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Targa Resources (TRGP) USD

At a glance: strengths & risks
✓Profit growing (+47%)✓Margins improving (25%→28%)✗High leverage (3.4x EBITDA)✗Pricier than own history (EV/EBITDA 14.2 vs avg 10.7)

Sector: NGL & midstream

Geography: United States (Permian Basin, Gulf Coast)

COMM_TRGP

Price chart

266.88 USDDay -0.67%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
266.88 USD · -0.67%
Market cap
57.3 bn USD

Growth

Δ revenue y/y
4.2%
Δ EBITDA y/y
13.9%

Multiples

P/E (LTM)
25.3x
3y avg: 21.2x
P/B (FY)
18.7x
P/E (ann.)
18.7x
EV/EBITDA (LTM)
14.2x
3y avg: 10.7x
EV/EBITDA (ann.)
12.0x

Cash return

Dividend yield
1.7%
FCF yield (LTM)
-4.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-41.3%
↓ details

Liquidity

Daily turnover (listing)
185.1 mln USD

Shares: yahoo_fundamentals_timeseries/TRGP

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK4.4
y/y 4.2%
1.2
y/y 19.4%
0.4
y/y -1.4%
1.6
y/y 13.9%
0.8
y/y 21.5%
1.4-1.028.5
y/y 21.3%
3.7
y/y 41.3%
90.0%19.4Link
2026-03-31Q1 2026 (3M)OK4.1
y/y -10.2%
0.8
y/y 55.9%
0.4
y/y 15.9%
1.3
y/y 39.7%
0.5
y/y 77.3%
0.7-0.927.1
y/y 18.9%
3.1
y/y 27.9%
61.8%18.3Link
2025-12-31Q4 2025 (3M)OK4.1
y/y -7.9%
0.9
y/y 30.9%
0.4
y/y 3.2%
1.3
y/y 21.2%
0.5
y/y 55.3%
1.5-1.025.2
y/y 10.9%
3.1
y/y 18.3%
66.6%16.6Link
2025-09-30Q3 2025 (3M)OK4.2
y/y 7.8%
0.8
y/y 14.9%
0.4
y/y 7.9%
1.2
y/y 12.6%
0.5
y/y 23.5%
0.6-0.724.2
y/y 10.4%
2.7
y/y 5.2%
24.1%16.6Link
2025-06-30Q2 2025 (3M)OK4.3
y/y 19.6%
1.0
y/y 64.8%
0.4
y/y 7.2%
1.4
y/y 44.2%
0.6
y/y 110.8%
0.9-0.923.5
y/y 10.6%
2.6
y/y 4.9%
99.9%16.0Link
2025-03-31Q1 2025 (3M)OK4.6
y/y -0.0%
0.5
y/y -15.0%
0.4
y/y 8.0%
0.9
y/y -7.0%
0.3
y/y -1.7%
1.0-0.822.8
y/y 9.4%
2.5
y/y -9.3%
42.9%15.4Link
2024-12-31Q4 2024 (3M)OK4.4
y/y 3.9%
0.7
y/y 10.3%
0.4
y/y 10.9%
1.1
y/y 10.5%
0.4
y/y 17.1%
1.3-0.722.7
y/y 10.0%
2.6
y/y -5.4%
50.8%13.7Link
2024-09-30Q3 2024 (3M)OK3.9
y/y -1.1%
0.7
y/y 44.2%
0.4
y/y 7.3%
1.1
y/y 29.6%
0.4
y/y 76.1%
0.5-0.821.9
y/y 8.5%
2.6
y/y 2.7%
20.5%13.6Link
2024-06-30Q2 2024 (3M)OK3.6
y/y 4.7%
0.6
y/y -3.4%
0.3
y/y 5.0%
1.0
y/y -0.6%
0.3
y/y -9.4%
0.9-0.721.3
y/y 9.3%
2.5
y/y -7.8%
46.2%12.9Link
2024-03-31Q1 2024 (3M)OK4.6
y/y 0.9%
0.6
y/y -23.6%
0.3
y/y 4.8%
1.0
y/y -15.6%
0.3
y/y -44.6%
0.9-0.720.8
y/y 9.6%
2.7
y/y 6.0%
40.4%12.5Link
2023-12-31Q4 2023 (3M)OK4.2
y/y —
0.6
y/y —
0.3
y/y —
1.0
y/y —
0.3
y/y —
1.0-0.720.7
y/y —
2.7
y/y —
51.3%12.2Link
2023-09-30Q3 2023 (3M)OK3.9
y/y —
0.5
y/y —
0.3
y/y —
0.8
y/y —
0.2
y/y —
0.4-0.620.2
y/y —
2.5
y/y —
11.3%12.2Link
2023-06-30Q2 2023 (3M)OK3.4
y/y —
0.6
y/y —
0.3
y/y —
1.0
y/y —
0.3
y/y —
0.7-0.619.5
y/y —
2.7
y/y —
50.4%11.6Link
2023-03-31Q1 2023 (3M)OK4.5
y/y —
0.8
y/y —
0.3
y/y —
1.2
y/y —
0.5
y/y —
1.2-0.519.0
y/y —
2.6
y/y —
—11.2Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)19 578
− Cash & equivalents132
Net debt19 446

Net debt / LTM EBITDA: 3.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 500-1 000-50005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05 00010 00015 00020 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.39x of reported net profit; after capex, 0.61x.
year20212022202320242025
cash flow / profit32.34x1.99x2.39x2.78x2.04x
accruals, % of assets-14.7%-6.1%-9.0%-10.3%-7.9%
Last twelve months (to 2025-Q3): 1.89x of profit came back as operating cash flow.
net debt / EBITDA 3.4x · capex 1.7x of depreciation · share count -1.3% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Propane (NGL)

Current 1spot vs LTM -4%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -41.3% ▼ -0.2 pp 1d

Main driver: Propane (NGL) -4% vs LTM; revenue ×0.97 vs costs ×1.04; EBITDA 5 409→4 430; at 12.0× EV/EBITDA → -41%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Propane (NGL) (rev)+28%0.660.690.77-4%+11%
Henry Hub Gas (rev)+10%2.733.383.11-19%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue16 742
LTM EBITDA5 409
LTM cash costs (revenue − EBITDA)11 333
2 · Revenue projection
Revenue multiplier — spot×0.969 (-3%)
= Spot revenue16 216
Revenue multiplier — 3y price×1.022 (+2%)
= 3-year-price revenue17 108
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs11 786
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs11 786
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 430
= 3-year-price EBITDA5 322
Conservative EBITDA = min(spot, avg)4 430
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA53 165
Net debt19 523
Target market cap = EV − net debt33 642
Current market cap57 289

Upside = target market cap ÷ current − 1 = -41.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q33 8973 976-2.0%836363+130.3%
2023 Q44 2403 909+8.4%980702+39.6%
2024 Q14 5624 108+11.1%9801 007-2.6%
2024 Q23 5624 013-11.2%976855+14.2%
2024 Q33 8524 013-4.0%1 084813+33.3%
2024 Q44 4054 212+4.6%1 0831 086-0.3%
2025 Q14 5624 522+0.9%9111 381-34.0%
2025 Q24 2604 217+1.0%1 4071 058+33.1%
2025 Q34 1514 098+1.3%1 220871+40.2%
2025 Q44 0564 201-3.5%1 312932+40.9%
2026 Q14 0954 060+0.8%1 273940+35.4%
2026 Q24 4404 242+4.7%1 6031 334+20.2%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +4% vs +2% the year before — a +1.9 pp move. 3-year CAGR -7%.
revenue growth by year: 2023 -23% · 2024 +2% · 2025 +4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 14.2x · target 75th pct (3y) 13.1x · LTM avg 13.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-311.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)
2026-04-301.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)
2026-01-301 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-10-311 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-07-311 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-04-301 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-01-310.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2024-10-310.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2024-07-310.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2024-04-290.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2024-01-300.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-10-300.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-07-280.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-04-270.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2023-01-300.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-10-280.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-07-280.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-04-280.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-01-280.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2021-10-280.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Targa Resources (TRGP) — from primary filings.

Targa Resources Corp. owns and operates infrastructure for gathering, processing, transporting, and selling natural gas, natural gas liquids (NGLs), and crude oil in North America. It also provides fractionation, storage, and logistics services for NGLs and related products.

Frequently asked questions

What is Targa Resources (TRGP)'s P/E ratio?
Targa Resources (TRGP) trades at a P/E of 25.3x (price to trailing 12-month earnings).
What is Targa Resources (TRGP)'s EV/EBITDA?
Targa Resources (TRGP) trades at 14.2x EV/EBITDA.
What is Targa Resources (TRGP)'s P/B ratio?
Targa Resources (TRGP) trades at a P/B of 18.7x.
What is Targa Resources (TRGP)'s dividend yield?
Targa Resources (TRGP)'s trailing 12-month dividend yield is 1.7%.
What is Targa Resources (TRGP)'s return on equity (ROE)?
Targa Resources (TRGP)'s ROE is 90.0%.
What is Targa Resources (TRGP)'s market capitalization?
Targa Resources (TRGP)'s market cap is 57.3 bn USD.

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