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Targa Resources USD

Update

Sector: NGL & midstream

COMM_TRGP

Price chart

259.68 USDDay -1.01%

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
259.68 USD · -1.01%
Market cap
55.7 bn USD

Growth

Δ revenue y/y
-10.2%
Δ EBITDA y/y
39.7%

Multiples

P/E (LTM)
26.1x
3y avg: 21.2x
P/B (FY)
18.2x
P/E (ann.)
29.1x
EV/EBITDA (LTM)
14.2x
3y avg: 10.7x
EV/EBITDA (ann.)
14.5x

Cash return

Dividend yield
1.6%
FCF yield (LTM)
-4.1%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-21.6%
↓ details

Liquidity

Daily turnover (listing)
223.6 mln USD

Shares: yahoo_fundamentals_timeseries/TRGP

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 13 / Err: 0 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2⚠Warn 1
2023-09-30 Q3⚠Warn 1
2023-12-31 FY⚠Warn 1
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY⚠Warn 1
2025-03-31 Q1⚠Warn 1
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3⚠Warn 1
2025-12-31 FY⚠Warn 1
2026-03-31 Q1⚠Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2026-03-31Q1 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%16.5Link
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%13.5Link
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%12.8Link
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%12.4Link
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
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-20%0%20%40%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 500-1 000-50005002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05 00010 00015 00020 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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: -21.6%

Main driver: Propane (NGL) +15% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 5 208→5 169; at 12.0× EV/EBITDA → -22%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Propane (NGL) (rev)+28%0.800.690.77+15%+10%
Henry Hub Gas (rev)+10%3.243.533.10-8%-12%

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

1 · Reported baseline (LTM)
LTM revenue16 562
LTM EBITDA5 208
LTM cash costs (revenue − EBITDA)11 353
2 · Revenue projection
Revenue multiplier — spot×1.033 (+3%)
= Spot revenue17 113
Revenue multiplier — 3y price×1.017 (+2%)
= 3-year-price revenue16 839
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs11 807
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs11 807
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 305
= 3-year-price EBITDA5 032
Conservative EBITDA = min(spot, avg)5 169
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA62 024
Net debt18 335
Target market cap = EV − net debt43 689
Current market cap55 743

Upside = target market cap ÷ current − 1 = -21.6%

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 Q23 4044 376-22.2%98117—
2023 Q33 8973 976-2.0%836363+130.3%
2023 Q44 2403 909+8.4%977702+39.1%
2024 Q14 5624 108+11.1%9801 006-2.6%
2024 Q23 5624 013-11.2%976854+14.3%
2024 Q33 8524 013-4.0%1 084812+33.5%
2024 Q44 4054 212+4.6%1 0791 085-0.6%
2025 Q14 5624 522+0.9%9111 380-34.0%
2025 Q24 2604 217+1.0%1 4071 057+33.2%
2025 Q34 1514 098+1.3%1 220870+40.3%
2025 Q44 0564 201-3.5%1 308931+40.5%
2026 Q14 0954 060+0.8%1 273939+35.6%

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 12.9x · target 75th pct (3y) 17.6x · LTM avg 13.1x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-07-290.1 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)