TRGP vs WMB: Targa Resources and Williams Companies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Williams Companies is the larger company, worth $91.4B, about 1.4 times Targa Resources.
- Williams Companies grew revenue faster over the last year (+9.8% vs +4.2%).
- Williams Companies keeps more of each dollar of revenue as operating profit (38.2% vs 22.9%).
- On earnings, Targa Resources is the cheaper stock (30.8x vs 32.8x).
- Targa Resources's price assumes faster free cash flow growth: about 28% a year, against 25% for Williams Companies (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 | TRGP | WMB |
|---|---|---|
| Market cap | $64.6B | $91.4B |
| Share price | $286.70 | $72.67 |
| Revenue (last fiscal year) | $17.0B | $11.9B |
| Free cash flow (last fiscal year) | $584M | $1.0B |
| Revenue growth, last year | +4.2% | +9.8% |
| Revenue growth per year, last 5 fiscal years | +0.1% | +3.0% |
| Operating margin | 22.9% | 38.2% |
| Net margin | 13.5% | 25.2% |
| Return on equity | 62.0% | 23.3% |
| P/E (trailing) | 30.8x | 32.8x |
| Price / free cash flow | 110.5x | 91.0x |
| EV / EBITDA | 18.0x | 15.0x |
| FCF growth the price implies | 27.8% | 25.1% |
| Dividend yield | 1.4% | 2.7% |
| Debt / equity | 6.76x | 3.43x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 0 |
| Insider purchases, last 12 months | 6 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Williams Companies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.6B | $2.7B | 24.8% |
| 2022 | $11.0B | $2.6B | 27.5% |
| 2023 | $10.9B | $3.4B | 39.5% |
| 2024 | $10.5B | $2.4B | 31.8% |
| 2025 | $11.9B | $1.0B | 35.1% |
Where the revenue comes from
Targa Resources · by segments, 2025
Logistics and Transportation$14.3B84%
Gathering and Processing$2.7B16%
Williams Companies · by segments, 2025
Transmission, Power & Gulf$5.4B43%
West$2.8B23%
Gas & NGL Marketing Services$2.2B17%
Northeast G & P$2.2B17%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open TRGP in InvestinglyQuestions
Which is bigger, Targa Resources or Williams Companies?
Williams Companies (WMB), at $91.4B against $64.6B.
Is TRGP or WMB cheaper?
By trailing P/E, Targa Resources (30.8x) is cheaper than Williams Companies (32.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, TRGP or WMB?
Williams Companies: revenue grew +9.8% 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.