TRGP vs WES
Targa Resources Corp. and Western Midstream Partners, LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | TRGP | WES |
|---|---|---|
| Revenue | $17.0B | $3.8B |
| Net income | $1.9B | $1.2B |
| Gross margin | 38.3% | 94.6% |
| Net margin | 11.5% | 31.5% |
| Return on equity | 67.9% | · |
| Diluted EPS | $8.49 | · |
| Dividend / share | $3.75 | · |
| Payout ratio | · | 121.2% |
| Free cash flow | $584.1M | · |
| Equity | $3.1B | · |
| Net debt / equity | 5.63× | · |
| Current ratio | 0.67× | 1.34× |
| Revenue CAGR 5y | 15.6% | 6.7% |
| Profit CAGR 5y | · | 17.5% |
TRGP bills 4.4× the revenue of WES, and WES keeps more of each dollar of revenue as profit (31.5% against 11.5%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
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 | $20.9B | $3.3B |
| FY2021 | $16.9B | $2.9B |
| FY2020 | $8.3B | $2.8B |
| FY2019 | $8.7B | $2.7B |
| FY2018 | $10.5B | $2.3B |
| FY2017 | $8.8B | $2.4B |
| FY2016 | $6.7B | $1.8B |
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 |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$13,184,897,000 | TRGP |
| FY2024 | +$12,776,277,000 | TRGP |
| FY2023 | +$12,953,824,000 | TRGP |
| FY2022 | +$17,678,079,000 | TRGP |
| FY2021 | +$14,072,645,000 | TRGP |
| FY2020 | +$5,487,708,000 | TRGP |
| FY2019 | +$5,924,926,000 | TRGP |
| FY2018 | +$8,178,592,000 | TRGP |
| FY2017 | +$6,385,286,000 | TRGP |
| FY2016 | +$4,886,630,000 | TRGP |
| FY2015 | +$3,713,328,000 | TRGP |
TRGP has reported the higher revenue in every one of these 11 fiscal years. The gap has widened since the earliest year compared.
11 of 15 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −20.1 pp | WES |
| FY2024 | −35.2 pp | WES |
| FY2023 | −23.9 pp | WES |
| FY2021 | −30.3 pp | WES |
| FY2020 | −34.7 pp | WES |
| FY2019 | −28.9 pp | WES |
| FY2018 | −26.8 pp | WES |
| FY2017 | −29.2 pp | WES |
| FY2016 | −35.5 pp | WES |
| FY2015 | −3.4 pp | WES |
WES has kept the higher net margin in every one of these 10 fiscal years.
10 of 15 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
WES's net margin has been more volatile than TRGP's over the 10 comparable fiscal years — 11.0 percentage points of standard deviation against 7.6.
10 of 15 comparable fiscal years — a year missing data on either side is not counted.
Year by year
WES led in net margin in every one of the 10 comparable fiscal years — a structural lead, not a recent swing.
10 of 15 comparable fiscal years — a year missing data on either side is not counted.