--- title: "Targa Resources: Competitors" description: "Targa Resources compared with companies that share its SEC industry classification: revenue, growth and margins from SEC filings, and how peers are chosen." canonical: https://www.getswoopr.com/stocks/companies/targa-resources/competitors/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Targa Resources: Competitors & Industry Structure ## Direct Answer SEC EDGAR classifies Targa Resources under SIC code 4922 (Natural Gas Transmission). Among Swoopr's S&P 500 Equal Weight companies, 5 others share that classification; by latest reported revenue, Targa Resources ranks 1 of 6. A filing classification is a starting point: a company's real competitors depend on its segments, which its 10-K describes. ## How Does Targa Resources Compare With Its Peers? | Company | Revenue (latest FY) | Revenue growth | Operating margin | Net margin | | --- | --- | --- | --- | --- | | **Targa Resources (TRGP)** | $17.0 billion FY2025 | 3.9% | 19.6% | 11.3% | | [Kinder Morgan (KMI)](https://www.getswoopr.com/stocks/companies/kinder-morgan/) | $16.9 billion FY2025 | 12.2% | 27.9% | 18.0% | | [Williams Companies (WMB)](https://www.getswoopr.com/stocks/companies/williams-companies/) | $11.9 billion FY2025 | 13.8% | 35.1% | 21.9% | | [DT Midstream Inc. (DTM)](https://www.getswoopr.com/stocks/companies/dt-midstream-inc/) | $1.2 billion FY2025 | 26.7% | 49.4% | 35.5% | | [Antero Midstream Corporation (AM)](https://www.getswoopr.com/stocks/companies/antero-midstream-corporation/) | $1.2 billion FY2025 | 7.4% | 54.2% | 35.2% | | [Summit Midstream Corporation (SMC)](https://www.getswoopr.com/stocks/companies/summit-midstream-corporation/) | $562 million FY2025 | 30.8% | n/a | 0.5% | Revenue growth compares each company's latest fiscal year with the one before. Fiscal years do not always end on the same date, so treat close comparisons with care. ![Bar chart of operating margin for Targa Resources and 4 peers: Targa Resources (TRGP) 19.6%, Kinder Morgan (KMI) 27.9%, Williams Companies (WMB) 35.1%, DT Midstream Inc. (DTM) 49.4%, Antero Midstream Corporation (AM) 54.2%.](https://www.getswoopr.com/images/charts/targa-resources-competitors-peer-margins.webp) *Operating margin of Targa Resources against companies sharing its SEC industry classification, from the table above. Select the chart to open it full size.* ## How Does Targa Resources Rank Among All SEC Filers in Its Industry Code? 6 companies with annual reports in Swoopr's SEC dataset share SIC code 4922 (Natural Gas Transmission), a wider group than the S&P 500 Equal Weight companies above. Ranks run from 1 (highest) and use each company's latest fiscal year, in U.S. dollars. | Measure | Targa Resources | Median of filers | Rank | | --- | --- | --- | --- | | Revenue | $17.0 billion | $6.6 billion | 1 of 6 | | Revenue growth | 3.9% | 13.0% | 6 of 6 | | Operating margin | 19.6% | 35.1% | 5 of 5 | | Net margin | 11.3% | 20.0% | 5 of 6 | A SIC code reflects the filer's main business as the SEC records it, so the group mixes companies of very different size; the median is a better guide than the average, and a rank near the top by revenue says nothing about quality. ## Where These Numbers Come From Every figure on this page is a value Targa Resources reported in its own SEC filings, read from the SEC's XBRL data (accession 0001193125-26-059296 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### Who are Targa Resources's competitors? Companies sharing Targa Resources's SEC classification (SIC code 4922 (Natural Gas Transmission)) include Kinder Morgan (KMI), Williams Companies (WMB), DT Midstream Inc. (DTM), Antero Midstream Corporation (AM), Summit Midstream Corporation (SMC). Its 10-K names the competitors it considers most relevant. ### How does Targa Resources compare with its peers on margins? Targa Resources's fiscal 2025 operating margin was 19.6%, against a peer median of 42.3%. ### How are these peers chosen? By the SEC Standard Industrial Classification code each company files under, within Swoopr's S&P 500 Equal Weight company set, falling back to the two-digit major group when fewer than two companies share the exact code. Classification codes are broad, so read the peer list as a screen, not a verdict. ### How does Targa Resources rank among all companies in its SEC industry? Among 6 SEC filers under SIC code 4922, Targa Resources ranks 1 by latest revenue, and 5 of 5 by operating margin (19.6% against a median of 35.1%). ## References - [SEC EDGAR: Targa Resources Corp. Form 10-K filed February 19, 2026](https://www.sec.gov/Archives/edgar/data/1389170/000119312526059296/trgp-20251231.htm) - [SEC EDGAR: Targa Resources Corp. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1389170&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Targa Resources company dossier](https://www.getswoopr.com/stocks/companies/targa-resources/) - [Targa Resources financial metrics](https://www.getswoopr.com/stocks/companies/targa-resources/metrics/) - [Targa Resources financial risk indicators](https://www.getswoopr.com/stocks/companies/targa-resources/risks/) - [Targa Resources peer comparison](https://www.getswoopr.com/stocks/companies/targa-resources/competitors/) - [Targa Resources business model and revenue mix](https://www.getswoopr.com/stocks/companies/targa-resources/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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