Kinetik vs Targa Resources
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The short version
- Targa Resources is the larger business, with $17.0B of revenue in fiscal 2025 against $1.8B for Kinetik, about 9.7 times as much.
- Kinetik grew revenue faster (19.0%, against 4.0%).
- Targa Resources kept more of each dollar of sales as operating profit (19.6% operating margin, against 9.4%).
- Kinetik turned more of its sales into free cash flow (6.3% FCF margin, against 3.4%).
- Targa Resources earned a higher return on the capital invested in it (13.3%, against 8.6%).
- Investors pay more for each dollar of Targa Resources’s earnings: a P/E of 28.9x against 19.8x for Kinetik.
| Latest fiscal year | KNTK · FY25 | TRGP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $65.1B |
| Revenue | $1.8B | $17.0B |
| Free cash flow | $112M | $584M |
| Net income | $178M | $1.9B |
| Growth | ||
| Revenue growth | 19.0% | 4.0% |
| 5-year growth | 64.1% | 15.6% |
| Share count change | 4.2% | −2.0% |
| Profitability | ||
| Gross margin | — | 38.3% |
| Operating margin | 9.4% | 19.6% |
| Net margin | 10.1% | 11.3% |
| FCF margin | 6.3% | 3.4% |
| Return on capital | 8.6% | 13.3% |
| Return on equity | — | 68.0% |
| Balance sheet | ||
| Net debt | $3.6B | $17.6B |
| Net debt / EBITDA | 6.7x | 3.6x |
| Dividends and buybacks | $370M | $642M |
| Valuation & quality | ||
| P/E | 19.8x | 28.9x |
| Piotroski F-score | 5 | 6 |
FY16
KNTK —
TRGP $5.6B
FY17
KNTK $15.1M
TRGP $8.8B
FY18
KNTK $76.8M
TRGP $10.5B
FY19
KNTK $136M
TRGP $8.7B
FY20
KNTK $148M
TRGP $8.3B
FY21
KNTK $161M
TRGP $16.9B
FY22
KNTK $1.2B
TRGP $20.9B
FY23
KNTK $1.3B
TRGP $16.1B
FY24
KNTK $1.5B
TRGP $16.4B
FY25
KNTK $1.8B
TRGP $17.0B
KNTK
TRGP
FY16
KNTK —
TRGP 1.0%
FY17
KNTK −76.2%
TRGP −1.4%
FY18
KNTK −16.0%
TRGP 2.3%
FY19
KNTK −946.8%
TRGP 2.2%
FY20
KNTK −687.6%
TRGP −15.8%
FY21
KNTK 33.3%
TRGP 5.1%
FY22
KNTK 12.4%
TRGP 8.3%
FY23
KNTK 12.7%
TRGP 16.4%
FY24
KNTK 12.1%
TRGP 16.5%
FY25
KNTK 9.4%
TRGP 19.6%
KNTK
TRGP
FY16
KNTK —
TRGP $275M
FY17
KNTK $0.0M
TRGP −$358M
FY18
KNTK −$83.3M
TRGP −$2.0B
FY19
KNTK −$266M
TRGP −$1.5B
FY20
KNTK −$79.3M
TRGP $793M
FY21
KNTK $158M
TRGP $1.8B
FY22
KNTK $407M
TRGP $1.0B
FY23
KNTK $272M
TRGP $826M
FY24
KNTK $374M
TRGP $684M
FY25
KNTK $112M
TRGP $584M
KNTK
TRGP
FY16
KNTK —
TRGP 0.4%
FY17
KNTK —
TRGP −0.9%
FY18
KNTK —
TRGP 1.7%
FY19
KNTK —
TRGP 1.0%
FY20
KNTK −161.3%
TRGP −7.0%
FY21
KNTK 1.8%
TRGP 6.7%
FY22
KNTK 6.1%
TRGP 11.3%
FY23
KNTK 5.7%
TRGP 12.5%
FY24
KNTK 9.4%
TRGP 11.9%
FY25
KNTK 8.6%
TRGP 13.3%
KNTK
TRGP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.