TRGP vs WES
Targa Resources Corp. and Western Midstream Partners, LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | TRGP | WES |
|---|---|---|
| Revenue | $17.0B | $3.8B |
| Net income | $1.9B | $1.2B |
| Gross margin | 38.3% | 81.3% |
| Net margin | 11.3% | 30.7% |
| Return on equity | 67.9% | — |
| Diluted EPS | $8.49 | — |
| Dividend / share | $3.75 | — |
| Payout ratio | 307.0% | 121.2% |
| Free cash flow | $584.1M | $411.1M |
| Equity | $3.1B | — |
| Net debt / equity | 5.63× | — |
| Current ratio | 0.67× | 1.34× |
| Revenue CAGR 5y | 19.9% | 8.6% |
| Profit CAGR 5y | — | 17.5% |
TRGP bills 4.4× the revenue of WES, and WES keeps more of each dollar of revenue as profit (30.7% against 11.3%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | TRGP | WES |
|---|---|---|
| FY2025 | $17.0B | $3.8B |
| FY2024 | $16.4B | $3.6B |
| FY2023 | $16.1B | $3.1B |
| FY2022 | $19.8B | $3.3B |
| FY2021 | $16.1B | $2.7B |
| FY2020 | $6.9B | $2.5B |
| FY2019 | $7.4B | $2.7B |
| FY2018 | $9.4B | $2.3B |
| FY2017 | $7.8B | $2.4B |
| FY2016 | $6.7B | $1.8B |
Net income by year
Bottom line
| Fiscal year | TRGP | WES |
|---|---|---|
| FY2025 | $1.9B | $1.2B |
| FY2024 | $1.3B | $1.6B |
| FY2023 | $1.3B | $1.0B |
| FY2022 | $1.2B | $1.2B |
| FY2021 | $71.2M | $916.3M |
| FY2020 | $-1.6B | $527.0M |
| FY2019 | $-209.2M | $697.2M |
| FY2018 | $1.6M | $551.6M |
| FY2017 | $54.0M | $540.8M |
| FY2016 | $-187.3M | $345.8M |
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