	3.1%
Net margin	13.5%	11.3%	8.0%	8.4%	5.7%	0.4%	(18.8%)	(2.4%)	0.0%	0.6%	(3.4%)	0.9%	1.2%	1.0%	0.7%	0.4%	(0.3%)	0.6%	0.5%

Analyst consensus

Buy34 analysts

Bearish · 0 · Hold · 6 · Bullish · 28

Earnings history

	EPS	Estimate
Q3 2024	$1.75	$1.56	Beat
Q4 2024	$1.44	$1.92	Miss
Q1 2025	$0.91	$1.98	Miss
Q2 2025	$2.87	$1.86	Beat
Q3 2025	$2.20	$2.11	Beat
Q4 2025	$2.51	$2.30	Beat
Q1 2026	$2.21	$2.48	Miss
Q2 2026	$3.54	$2.83	Beat

Peers

Company overview

IPO dateDec 7, 2010

CEOMatthew J. Meloy

Employees3,570

SectorEnergy

IndustryOil & Gas Midstream

CountryUS

ExchangeNew York Stock Exchange

Websitewww.targaresources.com

Targa Resources Corp., alongside its subsidiary Targa Resources Partners LP, is a significant entity in the North American midstream energy sector, focusing on the ownership, operation, acquisition, and development of crucial energy infrastructure assets. Its business is structured into two main divisions: "Gathering and Processing" and "Logistics and Transportation." Within these segments, the company undertakes a broad range of activities, including the collection, compression, treatment, processing, transport, and sale of natural gas. It also manages the storage, fractionation, treatment, transportation, and distribution of natural gas liquids (NGLs) and their associated products, providing services even to liquefied petroleum gas (LPG) exporters. Furthermore, Targa handles the gathering, storage, terminaling, purchasing, and selling of crude oil. Beyond these core operations, the company is involved in the procurement and resale of NGL products, wholesale propane distribution, and providing related logistics support to a diverse clientele, including multi-state retailers, independent businesses, and end-users. It also offers NGL balancing services and transportation solutions for refineries and petrochemical companies situated in the Gulf Coast region, while actively purchasing, marketing, and reselling natural gas. The company's extensive asset base features approximately 28,400 miles of natural gas pipelines, including 42 owned and managed processing plants, and it operates 34 storage wells with a substantial gross capacity of about 76 million barrels. As of December 31, 2021, its transportation fleet comprised approximately 648 leased and managed railcars, 119 transport tractors, and two company-owned pressurized NGL barges. Targa Resources Corp. was established in 2005 and is headquartered in Houston, Texas.

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