Health score, competitive moat, risk signals, and key metrics at a glance.
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.
Competitive analysis based on 57 quarters of fundamental data
Operating margins are expanding at ~19.0%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 56.9% suggests a durable competitive advantage and efficient capital allocation.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has grown modestly overall (~1.9%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 57 quarters
Margins are stable or improving at ~21.9% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 6.1 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 2.8% — net buybacks are reducing shares outstanding and boosting per-share value.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
