Targa Resources (TRGP) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Targa Resources

NYSE•Energy•Oil & Gas Midstream

$285.07+0.30(<0.01%)After hours

Market Cap

$63.01B

P/E

27.8x

P/S

3.8x

P/B

17.2x

Targa Resources Corp., together with its subsidiaries, owns, operates, acquires, and develops a portfolio of complementary domestic infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil. It is involved in the purchase and resale of NGL products; and sale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, the company offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. The company also leased and owned railcars, tractors, vacuum trucks and pressurized NGL barges. Targa Resources Corp. was incorporated in 2005 and is headquartered in Houston, Texas.

How this company scores

GoodMetricSide Score: 66/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (10/25).

Profitability25/25

Growth16/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality15/25

Strengths

Rising free cash flowStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 27.8x5y range 10.5x – 1361.2x

Currently near its 20-quarter median.

P/S · 3.8x5y range 0.6x – 3.8x

Currently above its 20-quarter median.

P/B · 17.2x5y range 4.6x – 17.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Leverage Risk

Red Flag

D/E ratio is 5.4 — heavily leveraged and vulnerable to rising rates or cash flow dips.

Price & Volume

Market Cap $63.01B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $16.74B
Q. Revenue: $4.44B
TTM EBITDA: $5.49B
TTM Op. Income: $3.84B
Q. Op. Income: $1.23B
TTM Net Income: $2.27B
Q. Net Income: $764.60M
EPS: $3.54
Shares Out.: $214.60M

$16.74B in TTM revenue declined 2.0% YoY, reaching $4.44B last quarter. TTM EBITDA of $5.49B and TTM operating income of $3.84B show growth is flowing through to the bottom line. TTM net income of $2.27B means revenue is converting into profit. Over the past year, TTM revenue is down 2% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 48.2%
EBITDA Margin: 38.0%
Op. Margin: 27.8%
Net Margin: 17.2%

Op. margin of 27.8% is up 3.5% YoY — cost efficiency is improving. Net margin at 17.2% and gross margin of 48.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 15% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 27.8x
P/S Ratio: 3.8x
P/B Ratio: 17.2x

At 27.8x P/E, the stock trades within typical market levels. P/S of 3.8x and P/B of 17.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $28.52B
Cash: $132.30M
Long-Term Debt: $19.58B
Book Value: $3.66B
D/E Ratio: 5.4
Debt/EBITDA: 11.6

With $28.52B in assets and $19.58B in long-term debt, D/E is 5.4and book value is $3.66B — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is down 18% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.44B
TTM Free Cash Flow: $740.90M
FCF Margin: 4.4%
FCF / Net Income: 0.3

TTM FCF of $740.90M on $1.44B in operating cash flow. The FCF / Net Income ratio of 0.3x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is up 73% — an improving trend.