Detailed financial statements for TransCanada PipeLines Limited 6 (TCPA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
TransCanada PipeLines Ltd. provides pipeline services for the gas and oil industries. It operates through the following segments: Natural Gas Pipelines, Liquids Pipelines and Power and Storage. The company was founded on March 21, 1951 and is headquartered in Calgary, Canada.
Analysis Summary
TransCanada PipeLines Limited 6 reported revenue of $10.02B in the most recent fiscal year, growing at a 5-year CAGR of 2.5%. Net income reached $3.19B, with a 14.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 48.1%, operating margin 42.5%, net margin 31.9%.
At $19.96 (closing price, October 29, 2026), TCPA trades at a P/E of 6.01 and an ROE of 14.13%. Market capitalisation stands at $20.2B, placing it among large-cap names.
Balance sheet quality for TCPA: current ratio of 0.6, net debt of $37.81B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$159.6M represents -5% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.13B | $7.74B | $8.03B | $8.32B | $8.85B | $8.14B | $9.49B | $10.77B | $9.64B | $10.02B |
| Cost of Revenue | $4.50B | $4.59B | $5.02B | $5.15B | $5.54B | $5.11B | $5.90B | $6.66B | $5.42B | $5.20B |
| Gross Profit | $3.63B | $3.15B | $3.00B | $3.16B | $3.30B | $3.03B | $3.59B | $4.12B | $4.22B | $4.82B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $919.8M | $441.9M | $452.9M | $418.8M | $408.4M | $372.2M | $413.9M | $454.1M | $416.6M | $560.6M |
| Operating Income | $2.71B | $2.70B | $2.55B | $2.74B | $2.90B | $2.66B | $3.18B | $3.66B | $3.80B | $4.26B |
| EBITDA | $3.87B | $4.09B | $4.07B | $4.19B | $4.91B | $1.50B | $3.19B | $5.30B | $5.74B | $7.13B |
| Interest Expense | $757.8M | $1.05B | $1.03B | $1.00B | $1.08B | $1.03B | $1.44B | $1.64B | $1.65B | $1.94B |
| Pre-tax Income | $1.72B | $2.14B | $1.93B | $2.35B | $2.44B | -$795.5M | $687.5M | $2.64B | $2.89B | $4.00B |
| Income Tax | $367.3M | $536.2M | $463.0M | $569.4M | $716.6M | $25.2M | $260.2M | -$71.0M | $316.3M | $581.5M |
| Net Income | $1.26B | $1.50B | $1.37B | $1.68B | $1.59B | -$825.0M | $239.4M | $2.52B | $2.71B | $3.19B |
| EPS | $0.00 | $2.01 | $1.82 | $2.22 | $2.05 | $-1.06 | $0.30 | $2.75 | $2.87 | $3.30 |
| EPS (Diluted) | $0.00 | $2.01 | $1.82 | $2.22 | $2.05 | $-1.06 | $0.30 | $2.75 | $2.87 | $3.29 |
| Shares Outstanding (Diluted) | 0 | 732.0 M | 738.4 M | 749.6 M | 775.0 M | 779.0 M | 0 | 881.0 M | 918.0 M | 931.0 M |
Income Statement (Quarterly)
| Year | 2021-Q1 | 2021-Q2 | 2021-Q3 | 2022-Q3 |
|---|---|---|---|---|
| Revenue | $2.63B | $2.50B | $2.56B | $2.62B |
| Gross Profit | $1.41B | $1.21B | $1.16B | $1.18B |
| Operating Income | $1.25B | $1.05B | $1.01B | $1.02B |
| EBITDA | -$437.6M | $1.80B | $1.51B | $1.43B |
| Net Income | -$810.8M | $818.9M | $638.4M | $622.9M |
| EPS | $-0.88 | $0.81 | $0.63 | $0.61 |
| EPS (Diluted) | $-0.88 | $0.81 | $0.63 | $0.61 |
Balance Sheet (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $756.8M | $617.7M | $539.3M | $842.4M | $783.1M | $1.01B | $954.5M | $948.2M | $366.8M | $1.08B |
| Short-term Investments | 0 | $354.5M | $260.1M | $371.8M | $353.1M | $318.2M | $280.4M | $265.0M | 0 | 0 |
| Receivables | $2.66B | $1.83B | $2.12B | $3.70B | $3.64B | $2.79B | $1.56B | $2.01B | $1.97B | $1.99B |
| Inventory | $427.7M | $243.6M | $225.0M | $236.2M | $252.1M | $232.5M | $274.4M | $301.7M | $315.6M | $348.6M |
| Total Current Assets | $4.63B | $3.78B | $3.84B | $5.53B | $5.56B | $4.58B | $6.00B | $3.74B | $3.76B | $5.90B |
| Property, Plant & Equipment | $36.48B | $31.89B | $33.86B | $35.39B | $36.07B | $32.26B | $40.62B | $45.71B | $48.69B | $50.50B |
| Goodwill | $3.59B | $3.47B | $3.47B | $3.48B | $3.48B | $3.46B | $10.41B | $10.44B | $10.38B | $9.94B |
| Intangible Assets | $542.4M | $420.3M | $377.6M | $842.4M | $1.35B | $1.46B | $1.56B | $475.7M | $769.5M | $1.32B |
| Total Assets | $49.11B | $47.20B | $49.55B | $53.30B | $53.39B | $48.18B | $65.58B | $68.72B | $72.43B | $76.56B |
| Accounts Payable | $2.26B | $683.5M | $927.0M | $815.1M | $1.40B | $1.08B | $1.82B | $2.27B | $2.36B | $2.56B |
| Short-term Debt | $3.07B | $2.75B | $3.18B | $4.00B | $4.43B | $2.93B | $3.71B | $3.69B | $4.56B | $5.45B |
| Total Current Liabilities | $5.70B | $5.40B | $5.90B | $6.38B | $7.30B | $5.48B | $7.47B | $7.88B | $9.48B | $9.95B |
| Long-term Debt | $21.65B | $18.40B | $19.10B | $21.60B | $20.82B | $22.65B | $31.50B | $31.03B | $32.23B | $33.08B |
| Total Liabilities | $32.49B | $28.54B | $30.12B | $33.12B | $33.81B | $33.57B | $47.15B | $47.26B | $49.73B | $51.58B |
| Retained Earnings | $4.29B | $4.48B | $4.68B | $4.82B | $4.84B | $2.15B | $1.18B | $1.30B | $2.03B | $3.05B |
| Total Equity | $15.85B | $17.61B | $18.38B | $18.84B | $18.21B | $13.38B | $16.26B | $19.98B | $21.48B | $23.72B |
| Total Debt | $24.73B | $21.32B | $22.28B | $25.61B | $25.25B | $25.58B | $35.21B | $34.73B | $36.79B | $38.89B |
| Net Debt | $23.97B | $20.35B | $21.48B | $24.39B | $24.12B | $24.26B | $33.97B | $33.78B | $36.42B | $37.81B |
| Working Capital | -$1.07B | -$1.63B | -$2.06B | -$853.6M | -$1.74B | -$895.5M | -$1.47B | -$4.15B | -$5.72B | -$4.05B |
Balance Sheet (Quarterly)
| Year | 2021-Q1 | 2021-Q2 | 2021-Q3 | 2022-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.80B | $2.33B | $2.25B | $1.56B |
| Total Assets | $79.52B | $81.73B | $82.39B | $84.40B |
| Total Liabilities | $54.05B | $55.78B | $56.76B | $58.46B |
| Total Equity | $25.06B | $25.85B | $25.53B | $25.85B |
| Total Debt | $41.18B | $42.23B | $43.03B | $42.54B |
Cash Flow (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.26B | $1.50B | $1.37B | $1.68B | $1.59B | -$825.0M | $239.4M | $2.52B | $2.71B | $3.19B |
| Depreciation & Amortization | $1.36B | $1.30B | $1.38B | $1.40B | $1.39B | $1.27B | $1.45B | $1.64B | $1.72B | $1.90B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$257.6M | $203.3M | $288.2M | -$314.4M | -$163.2M | -$258.4M | $187.2M | -$217.9M | -$74.7M | $225.9M |
| Operating Cash Flow | $3.04B | $3.50B | $3.56B | $3.43B | $3.52B | $2.99B | $4.39B | $4.46B | $4.89B | $5.60B |
| Capital Expenditure | -$5.07B | -$2.47B | -$2.61B | -$4.20B | -$3.06B | -$2.82B | -$3.73B | -$5.89B | -$6.90B | -$5.76B |
| Acquisitions | 0 | 0 | -$214.9M | -$203.3M | -$38.9M | -$169.9M | -$10.14B | $3.74B | $449.6M | $1.85B |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$172.7M | 0 | 0 | -$961.7M | 0 | 0 |
| Dividends Paid | -$1.12B | -$1.16B | -$1.25B | -$1.42B | -$1.16B | -$1.04B | -$1.20B | -$1.19B | -$1.27B | -$1.51B |
| Free Cash Flow | -$2.03B | $1.04B | $955.1M | -$769.9M | $455.9M | $169.9M | $653.2M | -$1.43B | -$2.01B | -$159.6M |
Cash Flow (Quarterly)
| Year | 2020-Q3 | 2021-Q1 | 2021-Q2 | 2021-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.33B | $1.33B | $1.38B | $1.35B |
| Capital Expenditure | -$1.54B | -$1.31B | -$980.4M | -$1.14B |
| Free Cash Flow | -$209.6M | $16.7M | $401.4M | $209.7M |
| Dividends Paid | -$598.9M | -$636.5M | -$718.7M | -$696.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.8% | +3.7% | +3.6% | +6.4% | -8.0% | +16.7% | +13.5% | -10.5% | +3.9% | |
| Net Income Growth (YoY) | +18.5% | -8.8% | +23.3% | -5.5% | -151.8% | +129.0% | +952.6% | +7.6% | +17.8% | |
| EPS Growth (YoY) | -9.5% | +22.0% | -7.7% | -151.7% | +128.3% | +816.7% | +4.4% | +15.0% | ||
| Shares Change (YoY) | +0.9% | +1.5% | +3.4% | +0.5% | -100.0% | +4.2% | +1.4% | |||
| FCF Growth (YoY) | +151.1% | -7.7% | -180.6% | +159.2% | -62.7% | +284.5% | -318.8% | -40.4% | +92.0% | |
| Gross Margin | 44.7% | 40.7% | 37.4% | 38.0% | 37.3% | 37.2% | 37.8% | 38.2% | 43.8% | 48.1% |
| Operating Margin | 33.4% | 34.9% | 31.8% | 33.0% | 32.7% | 32.6% | 33.5% | 34.0% | 39.4% | 42.5% |
| EBITDA Margin | 47.6% | 52.8% | 50.8% | 50.4% | 55.5% | 18.4% | 33.7% | 49.2% | 59.5% | 71.1% |
| Net Margin | 15.5% | 19.4% | 17.0% | 20.2% | 18.0% | -10.1% | 2.5% | 23.4% | 28.1% | 31.9% |
| FCF Margin | -24.9% | 13.4% | 11.9% | -9.3% | 5.2% | 2.1% | 6.9% | -13.3% | -20.8% | -1.6% |
| Effective Tax Rate | 21.3% | 25.1% | 24.0% | 24.2% | 29.4% | -3.2% | 37.9% | -2.7% | 10.9% | 14.5% |
Per-Share Data (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.41 | $1.29 | $-1.03 | $0.59 | $0.22 | $-1.62 | $-2.19 | $-0.17 | ||
| Dividends Per Share | $1.59 | $1.70 | $1.89 | $1.50 | $1.34 | $1.35 | $1.38 | $1.62 | ||
| Shares Outstanding (Basic) | 0 | 732.0 M | 738.4 M | 749.6 M | 775.0 M | 779.0 M | 0 | 872.0 M | 902.0 M | 929.0 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 14.13% |
| Return on Invested Capital | 5.05% |
| Return on Assets | 4.17% |
| Gross Margin | 48.11% |
| Operating Margin | 42.52% |
| Net Margin | 31.86% |
Financial Health
| Debt / Equity | 1.64 |
| Current Ratio | 0.59 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 0.57 |
Key Ratios (10y)
| Year | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | 12.28 | 13.56 | 11.12 | 12.04 | -23.28 | 82.27 | 8.97 | 8.60 | 7.48 |
| P/B | 0.00 | 1.03 | 0.99 | 0.98 | 1.05 | 1.44 | 0.00 | 1.08 | 1.04 | 0.97 |
| P/S | 0.00 | 2.33 | 2.27 | 2.22 | 2.16 | 2.36 | 0.00 | 2.00 | 2.31 | 2.29 |
| Gross Margin | 44.7% | 40.7% | 37.4% | 38.0% | 37.3% | 37.2% | 37.8% | 38.2% | 43.8% | 48.1% |
| Operating Margin | 33.4% | 34.9% | 31.8% | 33.0% | 32.7% | 32.6% | 33.5% | 34.0% | 39.4% | 42.5% |
| Net Margin | 15.5% | 19.4% | 17.0% | 20.2% | 18.0% | -10.1% | 2.5% | 23.4% | 28.1% | 31.9% |
Related companies: PAA · ENB · WMB · EPD · KMI · MPLX · OKE · TRGP
Explore sector: Energy · Oil & Gas Midstream
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