Is Targa Resources (TRGP) overvalued or fairly valued?

MarketChacha shows Targa Resources's valuation in context — a trailing P/E of about 27.0, a forward P/E of about 24.3, a price-to-book of about 17.1 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Targa Resources's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (2.35×) from reported figures — education, not a rating.

What is Targa Resources's revenue?

Targa Resources reported revenue of $17.0B for FY2025, with net profit of $1.9B, per official filings.

What is the share price of Targa Resources (TRGP)?

Targa Resources last traded at $292.01 (-0.3% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Targa Resources

TRGP · NYSE · Energy · United States

Snapshot

TickerTRGP

ExchangeNYSE

SectorEnergy

IndustryOil & Gas Midstream

CountryUnited States

Employees3,570

HeadquartersHouston, United States

Websitewww.targaresources.com

Filings tracked20

About Targa Resources

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.

Who owns it

Insiders1.4%
Institutions97.6%
Public & other1.0%

1,489 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.9.72%
State Street Corporation6.63%
Wellington Management Group, LLP6.61%
Vanguard Capital Management LLC6.54%
Vanguard Portfolio Management LLC5.46%
Harris Associates L.P.3.70%
Geode Capital Management, LLC2.84%
NORGES BANK1.97%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion2.35×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend10.0% → 11.3%

Margin has expanded by about 1.3 points — the business is getting more profitable.

Return on equity62.7%

Latest ROE of 62.7% — capital is generating a healthy return.

Growth qualityrev 12% · PAT 20%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $5.1B · EPS 2.90

Est. earnings growth +8.1%

Next fiscal year

Rev $23.9B · EPS 12.02

Est. earnings growth +4.8%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$17.0B

Net margin

11.3%

ROE

62.7%

Revenue CAGR (2y)

+12.2%

Profit CAGR (2y)

+19.5%

EPS (FY2025)

8.49

Net profit (FY2025)

$1.9B

Ask MarketChacha about TRGP

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$17.0B	$1.9B	8.49	11.3%	62.7%
FY2024	$14.1B	$1.3B	5.74	9.3%	50.6%
FY2023	$13.5B	$1.3B	3.66	10.0%	49.1%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$4.4B	$764.6M	3.54	17.2%
2026Q1	$4.1B	$479.6M	2.21	11.7%
2025Q3	$4.2B	$478.4M	2.20	11.5%
2025Q2	$4.3B	$629.1M	2.87	14.8%
2025Q1	$4.6B	$270.5M	0.91	5.9%
2024Q3	$3.9B	$387.4M	1.75	10.1%
2024Q2	$3.0B	$298.5M	1.33	9.8%
2024Q1	$4.0B	$275.2M	1.22	6.9%
2023Q3	$3.4B	$220.0M	0.97	6.5%
2023Q2	$2.7B	$329.3M	1.44	12.1%
2023Q1	$3.8B	$497.0M	0.03	13.1%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Executive/director change
SEC8/25/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC8/6/2026material
10-Q filing
SEC8/6/2026
8-K — Executive/director change, Exhibits
SEC7/17/2026material
8-K — Material agreement, Exhibits
SEC7/6/2026material
8-K — Shareholder vote results
SEC5/22/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC5/7/2026material
10-Q filing
SEC5/7/2026
8-K — Material agreement, Material financial obligation, Exhibits
SEC3/2/2026material
8-K — Reg FD disclosure, Other events, Exhibits
SEC2/26/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC2/19/2026material
10-K filing
SEC2/19/2026

2025

8-K — Material agreement, Material financial obligation, Exhibits
SEC11/12/2025material
8-K — Reg FD disclosure, Other events, Exhibits
SEC11/7/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC11/5/2025material
10-Q filing
SEC11/5/2025
8-K — Results of operations, Reg FD disclosure, Other events, Exhibits
SEC8/7/2025material
10-Q filing
SEC8/7/2025
8-K — Executive/director change, Exhibits
SEC8/6/2025material
8-K — Material agreement, Exhibits
SEC7/28/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.