(TRP) TC Energy - Overview
Stock: Pipelines, Storage, Power Generation
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 4.78% |
| Yield on Cost 5y | 7.77% |
| Yield CAGR 5y | -7.16% |
| Payout Consistency | 91.3% |
| Payout Ratio | 95.5% |
| Risk 5d forecast | |
|---|---|
| Volatility | 19.1% |
| Relative Tail Risk | -0.03% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.37 |
| Alpha | 25.34 |
| Character TTM | |
|---|---|
| Beta | 0.320 |
| Beta Downside | 0.421 |
| Drawdowns 3y | |
|---|---|
| Max DD | 19.78% |
| CAGR/Max DD | 1.02 |
Description: TRP TC Energy January 29, 2026
TC Energy Corp (NYSE: TRP) is a North-American energy-infrastructure firm that operates four segments-Canadian, U.S., and Mexico natural-gas pipelines plus Power & Energy Solutions. Its pipeline network spans roughly 93,700 km, moving gas from production basins to distributors, power plants, industrial users, interconnecting lines, and LNG export terminals, while regulated storage assets hold about 532 billion cf of working gas.
In addition to regulated storage, the company controls non-regulated storage of ~118 billion cf across Alberta, Ontario, Québec and New Brunswick, and owns ~4,650 MW of generation capacity. The business model is heavily reliant on pipeline utilization rates (currently ~85% in the U.S. segment) and natural-gas price spreads, both of which are sensitive to seasonal demand, U.S. winter heating demand, and the accelerating build-out of LNG export facilities.
Recent performance highlights include FY 2023 adjusted EBITDA of $9.5 bn, a dividend yield near 5.2%, and a 2024-Q1 pipeline utilization increase of 3 percentage points YoY, reflecting higher demand from U.S. power-generation and Canadian export markets. The sector’s key driver remains the North-American gas price differential (U.S. Henry Hub vs. Canadian market), which has averaged a $0.30/MMBtu premium this year, supporting cash-flow stability for TRP.
For a deeper dive into TC Energy’s valuation metrics, see the ValueRay analysis.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: 3.50b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 0.98 > 1.0 |
| NWC/Revenue: -36.37% < 20% (prev 26.46%; Δ -62.83% < -1%) |
| CFO/TA 0.06 > 3% & CFO 7.54b > Net Income 3.50b |
| Net Debt (59.56b) to EBITDA (10.25b): 5.81 < 3 |
| Current Ratio: 0.63 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.04b) vs 12m ago 0.29% < -2% |
| Gross Margin: 50.68% > 18% (prev 0.48%; Δ 5020 % > 0.5%) |
| Asset Turnover: 9.73% > 50% (prev 11.20%; Δ -1.47% > 0%) |
| Interest Coverage Ratio: 2.83 > 6 (EBITDA TTM 10.25b / Interest Expense TTM 2.68b) |
Altman Z'' 0.30
| A: -0.04 (Total Current Assets 7.78b - Total Current Liabilities 12.30b) / Total Assets 120.23b |
| B: -0.05 (Retained Earnings -6.03b / Total Assets 120.23b) |
| C: 0.06 (EBIT TTM 7.56b / Avg Total Assets 127.76b) |
| D: 0.30 (Book Value of Equity 24.97b / Total Liabilities 82.66b) |
| Altman-Z'' Score: 0.30 = B |
Beneish M -3.26
| DSRI: 0.86 (Receivables 2.47b/3.53b, Revenue 12.43b/15.15b) |
| GMI: 0.94 (GM 50.68% / 47.85%) |
| AQI: 1.17 (AQ_t 0.27 / AQ_t-1 0.23) |
| SGI: 0.82 (Revenue 12.43b / 15.15b) |
| TATA: -0.03 (NI 3.50b - CFO 7.54b) / TA 120.23b) |
| Beneish M-Score: -3.26 (Cap -4..+1) = AA |
What is the price of TRP shares?
Over the past week, the price has changed by +1.96%, over one month by +10.68%, over three months by +19.87% and over the past year by +33.60%.
Is TRP a buy, sell or hold?
- StrongBuy: 7
- Buy: 7
- Hold: 7
- Sell: 2
- StrongSell: 0
What are the forecasts/targets for the TRP price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 51.5 | -14% |
| Analysts Target Price | 51.5 | -14% |
| ValueRay Target Price | 70.7 | 18.3% |
TRP Fundamental Data Overview February 02, 2026
P/E Trailing = 22.4789
P/E Forward = 21.5517
P/S = 4.1749
P/B = 3.3577
P/EG = 4.5149
Revenue TTM = 12.43b CAD
EBIT TTM = 7.56b CAD
EBITDA TTM = 10.25b CAD
Long Term Debt = 56.10b CAD (from longTermDebt, last quarter)
Short Term Debt = 5.26b CAD (from shortTermDebt, last quarter)
Debt = 61.36b CAD (from shortLongTermDebtTotal, last quarter)
Net Debt = 59.56b CAD (from netDebt column, last quarter)
Enterprise Value = 143.12b CAD (83.56b + Debt 61.36b - CCE 1.80b)
Interest Coverage Ratio = 2.83 (Ebit TTM 7.56b / Interest Expense TTM 2.68b)
EV/FCF = 73.36x (Enterprise Value 143.12b / FCF TTM 1.95b)
FCF Yield = 1.36% (FCF TTM 1.95b / Enterprise Value 143.12b)
FCF Margin = 15.69% (FCF TTM 1.95b / Revenue TTM 12.43b)
Net Margin = 28.18% (Net Income TTM 3.50b / Revenue TTM 12.43b)
Gross Margin = 50.68% ((Revenue TTM 12.43b - Cost of Revenue TTM 6.13b) / Revenue TTM)
Gross Margin QoQ = 48.54% (prev 49.20%)
Tobins Q-Ratio = 1.19 (Enterprise Value 143.12b / Total Assets 120.23b)
Interest Expense / Debt = 1.29% (Interest Expense 793.0m / Debt 61.36b)
Taxrate = 20.20% (245.0m / 1.21b)
NOPAT = 6.03b (EBIT 7.56b * (1 - 20.20%))
Current Ratio = 0.63 (Total Current Assets 7.78b / Total Current Liabilities 12.30b)
Debt / Equity = 2.23 (Debt 61.36b / totalStockholderEquity, last quarter 27.46b)
Debt / EBITDA = 5.81 (Net Debt 59.56b / EBITDA 10.25b)
Debt / FCF = 30.53 (Net Debt 59.56b / FCF TTM 1.95b)
Total Stockholder Equity = 27.57b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.74% (Net Income 3.50b / Total Assets 120.23b)
RoE = 12.71% (Net Income TTM 3.50b / Total Stockholder Equity 27.57b)
RoCE = 9.04% (EBIT 7.56b / Capital Employed (Equity 27.57b + L.T.Debt 56.10b))
RoIC = 7.05% (NOPAT 6.03b / Invested Capital 85.61b)
WACC = 4.53% (E(83.56b)/V(144.92b) * Re(7.10%) + D(61.36b)/V(144.92b) * Rd(1.29%) * (1-Tc(0.20)))
Discount Rate = 7.10% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 0.14%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈1.52b ; Y1≈997.1m ; Y5≈454.9m
Fair Price DCF = N/A (negative equity: EV 14.50b - Net Debt 59.56b = -45.06b; debt exceeds intrinsic value)
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: -59.64 | EPS CAGR: -48.68% | SUE: -4.0 | # QB: 0
Revenue Correlation: -23.84 | Revenue CAGR: 0.88% | SUE: 0.01 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.01 | Chg30d=-0.018 | Revisions Net=+2 | Analysts=10
EPS next Year (2026-12-31): EPS=3.77 | Chg30d=-0.007 | Revisions Net=-5 | Growth EPS=+9.0% | Growth Revenue=+6.3%