Targa Resources Corp.TRGP

Where TRGP's Payout Ratio sits inside its own 10-year distribution, with the yearly high, low and average.

$287.25-3.00 (-1.03%)Previous close
NYSEEnergy

TRGP Payout Ratio: current value, 10-year range and year-by-year history

Payout Ratio History

Historically priceyAbove avgAround avgBelow avgHistorically cheap
TRGP Payout Ratio historyTRGP Payout Ratio from Sep 2023 to Jun 2026: low 49.85%, high 328.37%, latest 123.33%.27.56%108.34%189.11%269.88%350.65%Sep 23Mar 24Sep 24Jun 25Dec 25Jun 26med 117.73%

TRGP Payout Ratio by year

Yearly range of TRGP’s payout ratio from 2016 to 2026. Over the full period it ranged from 5.2% to 1,195.8%, averaging 135.4%.

TRGP Payout Ratio — yearly low, average, high and year-end values
YearLowAverageHighYear-end
2026123.3%225.8%328.4%123.3%
2025102.6%130.9%165.2%138.0%
202489.0%127.6%171.6%89.0%
202326.8%45.2%63.0%49.8%
20228.6%17.9%30.8%30.8%
20215.2%6.4%8.7%6.1%
202041.9%94.8%147.7%41.9%
2017175.2%685.5%1,195.8%1,195.8%
2016222.8%233.5%244.2%244.2%

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What fraction of free cash flow is paid out as dividends. More reliable than the earnings-based payout ratio because cash is harder to manipulate through accounting choices. Low ratio = room to grow the dividend and absorb an earnings dip. High ratio = dividend is consuming most of the cash generated.

FormulaTTM Dividends Per Share / (TTM FCF ÷ Shares) × 100%
Full guide
How to read this chart

A steadily rising FCF payout ratio warrants scrutiny only if FCF itself is flat or falling — that means the company is paying out a larger slice of shrinking cash. A high but stable ratio in a capital-light business (e.g. consumer staples) can be perfectly sustainable.

Key caveats
  • FCF can be lumpy: large one-off capex or working-capital swings distort a single year. Look at the multi-year trend rather than any single data point.
  • Utilities and REITs naturally sustain 60–90% FCF payout ratios; industrials and tech companies typically run 20–50%. Always compare to sector context.
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