Targa Resources Corp. (TRGP) Key Metrics
TRGP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $63.24B
- Enterprise value
- $80.13B
- P/E (TTM)
- 28.2 10-yr median 27.4
- Forward P/E
- 23.2
- PEG ratio
- 1.23
- Price / sales
- 3.8 10-yr median 1.1
- Price / book
- 16.6 10-yr median 4.1
- EV / EBITDA
- 14.6 10-yr median 12.7
- Dividend yield
- 1.70% $5.00 a year
- Beta
- 0.80
TRGP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTRGP valuation Price multiples at each fiscal year-end price.
TRGP returns How much profit the business earns on the capital it uses.
TRGP per-share figures Results divided by the shares outstanding at year-end.
TRGP financial health Debt, liquidity and how easily interest is covered.
TRGP efficiency & capital use Working capital cycle and where the cash goes.
TRGP valuation history
TRGP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TRGP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TRGP cash returned to shareholders
TRGP price vs earnings per share
TRGP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $39.67B | $39.50B | $19.63B | $16.99B | $11.94B | $6.13B | $9.49B | $8.08B | $10.02B | $10.36B |
| Enterprise value | $57.05B | $53.61B | $32.50B | $28.33B | $18.42B | $13.68B | $17.03B | $14.50B | $15.01B | $15.23B |
| P/E ratio | 21.5 | 31.1 | 23.7 | 14.9 | 167.7 | — | — | — | 185.5 | — |
| Price / sales | 2.3 | 2.4 | 1.3 | 0.8 | 0.7 | 0.7 | 1.1 | 0.8 | 1.1 | 1.6 |
| Price / book | 12.9 | 15.2 | 7.2 | 6.4 | 5.9 | 2.3 | 1.9 | 1.3 | 1.4 | 1.8 |
| Price / free cash flow | 67.9 | 57.8 | 23.8 | 16.2 | 6.6 | 7.7 | — | — | — | 37.6 |
| Price / operating cash flow | 10.1 | 10.8 | 6.1 | 7.1 | 5.2 | 3.5 | 6.8 | 7.1 | 10.7 | 12.4 |
| EV / sales | 3.3 | 3.2 | 2.1 | 1.3 | 1.1 | 1.7 | 2.0 | 1.4 | 1.7 | 2.3 |
| EV / EBITDA | 11.8 | 13.0 | 8.2 | 8.8 | 10.9 | — | 13.5 | 12.7 | 20.0 | 20.3 |
| EV / free cash flow | 97.7 | 78.4 | 39.3 | 27.1 | 10.2 | 17.3 | — | — | — | 55.3 |
| Earnings yield | 4.6% | 3.2% | 4.2% | 6.7% | 0.6% | −25.4% | −2.2% | 0.0% | 0.5% | −1.8% |
| Free cash flow yield | 1.5% | 1.7% | 4.2% | 6.2% | 15.1% | 12.9% | −15.7% | −24.4% | −3.6% | 2.7% |
| Dividend yield | 2.1% | 1.6% | 2.2% | 2.2% | 1.6% | 6.5% | 10.2% | 11.2% | 8.4% | 5.5% |
| Shareholder yield (dividends + buybacks) | 3.7% | 3.5% | 4.1% | 9.5% | 2.0% | 10.8% | 10.2% | 11.3% | 8.5% | 5.5% |
| Share price at fiscal year-end | $184.50 | $178.50 | $86.87 | $73.50 | $52.24 | $26.38 | $40.83 | $36.02 | $48.42 | $56.07 |
| Per share | ||||||||||
| Revenue per share | $79.70 | $75.13 | $69.11 | $93.83 | $76.29 | $35.63 | $37.30 | $47.08 | $42.84 | $35.97 |
| Earnings per share | $8.58 | $5.74 | $3.66 | $4.94 | $0.31 | −$6.69 | −$0.90 | $0.01 | $0.26 | −$1.01 |
| Operating cash flow per share | $18.22 | $16.49 | $14.21 | $10.30 | $10.07 | $7.51 | $5.98 | $5.10 | $4.54 | $4.53 |
| Free cash flow per share | $2.72 | $3.09 | $3.66 | $4.53 | $7.86 | $3.41 | −$6.40 | −$8.79 | −$1.73 | $1.49 |
| Cash per share | $0.77 | $0.71 | $0.63 | $0.95 | $0.69 | $1.05 | $1.42 | $1.04 | $0.66 | $0.40 |
| Book value per share | $14.27 | $11.71 | $12.12 | $11.53 | $8.80 | $11.43 | $21.16 | $27.12 | $33.70 | $32.02 |
| Tangible book value per share | $6.07 | $2.78 | $1.52 | −$0.49 | $3.81 | $5.48 | $13.51 | $18.06 | $21.99 | $21.93 |
| Dividends per share | $3.81 | $2.78 | $1.89 | $1.64 | $0.82 | $1.70 | $4.15 | $4.05 | $4.08 | $3.06 |
| Capex per share | $15.50 | $13.40 | $10.55 | $5.77 | $2.21 | $4.10 | $12.38 | $13.89 | $6.27 | $3.04 |
| Debt per share | $81.61 | $64.46 | $57.57 | $50.04 | $29.01 | $33.60 | $33.85 | $29.71 | $24.79 | $26.79 |
| Shares outstanding | 215.0M | 221.3M | 226.0M | 231.1M | 228.6M | 232.2M | 232.5M | 224.2M | 206.9M | 184.7M |
| Change in shares outstanding | −2.8% | −2.1% | −2.2% | +1.1% | −1.6% | −0.1% | +3.7% | +8.4% | +12.0% | +244.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 65.2% | 47.6% | 30.6% | 48.8% | 3.1% | −41.0% | −3.8% | 0.0% | 0.8% | −3.1% |
| Return on invested capital (ROIC) | 14.6% | 14.6% | 12.0% | 20.3% | 18.8% | 8.8% | 1.2% | 3.9% | 2.2% | 1.5% |
| Return on assets (ROA) | 7.7% | 5.8% | 4.1% | 6.6% | 0.5% | −9.0% | −1.2% | 0.0% | 0.4% | −1.4% |
| Return on tangible assets | 7.9% | 6.1% | 4.5% | 6.8% | 0.5% | −10.7% | −1.2% | 0.0% | 0.5% | −1.7% |
| Free cash flow margin | 3.4% | 4.1% | 5.3% | 4.8% | 10.3% | 9.6% | −17.2% | −18.7% | −4.0% | 4.1% |
| Income quality (OCF / net income) | 2.12 | 2.87 | 3.88 | 2.08 | 32.34 | — | — | 715.00 | 17.40 | — |
| Financial health | ||||||||||
| Total debt | $17.55B | $14.27B | $13.01B | $11.56B | $6.63B | $7.80B | $7.87B | $6.66B | $5.13B | $4.95B |
| Cash & short-term investments | $166.1M | $157.3M | $141.7M | $219.0M | $158.5M | $242.8M | $331.1M | $232.1M | $137.2M | $73.5M |
| Net debt | $17.38B | $14.11B | $12.87B | $11.35B | $6.47B | $7.56B | $7.54B | $6.43B | $4.99B | $4.88B |
| Debt / equity | 5.72 | 5.50 | 4.75 | 4.34 | 3.30 | 2.94 | 1.60 | 1.10 | 0.74 | 0.84 |
| Debt / assets | 0.70 | 0.63 | 0.63 | 0.59 | 0.44 | 0.49 | 0.42 | 0.39 | 0.36 | 0.38 |
| Net debt / EBITDA | 3.58 | 3.42 | 3.25 | 3.54 | 3.82 | — | 5.97 | 5.64 | 6.65 | 6.48 |
| Current ratio | 0.67 | 0.72 | 0.79 | 0.77 | 0.77 | 0.82 | 0.89 | 0.51 | 0.79 | 0.86 |
| Quick ratio | 0.55 | 0.62 | 0.66 | 0.64 | 0.70 | 0.72 | 0.80 | 0.45 | 0.66 | 0.74 |
| Interest coverage | 4.0 | 3.8 | 3.2 | 5.6 | 4.7 | 3.2 | 0.6 | 2.0 | 1.4 | 0.9 |
| Working capital | −$1.18B | −$876.3M | −$566.3M | −$710.1M | −$528.7M | −$319.1M | −$214.3M | −$1.38B | −$346.7M | −$160.8M |
| Invested capital | $20.45B | $16.70B | $15.61B | $14.01B | $8.48B | $10.21B | $12.46B | $12.51B | $11.96B | $10.79B |
| Tangible asset value | $1.43B | $2.44B | $2.21B | $2.20B | $4.04B | $4.52B | $6.66B | $5.44B | $4.55B | $4.05B |
| Net current asset value | −$19.66B | −$16.02B | −$13.87B | −$12.22B | −$8.26B | −$8.51B | −$8.71B | −$8.05B | −$6.15B | −$5.95B |
| Graham number | $52.48 | $38.88 | $31.62 | $35.82 | $7.85 | — | — | $2.09 | $14.07 | — |
| Graham net-net per share | −$95.50 | −$75.81 | −$64.74 | −$56.71 | −$38.47 | −$38.72 | −$40.08 | −$37.93 | −$31.69 | −$33.87 |
| Capital allocation | ||||||||||
| Dividends paid | $818.3M | $615.5M | $427.3M | $379.7M | $187.5M | $395.9M | $964.8M | $908.3M | $843.2M | $565.9M |
| Share buybacks (net) | $641.8M | $754.7M | $373.7M | $1.23B | $53.2M | $268.2M | $0 | $4.0M | $3.4M | $3.6M |
| Dividend payout ratio | 44.4% | 48.5% | 51.6% | 33.2% | 263.3% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 250.0% | 200.4% | 96.9% | 153.4% | 13.4% | 83.8% | — | — | — | 206.9% |
| Capex / revenue | 19.5% | 17.8% | 15.3% | 6.2% | 2.9% | 11.5% | 33.2% | 29.5% | 14.6% | 8.5% |
| Capex / operating cash flow | 85.1% | 81.3% | 74.3% | 56.0% | 21.9% | 54.5% | 207.1% | 272.3% | 138.1% | 67.1% |
| Capex / depreciation | 2.20 | 2.08 | 1.79 | 1.22 | 0.58 | 1.10 | 2.96 | 3.82 | 1.60 | 0.74 |
| Stock-based compensation / revenue | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.8% | 0.7% | 0.5% | 0.5% | 0.4% |
| SG&A / revenue | 2.4% | 2.3% | 2.2% | 1.4% | 1.6% | 3.1% | 3.2% | 2.4% | 2.3% | 2.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.9 | 33.9 | 33.6 | 23.1 | 23.0 | 37.9 | 36.2 | 29.3 | 32.3 | 34.6 |
| Days of inventory on hand | 11.1 | 9.7 | 10.7 | 5.3 | 4.0 | 9.3 | 8.3 | 6.9 | 7.5 | 8.2 |
| Days payables outstanding | 56.3 | 49.2 | 42.2 | 27.5 | 26.6 | 48.4 | 54.8 | 41.1 | 37.0 | 35.7 |
| Cash conversion cycle (days) | -12.3 | -5.6 | 2.1 | 0.8 | 0.4 | -1.2 | -10.3 | -4.9 | 2.8 | 7.0 |
| Receivables turnover | 11.08 | 10.76 | 10.85 | 15.83 | 15.89 | 9.63 | 10.08 | 12.47 | 11.29 | 10.56 |
| Payables turnover | 6.48 | 7.42 | 8.65 | 13.25 | 13.73 | 7.55 | 6.66 | 8.88 | 9.85 | 10.22 |
| Inventory turnover | 32.98 | 37.69 | 34.19 | 69.05 | 91.65 | 39.36 | 44.02 | 52.96 | 48.73 | 44.74 |
| Asset turnover | 0.71 | 0.77 | 0.78 | 1.25 | 1.12 | 0.48 | 0.49 | 0.67 | 0.65 | 0.51 |
| Average receivables | $1.55B | $1.54B | $1.44B | $1.37B | $1.10B | $858.9M | $860.2M | $846.5M | $785.0M | $629.1M |
| Average payables | $1.94B | $1.79B | $1.51B | $1.43B | $1.12B | $894.3M | $1.08B | $1.10B | $846.3M | $609.8M |
| Average inventory | $381.8M | $352.9M | $382.6M | $273.6M | $167.4M | $171.5M | $163.1M | $184.6M | $171.1M | $139.3M |
| Intangibles / total assets | 7.0% | 8.7% | 11.6% | 14.2% | 7.5% | 8.7% | 9.5% | 12.0% | 16.8% | 14.5% |
Computed from TRGP's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TRGP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Targa Resources traded at 21.5 times earnings, against a 10-year median of 27.4. Based on the latest twelve months, the trailing P/E is 28.2 and the forward P/E is 23.2. Targa Resources earned a return on equity of 65.2% and a return on invested capital of 14.6% in fiscal 2025. It ended the year with $17.5 billion of debt and $166.1 million in cash and short-term investments, net debt of $17.4 billion. It returned $1.5 billion to shareholders: $818.3 million in dividends and $641.8 million in share buybacks, 250% of free cash flow. The share count rose 16.4% from 184.7M to 215.0M over 9 years.
See the TRGP income statement, the TRGP chart for price history, or the TRGP stock overview for the latest quote and news.
TRGP key metrics FAQ
What is Targa Resources's P/E ratio?
Targa Resources's trailing P/E ratio is 28.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 23.2. At the end of fiscal 2025 it was 21.5, compared with a 10-year median of 27.4.
What is Targa Resources's EV/EBITDA?
Targa Resources's enterprise value was 11.8 times EBITDA at the end of fiscal 2025 (enterprise value $57.0 billion, EBITDA $4.9 billion); the current EV/EBITDA is 14.6.
What is Targa Resources's return on equity?
Targa Resources's return on equity (ROE) was 65.2% in fiscal 2025: net income of $1.8 billion on average shareholders' equity of $2.8 billion.
What is Targa Resources's ROIC?
Targa Resources's return on invested capital was 14.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Targa Resources have?
Targa Resources had total debt of $17.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 5.72 and $17.4 billion of net debt (3.58 times EBITDA).
What is Targa Resources's dividend yield?
Targa Resources's forward dividend yield is 1.70%. Targa Resources paid $818.3 million in dividends in fiscal 2025 ($3.81 per share), a payout ratio of 44.4%.
Does Targa Resources buy back its shares?
Yes. Targa Resources spent $641.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.8% over the year, to 215.0M..
What is Targa Resources's free cash flow yield?
Targa Resources generated $584.1 million of free cash flow in fiscal 2025, a free cash flow yield of 1.5% on its market value at year-end ($39.7 billion).
What is Targa Resources's current ratio?
Targa Resources's current ratio was 0.67 at the end of fiscal 2025: current assets were 0.67 times current liabilities.