TC Energy Corporation TRP

EnergyOil & Gas Related Equipment and ServicesCanada

Last close 89.05 CAD on Nov 2, 2026, +21.4% year to date

Quant rating

Quant rating C Rank 38 of 73 in Energy

Growth C 44 of 73
Valuation C 43 of 73
Quality B 19 of 73
Revisions C 30 of 73
Momentum D 52 of 73

Wall Street consensus Buy (2.18)Average target 100.62 CAD +13.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 92.9B
Enterprise value: 166.1B
52-week range: 69.41 – 100.18
3-year range: 44.01 – 100.18
Dividend yield: 3.89%
Beta (5 years): 0.92
Shares outstanding: 1,042M
Next earnings: Nov 5, 2026

About the company

TC Energy Corporation is an energy problem-solver working to move, generate and store energy and deliver it to homes and businesses in North America. The Company operates in two core businesses, including Natural Gas Pipelines and Power and Energy Solutions. Its natural gas pipeline network transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals and other businesses across Canada, the U.S. and Mexico. The Power and Energy Solutions business consists of power generation, non-regulated natural gas storage assets, as well as lower-carbon solutions. Its Power and Energy Solutions business includes approximately 4,650 megawatts (MW) of generation powered by nuclear, natural gas, wind and solar. Its natural gas pipelines business is split into three operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines and Mexico Natural Gas Pipelines.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	15,239	13,771	13,267	14,977	13,387	–
Revenue growth	10.7%	3.8%	−11.4%	11.9%	3.0%	3.2%
EPS (basic, normalized)	3.51	3.73	4.52	4.30	4.27	–
EPS growth	−5.9%	−17.5%	5.1%	0.7%	–	–
Gross margin	69.7%	68.0%	69.3%	67.1%	69.4%	68.7%
Net margin	23.7%	30.5%	16.7%	4.3%	13.6%	17.7%
ROE	13.6%	15.1%	7.3%	2.2%	6.0%	8.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,474
Current ratio	0.61x
Long-term debt (mil)	57,726
Net debt (mil)	73,240
Total equity (mil)	27,759
Net debt / equity	2.64x
Net debt / EBITDA	6.91x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	15,239	+10.7%	10.9x	10,592	−5.5%	15.7x	3.51	−5.9%	25.4x
2026	16,025	+5.2%	10.4x	11,948	+12.8%	13.9x	3.77	+7.4%	23.6x
2027	16,869	+5.3%	9.8x	12,351	+3.4%	13.4x	3.94	+4.6%	22.6x
2028	17,798	+5.5%	9.3x	12,949	+4.8%	12.8x	4.17	+5.9%	21.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	16,025	+0.2%	0.0%	+0.2%	3.77	+0.7%	+1.6%	+3.5%
2027	16,869	0.0%	−0.1%	+0.7%	3.94	+0.1%	+0.7%	+2.4%
2028	17,798	+0.1%	+0.1%	+2.0%	4.17	+0.4%	+1.2%	+2.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,243	4,085	4,083	1,360	3,623	3,744	3,704	4,168	3,861	3,957
Sales mean (mil)	4,214	3,804	3,966	3,664	3,438	3,553	3,694	4,114	4,222	3,908
Surprise	+0.7%	+7.4%	+3.0%	−62.9%	+5.4%	+5.4%	+0.3%	+1.3%	−8.6%	+1.3%
EPS reported	1.24	0.94	1.03	0.52	0.95	0.82	0.77	0.98	0.99	0.94
EPS mean	1.14	0.91	0.95	1.00	0.97	0.78	0.80	0.92	0.98	0.83
Surprise	+8.4%	+2.8%	+8.4%	−47.8%	−2.4%	+4.8%	−3.6%	+6.2%	+0.9%	+12.6%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TRP TC Energy Corporation	92.9B	6.91x	23.7%	3.34x	23.6x	22.6x	13.9x	13.4x
ENB Enbridge Inc.	153.5B	6.04x	10.8%	2.30x	23.7x	21.8x	13.4x	12.5x
WMB The Williams Companies, Inc.	121.8B	4.23x	21.9%	6.60x	29.8x	26.4x	14.2x	12.4x
EPD Enterprise Products Partners L.P	112.9B	3.42x	10.9%	2.66x	12.2x	11.4x	10.4x	10.0x
KMI Kinder Morgan, Inc.	101.9B	3.98x	17.9%	2.31x	20.8x	21.1x	11.6x	11.5x
TRGP Targa Resources Corp.	88.4B	3.95x	10.8%	17.28x	26.4x	23.9x	13.9x	12.7x
Mean		4.75x	16.0%	5.75x	22.7x	21.2x	12.9x	12.1x
Median		4.11x	14.4%	3.00x	23.7x	22.2x	13.6x	12.4x

Technical analysis

1M+5.6%
3M−4.7%
1Y+31.8%
3Y+130.2%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, TC Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	15,239	13,771	13,267	14,977	13,387	12,999
Cost of revenue	4,619	4,413	4,073	4,932	4,098	3,878
Gross profit	10,620	9,358	9,194	10,045	9,289	9,121
Selling, general & administrative expenses	881	820	781	848	774	727
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,769	2,535	2,446	2,584	2,522	2,590
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	−228	2,100	3,501	2,775	0
Other operating expenses	208	217	80.0	534	87.0	0
Operating income	6,762	6,014	3,787	2,578	3,131	5,804
Net interest income (expense)	−1,771	−1,730	−1,361	−1,573	−1,262	−996
Gain (loss) on sale of assets	0	620	0	0	30.0	−50.0
Other non-operating income (expense)	453	1,002	872	369	267	349
Net income before taxes	5,444	5,906	3,298	1,374	2,166	5,107
Provision for taxes	1,138	922	842	589	120	194
Minority interest	−575	−681	−146	−37.0	−91.0	−297
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,731	4,303	2,310	748	1,955	4,616
Extraordinary items	−212	395	612	–	–	0
Net income	3,519	4,698	2,922	748	1,955	4,616
EBIT, normalized	6,872	5,890	5,952	6,150	5,917	5,667
EBITDA, normalized	9,641	8,425	8,398	8,734	8,439	8,257
Basic EPS, normalized	3.51	3.73	4.52	4.30	4.27	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, TC Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,837	1,463	3,678	620	673	1,718
Receivables	3,010	2,776	4,360	3,779	4,511	2,294
Total inventory	782	747	982	936	724	629
Prepaid expenses	82.0	86.0	92.0	118	112	126
Other current assets	605	661	2,260	1,879	1,403	434
Total current assets	6,316	5,733	11,372	7,332	7,423	5,201
Property, plant & equipment	71,054	77,501	80,569	75,940	70,182	69,775
Goodwill	13,016	13,670	12,532	12,843	12,582	12,679
Intangibles	–	–	–	–	–	–
Long-term investments	19,605	13,226	12,577	11,430	8,441	6,696
Note receivable	627	608	457	355	487	1,530
Other long-term assets	8,133	7,505	7,527	6,448	5,103	4,419
Total assets	118,751	118,243	125,034	114,348	104,218	100,300
Liabilities
Accounts payable	3,863	3,699	4,954	5,517	4,183	3,057
Payable/accrued	–	–	–	–	–	–
Accrued expenses	919	888	932	705	652	595
Short-term debt	1,200	387	0	6,262	5,166	4,176
Current portion of long-term debt	1,545	2,955	2,938	1,898	1,320	1,972
Other current liabilities	2,432	2,582	2,993	2,525	1,720	2,187
Total current liabilities	9,959	10,511	11,817	16,907	13,041	11,987
Long-term debt	57,452	56,024	60,263	50,140	46,280	43,411
Minority interest	9,604	10,768	9,455	126	125	2,075
Other liabilities	14,441	13,348	13,946	13,185	11,501	11,429
Total liabilities	91,456	90,651	95,481	80,358	70,947	68,902
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	30,218	30,101	30,002	28,995	26,716	24,488
Additional paid-in capital	–	–	0	722	729	2.0
Retained earnings (accumulated deficit)	−5,925	−5,241	−2,997	819	3,773	5,367
Treasury stock	–	–	–	–	–	–
Other equity	3,002	2,732	2,548	3,454	2,053	1,541
Total equity	27,295	27,592	29,553	33,990	33,271	31,398
Total liabilities & shareholders' equity	118,751	118,243	125,034	114,348	104,218	100,300

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, TC Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,094	5,379	3,068	785	2,046	4,913
Depreciation, depletion & amortization	2,769	2,788	2,778	2,584	2,522	2,590
Deferred taxes	766	493	11.0	174	−185	−58.0
Non-cash items	220	−1,163	1,204	3,471	2,794	−60.0
Changes in working capital	−503	199	207	−639	−287	−327
Cash from operations	7,346	7,696	7,268	6,375	6,890	7,058
Investing activities
Capital expenditures	−5,286	−6,358	−8,149	−6,727	−5,924	−8,135
Other investing cash flows	−1,172	−551	−4,138	−282	−1,788	2,083
Cash from investing	−6,458	−6,909	−12,287	−7,009	−7,712	−6,052
Financing activities
Financing cash flow items	−578	−532	5,155	−64.0	−748	682
Cash dividends paid	−3,621	−4,052	−2,879	−3,298	−3,458	−3,146
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,683	710	5,817	3,849	4,118	1,664
Cash from financing	−1,516	−3,874	8,093	487	−88.0	−800
Foreign exchange effects	−5.0	210	−16.0	94.0	53.0	−19.0
Net change in cash	−633	−2,877	3,058	−53.0	−857	187
Free cash flow	2,060	1,338	−881	−352	966	−1,077

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.