TC Energy Corporation
TC Energy Corporation is a North American energy infrastructure company that develops, owns, and operates systems used to transport, store, and support the delivery of energy. TC Energy Corporation’s core operations include Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, and Power and Energy Solutions. Its pipeline network connects supply basins with local distribution companies, power generation facilities, industrial customers, interconnecting pipelines, and LNG export terminals. The company also operates power generation assets and natural gas storage facilities, making it a key participant in the movement and balancing of energy across Canada, the United States, and Mexico. TC Energy Corporation serves a broad range of customers across utility, industrial, and energy markets.
C$87.44
+C$0.59 (+0.68%)
Price from 2 days ago
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 25x 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.
25.1x earnings, 22.4x 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.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
C$15.69B
▲ +10.7% YoY
Net Income (TTM)
C$4.24B
▼ -23.9% YoY
Op. Margin
45.01%
▲ +2.4pp YoY
ROIC
5.46%
▲ +0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
C$4.06B
▲ +54.0% YoY
Op. Cash Flow (TTM)
C$8.63B
▼ -9.9% YoY
Net Debt
C$60.46B
Cash & Equiv.
C$168M
3Y CAGR: +0.6%
Continue Research
Is TC Energy (TRP) overvalued?
At a P/E of 25.1 and a price-to-free-cash-flow of 22.4, TC Energy (TRP) trades below a two-stage DCF intrinsic value of about C$138.61 per share, so at C$87.44 the stock looks undervalued (58.5% 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 51/100 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 3.9%; see dividend safety for coverage and history. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is TC Energy's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about C$138.61 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$103.96. At today's C$87.44, that puts the stock about 58.5% 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.
Is TC Energy a high-quality business?+
TC Energy scores 51 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 45.0% 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 company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does TC Energy (TRP) pay a dividend, and how much?+
Yes, TC Energy pays a regular dividend of about C$3.45 per share per year (typically in quarterly installments), a yield of roughly 3.9% at the current price. That is a payout ratio of about 84.8% of earnings, so the dividend is covered, with less cushion. TC Energy has grown the dividend at roughly 5.9% 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.
Is TC Energy a good stock to buy right now?+
That depends on valuation and quality together, not either alone. TRP currently trades below its estimated intrinsic value and scores 51/100 on quality (mixed). It also yields about 3.9%. 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 company filings, not investment advice.
Related stocks: Oil & Gas Midstream
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Data sourced from company 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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