Targa Resources vs Williams Companies
Targa Resources reported revenue of $17.0 billion in fiscal 2025, 1.4 times Williams Companies' $11.9 billion in fiscal 2025. Targa Resources' revenue grew 4.0% in its latest year, and Williams Companies' grew 13.8%. Targa Resources had an operating margin of 19.6%, against 35.1% at Williams Companies. Free cash flow was $584 million at Targa Resources and $1.0 billion at Williams Companies.
Side by side
| Targa Resources | Williams Companies | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $17.0B | $11.9B |
| Revenue growth | 4.0% | 13.8% |
| Revenue growth a year, last 5 years | 15.6% | 9.1% |
| Gross margin | 38.3% | — |
| Operating margin | 19.6% | 35.1% |
| Net margin | 11.3% | 21.9% |
| Free cash flow | $584M | $1.0B |
| Free cash flow margin | 3.4% | 8.4% |
| Return on capital | 13.3% | 7.5% |
| Net debt to EBITDA | 3.6x | 4.5x |
| Dividends and buybacks | $642M | $2.4B |
| Change in diluted share count | −2.0% | 0.2% |
| Last close | $304.68 | $71.75 |
| P/E at the last close | 29.1× | 28.6× |
| Insider trades, last 12 months | sold $34.3 million | sold $11.1 million |
| Piotroski F-score | 6 of 9 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Targa ResourcesWilliams Companies
Operating margin
Percent of revenue
Targa ResourcesWilliams Companies
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Targa ResourcesWilliams Companies
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Targa Resources and Williams Companies pages.