Targa Resources Operating Margin History
TRGP / Energy|10 years of SEC 10-K data (FY2016-FY2025)
19.6% in FY2025 with a 5-year CAGR of +35.3%.
Improved from 16.4% to 19.6% over the past 2 years.
At 19.6%, Targa Resources's operating margin ranks #30 of 80 in the Energy sector. Operating Margin has increased for 5 consecutive years, from -15.8% in FY2020 to 19.6% in FY2025.
Based on SEC 10-K filings.
Key Data Points
- Altman Z-Score 1.19 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
- Strong return on equity: 63.9%
Data sourced from SEC EDGAR filings. Not investment advice.
- 3-Year Change
- +11.3pp
- 5-Year Change
- +35.3pp
- 10-Year Change
- -
Operating Margin Trend
#30 of 80 in EnergyTop 37% of 80This company 19.6% Sector average 15.5%
▼
+26.2% above sector average
Key Insights
- Targa Resources's operating margin has grown for 5 consecutive years.
- In FY2025, operating margin increased 18.9% year-over-year.
- Currently 4.1pp above the Energy sector average.
- Lowest operating margin in the period was in FY2020.
Annual Data
| Year | Operating Margin | YoY Growth |
|---|---|---|
| FY2025 | 19.6% | +18.9% |
| FY2024 | 16.4% | +0.6% |
| FY2023 | 16.4% | +97.9% |
| FY2022 | 8.3% | +62.0% |
| FY2021 | 5.1% | +132.3% |
| FY2020 | -15.8% | -810.8% |
| FY2019 | 2.2% | -2.2% |
| FY2018 | 2.3% | +263.5% |
| FY2017 | -1.4% | -239.0% |
| FY2016 | 1.0% | - |
As of FY2025 · SEC 10-K · Updated Feb 28, 2026