Meridian™
Universe

TRGP · CIK 0001389170 · FY2025 live · 2025-12-31

Targa Resources Corp.

DistressSEC 10-KZ″Utilities58th percentile in Utilities · 132 names

View as

Model

Z″

FY2025

1.02

Zone

Distress

Prior

—

Market DD

—

1y PD

—

1.02

Classic Z 1.27

−21.12.68+

Z″ 1.02 · distress below 1.10, grey to 2.60, safe above.

Z″ factor contributions

  • X1 Working capital / assets

    Short-term liquidity. Carries more weight in Z″ than in classic Z.

    −0.05
    6.56 × = −0.31

  • X2 Retained earnings / assets

    Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.

    0.09
    3.26 × = 0.30

  • X3 EBIT / assets

    Operating return on assets. Highest weight in Z″.

    0.13
    6.72 × = 0.89

  • X4 Book equity / liabilities

    Book equity versus the liability stack. Sales / assets is omitted so asset-light names keep turnover from dragging the score.

    0.14
    1.05 × = 0.15

Five-year path

Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings.

Meridian Rank

46.91

0–100 · Z″ family

  • Book standing

    48

  • Year change

    —

  • Market PD

    —

  • O-score

    44

Events on this name

Same published rows as Today.

No published events on this print.

Overview

rule-v1

Targa Resources Corp. is on Z″ at 1.02 (distress) for FY2025, from an SEC 10-K. EBIT / assets is the line that sets the print. This is the first live year on the desk. No market tape loaded. Z″ omits sales/assets so asset-light names keep turnover from dragging the score. X4 is book equity on every name.

Book screen Distress; market PD —. Market PD has not been priced on this name.

Market DD · naive Merton

No market tape yet.

Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.

Sector peers

Closest Z″ scores · 58th percentile in Utilities.

Filing line items

Current assets

$2.4B

Total assets

$25.2B

Current liabilities

$3.5B

Total liabilities

$22.2B

Working capital

−$1.2B

Retained earnings

$2.3B

EBIT

$3.3B

Total sales

$17.0B

Book equity

$3.1B

Accession 0001193125-26-059296. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as is a display overlay. X4 is book equity. Pulled 13 Sept 2026.