TC ENERGY CORP (TRP.CA) Fundamental Analysis & Valuation

TSX:TRP • CA87807B1076

87.24 CAD
-1.41 (-1.59%)
Last: Mar 5, 2026, 07:00 PM
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This TRP.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

TRP gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 210 industry peers in the Oil, Gas & Consumable Fuels industry. TRP scores excellent on profitability, but there are concerns on its financial health. TRP has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

7

1. TRP.CA Profitability Analysis

1.1 Basic Checks

  • TRP had positive earnings in the past year.
  • In the past year TRP had a positive cash flow from operations.
  • In the past 5 years TRP has always been profitable.
  • In the past 5 years TRP always reported a positive cash flow from operatings.
TRP.CA Yearly Net Income VS EBIT VS OCF VS FCFTRP.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B 6B

1.2 Ratios

  • TRP has a Return On Assets (2.86%) which is in line with its industry peers.
  • TRP's Return On Equity of 12.46% is amongst the best of the industry. TRP outperforms 85.71% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 5.03%, TRP is in the better half of the industry, outperforming 73.33% of the companies in the same industry.
  • TRP had an Average Return On Invested Capital over the past 3 years of 4.55%. This is below the industry average of 6.66%.
  • The 3 year average ROIC (4.55%) for TRP is below the current ROIC(5.03%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.86%
ROE 12.46%
ROIC 5.03%
ROA(3y)3%
ROA(5y)2.26%
ROE(3y)12.89%
ROE(5y)9.2%
ROIC(3y)4.55%
ROIC(5y)4.69%
TRP.CA Yearly ROA, ROE, ROICTRP.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • TRP has a better Profit Margin (22.31%) than 88.57% of its industry peers.
  • TRP's Profit Margin has declined in the last couple of years.
  • TRP has a Operating Margin of 44.37%. This is amongst the best in the industry. TRP outperforms 93.81% of its industry peers.
  • TRP's Operating Margin has been stable in the last couple of years.
  • With an excellent Gross Margin value of 69.69%, TRP belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
  • TRP's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 44.37%
PM (TTM) 22.31%
GM 69.69%
OM growth 3Y3.02%
OM growth 5Y-0.12%
PM growth 3Y73.39%
PM growth 5Y-8.23%
GM growth 3Y1.29%
GM growth 5Y-0.14%
TRP.CA Yearly Profit, Operating, Gross MarginsTRP.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60

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2

2. TRP.CA Health Analysis

2.1 Basic Checks

  • TRP has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • The number of shares outstanding for TRP remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for TRP has been increased compared to 5 years ago.
  • TRP has a worse debt/assets ratio than last year.
TRP.CA Yearly Shares OutstandingTRP.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B
TRP.CA Yearly Total Debt VS Total AssetsTRP.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B

2.2 Solvency

  • TRP has an Altman-Z score of 0.81. This is a bad value and indicates that TRP is not financially healthy and even has some risk of bankruptcy.
  • TRP's Altman-Z score of 0.81 is in line compared to the rest of the industry. TRP outperforms 55.71% of its industry peers.
  • The Debt to FCF ratio of TRP is 29.22, which is on the high side as it means it would take TRP, 29.22 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 29.22, TRP is doing good in the industry, outperforming 68.57% of the companies in the same industry.
  • TRP has a Debt/Equity ratio of 2.15. This is a high value indicating a heavy dependency on external financing.
  • The Debt to Equity ratio of TRP (2.15) is worse than 76.67% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.15
Debt/FCF 29.22
Altman-Z 0.81
ROIC/WACC0.76
WACC6.63%
TRP.CA Yearly LT Debt VS Equity VS FCFTRP.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B 40B 60B

2.3 Liquidity

  • TRP has a Current Ratio of 0.63. This is a bad value and indicates that TRP is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Current ratio value of 0.63, TRP perfoms like the industry average, outperforming 46.67% of the companies in the same industry.
  • A Quick Ratio of 0.56 indicates that TRP may have some problems paying its short term obligations.
  • TRP has a Quick ratio of 0.56. This is comparable to the rest of the industry: TRP outperforms 47.62% of its industry peers.
Industry RankSector Rank
Current Ratio 0.63
Quick Ratio 0.56
TRP.CA Yearly Current Assets VS Current LiabilitesTRP.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. TRP.CA Growth Analysis

3.1 Past

  • TRP shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -5.63%.
  • Measured over the past years, TRP shows a decrease in Earnings Per Share. The EPS has been decreasing by -3.47% on average per year.
  • Looking at the last year, TRP shows a quite strong growth in Revenue. The Revenue has grown by 10.66% in the last year.
  • The Revenue has been growing slightly by 3.23% on average over the past years.
EPS 1Y (TTM)-5.63%
EPS 3Y-6.45%
EPS 5Y-3.47%
EPS Q2Q%88.46%
Revenue 1Y (TTM)10.66%
Revenue growth 3Y0.58%
Revenue growth 5Y3.23%
Sales Q2Q%206.47%

3.2 Future

  • Based on estimates for the next years, TRP will show a small growth in Earnings Per Share. The EPS will grow by 6.32% on average per year.
  • Based on estimates for the next years, TRP will show a small growth in Revenue. The Revenue will grow by 4.39% on average per year.
EPS Next Y7.6%
EPS Next 2Y5.87%
EPS Next 3Y6.89%
EPS Next 5Y6.32%
Revenue Next Year5.83%
Revenue Next 2Y4.05%
Revenue Next 3Y5.12%
Revenue Next 5Y4.39%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
TRP.CA Yearly Revenue VS EstimatesTRP.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5B 10B 15B 20B
TRP.CA Yearly EPS VS EstimatesTRP.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 1 2 3 4 5

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4

4. TRP.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 24.78, TRP is valued on the expensive side.
  • Based on the Price/Earnings ratio, TRP is valued a bit cheaper than 62.38% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 26.74. TRP is around the same levels.
  • A Price/Forward Earnings ratio of 23.03 indicates a rather expensive valuation of TRP.
  • 61.90% of the companies in the same industry are more expensive than TRP, based on the Price/Forward Earnings ratio.
  • TRP is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 24.82, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 24.78
Fwd PE 23.03
TRP.CA Price Earnings VS Forward Price EarningsTRP.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • TRP's Enterprise Value to EBITDA ratio is in line with the industry average.
  • TRP's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. TRP is cheaper than 61.43% of the companies in the same industry.
Industry RankSector Rank
P/FCF 44.09
EV/EBITDA 15.39
TRP.CA Per share dataTRP.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates TRP does not grow enough to justify the current Price/Earnings ratio.
  • The decent profitability rating of TRP may justify a higher PE ratio.
PEG (NY)3.26
PEG (5Y)N/A
EPS Next 2Y5.87%
EPS Next 3Y6.89%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. TRP.CA Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 4.07%, TRP is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 4.11, TRP pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, TRP pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.07%

5.2 History

  • The dividend of TRP has a limited annual growth rate of 0.77%.
  • TRP has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)0.77%
Div Incr Years0
Div Non Decr Years0
TRP.CA Yearly Dividends per shareTRP.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3 4

5.3 Sustainability

  • 106.50% of the earnings are spent on dividend by TRP. This is not a sustainable payout ratio.
  • The dividend of TRP is growing, but earnings are growing more, so the dividend growth is sustainable.
DP106.5%
EPS Next 2Y5.87%
EPS Next 3Y6.89%
TRP.CA Yearly Income VS Free CF VS DividendTRP.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B
TRP.CA Dividend Payout.TRP.CA Dividend Payout, showing the Payout Ratio.TRP.CA Dividend Payout.PayoutRetained Earnings

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TRP.CA Fundamentals: All Metrics, Ratios and Statistics

TC ENERGY CORP

TSX:TRP (3/5/2026, 7:00:00 PM)

87.24

-1.41 (-1.59%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-13
Earnings (Next)04-29
Inst Owners83.73%
Inst Owner ChangeN/A
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap90.82B
Revenue(TTM)15.24B
Net Income(TTM)3.40B
Analysts74.4
Price Target86.7 (-0.62%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.07%
Yearly Dividend3.48
Dividend Growth(5Y)0.77%
DP106.5%
Div Incr Years0
Div Non Decr Years0
Ex-Date03-31
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.31%
Min EPS beat(2)-4.57%
Max EPS beat(2)5.19%
EPS beat(4)2
Avg EPS beat(4)0.26%
Min EPS beat(4)-4.57%
Max EPS beat(4)5.19%
EPS beat(8)5
Avg EPS beat(8)-3.86%
EPS beat(12)8
Avg EPS beat(12)-0.4%
EPS beat(16)10
Avg EPS beat(16)0.18%
Revenue beat(2)1
Avg Revenue beat(2)-0.21%
Min Revenue beat(2)-0.72%
Max Revenue beat(2)0.31%
Revenue beat(4)3
Avg Revenue beat(4)2.06%
Min Revenue beat(4)-0.72%
Max Revenue beat(4)4.32%
Revenue beat(8)5
Avg Revenue beat(8)-5.88%
Revenue beat(12)7
Avg Revenue beat(12)-3.74%
Revenue beat(16)10
Avg Revenue beat(16)-2.1%
PT rev (1m)8.49%
PT rev (3m)11.52%
EPS NQ rev (1m)-2.88%
EPS NQ rev (3m)-2.56%
EPS NY rev (1m)0%
EPS NY rev (3m)-1.16%
Revenue NQ rev (1m)1.54%
Revenue NQ rev (3m)1.99%
Revenue NY rev (1m)-0.38%
Revenue NY rev (3m)-0.13%
Valuation
Industry RankSector Rank
PE 24.78
Fwd PE 23.03
P/S 5.96
P/FCF 44.09
P/OCF 12.36
P/B 3.33
P/tB 6.53
EV/EBITDA 15.39
EPS(TTM)3.52
EY4.03%
EPS(NY)3.79
Fwd EY4.34%
FCF(TTM)1.98
FCFY2.27%
OCF(TTM)7.06
OCFY8.09%
SpS14.64
BVpS26.22
TBVpS13.36
PEG (NY)3.26
PEG (5Y)N/A
Graham Number45.57
Profitability
Industry RankSector Rank
ROA 2.86%
ROE 12.46%
ROCE 6.22%
ROIC 5.03%
ROICexc 5.11%
ROICexgc 5.83%
OM 44.37%
PM (TTM) 22.31%
GM 69.69%
FCFM 13.52%
ROA(3y)3%
ROA(5y)2.26%
ROE(3y)12.89%
ROE(5y)9.2%
ROIC(3y)4.55%
ROIC(5y)4.69%
ROICexc(3y)4.65%
ROICexc(5y)4.76%
ROICexgc(3y)5.29%
ROICexgc(5y)5.43%
ROCE(3y)5.6%
ROCE(5y)5.9%
ROICexgc growth 3Y1.8%
ROICexgc growth 5Y-0.95%
ROICexc growth 3Y1.97%
ROICexc growth 5Y-0.45%
OM growth 3Y3.02%
OM growth 5Y-0.12%
PM growth 3Y73.39%
PM growth 5Y-8.23%
GM growth 3Y1.29%
GM growth 5Y-0.14%
F-Score7
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 2.15
Debt/FCF 29.22
Debt/EBITDA 6.15
Cap/Depr 190.9%
Cap/Sales 34.69%
Interest Coverage 2.06
Cash Conversion 77.07%
Profit Quality 60.59%
Current Ratio 0.63
Quick Ratio 0.56
Altman-Z 0.81
F-Score7
WACC6.63%
ROIC/WACC0.76
Cap/Depr(3y)237.43%
Cap/Depr(5y)241.5%
Cap/Sales(3y)47.43%
Cap/Sales(5y)46.29%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-5.63%
EPS 3Y-6.45%
EPS 5Y-3.47%
EPS Q2Q%88.46%
EPS Next Y7.6%
EPS Next 2Y5.87%
EPS Next 3Y6.89%
EPS Next 5Y6.32%
Revenue 1Y (TTM)10.66%
Revenue growth 3Y0.58%
Revenue growth 5Y3.23%
Sales Q2Q%206.47%
Revenue Next Year5.83%
Revenue Next 2Y4.05%
Revenue Next 3Y5.12%
Revenue Next 5Y4.39%
EBIT growth 1Y16.87%
EBIT growth 3Y3.61%
EBIT growth 5Y3.1%
EBIT Next Year49.22%
EBIT Next 3Y17.43%
EBIT Next 5Y11.89%
FCF growth 1Y53.96%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-4.55%
OCF growth 3Y4.84%
OCF growth 5Y0.8%

TC ENERGY CORP / TRP.CA FAQ

Can you provide the ChartMill fundamental rating for TC ENERGY CORP?

ChartMill assigns a fundamental rating of 4 / 10 to TRP.CA.


What is the valuation status for TRP stock?

ChartMill assigns a valuation rating of 4 / 10 to TC ENERGY CORP (TRP.CA). This can be considered as Fairly Valued.


How profitable is TC ENERGY CORP (TRP.CA) stock?

TC ENERGY CORP (TRP.CA) has a profitability rating of 7 / 10.


What is the earnings growth outlook for TC ENERGY CORP?

The Earnings per Share (EPS) of TC ENERGY CORP (TRP.CA) is expected to grow by 7.6% in the next year.


Can you provide the dividend sustainability for TRP stock?

The dividend rating of TC ENERGY CORP (TRP.CA) is 6 / 10 and the dividend payout ratio is 106.5%.