Question 1

What is Targa Resources's P/E ratio?

Accepted Answer

Targa Resources (TRGP) P/E ratio is 28.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Targa Resources specifically, the relevant sector benchmark is the current sector median of 17.8×.

Question 5

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

Accepted Answer

Targa Resources's P/E ratio of 28.8× is below its own 5-year average of 97.7× and above the sector median of 17.8×. That places the current reading at the 51th 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/E ratio range?

Accepted Answer

In the available daily series, Targa Resources (TRGP) P/E ratio has ranged from a low of 12.9× in 2023 to a high of 4369.8× in 2018. The 5-year average is 97.7× and the 5-year median is 24.4×.

Question 7

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

Accepted Answer

Targa Resources (TRGP) P/E ratio at the end of 2025 was 21.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$39.7B	$1.84B	21.5×	-8.6×	Dec 31, 2025
2024	$39.3B	$1.31B	30.1×	+6.7×	Dec 31, 2024
2023	$19.3B	$828M	23.4×	+9.4×	Dec 31, 2023
2022	$16.7B	$1.2B	13.9×	-153.9×	Dec 31, 2022
2021	$12B	$71.2M	167.9×	—	Dec 31, 2021
2020	$6.03B	-$1.55B	—	—	Dec 31, 2020
2019	$9.51B	-$209M	—	—	Dec 31, 2019
2018	$8.3B	$1.9M	4369.8×	+4175.2×	Dec 31, 2018
2017	$10.5B	$53.8M	194.6×	—	Dec 31, 2017
2016	$10.2B	-$187M	—	—	Dec 31, 2016
2015	$1.52B	$58M	26.1×	-17.4×	Dec 31, 2015
2014	$4.45B	$102M	43.5×	-12.9×	Dec 31, 2014
2013	$3.68B	$65.1M	56.5×	-0.4×	Dec 31, 2013
2012	$2.17B	$38.1M	56.9×	+2.5×	Dec 31, 2012
2011	$1.67B	$30.7M	54.3×	—	Dec 31, 2011
2010	$1.1B	-$15M	—	—	Dec 31, 2010


Diamondback Energy (FANG)	138.8×
Texas Pacific Land (TPL)	65.0×
Chevron (CVX)	37.2×
Enphase Energy (ENPH)	36.8×
Williams Companies (WMB)	31.4×
SLB (SLB)	23.3×
ConocoPhillips (COP)	22.1×
Enbridge (ENB)	21.6×
Baker Hughes (BKR)	19.4×
NACCO Industries (NC)	18.1×
Phillips 66 (PSX)	17.8×
Halliburton (HAL)	17.7×
Valero Energy (VLO)	17.5×
ONEOK (OKE)	16.1×
Marathon Petroleum (MPC)	15.6×
EOG Resources (EOG)	14.0×
Devon Energy (DVN)	13.8×
Energy Transfer LP (ET)	13.7×
Occidental Petroleum (OXY)	13.5×
National Fuel Gas (NFG)	13.0×
APA (APA)	9.8×
Expand Energy (EXE)	8.2×

P/E Ratio for Targa Resources (TRGP) 2011-2026

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

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

About P/E Ratio at Targa Resources (TRGP)

Targa Resources P/E Ratio by Year

Targa Resources P/E Ratio 2025: 21.5×

Targa Resources P/E Ratio 2024: 30.1×

Targa Resources P/E Ratio 2023: 23.4×

Targa Resources P/E Ratio 2022: 13.9×

Targa Resources P/E Ratio 2021: 167.9×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Targa Resources (TRGP) Key Financials