Question 1

What is Targa Resources's P/B ratio?

Accepted Answer

Targa Resources (TRGP) P/B ratio is 18.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Targa Resources?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Targa Resources specifically, the relevant sector benchmark is the current sector median of 2.4×.

Question 5

Is Targa Resources's P/B ratio high or low?

Accepted Answer

Targa Resources's P/B ratio of 18.1× is above its own 5-year average of 9.8× and above the sector median of 2.4×. That places the current reading at the 99th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Targa Resources's historical P/B ratio range?

Accepted Answer

In the available daily series, Targa Resources (TRGP) P/B ratio has ranged from a low of 0.5× in 2020 to a high of 38.6× in 2014. The 5-year average is 9.8× and the 5-year median is 8.5×.

Question 7

What was Targa Resources's P/B ratio in 2025?

Accepted Answer

Targa Resources (TRGP) P/B ratio at the end of 2025 was 12.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Targa Resources's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$39.67B	$3.07B	12.9×	-2.2×	Dec 31, 2025
2024	$39.31B	$2.59B	15.2×	+8.1×	Dec 31, 2024
2023	$19.34B	$2.74B	7.1×	+0.8×	Dec 31, 2023
2022	$16.67B	$2.67B	6.3×	+0.3×	Dec 31, 2022
2021	$11.95B	$2.01B	5.9×	+3.7×	Dec 31, 2021
2020	$6.03B	$2.65B	2.3×	+0.3×	Dec 31, 2020
2019	$9.51B	$4.92B	1.9×	+0.6×	Dec 31, 2019
2018	$8.30B	$6.08B	1.4×	-0.3×	Dec 31, 2018
2017	$10.47B	$6.16B	1.7×	-0.2×	Dec 31, 2017
2016	$10.15B	$5.25B	1.9×	+0.9×	Dec 31, 2016
2015	$1.52B	$1.46B	1.0×	-25.2×	Dec 31, 2015
2014	$4.45B	$169.80M	26.2×	+1.5×	Dec 31, 2014
2013	$3.68B	$148.80M	24.7×	+9.7×	Dec 31, 2013
2012	$2.17B	$144.10M	15.0×	+4.5×	Dec 31, 2012
2011	$1.67B	$158.10M	10.6×	+3.0×	Dec 31, 2011
2010	$1.10B	$144.30M	7.6×	—	Dec 31, 2010


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P/B Ratio for Targa Resources (TRGP)

P/B Ratio daily chart for Targa Resources (TRGP)

Historical P/B Ratio for Targa Resources (TRGP) from 2010 to 2025

About P/B Ratio at Targa Resources (TRGP)

Targa Resources P/B Ratio by Year

Targa Resources P/B Ratio 2025: 12.9×

Targa Resources P/B Ratio 2024: 15.2×

Targa Resources P/B Ratio 2023: 7.1×

Targa Resources P/B Ratio 2022: 6.3×

Targa Resources P/B Ratio 2021: 5.9×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Targa Resources (TRGP) Key Financials

P/B Ratio daily chart for Targa Resources (TRGP)

Historical P/B Ratio for Targa Resources (TRGP) from 2010 to 2025

About P/B Ratio at Targa Resources (TRGP)

Targa Resources P/B Ratio by Year

Targa Resources P/B Ratio 2025: 12.9×

Targa Resources P/B Ratio 2024: 15.2×

Targa Resources P/B Ratio 2023: 7.1×

Targa Resources P/B Ratio 2022: 6.3×

Targa Resources P/B Ratio 2021: 5.9×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Targa Resources's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Targa Resources?

+Is Targa Resources's P/B ratio high or low?

+What is Targa Resources's historical P/B ratio range?

+What was Targa Resources's P/B ratio in 2025?

+Why does Targa Resources's P/B ratio change over time?

Targa Resources (TRGP) Key Financials