olivLaw · US equity research
TC Energy Corporation TRP
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
TC Energy is a Canadian company operating natural gas transmission infrastructure and energy assets in North America. Its Form 40-F for fiscal 2025 shows it files with the SEC, and its share structure includes both common shares and several series of cumulative preferred shares.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TC Energy Corporation (TRP) stock was 62.61 USD (−1.29% on the day), with beta 0.24, 52-week range 50.35–70.91 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)
- 53.2
- neutral
- Bollinger (20, 2)
- 59.31 – 64.78
- in the upper half of the band · %B 0.60 · band width 8.8%
- SMA 50 / 200
- 61.35 / 63.88
- mixed trend
- MACD (12, 26, 9)
- 0.74 / 0.58
- 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 | +5.3% | −1.1% | +6.4 pp | — |
| 3 months | −2.0% | −0.5% | −1.5 pp | — |
| 6 months | −4.4% | +4.4% | −8.8 pp | — |
| Year to date | +13.8% | +12.3% | +1.5 pp | — |
| 1 year | +25.7% | +13.5% | +12.2 pp | +12.1% |
| 3 years | +71.5% | +76.4% | −4.9 pp | +57.8% |
| 5 years | +21.7% | +63.7% | −42.0 pp | — |
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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.7 bn | 13.3 bn | 13.0 bn | 13.4 bn | 12.3 bn | 13.3 bn | 13.8 bn | 15.2 bn |
| Revenue YoY | +1.7% | −3.1% | −1.9% | +3.0% | −8.1% | +7.8% | +3.8% | +10.7% |
| Net income | 3.7 bn | 4.1 bn | 4.6 bn | 2.0 bn | 748.0 m | 2.9 bn | 4.7 bn | 3.5 bn |
| Net income YoY | +17.3% | +11.8% | +11.5% | −57.6% | −61.7% | +290.6% | +60.8% | −25.1% |
| Diluted EPS | 3.92 | 4.27 | 4.74 | 1.86 | 0.64 | 2.75 | 4.43 | 3.27 |
| Diluted EPS YoY | +14.3% | +8.9% | +11.0% | −60.8% | −65.6% | +329.7% | +61.1% | −26.2% |
| net % | 27.1% | 31.2% | 35.5% | 14.6% | 6.1% | 22.0% | 34.1% | 23.1% |
| Free cash flow | -2.9 bn | -393.0 m | -1.8 bn | -244.0 m | -2.6 bn | -5.0 bn | -208.0 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 168.0 m CAD
- Financial debt
- 1.5 bn CAD
- Net debt
- 1.4 bn CAD
- Equity
- 36.9 bn CAD
- Total assets
- 118.8 bn CAD
- Debt / equity
- 0.04x
- Current ratio
- 0.63x
- ROE
- 9.4%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 13.0 bn | 13.4 bn | 12.3 bn | 13.3 bn | 13.8 bn | 15.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 0 | 87.0 m | 22.0 m | 80.0 m | 217.0 m | 208.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 13.0 bn ≈ | 13.3 bn ≈ | 12.3 bn ≈ | 13.2 bn ≈ | 13.6 bn ≈ | 15.0 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Operating income | 6.8 bn | 4.1 bn | 2.5 bn | 5.1 bn | 8.0 bn | 8.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 2.6 bn | 2.5 bn | 2.6 bn | 2.8 bn | 2.8 bn | 2.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 9.4 bn ≈ | 6.6 bn ≈ | 5.0 bn ≈ | 7.9 bn ≈ | 10.8 bn ≈ | 10.8 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 2.2 bn | 2.4 bn | 2.6 bn | 3.3 bn | 3.0 bn | 3.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 5.1 bn | 2.2 bn | 474.0 m | 3.3 bn | 5.9 bn | 5.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 194.0 m | 120.0 m | 322.0 m | 842.0 m | 922.0 m | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 4.6 bn | 2.0 bn | 748.0 m | 2.9 bn | 4.7 bn | 3.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 4.74 | 1.86 | 0.64 | 2.75 | 4.43 | 3.27 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 940.0 m | 974.0 m | 996.0 m | 1.0 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 3.24 | 3.48 | 3.60 | 3.72 | 3.70 | 3.40 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 673.0 m | 620.0 m | 3.7 bn | 801.0 m | 168.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 2.2 bn | 3.1 bn | 3.6 bn | 2.4 bn | 2.6 bn | 2.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 629.0 m | 724.0 m | 936.0 m | 771.0 m | 747.0 m | 782.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 5.2 bn | 7.4 bn | 7.3 bn | 11.4 bn | 5.7 bn | 6.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 69.8 bn | 70.2 bn | 75.9 bn | 69.5 bn | 77.5 bn | 71.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | — | 9.9 bn | 9.5 bn | 9.5 bn | 9.5 bn | 9.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 100.3 bn | 104.2 bn | 114.3 bn | 125.0 bn | 118.2 bn | 118.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 2.0 bn | 1.3 bn | 1.9 bn | 2.9 bn | 3.0 bn | 1.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | — | — | 1.6 bn | 2.0 bn | 2.8 bn | — | SEC (XBRL)· 14 Feb 2025verified |
| Current liabilities | 12.0 bn | 13.0 bn | 16.9 bn | 11.8 bn | 10.5 bn | 10.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 66.8 bn | 70.8 bn | 80.2 bn | 86.0 bn | 79.9 bn | 81.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 33.1 bn | 33.4 bn | 34.1 bn | 39.0 bn | 38.4 bn | 36.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Shares outstanding at year end | 940.1 m | 980.8 m | 1.0 bn | 1.0 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.1 bn | 6.9 bn | 6.4 bn | 7.3 bn | 7.7 bn | 7.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 8.9 bn | 7.1 bn | 9.0 bn | 12.3 bn | 7.9 bn | — | SEC (XBRL)· 14 Feb 2025verified |
| Free cash flow | -1.8 bn ≈ | -244.0 m ≈ | -2.6 bn ≈ | -5.0 bn ≈ | -208.0 m ≈ | — | SEC (XBRL)· 14 Feb 2025derived |
| Investing cash flow | -6.1 bn | -7.7 bn | -7.0 bn | -12.3 bn | -6.9 bn | -6.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -800.0 m | -88.0 m | 487.0 m | 8.1 bn | -3.9 bn | -1.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 3.0 bn | 3.3 bn | 3.2 bn | 2.8 bn | 4.0 bn | 3.5 bn | SEC (XBRL)· 13 Feb 2026verified |
≈ 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: 61 / 100
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
Score by group
- Balance sheet49
- Growth81
- Quality58
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
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.6% | 89 (vs peers) | 17% |
| Net margin · Quality | 23.1% | 65 (vs peers) | 10% |
| FCF conversion · Quality | -15.9% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 7.4% | 61 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 72.2% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | 0.1x | 91 (vs peers) | 17% |
| Interest coverage · Balance sheet | 2.4x | 13 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 7% |
| 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 sheet49/100 · 3/3 factors with a value
- Growth81/100 · 2/2 factors with a value
- Quality58/100 · 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
TC ENERGY CORPORATION (TRP). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 15.2 bn CAD in 2025; YoY growth 10.7%; net margin 23.1%; ROE 12.8%; net debt/EBITDA 0.1x.
The estimated value range is 45.21–78.18 CAD per share (median of 3 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.6%
- EPS CAGR 3Y: 72.2%
- Net debt / EBITDA: 0.1x
What contradicts it
- FCF conversion: -15.9%
- Interest coverage: 2.4x
- Current ratio: 0.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): 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% |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −26% / +67% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +26% / +71% |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +12% / +29% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −13% / unavailable |
1- and 3-year price returns: for TRP 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 (19 Oct 2026), 6-K (13 Oct 2026), 6-K (06 Oct 2026), 6-K (29 Sept 2026), 6-K (22 Sept 2026), 6-K (10 Jul 2026).
In brief
TC Energy is a Canadian company operating natural gas transmission infrastructure and energy assets in North America. Its Form 40-F for fiscal 2025 shows it files with the SEC, and its share structure includes both common shares and several series of cumulative preferred shares 1.
SWOT
Strengths
- A consolidated reporting structure with a known auditor and clear statements on internal control over financial reporting 1.
- A diversified asset base including pipelines, power plants and storage, as described in the risk factors and assumptions 1.
- Access to capital markets and a portfolio management approach, cited as assumptions behind the financial plan 1.
Weaknesses
- Many financial details are incorporated by reference from the management's discussion and analysis, so a separate document must be consulted 1.
- Reliance on planning and completing capital projects can introduce uncertainty about costs and timing 1.
- Exposure to plant availability and to planned or unplanned outages may affect generation revenues 1.
Opportunities
Risks
- Project execution riskhigh
Cost overruns or delays on projects under construction could affect the return on investment 1.
- Regulatory riskhigh
Regulatory decisions and legal outcomes may differ from expectations and could affect revenues 1.
- Climate and transition riskmedium
The impact of the energy transition and climate risks on the business model is explicitly flagged by the company 1.
- Counterparty riskmedium
The performance and credit risk of counterparties could affect receivables from transport and energy contracts 1.
- Cost of capital riskmedium
Access to capital markets on competitive terms, along with interest rate and currency movements, could affect financing 1.
Investment thesis
What would need to be true (bull case)
- If energy demand in North America holds up, transport and storage assets could generate stable long-term revenue 1.
- The disciplined reporting and consolidated structure suggest a solid governance framework, which could reduce uncertainty for investors 1.
- If the acquisition and divestiture strategy meets its goals, the company could improve portfolio returns 1.
What would break the thesis
- Execution risks on capital projects could lead to cost overruns and delays that weigh on results 1.
- If environmental policies tighten, compliance costs and operating restrictions could rise 1.
- Open legal proceedings and arbitrations could bring unplanned expenses or losses if outcomes are unfavourable 1.
What to watch
- Progress of capital projects under construction against schedule and budget2026
- Regulatory decisions and outcomes of open arbitrations2026
- Utilization of pipeline capacity and rates achievednext 10-K
- Impact of North American trade negotiations on customers and suppliers2026
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 (19 Oct 2026), 6-K (13 Oct 2026), 6-K (06 Oct 2026), 6-K (29 Sept 2026), 6-K (22 Sept 2026), 6-K (10 Jul 2026).
The business
According to the filing 1, TC Energy Corporation is the parent company of TransCanada PipeLines Limited, a wholly owned subsidiary that relies on the parent's disclosure documents. The Form 40-F covers the year ended December 31, 2025 and includes audited financial statements, management's discussion and analysis and the Annual Information Form 1. The auditor is KPMG LLP of Calgary 1.
The source indicates the company describes its strategy and growth through acquisitions, divestitures and capital projects, but operational details are incorporated by reference from the management's discussion and analysis rather than the 40-F itself 1. Revenue or segment figures therefore require the full annual report, which is not part of the source given.
The company states it has no off-balance sheet arrangements other than the guarantees and commitments described in Note 30 of the financial statements 1. This points to a consolidated reporting framework with responsibilities clearly divided between the parent and its subsidiary 1.
Segments
Natural gas transmission
The source mentions capacity sold and rates achieved in the pipeline business as a performance and risk factor 1. Financial details for this segment are incorporated by reference in the management's discussion and analysis 1.
Market context
The filing 1 refers to energy demand and market conditions in North America, including the impact of ongoing trade negotiations on customers and suppliers. The source gives no quantified market data for the industry.
Commodity prices and their availability are cited as a factor that could influence activity, alongside labour and equipment costs 1. The effect of these conditions on the company remains to be followed in later reports 1.
Trends
- Rising energy demandtailwind
The filing lists expected energy demand among its key assumptions, which could support transported volumes if it materializes 1.
- Environmental policy and energy transitionheadwind
The company acknowledges climate-related risks, energy transition and changes in policies and regulations that may affect its business model 1.
- Construction costs and inflationheadwind
Costs and schedules of projects under construction are flagged as uncertainties, alongside inflation in labour and materials 1.
- North American trade negotiationsmixed
Ongoing trade negotiations in North America are mentioned as a factor that could affect customers and suppliers, with uncertain effect 1.
Competitive position
The source 1 does not explicitly name the company's competitors. It only mentions competition in the businesses where it operates, as a general risk factor 1.
Competition could affect demand for transport capacity and the rates achieved, per the risks the company describes 1. Names of competitors would require an additional source.
- Unnamed competitors in the source
The filing 1 refers to general competition in the company's businesses without naming any competitor.
- North American pipeline operators
This category is generic; the source gives no names or exchange symbols for these operators.
- Power generation producers
Competition in power generation is noted as a risk without identifying specific companies 1.
- Storage service providers
Storage activity is mentioned in the source, but competitors are not identified 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)19 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)13 Apr 2026
- Current report (foreign issuer)20 Mar 2026
- Current report (foreign issuer)10 Mar 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / TC Energy Corporation · 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.