TC ENERGY CORP (TRP) Fundamental Analysis & Valuation

NYSE:TRP • CA87807B1076

63.72 USD
-0.09 (-0.14%)
At close: Mar 6, 2026
65.2648 USD
+1.54 (+2.42%)
After Hours: 3/6/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

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

Fundamental Rating

4

Taking everything into account, TRP scores 4 out of 10 in our fundamental rating. TRP was compared to 207 industry peers in the Oil, Gas & Consumable Fuels industry. There are concerns on the financial health of TRP while its profitability can be described as average. TRP is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. TRP Profitability Analysis

1.1 Basic Checks

  • In the past year TRP was profitable.
  • TRP had a positive operating cash flow in the past year.
  • TRP had positive earnings in each of the past 5 years.
  • TRP had a positive operating cash flow in each of the past 5 years.
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

  • The Return On Assets of TRP (2.86%) is comparable to the rest of the industry.
  • Looking at the Return On Equity, with a value of 12.46%, TRP is in the better half of the industry, outperforming 69.57% of the companies in the same industry.
  • With a Return On Invested Capital value of 5.03%, TRP perfoms like the industry average, outperforming 44.93% 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 significantly below the industry average of 22.17%.
  • 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

  • The Profit Margin of TRP (22.31%) is better than 81.16% of its industry peers.
  • TRP's Profit Margin has declined in the last couple of years.
  • With an excellent Operating Margin value of 44.37%, TRP belongs to the best of the industry, outperforming 89.37% of the companies in the same industry.
  • In the last couple of years the Operating Margin of TRP has remained more or less at the same level.
  • TRP's Gross Margin of 69.69% is fine compared to the rest of the industry. TRP outperforms 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.
  • TRP has about the same amout of shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, TRP has more shares outstanding
  • The debt/assets ratio for TRP is higher compared to a year ago.
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

  • TRP has an Altman-Z score of 0.80. This is a bad value and indicates that TRP is not financially healthy and even has some risk of bankruptcy.
  • The Altman-Z score of TRP (0.80) is comparable to the rest of the industry.
  • 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's Debt to FCF ratio of 29.22 is in line compared to the rest of the industry. TRP outperforms 43.96% of its industry peers.
  • 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 82.13% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.15
Debt/FCF 29.22
Altman-Z 0.8
ROIC/WACC0.75
WACC6.66%
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

  • 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's Current ratio of 0.63 is on the low side compared to the rest of the industry. TRP is outperformed by 76.81% of its industry peers.
  • A Quick Ratio of 0.56 indicates that TRP may have some problems paying its short term obligations.
  • The Quick ratio of TRP (0.56) is worse than 73.91% 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

  • 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.
  • The Revenue has grown by 10.66% in the past year. This is quite good.
  • 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

  • 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.
  • The Revenue is expected to grow by 4.39% on average over the next years.
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.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
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

  • With a Price/Earnings ratio of 24.70, TRP is valued on the expensive side.
  • The rest of the industry has a similar Price/Earnings ratio as TRP.
  • Compared to an average S&P500 Price/Earnings ratio of 26.29, TRP is valued at the same level.
  • The Price/Forward Earnings ratio is 22.92, which indicates a rather expensive current valuation of TRP.
  • TRP's Price/Forward Earnings ratio is in line with the industry average.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.57, TRP is valued at the same level.
Industry RankSector Rank
PE 24.7
Fwd PE 22.92
TRP Price Earnings VS Forward Price EarningsTRP 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 a bit more expensive when compared to the industry. TRP is more expensive than 63.28% of the companies in the same industry.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as TRP.
Industry RankSector Rank
P/FCF 43.87
EV/EBITDA 15.32
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.
  • The decent profitability rating of TRP may justify a higher PE ratio.
PEG (NY)3.25
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 Dividend Analysis

5.1 Amount

  • TRP has a Yearly Dividend Yield of 4.02%, which is a nice return.
  • TRP's Dividend Yield is a higher than the industry average which is at 3.40.
  • TRP's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 4.02%

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

  • TRP pays out 106.50% of its income as dividend. 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 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 (3/6/2026, 8:04:00 PM)

After market: 65.2648 +1.54 (+2.42%)

63.72

-0.09 (-0.14%)

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-9.38%
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap66.33B
Revenue(TTM)15.24B
Net Income(TTM)3.40B
Analysts72.8
Price Target63.27 (-0.71%)
Short Float %0.92%
Short Ratio3.95
Dividend
Industry RankSector Rank
Dividend Yield 4.02%
Yearly Dividend2.55
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)9.79%
PT rev (3m)14.12%
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 24.7
Fwd PE 22.92
P/S 5.93
P/FCF 43.87
P/OCF 12.3
P/B 3.31
P/tB 6.5
EV/EBITDA 15.32
EPS(TTM)2.58
EY4.05%
EPS(NY)2.78
Fwd EY4.36%
FCF(TTM)1.45
FCFY2.28%
OCF(TTM)5.18
OCFY8.13%
SpS10.75
BVpS19.25
TBVpS9.81
PEG (NY)3.25
PEG (5Y)N/A
Graham Number33.42
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 0.8
F-Score7
WACC6.66%
ROIC/WACC0.75
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 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 7.6% 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%.