LNG vs TRGP: Cheniere Energy and Targa Resources compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Targa Resources is the larger company, worth $64.6B, close to Cheniere Energy's $60.1B.
- Cheniere Energy grew revenue faster over the last year (+23.5% vs +4.2%).
- Cheniere Energy keeps more of each dollar of revenue as operating profit (29.9% vs 22.9%).
- On earnings, Targa Resources is the cheaper stock (30.8x vs 48.6x).
- Targa Resources's price assumes faster free cash flow growth: about 28% a year, against 8% for Cheniere Energy (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LNG | TRGP |
|---|---|---|
| Market cap | $60.1B | $64.6B |
| Share price | $278.18 | $286.70 |
| Revenue (last fiscal year) | $20.0B | $17.0B |
| Free cash flow (last fiscal year) | $2.5B | $584M |
| Revenue growth, last year | +23.5% | +4.2% |
| Revenue growth per year, last 5 fiscal years | +3.3% | +0.1% |
| Operating margin | 29.9% | 22.9% |
| Net margin | 13.6% | 13.5% |
| Return on equity | 47.1% | 62.0% |
| P/E (trailing) | 48.6x | 30.8x |
| Price / free cash flow | 24.4x | 110.5x |
| EV / EBITDA | 10.7x | 18.0x |
| FCF growth the price implies | 7.6% | 27.8% |
| Dividend yield | 0.75% | 1.4% |
| Debt / equity | 5.89x | 6.76x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 1 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cheniere Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.5B | $1.5B | -4.0% |
| 2022 | $33.3B | $8.7B | 13.7% |
| 2023 | $20.4B | $6.3B | 75.9% |
| 2024 | $15.7B | $3.2B | 39.0% |
| 2025 | $20.0B | $2.5B | 45.6% |
Targa Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.9B | $1.8B | 5.1% |
| 2022 | $20.9B | $1.0B | 8.3% |
| 2023 | $16.1B | $826M | 16.4% |
| 2024 | $16.4B | $684M | 16.5% |
| 2025 | $17.0B | $584M | 19.6% |
Where the revenue comes from
Cheniere Energy · by products, 2025
LNG$19.4B97%
Other$405M2%
Regasification$136M1%
Targa Resources · by segments, 2025
Logistics and Transportation$14.3B84%
Gathering and Processing$2.7B16%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LNG in InvestinglyQuestions
Which is bigger, Cheniere Energy or Targa Resources?
Targa Resources (TRGP), at $64.6B against $60.1B.
Is LNG or TRGP cheaper?
By trailing P/E, Targa Resources (30.8x) is cheaper than Cheniere Energy (48.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, LNG or TRGP?
Cheniere Energy: revenue grew +23.5% over the last year, against +4.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.