TC ENERGY CORP (TRP.CA) Fundamental Analysis & Valuation
TSX:TRP • CA87807B1076
86.09 CAD
+0.35 (+0.41%)
Last: Mar 12, 2026, 07:00 PM
This TRP.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
We assign a fundamental rating of 4 out of 10 to TRP. TRP was compared to 212 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 correct valuation and a medium growth rate.
1. TRP.CA Profitability Analysis
1.1 Basic Checks
- TRP had positive earnings in the past year.
- TRP had a positive operating cash flow in the past year.
- Each year in the past 5 years TRP has been profitable.
- TRP had a positive operating cash flow in each of the past 5 years.
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 85.38% of its industry peers.
- The Return On Invested Capital of TRP (5.03%) is better than 73.11% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for TRP is below the industry average of 6.67%.
- The 3 year average ROIC (4.55%) for TRP is below the current ROIC(5.03%), indicating increased profibility in the last year.
| Industry Rank | Sector 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%
1.3 Margins
- The Profit Margin of TRP (22.31%) is better than 88.21% of its industry peers.
- In the last couple of years the Profit Margin of TRP has declined.
- TRP has a Operating Margin of 44.37%. This is amongst the best in the industry. TRP outperforms 93.87% 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 85.85% of the companies in the same industry.
- In the last couple of years the Gross Margin of TRP has remained more or less at the same level.
| Industry Rank | Sector 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%
2. TRP.CA Health Analysis
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), TRP is destroying value.
- TRP has about the same amout of shares outstanding than it did 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.
2.2 Solvency
- Based on the Altman-Z score of 0.80, we must say that TRP is in the distress zone and has some risk of bankruptcy.
- TRP has a Altman-Z score (0.80) which is in line with 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.
- Looking at the Debt to FCF ratio, with a value of 29.22, TRP is in the better half of the industry, outperforming 68.40% of the companies in the same industry.
- 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 75.47% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.15 | ||
| Debt/FCF | 29.22 | ||
| Altman-Z | 0.8 |
ROIC/WACC0.76
WACC6.62%
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.
- TRP has a Current ratio (0.63) which is in line with its industry peers.
- TRP has a Quick 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.
- TRP has a Quick ratio (0.56) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.63 | ||
| Quick Ratio | 0.56 |
3. TRP.CA Growth Analysis
3.1 Past
- The earnings per share for TRP have decreased by -5.63% in the last year.
- TRP shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -3.47% yearly.
- 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
- TRP is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.15% yearly.
- The Revenue is expected to grow by 4.68% on average over the next years.
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.
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. TRP.CA Valuation Analysis
4.1 Price/Earnings Ratio
- Based on the Price/Earnings ratio of 24.46, the valuation of TRP can be described as rather expensive.
- 62.26% of the companies in the same industry are more expensive than TRP, based on the Price/Earnings ratio.
- TRP is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 25.71, which is the current average of the S&P500 Index.
- A Price/Forward Earnings ratio of 23.18 indicates a rather expensive valuation of TRP.
- Based on the Price/Forward Earnings ratio, TRP is valued a bit cheaper than the industry average as 65.09% of the companies are valued more expensively.
- TRP's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 23.82.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.46 | ||
| Fwd PE | 23.18 |
4.2 Price Multiples
- Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of TRP is on the same level as its industry peers.
- 61.79% of the companies in the same industry are more expensive than TRP, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 43.5 | ||
| EV/EBITDA | 15.23 |
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)4.43
PEG (5Y)N/A
EPS Next 2Y5.24%
EPS Next 3Y6.88%
5. TRP.CA Dividend Analysis
5.1 Amount
- TRP has a Yearly Dividend Yield of 4.02%, which is a nice return.
- Compared to an average industry Dividend Yield of 4.17, TRP pays a bit more dividend than its industry peers.
- TRP's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.02% |
5.2 History
- The dividend of TRP has a limited annual growth rate of 0.77%.
- TRP has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)0.77%
Div Incr Years0
Div Non Decr Years0
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.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:TRP (3/12/2026, 7:00:00 PM)
86.09
+0.35 (+0.41%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-13 2026-02-13/bmo
Earnings (Next)04-29 2026-04-29/bmo
Inst Owners76.43%
Inst Owner ChangeN/A
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap89.62B
Revenue(TTM)15.24B
Net Income(TTM)3.40B
Analysts72.8
Price Target86.7 (0.71%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.02% |
Yearly Dividend3.48
Dividend Growth(5Y)0.77%
DP106.5%
Div Incr Years0
Div Non Decr Years0
Ex-Date03-31 2026-03-31 (0.8775)
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)8.12%
PT rev (3m)10.1%
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 Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.46 | ||
| Fwd PE | 23.18 | ||
| P/S | 5.88 | ||
| P/FCF | 43.5 | ||
| P/OCF | 12.2 | ||
| P/B | 3.28 | ||
| P/tB | 6.44 | ||
| EV/EBITDA | 15.23 |
EPS(TTM)3.52
EY4.09%
EPS(NY)3.71
Fwd EY4.31%
FCF(TTM)1.98
FCFY2.3%
OCF(TTM)7.06
OCFY8.2%
SpS14.64
BVpS26.22
TBVpS13.36
PEG (NY)4.43
PEG (5Y)N/A
Graham Number45.57
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 0.8 |
F-Score7
WACC6.62%
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 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.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 5.52% 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%.