— Know what they know.
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Not Investment Advice

TRGP

NYSE · USD
Targa Resources Corp.
Energy · Oil & Gas Midstream
CEO Matthew J. Meloy Employees 3,570 R&D / revenue 0.0%
Last price
$294.90+4.37%last session
Market cap
$63.2B
P/E (TTM)
28.0x
From 52w high
−4.2%
From 52w low
+104.6%
1-year return
+102.8%
RSI 14 · vs SMA200
58.0 · +16.4%
IS score
57.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

TRGP   SPY   XLE (sector ETF) · weekly closes
100120140160180200Jan 26Apr 26Jul 26Oct 26TRGP 203XLE 160SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
74
Profitability
62
Growth
41
Value
84
Momentum
50
Risk (safety)
65
Quality
25
Balance sheet
73
Earnings quality

Flags

Strengths
✓ Piotroski 8+
Warnings
None of the computed warning flags fires for TRGP (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 8 / 9Altman Z 2.5Beta 0.722 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
10 open-market sales, $4.8M
Form 144 notices (12m): 13, $38.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+64
149 new holders, 74 closed
1,095 filers hold 94.5% · 413 added, 359 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+185
1,072 funds adding shares
887 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
67.5%
20-day avg 64.2%, 50-day avg 64.5%
Latest 3.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$17.1B
Revenue growth YoY+3.1%
Gross margin26.5%
Operating income$3.4B
Operating margin20.1%
Net income$1.8B
Net margin10.8%
EPS (diluted)$8.52
Cash flow
Operating cash flow$3.9B
Capital expenditure$3.3B
Free cash flow$584.1M
FCF conversion (FCF / OCF)14.9%
Stock-based compensation$0
FCF less SBC$584.1M
Buybacks$641.8M
Dividends$818.3M
Balance sheet & returns
Cash & short-term investments$166.1M
Total debt$17.1B
Net debt$16.9B
Shareholders' equity$3.2B
Goodwill & intangibles$1.8B
Debt / equity5.51
ROE (TTM)72.1%
ROIC (TTM)14.1%
Operating margin by fiscal year
6.9%FY20219.0%FY202214.0%FY202316.9%FY202420.1%FY2025
Revenue $17.4B (FY2021) to $17.1B (FY2025), a -0.4% CAGR.

Valuation

P/E (TTM)28.0x
EV / EBITDA17.3x
Price / sales3.77x
Price / FCF85.3x
FCF yield1.17%
Buyback yield1.01%
SBC / revenue0.5%
Price / book17.34x
Forward P/E FY202626.1x
Forward P/E FY202723.8x
Forward P/E FY202819.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $327.00 across 21 analysts last quarter is theirs, not ours.

TRGP vs industry median

102 companies in Oil & Gas Midstream
Gross margin 36.6% 47.9% Operating margin 23.1% 26.6% Net margin 13.5% 13.6% ROIC 14.1% 8.0%
TRGP (TTM)Industry median Asset turnover 0.59 vs industry 0.33 · financial leverage 7.80

Earnings delivery

Next report 2026-11-05 · consensus EPS $2.73
50%
beat rate, 6 of 12 quarters
−0.9%
median EPS surprise
3
longest beat streak
-19-14-6+5+12-25-54+54+4+9-11+25
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-08-06. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
TRGP Targa Resources Corp. $63.2B28.0x72.1%13.5%+3.1% +102.8%
LNG Cheniere Energy, Inc. $59.8B21.4x45.2%53.5%+22.4% +32.8%
OKE ONEOK, Inc. $58.8B16.1x16.3%8.0%+40.8% +41.0%
ET Energy Transfer LP $69.7B12.6x16.6%6.1%+29.7% +23.9%
KMI Kinder Morgan, Inc. $76.2B21.9x11.1%19.4%+12.7% +27.1%
EPD Enterprise Products Partners $79.5B12.8x21.2%10.1%+6.8% —
WMB The Williams Companies, Inc. $87.2B28.3x24.0%27.1%+8.8% —
ENBA Enbridge Inc. 6.375 SNT18 B $41.8B9.8x17.1%8.4%+20.3% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-08-25Officer/Director Change
2026-08-06Earnings Release; Regulation FD; Exhibits
2026-07-17Officer/Director Change; Exhibits
2026-07-06Material Agreement; Exhibits
2026-05-22Shareholder Vote
2026-05-07Earnings Release; Regulation FD; Exhibits

Context

Shares outstanding214,431,021
Free float98.4%
Institutional ownership94.5%
Beta0.72
Dividend yield1.53%
Last dividend$1.25 on 2026-10-30
50 / 200-day average$285.02 / $252.98
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where TRGP sits among 30 scored companies in Oil & Gas Midstream (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureTRGPIndustry medianIndustry percentileSector median
P/E (TTM) 27.9x 16.7x
81st		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.67 1.90
31st		 0.72
Price / sales 3.8x 2.7x
55th		 1.8x
Price / book 17.3x 3.3x
92nd		 1.9x
Price / tangible book 37.2x 6.0x
96th		 1.9x
Price / free cash flow 85.3x 10.1x
95th		 11.9x
Price / operating cash flow 14.8x 8.9x
100th		 6.9x
Enterprise value $83.2B $12.6B
79th		 $5.3B
EV / sales 5.0x 4.5x
59th		 2.4x
EV / EBITDA 17.3x 10.7x
93rd		 9.0x
EV / EBIT 26.4x 14.3x
93rd		 14.1x
EV / free cash flow 112.3x 18.2x
95th		 14.6x
Earnings yield 3.6% 5.4%
24th		 4.6%
FCF yield 1.2% 5.0%
31st		 5.8%
Operating cash flow yield 6.8% 10.8%
7th		 13.6%
Graham number (per share) $63.49 $26.47
79th		 $32.92

Profitability (TTM)

MeasureTRGPIndustry medianIndustry percentileSector median
Gross margin 36.6% 49.8%
28th		 31.9%
EBITDA margin 28.6% 46.7%
21st		 26.7%
Operating margin 23.1% 35.0%
38th		 15.2%
EBIT margin 18.8% 33.2%
28th		 13.3%
Net margin 13.5% 16.8%
45th		 8.0%
NOPAT margin 21.5% 31.0%
38th		 12.4%
FCF margin 4.4% 6.7%
34th		 7.8%
Operating cash flow margin 25.5% 31.4%
34th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 2.6% 3.7%
43rd		 6.7%
Stock comp / revenue 0.5% 0.1%
65th		 0.7%
Effective tax rate 6.9% 8.0%
45th		 21.0%

Returns on capital

MeasureTRGPIndustry medianIndustry percentileSector median
ROE (on average equity) 72.5% 24.1%
92nd		 12.2%
ROA 8.7% 5.9%
72nd		 4.8%
ROIC 15.3% 10.0%
79th		 9.9%
ROCE 12.5% 10.7%
69th		 9.8%
Return on tangible assets 12.1% 10.1%
69th		 8.3%
Cash ROIC (OCF / invested capital) 18.1% 15.6%
77th		 18.4%
Gross profitability (GP / assets) 21.5% 13.1%
76th		 14.8%
ROIC, 3-yr average 11.2% 8.4%
77th		 7.0%
ROIC, 5-yr average 10.0% 7.3%
68th		 10.1%
ROE, 5-yr average 44.7% 18.2%
95th		 14.8%
Incremental ROIC 49.7% 33.6%
64th		 14.8%

Growth

MeasureTRGPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -2.2% 14.8%
14th		 10.2%
Revenue growth (QoQ) 8.4% 16.4%
38th		 13.0%
Revenue CAGR, 3 yr -1.2% 4.1%
27th		 2.0%
Revenue CAGR, 5 yr 6.6% 9.8%
38th		 13.7%
Gross profit CAGR, 3 yr 28.4% 9.4%
92nd		 1.7%
Operating income CAGR, 3 yr 23.8% 8.4%
88th		 -2.0%
Net income growth (TTM YoY) 45.2% 25.5%
68th		 23.5%
Net income CAGR, 3 yr 39.0% 5.8%
96th		 -7.8%
EPS growth (TTM YoY) 46.8% 23.3%
68th		 19.9%
EPS CAGR, 3 yr 41.5% 5.1%
96th		 -9.8%
EPS CAGR, 5 yr 51.5% 15.7%
93rd		 20.5%
FCF growth (TTM YoY) 73.3% 18.8%
79th		 19.9%
FCF CAGR, 3 yr -4.7% 2.9%
29th		 -3.4%
Operating cash flow CAGR, 3 yr 14.6% 5.6%
79th		 3.2%
Book value CAGR, 3 yr 13.0% 3.9%
83rd		 5.6%
Dividend CAGR, 3 yr 10.7% 1.0%
83rd		 -0.1%
Sustainable growth rate 43.0% 5.1%
95th		 9.4%

Margin history & stability

MeasureTRGPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 25.9% 40.7%
31st		 31.0%
Operating margin, 3-yr average 18.7% 30.8%
27th		 15.4%
Net margin, 3-yr average 9.7% 18.5%
23rd		 8.7%
FCF margin, 3-yr average 3.2% 10.2%
27th		 7.2%
Revenue stability (0-1) 0.59 0.66
42nd		 0.64
Earnings stability (0-1) 0.95 0.57
96th		 0.22
Margin stability (0-1) 0.62 0.83
15th		 0.73

Liquidity (latest quarter)

MeasureTRGPIndustry medianIndustry percentileSector median
Cash & short-term investments $132.3M $166.5M
45th		 $248.6M
Net cash (− = net debt) −$20.0B −$3.6B
24th		 −$1.1B
Working capital −$782.0M $5.2M
14th		 $205.0M
Current ratio 0.77 1.12
18th		 1.41
Quick ratio 0.68 0.94
18th		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.04 0.18
39th		 0.36
Defensive interval (days) 337 days 799 days
15th		 768 days

Leverage & solvency (latest quarter)

MeasureTRGPIndustry medianIndustry percentileSector median
Total debt $20.1B $3.6B
76th		 $1.3B
Debt / equity 5.51 1.85
96th		 0.61
Net debt / equity 5.47 1.65
96th		 0.45
Debt / assets 70.6% 50.2%
86th		 28.7%
Debt / capital 84.6% 65.0%
92nd		 37.9%
Debt / EBITDA 4.19 3.62
69th		 1.98
Net debt / EBITDA 4.17 3.43
72nd		 1.43
Interest coverage (EBIT / interest) 4.7x 3.7x
67th		 4.1x
Cash interest coverage 6.4x 4.8x
78th		 6.7x
Debt payback (years of OCF) 4.7 yrs 4.6 yrs
52nd		 2.3 yrs
Liabilities / assets 86.7% 66.6%
79th		 54.6%
IS credit model rating BB- — —
Implied credit spread (bps) 550 400
66th		 275

Efficiency

MeasureTRGPIndustry medianIndustry percentileSector median
Asset turnover 0.65 0.36
72nd		 0.49
Fixed asset turnover 0.73 0.52
70th		 0.94
Inventory turnover 28.2 35.5
30th		 11.7
Receivables turnover 10.0 11.4
41st		 7.8
Days sales outstanding 37 days 31 days
62nd		 46 days
Days inventory outstanding 13 days 10 days
70th		 31 days
Days payables outstanding 66 days 26 days
79th		 41 days
Cash conversion cycle (days) −16 days 0 days
21st		 18 days
Capex / revenue 21.1% 13.7%
60th		 11.9%
Capex / depreciation 2.14 1.22
75th		 1.04
Operating expense ratio 20.4% 10.2%
71st		 16.5%

Cash flow & earnings quality

MeasureTRGPIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.89 1.94
41st		 2.02
FCF / net income 0.33 0.90
26th		 0.96
FCF / operating cash flow 17.3% 43.6%
30th		 48.4%
Capex / operating cash flow 82.7% 56.4%
70th		 51.6%
Accruals ratio -7.8% -5.8%
26th		 -7.7%
Sloan accruals ratio -5.6% -3.6%
21st		 -4.7%
Earnings quality score (0-1) 0.75 0.75
11th		 0.75

Dividends & buybacks

MeasureTRGPIndustry medianIndustry percentileSector median
Dividend yield 1.5% 5.1%
21st		 1.7%
Dividend per share (TTM) $4.50 $2.14
93rd		 $0.66
Payout ratio (dividends / net income) 40.7% 73.7%
30th		 29.4%
Dividends / FCF 124.3% 61.9%
86th		 28.1%
Dividend growth (YoY) 29.9% 5.8%
74th		 0.5%
Buyback yield 0.5% 0.2%
69th		 0.2%
Shareholder yield (dividends + buybacks) 2.0% 6.2%
14th		 3.2%
Share count change (YoY) -1.1% 0.0%
10th		 0.2%
Buybacks, last 5 years $2.1B $45.9M
97th		 $38.8M

Scores & forensic checks

MeasureTRGPIndustry medianIndustry percentileSector median
IS score 57 56
52nd		 51
IS profitability 74 73
52nd		 50
IS growth 62 65
41st		 61
IS value 41 56
7th		 57
IS momentum 84 85
41st		 77
IS risk (safety) 50 50
48th		 50
IS quality 65 68
38th		 68
IS balance sheet 25 36
24th		 55
IS earnings quality 73 72
55th		 65
IS cash flow 51 51
52nd		 50
Piotroski F-score (0-9) 8 7
72nd		 6
Altman Z-score 2.5 1.9
76th		 2.0
Beneish M-score −2.71 −2.39
22nd		 −2.62
Ohlson O-score −6.35 −7.11
75th		 −7.87
IS credit score 40 49
34th		 58

Per share

MeasureTRGPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $10.53 $2.84
93rd		 $1.88
Book value per share $17.01 $13.29
66th		 $14.22
Tangible book per share $7.86 $9.53
45th		 $12.86
Revenue per share $78.10 $15.78
90th		 $19.06
FCF per share $3.45 $2.69
62nd		 $2.05
Operating cash flow per share $19.93 $5.75
97th		 $4.95
Cash per share $0.62 $0.68
45th		 $1.70

Size (TTM)

MeasureTRGPIndustry medianIndustry percentileSector median
Market cap $63.2B $6.8B
90th		 $4.1B
Revenue $16.8B $1.9B
72nd		 $2.0B
EBITDA $4.8B $1.1B
76th		 $606.3M
Net income $2.3B $387.3M
69th		 $134.0M
Free cash flow $740.9M $380.0M
66th		 $199.4M
Total assets $28.5B $8.7B
69th		 $4.4B
Shareholders' equity $3.7B $2.0B
59th		 $1.8B
Employees 3,570 1,710
68th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-03Perkins Joe Bob
Director
 Gift 8,370——102,100
2026-09-01Chung Paul W
Director
 Open-market sale 1,000$295.38$295,38144,816
2026-09-01Chung Paul W
Director
 Open-market sale 816$297.00$242,35244,000
2026-09-01Secrest Brent B.
See Remarks
 Award / grant 10,000——10,000
2026-08-25Crisp Charles R
Director
 Gift 1,200——65,292
2026-08-25Crisp Charles R
Director
 Open-market sale 3,000$290.23$870,69062,292
2026-08-21Davis Waters S Iv
Director
 Open-market sale 440$296.39$130,4143,489
2026-08-21Davis Waters S Iv
Director
 Open-market sale 692$297.38$205,7862,797
2026-08-21Davis Waters S Iv
Director
 Open-market sale 254$298.68$75,8652,543
2026-08-21Davis Waters S Iv
Director
 Open-market sale 154$300.18$46,2272,389
2026-08-21Davis Waters S Iv
Director
 Open-market sale 270$302.47$81,6672,119
2026-08-21Davis Waters S Iv
Director
 Open-market sale 590$303.81$179,2501,529

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired330,477—
GiftDisposed531,570—
Open-market saleDisposed1017,818$4.8M
Tax withholdingDisposed33,642$984,688
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 13 notices · 164,859 shares · $38.2M
FiledFilerShares proposedEst. proceeds
2026-08-26Chung Paul W5,816$1.7M
2026-08-25Charles Crisp3,000$870,690
2026-08-20Davis Waters S Iv2,400$725,400
2026-05-12Charles Crisp10,602$2.7M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 7 trades (5 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-02-10Gilbert CisnerosHousePurchase$1,001 - $15,0002026-03-10
2026-01-09Gilbert CisnerosHouseSale (Full)$1,001 - $15,0002026-02-13
2026-01-08Gilbert Ray CisnerosHouseSale (Full)$1,001 - $15,0002026-02-13
2025-12-19Gilbert CisnerosHousePurchase$1,001 - $15,0002026-01-12
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002021-05-02
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002021-05-01
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002021-05-01
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002020-05-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.20,832,687$5.6B9.72%
STATE STREET CORP14,226,166$3.8B6.63%
WELLINGTON MANAGEMENT GROUP LLP14,176,394$3.8B6.61%
VANGUARD CAPITAL MANAGEMENT LLC14,015,559$3.8B6.54%
VANGUARD PORTFOLIO MANAGEMENT LLC11,697,574$3.1B5.46%
GEODE CAPITAL MANAGEMENT, LLC6,083,486$1.6B2.84%
NORGES BANK4,216,259$1.1B1.97%
Invesco Ltd.3,395,829$910.6M1.58%
FMR LLC3,344,388$896.8M1.56%
GOLDMAN SACHS GROUP INC3,099,107$831.0M1.45%
DEUTSCHE BANK AG\3,025,248$811.2M1.41%
BANK OF AMERICA CORP /DE/2,740,533$734.8M1.28%
PRICE T ROWE ASSOCIATES INC /MD/2,709,732$726.6M1.26%
DIMENSIONAL FUND ADVISORS LP2,289,971$614.1M1.07%
D. E. Shaw & Co., Inc.2,279,804$611.3M1.06%

Institutional ownership by quarter

2023-092026-0694.5%
% of shares held by 13F filers
2023-092026-061,095
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,09594.5%14941335974
2026-03-311,03190.8%16540031775
2025-12-3195292.3%15834531290
2025-09-3090189.0%9731334799
2025-06-3091390.3%100333355145
2025-03-3197390.9%13837233895
2024-12-3194591.4%18432032547
2024-09-3082190.1%13531526947
2024-06-3074091.5%10426825645
2024-03-3169193.6%9123126145
2023-12-3165394.0%9123521850
2023-09-3062193.3%7220524140

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-15SCHEDULE 13G/AWellington Management Company LLP6.6%15,043,474
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.5%11,907,152
2025-10-31SCHEDULE 13G/AThe Vanguard Group13.2%28,382,289
2025-08-12SCHEDULE 13G/AWellington Management Company LLP7.8%18,022,893
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$1.8B
VSMPX0.08%$1.8B
VTI0.08%$1.8B
VTSAX0.08%$1.8B
VFFSX0.09%$1.5B
VFIAX0.09%$1.5B

Share structure

Shares outstanding214,431,021
Float211,073,225
Free float98.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$17.4B$21.7B$15.6B$16.6B$17.1B
Cost of revenue$15.3B$18.9B$13.1B$13.3B$12.6B
Gross profit$2.1B$2.8B$2.5B$3.3B$4.5B
R&D$0$0$0$0$0
SG&A$273.2M$309.7M$348.7M$384.9M$406.0M
Operating income$1.8B$2.5B$2.2B$2.9B$3.4B
EBITDA$1.7B$3.2B$4.0B$4.1B$4.9B
Pretax income$436.9M$1.7B$1.9B$1.9B$2.5B
Income tax$14.8M$131.8M$363.2M$384.5M$529.7M
Net income$71.2M$1.1B$828.2M$1.3B$1.8B
EPS, diluted$-0.07$3.88$3.66$5.74$8.52
Diluted shares228.6M231.1M226.0M221.3M215.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$158.5M$219.0M$141.7M$157.3M$166.1M
Receivables$1.3B$1.4B$1.5B$1.6B$1.5B
Inventory$153.4M$393.8M$371.5M$334.3M$429.3M
Total current assets$1.8B$2.4B$2.2B$2.3B$2.4B
PP&E, net$11.7B$14.2B$15.8B$18.1B$20.6B
Goodwill & intangibles$1.1B$2.7B$2.4B$2.0B$1.8B
Total assets$15.2B$19.6B$20.7B$22.7B$25.2B
Accounts payable$1.4B$1.4B$1.6B$2.0B$1.9B
Total current liabilities$2.3B$3.1B$2.8B$3.2B$3.5B
Long-term debt$6.4B$10.5B$12.1B$13.5B$16.4B
Total liabilities$10.0B$14.6B$16.1B$18.3B$22.0B
Shareholders' equity$5.2B$5.0B$4.6B$4.4B$3.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$422.1M$1.5B$1.6B$1.6B$1.8B
Depreciation & amortization$870.6M$1.1B$1.3B$1.4B$1.5B
Stock-based compensation$59.2M$57.5M$62.4M$63.2M$0
Change in working capital$219.5M−$364.0M$139.2M$38.7M−$193.6M
Operating cash flow$2.3B$2.4B$3.2B$3.6B$3.9B
Capital expenditure−$505.1M−$1.3B−$2.4B−$3.0B−$3.3B
Free cash flow$1.8B$1.0B$826.2M$683.9M$584.1M
Investing cash flow−$473.2M−$4.1B−$2.4B−$3.0B−$5.4B
Net debt issued / repaid−$1.2B$4.7B$1.3B$1.2B$3.1B
Buybacks−$53.2M−$1.2B−$373.7M−$754.7M−$641.8M
Dividends paid−$187.5M−$379.7M−$427.3M−$615.5M−$818.3M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin12.3%13.8%16.2%22.8%26.5%
Operating margin6.9%9.0%14.0%16.9%20.1%
Net margin0.4%5.7%5.3%7.9%10.8%
FCF margin10.4%5.0%5.3%4.2%3.4%
ROE3.1%51.1%30.6%49.0%65.2%
ROIC13.6%12.5%11.4%13.4%13.3%
ROA0.5%6.9%4.1%6.0%7.7%
Debt / equity3.304.344.755.505.72
Interest coverage2.1x4.8x3.8x3.5x3.9x
Current ratio0.770.770.790.720.67
Revenue growth+108.9%+22.2%−26.0%+5.5%+4.0%
EPS growth+104.6%+1,916.1%−28.4%+58.9%+45.3%
P/E at year end185.5x13.2x22.4x29.6x21.5x
EV / EBITDA at year end11.6x8.4x7.9x12.8x11.8x
FCF yield at year end13.61%6.62%4.47%1.77%1.47%
Dividend payout263.3%31.8%51.6%47.1%44.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Logistics And Transportation$16.2B$19.7B$13.7B$14.0B$14.6B
Sales of Commodities————$14.4B
Gathering And Processing$7.4B$11.2B$7.2B$6.8B$7.4B
Fees from Midstream Services————$2.6B
Corporate Non Segment And Inter Segment Elimination−$42.1M−$45.8M−$48.3M−$28.1M−$32.4M

Revenue by region · FY2025

Logistics And Transportation$14.6B · 66%
Gathering And Processing$7.4B · 34%

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $2.73 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$19.0B$18.3B – $19.7B$11.30$10.98 – $11.751026.1x
2027$23.9B$22.7B – $25.4B$12.39$11.10 – $14.421023.8x
2028$27.3B$22.0B – $29.5B$14.97$12.77 – $18.381319.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-06$2.83$3.54+25.1%$4.9B$4.4B−9.3%
2026-05-07$2.48$2.21−10.9%$4.7B$4.1B−12.4%
2026-02-19$2.30$2.51+9.1%$4.7B$4.1B−14.3%
2025-11-05$2.11$2.20+4.3%$4.6B$4.2B−7.9%
2025-08-07$1.86$2.87+54.3%$4.9B$4.0B−17.6%
2025-05-01$1.98$0.91−54.0%$4.9B$4.6B−6.9%
2025-02-20$1.92$1.44−25.0%$4.5B$4.4B−1.6%
2024-11-05$1.56$1.75+12.2%$4.1B$3.9B−5.1%
2024-08-01$1.27$1.33+4.7%$4.5B$3.6B−19.1%
2024-05-02$1.30$1.22−6.2%$4.3B$4.6B+6.9%
2024-02-15$1.46$1.26−13.7%$3.9B$4.2B+9.9%
2023-11-02$1.20$0.97−19.2%$4.6B$3.9B−14.7%
2023-08-03$1.24$1.44+16.1%$4.4B$3.4B−22.0%
2023-05-04$1.40$0.03−97.9%$5.3B$4.5B−14.7%
2023-02-22$1.29$1.38+7.0%$5.7B$20.9B+265.3%
2022-11-03$1.23$0.84−31.7%$6.7B$5.4B−20.1%
2022-08-04$1.06$1.61+51.9%$5.8B$6.1B+5.2%
2022-05-05$0.89$0.06−93.3%$4.9B$5.0B+0.4%
2022-02-24$0.65$0.51−21.5%$4.5B$5.4B+21.5%
2021-11-04$0.53$0.66+24.5%$3.5B$4.5B+27.6%
2021-08-05$0.27$0.15−44.4%$3.0B$3.4B+15.5%
2021-05-06$0.17$0.53+211.8%$2.4B$3.6B+50.9%
2021-02-18$0.25$-0.04−116.0%$5.8B$2.6B−55.5%
2020-11-05$0.10$0.16+60.0%$1.3B$2.1B+60.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.506-220.406-290.307-060.407-130.407-200.507-270.508-030.308-100.908-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$407.5M1,388,68843,675
2026-08-24$397.5M1,367,06352,838
2026-08-17$936.3M3,173,70871,842
2026-08-10$308.6M1,149,75546,625
2026-08-03$520.4M1,981,14464,573
2026-07-27$491.5M1,845,89356,752

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1567.5%
DateShort shareShort volumeTotal volume
2026-10-1567.5%313,826465,109
2026-10-1462.8%203,021323,511
2026-10-1363.5%154,988244,016
2026-10-1263.2%151,345239,327
2026-10-0966.2%179,305270,932
2026-10-0864.8%308,249475,633
2026-10-0765.3%204,628313,387
2026-10-0658.0%224,389387,163
2026-10-0571.3%304,771427,506
2026-10-0266.3%277,752418,798
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.1Jan+4.5Feb-1.0Mar+12.0Apr+2.1May+2.8Jun+1.3Jul+0.2Aug+0.9Sep+3.1Oct+3.7Nov+1.6Dec
MonthAvg returnUp yearsYears
Jan+3.1%69%16
Feb+4.5%62%16
Mar−1.0%62%16
Apr+12.0%60%15
May+2.1%53%15
Jun+2.8%60%15
Jul+1.3%60%15
Aug+0.2%53%15
Sep+0.9%53%15
Oct+3.1%67%15
Nov+3.7%60%15
Dec+1.6%69%16
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1458.0
MFI63.8
ADX11.4
Stochastic %K / %D75.2 / 79.6
Williams %R-6.8
CCI103
TSI / signal5.9 / 1.4
Chaikin money flow-0.04
ATR$7.92
Bollinger width8.7%
Volume vs 20-day avg0.75x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$284.09 (+3.8%)
SMA 50$285.55 (+3.3%)
SMA 200$253.33 (+16.4%)
EMA 21$286.40 (+3.0%)
EMA 50$283.54 (+4.0%)
EMA 200$254.35 (+15.9%)
Bollinger upper$296.51 (−0.5%)
Bollinger lower$271.67 (+8.6%)
Parabolic SAR$296.38 (−0.5%)
Open the live chart, 110+ indicators

About Targa Resources Corp.

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.

https://www.targaresources.com

Key executives

NameTitlePayBorn
Matthew J. MeloyChief Executive Officer & Director$5.2M1978
Jennifer R. KnealePresident$2.6M1979
Patrick J. McDoniePresident of Gathering & Processing$2.0M1961
Robert MuraroChief Commercial Officer$2.0M1977
Benjamin J. BranstetterChief Financial Officer$1.8M1985
William ByersExecutive Officer$1.8M1977
Joel ThomasSenior Vice President of Finance & Treasurer——
John Christopher EklofSenior Vice President & Chief Accounting Officer—1970

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Matthew J. Meloy Chief Executive Officer2025$1.2M$16.3M$0$21.5M
Jennifer R. Kneale President2025$759,167$6.3M$0$8.9M
D. Scott Pryor President - Logistics and Transportation2025$670,833$4.3M$0$6.3M
Robert M. Muraro Chief Commercial Officer2025$670,833$4.3M$0$6.3M
Patrick J. McDonie President - Gathering and Processing2025$670,833$4.3M$0$6.3M
William A. Byers Chief Financial Officer2025$616,667$3.5M$0$5.4M

Employees

2k20183k20192k20202k20213k20223k20233k20244k2025

Dividends

Ex-dateAmountPaid
2026-10-30$1.252026-11-17
2026-07-31$1.252026-08-14
2026-04-30$1.252026-05-15
2026-01-30$12026-02-13
2025-10-31$12025-11-17
2025-07-31$12025-08-15
2025-04-30$12025-05-15
2025-01-31$0.752025-02-14

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage41
Intangibles43
Switching costs39
Network effect30
Efficient scale61
Our component scores (0-100) and overall 42.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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