TC ENERGY CORP (TRP) Fundamental Analysis & Valuation

NYSE:TRP • CA87807B1076

Current stock price

63.7 USD
+0.56 (+0.89%)
At close:
63.8885 USD
+0.19 (+0.3%)
After Hours:

This TRP fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

6

1. TRP 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.
  • Each year in the past 5 years TRP had a positive operating cash flow.
TRP Yearly Net Income VS EBIT VS OCF VS FCFTRP 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.
  • With a decent Return On Equity value of 12.46%, TRP is doing good in the industry, outperforming 69.08% of the companies in the same industry.
  • TRP has a Return On Invested Capital of 5.03%. This is comparable to the rest of the industry: TRP outperforms 44.93% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for TRP is significantly below the industry average of 22.51%.
  • 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 Yearly ROA, ROE, ROICTRP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • With an excellent Profit Margin value of 22.31%, TRP belongs to the best of the industry, outperforming 80.19% of the companies in the same industry.
  • TRP's Profit Margin has declined in the last couple of years.
  • TRP's Operating Margin of 44.37% is amongst the best of the industry. TRP outperforms 89.37% of its industry peers.
  • In the last couple of years the Operating Margin of TRP has remained more or less at the same level.
  • TRP has a better Gross Margin (69.69%) than 78.74% of its industry peers.
  • In the last couple of years the Gross Margin of TRP has remained more or less at the same level.
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 Yearly Profit, Operating, Gross MarginsTRP 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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1

2. TRP Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so TRP is destroying value.
  • The number of shares outstanding for TRP remains at a similar level compared to 1 year ago.
  • TRP has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, TRP has a worse debt to assets ratio.
TRP Yearly Shares OutstandingTRP Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B
TRP Yearly Total Debt VS Total AssetsTRP 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

  • Based on the Altman-Z score of 0.81, we must say that TRP is in the distress zone and has some risk of bankruptcy.
  • TRP has a Altman-Z score of 0.81. This is comparable to the rest of the industry: TRP outperforms 41.06% of its industry peers.
  • TRP has a debt to FCF ratio of 29.22. This is a negative value and a sign of low solvency as TRP would need 29.22 years to pay back of all of its debts.
  • TRP has a Debt to FCF ratio (29.22) which is in line with its industry peers.
  • A Debt/Equity ratio of 2.15 is on the high side and indicates that TRP has dependencies on debt financing.
  • The Debt to Equity ratio of TRP (2.15) is worse than 81.16% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.15
Debt/FCF 29.22
Altman-Z 0.81
ROIC/WACC0.79
WACC6.36%
TRP Yearly LT Debt VS Equity VS FCFTRP 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

  • A Current Ratio of 0.63 indicates that TRP may have some problems paying its short term obligations.
  • With a Current ratio value of 0.63, TRP is not doing good in the industry: 77.29% of the companies in the same industry are doing better.
  • A Quick Ratio of 0.56 indicates that TRP may have some problems paying its short term obligations.
  • TRP has a worse Quick ratio (0.56) than 75.36% of its industry peers.
Industry RankSector Rank
Current Ratio 0.63
Quick Ratio 0.56
TRP Yearly Current Assets VS Current LiabilitesTRP 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 Growth Analysis

3.1 Past

  • The earnings per share for TRP have decreased by -5.63% in the last year.
  • 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.
  • TRP shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.66%.
  • Measured over the past years, TRP shows a small growth in Revenue. The Revenue has been growing by 3.23% on average per year.
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

  • The Earnings Per Share is expected to grow by 7.15% on average over the next years.
  • TRP is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.68% yearly.
EPS Next Y5.52%
EPS Next 2Y5.24%
EPS Next 3Y6.88%
EPS Next 5Y7.15%
Revenue Next Year6.33%
Revenue Next 2Y4.22%
Revenue Next 3Y4.58%
Revenue Next 5Y4.68%

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 Yearly Revenue VS EstimatesTRP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5B 10B 15B 20B
TRP Yearly EPS VS EstimatesTRP 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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2

4. TRP Valuation Analysis

4.1 Price/Earnings Ratio

  • TRP is valuated rather expensively with a Price/Earnings ratio of 24.79.
  • The rest of the industry has a similar Price/Earnings ratio as TRP.
  • When comparing the Price/Earnings ratio of TRP to the average of the S&P500 Index (25.71), we can say TRP is valued inline with the index average.
  • With a Price/Forward Earnings ratio of 23.50, TRP is valued on the expensive side.
  • TRP's Price/Forward Earnings is on the same level as the industry average.
  • TRP's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 23.83.
Industry RankSector Rank
PE 24.79
Fwd PE 23.5
TRP Price Earnings VS Forward Price EarningsTRP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 64.25% of the companies in the same industry are cheaper than TRP, based on the Enterprise Value to EBITDA ratio.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as TRP.
Industry RankSector Rank
P/FCF 44.11
EV/EBITDA 15.36
TRP Per share dataTRP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

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.
  • TRP has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)4.49
PEG (5Y)N/A
EPS Next 2Y5.24%
EPS Next 3Y6.88%

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

6

5. TRP Dividend Analysis

5.1 Amount

  • TRP has a Yearly Dividend Yield of 5.59%, which is a nice return.
  • Compared to an average industry Dividend Yield of 3.47, TRP pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.91, TRP pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.59%

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 Yearly Dividends per shareTRP Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3 4 5

5.3 Sustainability

  • 106.50% of the earnings are spent on dividend by TRP. This is not a sustainable payout ratio.
  • TRP's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP106.5%
EPS Next 2Y5.24%
EPS Next 3Y6.88%
TRP Yearly Income VS Free CF VS DividendTRP 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 Dividend Payout.TRP Dividend Payout, showing the Payout Ratio.TRP Dividend Payout.PayoutRetained Earnings

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TRP Fundamentals: All Metrics, Ratios and Statistics

TC ENERGY CORP

NYSE:TRP (3/13/2026, 8:04:00 PM)

After market: 63.8885 +0.19 (+0.3%)

63.7

+0.56 (+0.89%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-13
Earnings (Next)04-29
Inst Owners76.43%
Inst Owner Change-9.43%
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap66.31B
Revenue(TTM)15.24B
Net Income(TTM)3.40B
Analysts72.8
Price Target63.27 (-0.68%)
Short Float %0.92%
Short Ratio3.95
Dividend
Industry RankSector Rank
Dividend Yield 5.59%
Yearly Dividend2.54
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)7.84%
PT rev (3m)12.1%
EPS NQ rev (1m)-2.88%
EPS NQ rev (3m)-2.56%
EPS NY rev (1m)-1.93%
EPS NY rev (3m)-1.58%
Revenue NQ rev (1m)1.54%
Revenue NQ rev (3m)1.99%
Revenue NY rev (1m)0.09%
Revenue NY rev (3m)-0.1%
Valuation
Industry RankSector Rank
PE 24.79
Fwd PE 23.5
P/S 5.96
P/FCF 44.11
P/OCF 12.37
P/B 3.33
P/tB 6.53
EV/EBITDA 15.36
EPS(TTM)2.57
EY4.03%
EPS(NY)2.71
Fwd EY4.26%
FCF(TTM)1.44
FCFY2.27%
OCF(TTM)5.15
OCFY8.08%
SpS10.68
BVpS19.13
TBVpS9.75
PEG (NY)4.49
PEG (5Y)N/A
Graham Number33.26
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
WACC6.36%
ROIC/WACC0.79
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 Y5.52%
EPS Next 2Y5.24%
EPS Next 3Y6.88%
EPS Next 5Y7.15%
Revenue 1Y (TTM)10.66%
Revenue growth 3Y0.58%
Revenue growth 5Y3.23%
Sales Q2Q%206.47%
Revenue Next Year6.33%
Revenue Next 2Y4.22%
Revenue Next 3Y4.58%
Revenue Next 5Y4.68%
EBIT growth 1Y16.87%
EBIT growth 3Y3.61%
EBIT growth 5Y3.1%
EBIT Next Year49.22%
EBIT Next 3Y17.43%
EBIT Next 5Y12.4%
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 Fundamental Analysis FAQ

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

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


What is the valuation status for TRP stock?

ChartMill assigns a valuation rating of 2 / 10 to TC ENERGY CORP (TRP). This can be considered as Overvalued.


How profitable is TC ENERGY CORP (TRP) stock?

TC ENERGY CORP (TRP) has a profitability rating of 6 / 10.


What is the earnings growth outlook for TC ENERGY CORP?

The Earnings per Share (EPS) of TC ENERGY CORP (TRP) is expected to grow by 5.52% in the next year.


Can you provide the dividend sustainability for TRP stock?

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