TRGPTarga Resources Corp.

Natural Gas Transmission

Revenue: $17.0B; 20% YoY
Operating margin: 19.6%; 2.6% YoY
EBITDA: $4.8B; 18% YoY
Market cap: $67.5B
Employees: 3,570; $5M revenue each
Net debt / EBITDA: 3.9×; $18.9B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
204% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$5M · 78th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 13th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$67.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$34M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.1B	$19.8B	$13.5B	$14.1B	$17.0B	20%
Operating income	$865M	$1.7B	$2.6B	$2.7B	$3.3B	24%
Net income	$71M	$1.2B	$1.3B	$1.3B	$1.9B	47%
Operating cash flow	$2.3B	$2.4B	$3.2B	$3.6B	$3.9B	7.3%
Capex	$505M	$1.3B	$2.4B	$3.0B	$3.3B	12%
Stock-based comp	$59M	$58M	$62M	$63M	$70M	10.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $34M · 25
Net: −$34M

Pay vs performance

No pay-versus-performance disclosure yet.