Targa Resources Corp (TRGP) is overvalued and TC Energy Corp (TRP) is overvalued.
Both trade above our estimate of their intrinsic value. TRP is the closer of the two: -121%, against -127% for TRGP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $124.35; the price of $282.15 is 127% above that value, and 76% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $27.04; the price of $59.78 is 121% above that value, and 82% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | TRGP | TRP |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $282.15 | $59.78 |
| Intrinsic value | $124.35 | $27.04 |
| Margin of safety | -127% | -121% |
| Leak Score | 45/100 (10/12) | 0/100 (2/12) |
| Market cap | $60.5B | $59.8B |
| Revenue growth, 5 years | 15.8% | 2.6% |
| Operating margin | 24.8% | 46.3% |
| Net margin | 13.2% | 21.6% |
| Return on equity | 72.2% | 13.8% |
| Debt to equity | 5.35 | 2.30 |
| P/E | 26.9x | 24.8x |
| Forward P/E | 22.9x | 21.2x |
| P/B | 16.6x | 3.5x |
| Dividend yield | 1.8% | 4.2% |