Targa Resources Corp. (TRGP)
Targa Resources gathers, processes, and transports natural gas and natural-gas liquids.
Energy stock comparison
TRGP vs WMB: which business are you actually underwriting?
Compare Targa Resources Corp. with The Williams Companies, Inc. using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Energy
- Industry
- Same SIC
- Shared themes
- 0
- Updated
- 2026-02-24
TRGP vs WMB: quick comparison
| Company fact | TRGP | WMB |
|---|---|---|
| Company | Targa Resources Corp. | The Williams Companies, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | — | Tulsa, Oklahoma |
| Founded | — | 1908 |
| SEC industry | Natural Gas Transmission | Natural Gas Transmission |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-19 | 10-K · 2026-02-24 |
TRGP vs WMB: audited financials
TRGP reported about 1.4× the revenue of WMB in the latest audited fiscal year. On profitability, WMB converted a larger share of revenue into net income (21.9% versus 11.3%). Scale and margin are starting facts for the thesis, not the verdict.
| Metric | TRGP | WMB |
|---|---|---|
| Revenue | $17.0B | $11.9B |
| Net income | $1.9B | $2.6B |
| Operating cash flow | $3.9B | $5.9B |
| Diluted EPS | $8.49 | $2.14 |
| Net margin | 11.3% | 21.9% |
TRGP: FY ending 2025-12-31 · WMB: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
How the businesses differ
Why this pair belongs in the comparison set
TRGP and WMB share the SEC industry classification “Natural Gas Transmission,” giving the comparison a primary-source operating relationship. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
The Williams Companies, Inc. (WMB)
Williams operates natural-gas pipelines and processing infrastructure, including the major Transco system serving the eastern United States. Its fee-based, midstream model produces relatively steady cash flows.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. TRGP is classified by the SEC as Natural Gas Transmission, while WMB is classified as Natural Gas Transmission. The matching industry code strengthens the peer comparison, although product mix can still differ materially.
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The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchWhich thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study TRGP when…
- Crude and natural-gas prices
- OPEC+ supply decisions
- Geopolitics and supply disruptions
- Capital discipline and shareholder returns
Study WMB when…
- Crude and natural-gas prices
- OPEC+ supply decisions
- Geopolitics and supply disruptions
- Capital discipline and shareholder returns
Shared research themes
Natural Gas Transmission (SEC industry)
SEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.TRGP's fiscal year ends December 31, while WMB's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 6matched transaction rows for TRGPand 15 for WMB. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
TRGP primary filings
WMB primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving TRGP or WMB
TRGP vs WMB FAQs
Are TRGP and WMB direct competitors?
Targa Resources Corp. and The Williams Companies, Inc. share the SEC industry classification “Natural Gas Transmission.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Which is better, TRGP or WMB?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this TRGP vs WMB comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Targa Resources Corp. and The Williams Companies, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
A comparison is the setup. The thesis is the call.
TRGP vs WMB shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
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