Targa Resources - Public Comps and Valuation Multiples

Targa Resources Overview

About Targa Resources

Targa Resources is a midstream firm that primarily operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays. It has fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline is another important asset.

Founded

2005

HQ

Employees

3.4K+

Website

targaresources.com

Sectors

Energy Services
Fossil Fuels

Financials

LTM Revenue $18.9B

LTM EBITDA $4.7B

EV

$48.7B

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Targa Resources Financials

As of September 2025, Targa Resources reported last 12-month revenue of $18.9B and EBITDA of $4.7B.

In the same period, Targa Resources generated $7.0B in LTM gross profit and $1.7B in net income.

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Targa Resources P&L

In the most recent fiscal year, Targa Resources reported revenue of $16.4B and EBITDA of $4.1B.

Targa Resources expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$18.9B	XXX	$16.4B	XXX	XXX	XXX
Gross Profit	$7.0B	XXX	$4.3B	XXX	XXX	XXX
Gross Margin	37%	XXX	26%	XXX	XXX	XXX
EBITDA	$4.7B	XXX	$4.1B	XXX	XXX	XXX
EBITDA Margin	25%	XXX	25%	XXX	XXX	XXX
EBIT	$3.1B	XXX	$2.7B	XXX	XXX	XXX
EBIT Margin	17%	XXX	16%	XXX	XXX	XXX
Net Profit	$1.7B	XXX	$1.3B	XXX	XXX	XXX
Net Margin	9%	XXX	8%	XXX	XXX	XXX
Net Debt	XXX	XXX	$13.7B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Targa Resources including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $18.9B. EBITDA for the last twelve months was $4.7B. In the most recent fiscal year, Targa Resources achieved $16.4B in revenue and $4.1B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$18.9B	Analyst estimates available to subscribers	$16.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$7.0B	Analyst estimates available to subscribers	$4.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	37.0% gross margin	Analyst estimates available to subscribers	26.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$4.7B	Analyst estimates available to subscribers	$4.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	24.7% EBITDA margin	Analyst estimates available to subscribers	25.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$3.1B	Analyst estimates available to subscribers	$2.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	16.5% EBIT margin	Analyst estimates available to subscribers	16.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.7B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.9% net profit margin	Analyst estimates available to subscribers	8.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$13.7B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Targa Resources

This financial data table provides comprehensive performance metrics for Targa Resources, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Targa Resources generated $18.9B in revenue over the last twelve months.
The company achieved $4.7B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $7.0B.
Net income over the last twelve months reached $1.7B.

Fiscal Year Performance

In the most recent fiscal year, Targa Resources reported $16.4B in total revenue.
Fiscal year EBITDA was $4.1B.
The company maintained a gross profit margin of 26.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 25.2%.
Net profit margin reached 8.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Targa Resources. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Targa Resources Stock Performance

Targa Resources has current market cap of $32.0B, and EV of $48.7B.

Market Cap Evolution

Targa Resources Stock Data

As of October 17, 2025, Targa Resources's stock price is $149.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$48.7B	$32.0B	XXX	XXX	XXX	XXX	$7.84

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Targa Resources Valuation Multiples

Targa Resources's trades at 3.0x EV/Revenue multiple, and 11.8x EV/EBITDA.

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Targa Resources Financial Valuation Multiples

As of October 17, 2025, Targa Resources has market cap of $32.0B and EV of $48.7B.

Equity research analysts estimate Targa Resources's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Targa Resources has a P/E ratio of 19.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$32.0B	XXX	$32.0B	XXX	XXX	XXX
EV (current)	$48.7B	XXX	$48.7B	XXX	XXX	XXX
EV/Revenue	2.6x	XXX	3.0x	XXX	XXX	XXX
EV/EBITDA	10.4x	XXX	11.8x	XXX	XXX	XXX
EV/EBIT	15.6x	XXX	18.1x	XXX	XXX	XXX
EV/Gross Profit	7.0x	XXX	n/a	XXX	XXX	XXX
P/E	19.0x	XXX	24.4x	XXX	XXX	XXX
EV/FCF	89.2x	XXX	71.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Targa Resources Margins & Growth Rates

Targa Resources's last 12 month revenue growth is 21%

Targa Resources's revenue per employee in the last FY averaged $4.9M, while opex per employee averaged $0.5M for the same period.

Targa Resources's rule of 40 is 45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Targa Resources's rule of X is 76% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Targa Resources Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	21%	XXX	20%	XXX	XXX	XXX
EBITDA Margin	25%	XXX	25%	XXX	XXX	XXX
EBITDA Growth	11%	XXX	10%	XXX	XXX	XXX
Rule of 40	45%	XXX	46%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	76%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$4.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	10%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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