TRGPNYSENatural Gas TransmissionFiscal year ends December 31
Targa Resources Corp.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$292.80−2.10 (-0.71%)
Close on Oct 19, 2026
- Market cap
- $63.01B
- P/E (TTM)
- 27.9
- Dividend yield
- 1.28%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
38.3%+1.1 pts over 5 years
Operating margin
19.6%+35.3 pts over 5 years
Net margin
11.3%+30.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.9% | -6.6% | +15.6% | – | |
| Gross profit | +14.8% | +17.2% | +16.2% | +13.6% | |
| Operating income | +23.6% | +24.4% | – | +35.5% | |
| Net income | +46.6% | +17.2% | – | +41.9% | |
| EPS, diluted | +47.9% | +29.8% | – | +22.8% | |
| Free cash flow | -14.6% | -17.7% | -5.9% | +10.4% | |
| Dividend per share | +36.4% | +38.9% | +25.4% | +1.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -5.6% | -41.0% | 67.9% | |
| Return on assets | -1.4% | -9.0% | 8.0% | |
| Current ratio | 0.86 | 0.82 | 0.67 | |
| Debt to equity | 0.93 | 2.92 | 5.43 | |
| Net debt to EBITDA | 5.91× | -17.10× | 3.40× | |
| Inventory turnover | 27.4× | 30.2× | 27.5× | |
| Capex to revenue | 10.1% | 11.5% | 19.6% | |
| Diluted shares | 154M | 232M | 217M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Targa Resources generated $15.46B from operations and spent $12.57B on capital expenditure, dividends and share buybacks. 84% of that went back into the business.
Generated
$15.46B
Used
$12.57B
Capital expenditure$10.52B84%Dividends$00%Share buybacks$2.05B16%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.3%
×Asset turnover0.71×
×Equity multiplier8.47×
=Return on equity, FY202567.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 11.3% | 0.71× | 8.47× | 67.9% |
| FY2024 | 8.0% | 0.75× | 8.14× | 49.2% |
| FY2023 | 8.4% | 0.80× | 7.44× | 49.8% |
| FY2022 | 5.7% | 1.20× | 7.43× | 51.1% |
| FY2021 | 0.4% | 1.09× | 6.66× | 3.1% |
| FY2020 | -18.8% | 0.48× | 4.58× | -41.0% |
| FY2019 | -2.4% | 0.49× | 3.25× | -3.8% |
| FY2018 | 0.0% | 0.67× | 2.56× | 0.0% |
| FY2017 | 0.6% | 0.65× | 2.39× | 0.9% |
| FY2016 | -3.4% | 0.43× | 3.89× | -5.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.92B
- Cash generatingOperating cash flow above zero$3.92B
- Return on assets improvedROA up on the prior year6.3% → 8.5%
- Earnings backed by cashOperating cash flow above net income$3.92B vs $1.92B
- Less leverageLong-term debt to assets fell60.6% → 66.1%
- Better liquidityCurrent ratio rose0.72 → 0.67
- No dilutionShare count did not rise221M → 217M
- Gross margin improvedGross margin up on the prior year34.66% → 38.29%
- More efficientAsset turnover rose0.79 → 0.75