Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
TC Energy Corporation is a leading North American energy infrastructure company that primarily focuses on the development, ownership, and operation of major pipelines and power generation assets. The company’s core operations encompass three principal segments: natural gas pipelines, liquids pipelines, and energy production. With a vast natural gas pipeline network that stretches over 92,000 kilometers, TC Energy is responsible for transporting a significant portion of the continent’s natural gas, meeting more than a quarter of North American demand. Its portfolio extends to crude oil pipelines, which play a crucial role in moving Western Canadian resources to key markets, and an energy division that includes power generation assets fueled by natural gas, nuclear, and renewables such as wind and solar. Active in Canada, the United States, and Mexico, TC Energy is known for its long-term, contracted business model, delivering stable cash flows and supporting the infrastructure backbone for critical energy supply. The company holds strategic partnerships, such as those with Mexico’s Comisión Federal de Electricidad to expand the country’s natural gas infrastructure. TC Energy’s ongoing investments in clean energy and grid-scale storage solutions position it at the intersection of reliable conventional energy and the evolving needs of a low-carbon economy.
C$99.60
+C$0.93 (+0.94%)
EOD Jun 25, 2026 · Twelve Data
44.37% operating margin is above average. ROIC at 5.46%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 10.7% YoY with margins expanding 2.4pp.
At 30x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Net debt of C$60.46B represents 29.3x FCF, leverage limits flexibility.
29.9x earnings, 27.4x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
C$15.48B
▲ +10.7% YoY
Net Income (TTM)
C$4.07B
▼ -23.9% YoY
Op. Margin
44.81%
▲ +2.4pp YoY
ROIC
5.46%
▲ +0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
C$3.79B
▲ +54.0% YoY
Op. Cash Flow (TTM)
C$7.59B
▼ -14.8% YoY
Net Debt
C$60.46B
Cash & Equiv.
C$168M
3Y CAGR: +0.6%
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At a P/E of 29.9 and a price-to-free-cash-flow of 27.4, TC Energy (TRP) trades around a two-stage DCF intrinsic value of about C$125.77 per share, so at C$99.60 the stock looks around fair value (26.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, TC Energy scores 48/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 3.5%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about C$125.77 per share for TRP, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around C$94.33. At today's C$99.60, that puts the stock about 26.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
TC Energy scores 48 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 44.8% operating margin and a 5.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, TC Energy pays a regular dividend of about C$3.50 per share per year (typically in quarterly installments), a yield of roughly 3.5% at the current price. That is a payout ratio of about 89.7% of earnings, so the dividend is stretched at this level. TC Energy has grown the dividend at roughly 1.2% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For TRP's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. TRP currently trades around its estimated intrinsic value and scores 48/100 on quality (mixed). It also yields about 3.5%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.