Oneok vs Targa Resources
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The short version
- Oneok is the larger business, with $33.6B of revenue in fiscal 2025 against $17.0B for Targa Resources, about 2.0 times as much.
- Oneok grew revenue faster (55.0%, against 4.0%).
- Targa Resources kept more of each dollar of sales as operating profit (19.6% operating margin, against 17.1%).
- Oneok turned more of its sales into free cash flow (7.3% FCF margin, against 3.4%).
- Targa Resources earned a higher return on the capital invested in it (13.3%, against 8.1%).
- Investors pay more for each dollar of Targa Resources’s earnings: a P/E of 28.9x against 16.5x for Oneok.
| Latest fiscal year | OKE · FY25 | TRGP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.6B | $65.1B |
| Revenue | $33.6B | $17.0B |
| Free cash flow | $2.4B | $584M |
| Net income | $3.4B | $1.9B |
| Growth | ||
| Revenue growth | 55.0% | 4.0% |
| 5-year growth | 31.5% | 15.6% |
| Share count change | 6.7% | −2.0% |
| Profitability | ||
| Gross margin | 30.5% | 38.3% |
| Operating margin | 17.1% | 19.6% |
| Net margin | 10.1% | 11.3% |
| FCF margin | 7.3% | 3.4% |
| Return on capital | 8.1% | 13.3% |
| Return on equity | 17.2% | 68.0% |
| Balance sheet | ||
| Net debt | $32.7B | $17.6B |
| Net debt / EBITDA | 4.5x | 3.6x |
| Dividends and buybacks | $2.7B | $642M |
| Valuation & quality | ||
| P/E | 16.5x | 28.9x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
OKE $8.9B
TRGP $5.6B
FY17
OKE $12.2B
TRGP $8.8B
FY18
OKE $12.6B
TRGP $10.5B
FY19
OKE $10.2B
TRGP $8.7B
FY20
OKE $8.5B
TRGP $8.3B
FY21
OKE $16.5B
TRGP $16.9B
FY22
OKE $22.4B
TRGP $20.9B
FY23
OKE $17.7B
TRGP $16.1B
FY24
OKE $21.7B
TRGP $16.4B
FY25
OKE $33.6B
TRGP $17.0B
OKE
TRGP
Operating margin
FY16
OKE 14.5%
TRGP 1.0%
FY17
OKE 11.4%
TRGP −1.4%
FY18
OKE 14.6%
TRGP 2.3%
FY19
OKE 18.8%
TRGP 2.2%
FY20
OKE 15.9%
TRGP −15.8%
FY21
OKE 15.7%
TRGP 5.1%
FY22
OKE 12.5%
TRGP 8.3%
FY23
OKE 23.0%
TRGP 16.4%
FY24
OKE 23.0%
TRGP 16.5%
FY25
OKE 17.1%
TRGP 19.6%
OKE
TRGP
Free cash flow
FY16
OKE $729M
TRGP $275M
FY17
OKE $803M
TRGP −$358M
FY18
OKE $45.2M
TRGP −$2.0B
FY19
OKE −$1.9B
TRGP −$1.5B
FY20
OKE −$296M
TRGP $793M
FY21
OKE $1.8B
TRGP $1.8B
FY22
OKE $1.7B
TRGP $1.0B
FY23
OKE $2.8B
TRGP $826M
FY24
OKE $2.9B
TRGP $684M
FY25
OKE $2.4B
TRGP $584M
OKE
TRGP
Return on capital
FY16
OKE 8.0%
TRGP 0.4%
FY17
OKE 5.8%
TRGP −0.9%
FY18
OKE 9.1%
TRGP 1.7%
FY19
OKE 8.5%
TRGP 1.0%
FY20
OKE 5.4%
TRGP −7.0%
FY21
OKE 10.0%
TRGP 6.7%
FY22
OKE 10.9%
TRGP 11.3%
FY23
OKE 10.7%
TRGP 12.5%
FY24
OKE 8.3%
TRGP 11.9%
FY25
OKE 8.1%
TRGP 13.3%
OKE
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.