Energy · Oil & Gas Midstream
Price
$67.96
Market Cap
$70.8B
Employees
6,668
Beta
0.98
Avg Volume
2,468,078
CEO
Francois Lionel Poirier
TC Energy Corporation (TRP), headquartered in Calgary, Canada, is a significant North American energy infrastructure enterprise, established in 1951. Its extensive operations are strategically divided into five key business units: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexican Natural Gas Pipelines, Liquids Pipelines, and Power & Storage. The company is responsible for constructing and managing a vast natural gas pipeline network, which stretches for 93,300 kilometers. This critical infrastructure facilitates the movement of natural gas from production basins to a variety of destinations, including local utility providers, electricity generating facilities, industrial sites, interconnected pipelines, liquefied natural gas (LNG) export terminals, and other commercial clients. Additionally, TC Energy operates regulated natural gas storage facilities with a total working gas capacity of 535 billion cubic feet, alongside approximately 118 billion cubic feet of non-regulated natural gas storage capacity located solely within Alberta. Furthermore, TC Energy oversees a liquids pipeline system spanning roughly 4,900 kilometers. This system efficiently transports crude oil from Alberta's supply regions to major refining centers across Illinois, Oklahoma, Texas, and the U.S. Gulf Coast. Its asset portfolio also includes ownership or interests in seven power generation facilities. These plants, situated in Alberta, Ontario, Québec, and New Brunswick, have a combined output of approximately 4,300 megawatts and are fueled by natural gas and nuclear energy sources. The organization was previously known as TransCanada Corporation until it officially rebranded to TC Energy Corporation in May 2019.
Runs with full report
Price Overview
Last updated: Jul 10, 2026 4:13am (just now)
Current data · timestamped when a report runs
$67.96
Change · Jul 10
-1.02 (-1.48%)
Day Range
$67.81 – $69.01
52-Week Range
$46.29 – $71.47
50-Day MA
$67.79
200-Day MA
$59.87
Volume
2,683,332.00
Analyst Price Targets
Low
$62.00
Consensus
$62.00
High
$62.00
(11 analysts)
Share Structure
Outstanding
1,041,766,896.00
Float
999,010,000.00
Free Float
95.9%
High free float
— 95.9% of shares trade freely, ~4.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
29.15
Stock Price: $67.96
EPS (Diluted): 3.27
EPS (Diluted): 3.27
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.88
Stock Price: $67.96
Total Equity: $27.27B
Shares: 1,040,000,000
Total Equity: $27.27B
Shares: 1,040,000,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
14.10
Market Cap: $70.80B
Total Debt: $60.58B
Cash: $260.79M
EBITDA: $11.60B
Total Debt: $60.58B
Cash: $260.79M
EBITDA: $11.60B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$139.2B
Market Cap: $70.80B
Total Debt: $60.58B
Cash: $260.79M
Total Debt: $60.58B
Cash: $260.79M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
50.0%
Gross Profit: $7.60B
Revenue: $15.19B
Revenue: $15.19B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
44.2%
Operating Income: $6.72B
Revenue: $15.19B
Revenue: $15.19B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
23.2%
Net Income: $3.52B
Revenue: $15.19B
Revenue: $15.19B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
12.5%
Net Income: $3.52B
Total Equity: $27.27B
Total Equity: $27.27B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
5.0%
Operating Income: $6.72B
Tax Rate: 20.9%
Equity: $27.27B
Total Debt: $60.58B
Cash: $260.79M
Tax Rate: 20.9%
Equity: $27.27B
Total Debt: $60.58B
Cash: $260.79M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.63
Current Assets: $6.31B
Current Liabilities: $9.95B
Current Liabilities: $9.95B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.22
Short-Term Debt: $2.80B
Long-Term Debt: $57.77B
Total Debt: $60.58B
Total Equity: $27.27B
Long-Term Debt: $57.77B
Total Debt: $60.58B
Total Equity: $27.27B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$14.60
Revenue: $15.19B
Shares: 1,040,000,000
Shares: 1,040,000,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$26.22
Total Equity: $27.27B
Shares: 1,040,000,000
Shares: 1,040,000,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.98
Operating CF: $7.35B
CapEx: -$5.29B
Shares: 1,040,000,000
CapEx: -$5.29B
Shares: 1,040,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
4.6%
Last Dividend: N/A
Stock Price: $67.96
Stock Price: $67.96
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $3.52B
Net Income: $3.52B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares TRP against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 10, 2026 4:13am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13.4B | $12.3B | $13.3B | $13.8B | $15.2B |
| Cost of Revenue | $6.7B | $6.5B | $6.6B | $7.2B | $7.6B |
| Gross Profit | $6.7B | $5.8B | $6.7B | $6.6B | $7.6B |
| Operating Expenses | $774.0M | $727.0M | $781.0M | $820.0M | $880.3M |
| Operating Income | $5.9B | $5.1B | $5.9B | $5.8B | $6.7B |
| Net Income | $2.0B | $748.0M | $2.9B | $4.7B | $3.5B |
| EBITDA | $6.7B | $5.2B | $8.7B | $11.2B | $11.6B |
| EPS | $1.87 | $0.64 | $2.66 | $4.43 | $3.27 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 10, 2026 4:13am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $673.0M | $620.0M | $3.7B | $801.0M | $260.8M |
| Total Current Assets | $7.4B | $7.3B | $11.4B | $5.7B | $6.3B |
| Total Assets | $104.2B | $114.3B | $125.0B | $118.2B | $118.7B |
| Current Liabilities | $13.0B | $16.9B | $11.8B | $10.5B | $10.0B |
| Long-Term Debt | $46.3B | $50.1B | $60.3B | $56.0B | $57.8B |
| Total Liabilities | $70.8B | $80.2B | $86.0B | $79.9B | $81.8B |
| Total Equity | $33.3B | $34.0B | $29.6B | $27.6B | $27.3B |
| Retained Earnings | $3.8B | $819.0M | -$3.0B | -$5.2B | -$5.9B |
Cash Flow (Annual)
Last updated: Jul 10, 2026 4:13am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $6.9B | $6.4B | $7.3B | $7.7B | $7.3B |
| Capital Expenditure | -$5.9B | -$6.7B | -$8.1B | -$6.4B | -$5.3B |
| Free Cash Flow | $966.0M | -$352.0M | -$881.0M | $1.3B | $2.1B |
| Acquisitions (net) | -$1.2B | -$3.4B | -$307.0M | -$4.7B | -$1.1B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | -$250.0M |
| Net Change in Cash | -$857.0M | -$53.0M | $3.1B | -$2.9B | -$633.0M |
Analyst Estimates (Annual)
Last updated: Jul 10, 2026 4:13am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$16.6B $16.3B – $16.8B
|
$17.2B $16.7B – $17.9B
|
$18.2B $17.6B – $18.9B
|
$18.7B $18.1B – $19.5B
|
| EBITDA |
$10.5B $10.3B – $10.6B
|
$10.9B $10.5B – $11.3B
|
$11.5B $11.1B – $11.9B
|
$11.8B $11.4B – $12.3B
|
| Net Income |
$4.3B $3.6B – $5.1B
|
$4.4B $4.0B – $4.9B
|
$4.5B $4.4B – $4.8B
|
$5.0B $4.7B – $5.2B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 10, 2026 4:13am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -8.1% | +7.8% | +3.8% | +10.3% |
| Gross Profit Growth | -13.2% | +15.0% | -0.9% | +15.0% |
| Operating Income Growth | -14.2% | +16.1% | -1.7% | +16.1% |
| Net Income Growth | -61.7% | +290.6% | +60.8% | -25.2% |
| EBITDA Growth | -21.8% | +65.2% | +29.6% | +3.4% |
Dividend History (Last 20)
Last updated: Jul 10, 2026 4:13am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-30 | $0.62 | 2026-04-29 | 2026-06-30 | 2026-07-31 |
| 2026-03-31 | $0.63 | 2026-02-13 | 2026-03-31 | 2026-04-30 |
| 2025-12-31 | $0.62 | 2025-11-04 | 2025-12-31 | 2026-01-30 |
| 2025-09-29 | $0.61 | 2025-07-31 | 2025-09-29 | 2025-10-31 |
| 2025-06-30 | $0.62 | 2025-05-01 | 2025-06-30 | 2025-07-31 |
| 2025-03-31 | $0.59 | 2025-02-14 | 2025-03-31 | 2025-04-30 |
| 2024-12-31 | $0.57 | 2024-11-07 | 2024-12-31 | 2025-01-31 |
| 2024-09-27 | $0.71 | 2024-08-01 | 2024-09-27 | 2024-10-31 |
| 2024-06-28 | $0.70 | 2024-05-03 | 2024-06-28 | 2024-07-31 |
| 2024-03-27 | $0.71 | 2024-02-16 | 2024-03-28 | 2024-04-30 |
| 2023-12-28 | $0.70 | 2023-11-08 | 2023-12-29 | 2024-01-31 |
| 2023-09-28 | $0.69 | 2023-07-27 | 2023-09-29 | 2023-10-31 |
| 2023-06-29 | $0.70 | 2023-04-28 | 2023-06-30 | 2023-07-31 |
| 2023-03-30 | $0.69 | 2023-02-14 | 2023-03-31 | 2023-04-28 |
| 2022-12-29 | $0.66 | 2022-11-09 | 2022-12-30 | 2023-01-31 |
| 2022-09-29 | $0.66 | 2022-07-28 | 2022-09-30 | 2022-10-31 |
| 2022-06-29 | $0.70 | 2022-04-29 | 2022-06-30 | 2022-07-29 |
| 2022-03-30 | $0.72 | 2022-02-15 | 2022-03-31 | 2022-04-29 |
| 2021-12-30 | $0.69 | 2021-11-05 | 2021-12-31 | 2022-01-31 |
| 2021-09-28 | $0.69 | 2021-07-30 | 2021-09-30 | 2021-10-29 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for TRP — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.397 · fd27f02b · 2026-07-09 18:28:55