OKE vs TRGP: ONEOK 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 ONEOK's $60.7B.
- ONEOK grew revenue faster over the last year (+52.8% vs +4.2%).
- Targa Resources keeps more of each dollar of revenue as operating profit (22.9% vs 15.5%).
- On earnings, ONEOK is the cheaper stock (17.2x vs 30.8x).
- Targa Resources's price assumes faster free cash flow growth: about 28% a year, against 8% for ONEOK (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 | OKE | TRGP |
|---|---|---|
| Market cap | $60.7B | $64.6B |
| Share price | $89.80 | $286.70 |
| Revenue (last fiscal year) | $33.6B | $17.0B |
| Free cash flow (last fiscal year) | $2.4B | $584M |
| Revenue growth, last year | +52.8% | +4.2% |
| Revenue growth per year, last 5 fiscal years | +19.4% | +0.1% |
| Operating margin | 15.5% | 22.9% |
| Net margin | 9.3% | 13.5% |
| Return on equity | 15.9% | 62.0% |
| P/E (trailing) | 17.2x | 30.8x |
| Price / free cash flow | 24.8x | 110.5x |
| EV / EBITDA | 10.9x | 18.0x |
| FCF growth the price implies | 7.8% | 27.8% |
| Dividend yield | 4.4% | 1.4% |
| Debt / equity | 1.98x | 6.76x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 5 |
| Insider purchases, last 12 months | 5 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
ONEOK
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.5B | $1.8B | 15.7% |
| 2022 | $22.4B | $1.7B | 12.5% |
| 2023 | $17.7B | $2.8B | 23.0% |
| 2024 | $21.7B | $2.9B | 23.0% |
| 2025 | $33.6B | $2.4B | 17.1% |
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
ONEOK · by segments, 2025
Natural Gas Liquids$16.0B41%
Refined Products and Crude$13.0B34%
Natural Gas Gathering and Processing$7.7B20%
Natural Gas Pipelines$1.8B5%
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 OKE in InvestinglyQuestions
Which is bigger, ONEOK or Targa Resources?
Targa Resources (TRGP), at $64.6B against $60.7B.
Is OKE or TRGP cheaper?
By trailing P/E, ONEOK (17.2x) is cheaper than Targa Resources (30.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, OKE or TRGP?
ONEOK: revenue grew +52.8% 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.