TC Energy Corporation (TRP) is a publicly traded company in the Energy — Oil & Gas Midstream industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
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.
Is TC Energy Corporation stock overvalued or undervalued in 2026?
TC Energy Corporation (TRP) trades at 26.4× earnings (P/E), above the median of the 140 energy companies over $2bn in Kaplio's universe. At the decade median (14.7×) $35 (-44 %); at its sector median (17.3×) $41 (-35 %).
Kaplio overview: TC Energy Corporation
Market cap $66B · 52 weeks $50 – $71 (11 % below the high) · P/E 26.4× · 2027 expected P/E 22.1× · Dividend 4.0 % · Next earnings November 5, 2026 · expected EPS $0.63 · Closing price, Oct 28 · accounts published Jul 30.
- Valuation: P/E 26.4× (expensive).
- Business: 5-year ROIC 4.3 % (weak).
- Balance sheet: Net debt/EBITDA 5.2× (fragile).
- Earnings: 5 of 8 (uneven).
What would it be worth at its usual multiples?
At the decade median (14.7×) $35 (-44 %); at its sector median (17.3×) $41 (-35 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in energy: 2 of 8 pass
- FCF yield 2.5 %, fails.
- 5y avg ROIC 4.3 %, fails.
- Positive FCF through the cycle 3 de 10 ejercicios, fails.
- Dividend coverage (FCF / div) 0.6×, fails.
- Net debt / EBITDA 5.2×, fails.
- Capex / Revenue 34.8 %, fails.
- P/E read in reverse (cyclicals) 26.4×, passes.
- EV/EBITDA vs own 10y 13.6×, passes.
Against its peers (reference peers) — TC Energy Corporation: P/E 26.4×; EV/EBITDA 13.7×; ROIC 5.1 %; $65.8B. Targa Resources Corp. (P/E 29.1×; EV/EBITDA 17.8×; ROIC 14.1 %; $65.6B), MPLX Lp (P/E 12.7×; EV/EBITDA 11.4×; ROIC 13.4 %; $59.7B), ONEOK, Inc. (P/E 16.3×; EV/EBITDA 11.8×; ROIC 8.8 %; $59.6B).
Expensive or cheap against its last ten years?
P/E at each close: today 26.4× · median 14.7× · minimum 10.0× · maximum 28.7× · cheap below 13.1× · expensive above 19.4×. It has been cheaper than today 98% of the time over its last ten years.
Dividend
fragile · Yield 4.0 % ($2.48 per ADS in 2025) · 5-year growth +1 % a year · Free cash flow coverage 0.2× · With $1,000 invested today you'd collect $39.60 a year ($3.30 a month).
Investor methods verdict
Would Buffett approve TC Energy today?
The Buffett Method would not approve TC Energy today: it fails its quality rules. Business quality: 57 out of 100 (price not included). Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Would Peter Lynch approve TC Energy today?
The Lynch Method would not approve TC Energy today: it fails its quality rules. Business quality: 19 out of 100 (price not included). Lynch classifies it as a cyclical. Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Profitability
| Return on Equity | 13.07% |
| Return on Invested Capital | 5.08% |
| Return on Assets | 2.90% |
| Gross Margin | 51.46% |
| Operating Margin | 46.09% |
| Net Margin | 22.46% |
Financial Health
| Debt / Equity | 2.30 |
| Current Ratio | 0.61 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.78 |
Price Performance
| 1 month | +7.95% |
| 3 months | -6.73% |
| Year-to-date | +14.32% |
| 1 year | +24.86% |
| 3 years | +101.51% |
| 5 years | +27.62% |
| 10 years | +52.46% |
Dividend History
Paid in the last 12 months: $2.4850 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-29 | $0.6184 |
| 2026-06-30 | $0.6177 |
| 2026-03-31 | $0.6288 |
| 2025-12-31 | $0.6201 |
| 2025-09-29 | $0.6113 |
| 2025-06-30 | $0.6241 |
| 2025-03-31 | $0.5911 |
| 2024-12-31 | $0.5716 |
| 2024-09-27 | $0.7099 |
| 2024-06-28 | $0.7015 |
Amounts adjusted for stock splits.
Related companies: PAA · WMB · EPD · KMI · MPLX · OKE · TRGP · ENB.TO
Explore sector: Energy · Oil & Gas Midstream
More sections of TRP: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks