olivLaw · US equity research
TransCanada PipeLines Limited TCPA
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
TransCanada PipeLines Limited is a wholly owned subsidiary of TC Energy Corporation and, in its Form 40-F for fiscal 2025, reports largely the information provided by the parent. The company's activity includes natural gas transmission and is subject to regulatory, construction and energy transition risks.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TransCanada PipeLines Limited (TCPA) stock was 21.13 USD (+5.10% on the day), with beta 0.31, 52-week range 19.64–24.97 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.8
- strong (55–70)
- Bollinger (20, 2)
- 19.36 – 20.67
- above the upper band · %B 1.35 · band width 6.6%
- SMA 50 / 200
- 20.83 / 23.11
- mixed trend
- MACD (12, 26, 9)
- -0.13 / -0.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.5% | −1.1% | +6.6 pp | — |
| 3 months | −7.5% | −0.5% | −7.1 pp | — |
| 6 months | −11.9% | +4.4% | −16.3 pp | — |
| Year to date | −13.9% | +12.3% | −26.2 pp | — |
| 1 year | −14.3% | +13.5% | −27.9 pp | +14.4% |
| 3 years | unavailable | +76.4% | unavailable | +66.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.9 bn | 7.8 bn | 8.0 bn | 8.8 bn | 10.2 bn | 11.4 bn | 12.5 bn | 13.4 bn |
| Revenue YoY | unavailable | +14.4% | +2.1% | +9.9% | +15.8% | +11.5% | +10.5% | +7.2% |
| Net income | 1.3 bn | 1.5 bn | 1.4 bn | 1.8 bn | 1.8 bn | -1.1 bn | 321.0 m | 3.1 bn |
| Net income YoY | unavailable | +20.8% | −10.8% | +31.5% | +3.0% | −162.2% | unavailable | +867.6% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 18.4% | 19.5% | 17.0% | 20.3% | 18.1% | -10.1% | 2.6% | 23.1% |
| Free cash flow | unavailable | unavailable | 951.0 m | -621.0 m | 736.0 m | 505.0 m | 149.0 m | -2.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2017 · 31 Dec 2017
- Cash
- 1.0 bn CAD
- Financial debt
- 34.7 bn CAD
- Net debt
- 33.7 bn CAD
- Equity
- 22.4 bn CAD
- Total assets
- 86.0 bn CAD
- Debt / equity
- 1.55x
- Current ratio
- 0.37x
- ROE
- 14.0%
- ROA
- 3.6%
- FCF margin
- -16.5%
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.0 bn | 8.8 bn | 10.2 bn | 11.4 bn | 12.5 bn | 13.4 bn | SEC (XBRL)· 16 Feb 2018verified |
| Operating income | 2.8 bn | 3.5 bn | 3.9 bn | 101.0 m | 2.3 bn | 4.7 bn | SEC (XBRL)· 16 Feb 2018verified |
| Depreciation & amortisation | 1.4 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 16 Feb 2018verified |
| EBITDA | 4.2 bn ≈ | 5.0 bn ≈ | 5.5 bn ≈ | 1.9 bn ≈ | 4.3 bn ≈ | 6.7 bn ≈ | SEC (XBRL)· 16 Feb 2018derived |
| Interest expense | 1.0 bn | 1.0 bn | 1.2 bn | 1.4 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 16 Feb 2018verified |
| Pre-tax income | 1.9 bn | 2.5 bn | 2.8 bn | -1.1 bn | 922.0 m | 3.2 bn | SEC (XBRL)· 16 Feb 2018verified |
| Income tax | 461.0 m | 605.0 m | 830.0 m | 35.0 m | 349.0 m | -107.0 m | SEC (XBRL)· 16 Feb 2018verified |
| Net income | 1.4 bn | 1.8 bn | 1.8 bn | -1.1 bn | 321.0 m | 3.1 bn | SEC (XBRL)· 16 Feb 2018verified |
| Dividend per share | 1.66 | 1.70 | 1.90 | 1.85 | 1.88 | 2.43 | SEC (XBRL)· 16 Feb 2018derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · CAD
| Line | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 537.0 m | 895.0 m | 484.0 m | 813.0 m | 967.0 m | 1.0 bn | SEC (XBRL)· 16 Feb 2018verified |
| Receivables | 1.1 bn | 1.2 bn | 1.4 bn | 1.4 bn | 2.1 bn | 2.5 bn | SEC (XBRL)· 16 Feb 2018verified |
| Inventories | 224.0 m | 251.0 m | 292.0 m | 323.0 m | 368.0 m | 378.0 m | SEC (XBRL)· 16 Feb 2018verified |
| Current assets | 5.7 bn | 5.9 bn | 6.0 bn | 6.4 bn | 8.1 bn | 4.7 bn | SEC (XBRL)· 16 Feb 2018verified |
| Property, plant & equipment, net | 33.7 bn | 37.6 bn | 41.8 bn | 44.8 bn | 54.5 bn | 57.3 bn | SEC (XBRL)· 16 Feb 2018verified |
| Goodwill | 3.5 bn | 3.7 bn | 4.0 bn | 4.8 bn | 14.0 bn | 13.1 bn | SEC (XBRL)· 16 Feb 2018verified |
| Intangibles (excl. goodwill) | 1.4 bn | 2.0 bn | 2.6 bn | 3.1 bn | 2.9 bn | 1.4 bn | SEC (XBRL)· 16 Feb 2018verified |
| Total assets | 49.3 bn | 56.6 bn | 61.4 bn | 66.8 bn | 87.9 bn | 86.0 bn | SEC (XBRL)· 16 Feb 2018verified |
| Short-term debt | 894.0 m | 973.0 m | 1.8 bn | 2.5 bn | 1.8 bn | 2.9 bn | SEC (XBRL)· 16 Feb 2018verified |
| Long-term debt | 18.0 bn | 21.9 bn | 23.0 bn | 28.9 bn | 38.3 bn | 31.9 bn | SEC (XBRL)· 16 Feb 2018verified |
| Current liabilities | 7.8 bn | 6.8 bn | 8.4 bn | 7.7 bn | 10.0 bn | 12.4 bn | SEC (XBRL)· 16 Feb 2018verified |
| Total liabilities | 32.0 bn | 35.2 bn | 38.7 bn | 46.5 bn | 63.2 bn | 61.7 bn | SEC (XBRL)· 16 Feb 2018verified |
| Equity | 19.3 bn | 21.4 bn | 21.1 bn † | 18.6 bn † | 21.8 bn † | 22.4 bn † | SEC (XBRL)· 16 Feb 2018verified |
| Shares outstanding at year end | 738.5 m | 757.2 m | 708.6 m | 779.6 m | 859.1 m | 871.8 m | SEC (XBRL)· 16 Feb 2018verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · CAD
| Line | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.5 bn | 3.6 bn | 4.2 bn | 4.4 bn | 5.2 bn | 5.2 bn | SEC (XBRL)· 16 Feb 2018verified |
| Capex | 2.6 bn | 4.3 bn | 3.5 bn | 3.9 bn | 5.0 bn | 7.4 bn | SEC (XBRL)· 16 Feb 2018verified |
| Free cash flow | 951.0 m ≈ | -621.0 m ≈ | 736.0 m ≈ | 505.0 m ≈ | 149.0 m ≈ | -2.2 bn ≈ | SEC (XBRL)· 16 Feb 2018derived |
| Investing cash flow | -3.3 bn | -5.1 bn | -4.3 bn | -4.9 bn | -18.8 bn | -3.7 bn | SEC (XBRL)· 16 Feb 2018verified |
| Financing cash flow | -367.0 m | 1.8 bn | -345.0 m | 671.0 m | 13.9 bn | -1.3 bn | SEC (XBRL)· 16 Feb 2018verified |
| Dividends paid | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.6 bn | 2.1 bn | SEC (XBRL)· 16 Feb 2018verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.7% | 44 (vs peers) | 20% |
| Net margin · Quality | 23.1% | 71 (vs peers) | 12% |
| FCF conversion · Quality | -71.5% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 9.7% | 81 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.0x | 18 (vs peers) | 20% |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 3/3 factors with a value
- Growth· partial81/100 · 1/2 factors with a value
- Quality39/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRANSCANADA PIPELINES LTD (TCPA). Latest full fiscal year: 2017; data up to 2017-12-31.
Figures computed from the financial statements: revenue 13.4 bn CAD in 2017; YoY growth 7.2%; net margin 23.1%; ROE 14.0%; net debt/EBITDA 5.0x.
The estimated value range is 34.41–62.36 CAD per share (median of 3 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 23.1%
- Revenue CAGR 3Y: 9.7%
What contradicts it
- FCF conversion: -71.5%
- Net debt / EBITDA: 5.0x
- Interest coverage: 2.2x
- Current ratio: 0.4x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 83.0 bn | 27.1 | 24.0% | 25.2% | +13.8% | +11% / +84% |
| EPDEnterprise Products Partners L.P. | 79.2 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| KMIKinder Morgan, Inc. | 70.2 bn | 19.5 | 11.6% | 19.6% | +12.2% | +15% / +79% |
| ETEnergy Transfer LP | 67.0 bn | 12.7 | — | 4.9% | +3.5% | +16% / +40% |
| TRGPTarga Resources Corp. | 61.1 bn | 27.2 | 72.6% | 13.5% | +3.9% | +63% / +215% |
| WESWestern Midstream Partners, LP | 17.6 bn | 13.6 | — | 28.2% | +6.6% | +8% / +43% |
| DTMDT Midstream, Inc. | 12.0 bn | 25.5 | 9.9% | 35.4% | +26.7% | −3% / +105% |
| AMAntero Midstream Corporation | 9.4 bn | 14.0 | 31.6% | 53.4% | +7.4% | +10% / +49% |
| AROCArchrock, Inc. | 5.0 bn | 14.8 | 22.6% | 22.9% | +28.7% | +17% / +97% |
| KGSKodiak Gas Services, Inc. | 4.2 bn | 48.6 | 4.6% | 5.8% | +12.8% | +17% / +134% |
| USACUSA Compression Partners, LP | 3.5 bn | 22.3 | — | 12.4% | +5.0% | −3% / +3% |
| KNTKKinetik Holdings Inc. | 3.4 bn | 18.1 | — | 10.4% | +19.0% | +48% / +41% |
| NGLNGL Energy Partners LP | 1.9 bn | — | — | -3.8% | −9.0% | +58% / +258% |
| SMCSummit Midstream Corporation | 308.0 m | 9,397.5 | 0.1% | 0.0% | +30.8% | +15% / +40% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +14% / +67% |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +12% / +29% |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −26% / +67% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −14% / unavailable |
1- and 3-year price returns: for TCPA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Feb 2026; since then the company filed 6-K (30 Jul 2026), 6-K (01 May 2026), 6-K (15 Apr 2026), 6-K (20 Mar 2026).
In brief
TransCanada PipeLines Limited is a wholly owned subsidiary of TC Energy Corporation and, in its Form 40-F for fiscal 2025, reports largely the information provided by the parent. The company's activity includes natural gas transmission and is subject to regulatory, construction and energy transition risks.
SWOT
Strengths
- The subsidiary benefits from the structure and resources of the TC Energy group, and its financial information is audited by a recognised accounting firm, supporting reporting quality 1.
- The company has an integrated base of transmission and energy assets within the group, which may offer operational diversification 1.
- A formal audit committee with a designated financial expert and an updated code of ethics point to a formalised governance framework 1.
Weaknesses
- The subsidiary does not publish independent financial information and relies on its parent's disclosure documents, which limits transparency at the subsidiary level 1.
- Activity depends on asset availability and pipeline utilisation, factors that can fluctuate beyond the company's control 1.
- Reliance on construction projects exposes the company to cost overruns and schedule delays 1.
Opportunities
- Demand for gas transmission and storage could grow if the infrastructure projects mentioned in the source are expanded 1.
- Energy and storage activities could benefit from the flexibility needs of the energy system, if market conditions are favourable 1.
- Trade agreements under negotiation could open new opportunities for the group's customers and suppliers 1.
Risks
- Regulatory riskhigh
Decisions by regulators and the outcome of legal proceedings could influence the subsidiary's tariffs and revenues 1.
- Construction riskmedium
Projects under way are exposed to unforeseen costs and schedules, which could affect the return on investment 1.
- Counterparty riskmedium
The performance and creditworthiness of customers and contractual partners could affect receipts from transmission contracts 1.
- Climate and transition riskhigh
The impact of the energy transition and emissions reduction targets could reduce long-term demand for gas infrastructure 1.
- Currency and interest rate risklow
Fluctuations in interest and exchange rates may influence financing costs and reported results 1.
Investment thesis
What would need to be true (bull case)
- If demand for gas transmission and storage holds, the group's integrated assets could generate stable revenues from long-term contracts 1.
- Integration within TC Energy provides access to capital and a formalised governance structure, which could support project execution 1.
- If trade negotiations produce favourable agreements, new transport volumes could emerge for the group's pipelines 1.
What would break the thesis
- If environmental policies accelerate the energy transition, demand for gas infrastructure could decline faster than anticipated 1.
- Construction costs and inflationary pressures could reduce margins on projects under way 1.
- Dependence on regulator decisions could limit the subsidiary's tariffs and commercial flexibility 1.
What to watch
- Trend in pipeline capacity demand and rates achieved on the group's pipelines2026
- Progress of capital projects under construction and adherence to schedule2026
- Outcome of trade negotiations and their impact on customers2026
- Regulatory decisions affecting the group's assetsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Feb 2026; since then the company filed 6-K (30 Jul 2026), 6-K (01 May 2026), 6-K (15 Apr 2026), 6-K (20 Mar 2026).
The business
TransCanada PipeLines Limited is a wholly owned subsidiary of TC Energy Corporation, headquartered in Calgary, Alberta, Canada. According to its Form 40-F, the company relies on TC Energy's continuous disclosure documents under an exemption granted by the Alberta and Ontario securities commissions. At December 31, 2025, 992,720,977 common shares were outstanding, all owned by TC Energy 1. The audited financial statements of the group are presented in TC Energy's 2025 annual report, filed as an exhibit 1.
Segments
Natural gas transmission
The source document does not break out the subsidiary's business segments; in TC Energy's full report, the transmission activity is discussed in the management's discussion section, but without specific figures in the excerpt provided 1.
Power and storage
The form notes that the group holds power generation and storage assets, whose revenues depend on plant availability 1. No quantitative detail appears in the excerpt available.
Market context
Form 40-F refers to energy demand and market conditions in North America, including pipeline capacity demand and commodity prices 1. The source gives no quantitative market data for the subsidiary, so conclusions about market size should be checked against the full annual report.
Trends
- Energy transitionmixed
Among the listed risks, the document includes the impact of the energy transition on the business and environmental regulation, which could change long-term demand for gas infrastructure 1.
- Trade policy and negotiationsmixed
Ongoing trade negotiations in North America and elsewhere are cited, and could affect the group's customers and suppliers 1.
- Construction costs and labourheadwind
The cost and availability of labour, equipment and materials, along with inflationary pressures, are identified as factors that could affect project schedules 1.
- Access to capitalmixed
Access to capital markets on competitive terms is listed among the factors that could influence investment financing, though the source gives no quantitative evidence on current conditions 1.
Competitive position
Form 40-F lists competition in the businesses in which the group operates as a risk factor, without naming specific competitors in the text provided 1. The company operates in a gas transmission infrastructure sector where competition over capacity sold and rates achieved affects revenues 1.
- Other North American gas pipeline operators
Competition in gas transmission is mentioned generically in Form 40-F, without naming individual competitors 1.
- Other power generation and storage operators
Power generation and storage activities compete with other producers, though the source does not name them 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)01 May 2026
- Current report (foreign issuer)01 May 2026
- Current report (foreign issuer)15 Apr 2026
- Current report (foreign issuer)20 Mar 2026
- Current report (foreign issuer)13 Feb 2026
- Current report (foreign issuer)06 Nov 2025
- Current report (foreign issuer)06 Nov 2025
- Current report (foreign issuer)29 Oct 2025
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / TransCanada PipeLines Limited · 13 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.