Tc Energy Corporation (TSE:TRP)
NYSE:TRP
Want to see TSE:TRP full AI Analyst Report?
Top Page
TC Energy
(NYSE:TRP)
Select Model
Select Model
Rating:69Neutral
Price Target:
C$101.00
â–²(21.80% Upside)
Action:Downgraded
Date:05/31/26
The score is driven primarily by solid profitability and improving free cash flow, partially offset by high leverage that constrains flexibility. Technicals are moderately positive with neutral momentum, while valuation is mixed—an attractive yield but a higher P/E limits upside from multiple expansion.
Positive Factors
Cash generation rebound
A clear recovery in operating cash flow and a positive free cash flow run (~$3.8B TTM) materially improves the company’s ability to fund maintenance capex, dividends and selective growth projects without relying solely on external financing. That durability supports long-term capital allocation.
Negative Factors
High leverage
Substantial absolute debt and a leverage ratio above 2x equity constrain financial flexibility, raise refinancing and interest-rate exposure, and limit the company’s ability to pursue large organic or M&A growth without incremental funding. This elevates long-term capital structure risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation rebound
A clear recovery in operating cash flow and a positive free cash flow run (~$3.8B TTM) materially improves the company’s ability to fund maintenance capex, dividends and selective growth projects without relying solely on external financing. That durability supports long-term capital allocation.
Read all positive factors
TC Energy (TRP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$95.80B
Dividend Yield4.41%
Average Volume (3M)3.34M
Price to Earnings (P/E)29.0
Beta (1Y)0.24
Revenue Growth1.37%
EPS Growth-24.17%
CountryCA
Employees6,668
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)3.18
Shares Outstanding1,000,000,000
10 Day Avg. Volume3,498,723
30 Day Avg. Volume3,338,466
Financial Highlights & Ratios
PEG Ratio-0.85
Price to Book (P/B)2.88
Price to Sales (P/S)5.17
P/FCF Ratio37.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$97.01Price Target Upside17.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)3.64
Revenue Forecast (FY)C$15.91B
TC Energy Business Overview & Revenue Model
Company Description
TC Energy Corporation functions as a leading energy infrastructure enterprise across North America. Its comprehensive operations are organized into five primary divisions: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural ...
How the Company Makes Money
TC Energy primarily makes money by charging fees for the transportation and storage of natural gas and crude oil across its pipeline systems, and by earning regulated returns on certain pipeline assets. A large portion of its cash flows is typical...
TC Energy Earnings Call Summary
Earnings Call Date:Feb 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational execution, notable project delivery and cost-out performance (including >15% under-budget delivery and sizable project placements), clear visibility to multi-year EBITDA growth (reaffirmed 2026 and 2028 ranges), and a deep pipeline (pending approval ~$8B and origination ~$12B). Offsetting items were temporary impacts from Bruce Power outages, evolving balance-sheet planning for larger projects and some regional currency/tax and regulatory complexities. Overall, the positives around execution, backlog and financial guidance materially outweighed the challenges discussed.Positive Updates
Comparable EBITDA Growth (Full Year and Q4)
Full-year comparable EBITDA increased ~9% year-over-year, and fourth-quarter comparable EBITDA grew 13% year-over-year, with the quarter generating nearly $3.0 billion of EBITDA.
Negative Updates
Bruce Power Availability and Unit Outages
Equity income from Bruce Power was lower quarter-over-quarter due to Unit 4 and Unit 3 being offline for Major Component Replacement (MCR) programs; Bruce reported 86% availability in 2025 (including planned outages), below the expected full-year low-90s percent availability for 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Comparable EBITDA Growth (Full Year and Q4)
Full-year comparable EBITDA increased ~9% year-over-year, and fourth-quarter comparable EBITDA grew 13% year-over-year, with the quarter generating nearly $3.0 billion of EBITDA.
Read all positive updates
Company Guidance
Management reaffirmed 2026 comparable EBITDA guidance of $11.6–$11.8 billion (and 2028 guidance of $12.6–$13.1 billion), declared a Q1‑2026 dividend of $0.8775/share (annualized $3.51, +3.2% YoY within the 3–5% target, 26th consecutive year of growth), and maintained a $6 billion/year net capital target through 2030 (expecting to have it fully allocated by end‑2026). They expect to place about $4 billion into service in 2026 (after placing $8.3 billion into service in 2025, including $2 billion in Q4), shifted $0.5 billion of capital into 2026, added $600 million of new projects in Q4, advanced $5 billion of projects in Q4, and have grown their late‑stage pending approval portfolio to roughly $8 billion (up ~ $2 billion) with an additional ~$12 billion in origination; targeted build multiples remain 5–7x and management sees scope to potentially surpass the $6 billion pace in the latter part of the decade. Operational and market metrics cited include North American gas demand growth of ~45 Bcf/d from 2025–2035, serving 7 LNG facilities (≈30% of North American LNG feed gas), 170 power plants, ~60% of projected U.S. data center growth, and expected electricity demand growth of ~65% through 2050. On Bruce Power, expected availability is in the low‑90s% for 2026 (Q4 availability 86%), every available unit drives roughly $1 million/day of incremental revenue, and MCR investments (currently ~ $1 billion/year) should shift to net cash flow (≈$0.5 billion returning by the end of the decade and >$2 billion once MCRs are complete).TC Energy Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.76B | 15.20B | 13.77B | 13.27B | 12.31B | 13.39B |
| Gross Profit | 8.06B | 7.60B | 6.61B | 6.67B | 5.80B | 6.68B |
| EBITDA | 11.43B | 11.61B | 11.22B | 8.66B | 5.24B | 6.70B |
| Net Income | 3.44B | 3.52B | 4.70B | 2.92B | 748.00M | 1.96B |
Balance Sheet | ||||||
| Total Assets | 120.83B | 118.75B | 118.24B | 125.03B | 114.35B | 104.22B |
| Cash, Cash Equivalents and Short-Term Investments | 1.08B | 261.00M | 801.00M | 3.68B | 620.00M | 673.00M |
| Total Debt | 61.81B | 61.00B | 59.88B | 63.66B | 58.68B | 53.15B |
| Total Liabilities | 83.67B | 81.85B | 79.88B | 86.03B | 80.23B | 70.82B |
| Stockholders Equity | 27.53B | 27.30B | 27.59B | 29.55B | 33.99B | 33.27B |
Cash Flow | ||||||
| Free Cash Flow | 3.80B | 2.08B | 1.34B | -881.00M | -352.00M | 966.00M |
| Operating Cash Flow | 8.59B | 7.35B | 7.70B | 7.27B | 6.38B | 6.89B |
| Investing Cash Flow | -5.99B | -6.46B | -6.91B | -12.29B | -7.01B | -7.71B |
| Financing Cash Flow | -3.50B | -1.52B | -3.87B | 8.09B | 487.00M | -88.00M |
TC Energy Technical Analysis
Positive
82.92
Price Trends
91.13
Positive
87.94
Positive
80.33
Positive
Market Momentum
1.31
Positive
57.81
Neutral
46.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TRP, the sentiment is Positive. The current price of 82.92 is below the 20-day moving average (MA) of 95.36, below the 50-day MA of 91.13, and above the 200-day MA of 80.33, indicating a bullish trend. The MACD of 1.31 indicates Positive momentum. The RSI at 57.81 is Neutral, neither overbought nor oversold. The STOCH value of 46.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TRP.
TC Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$37.91B | 22.41 | 9.98% | 5.44% | -5.92% | -12.92% | |
69 Neutral | C$95.80B | 28.99 | 12.53% | 4.41% | 1.37% | -24.17% | |
67 Neutral | C$168.38B | 21.36 | 11.11% | 5.80% | 13.47% | 9.15% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | C$16.61B | 31.86 | 5.92% | 2.99% | 1.11% | -13.38% | |
59 Neutral | C$15.79B | 71.27 | 6.59% | 4.81% | -11.59% | -67.03% | |
54 Neutral | C$5.04B | 33.51 | 16.60% | 6.61% | -4.83% | -9.94% |
* Energy Sector Average
TSE:TRP
TC Energy
95.80
33.85
54.64%
TSE:ENB
Enbridge
77.11
18.69
31.99%
TSE:PPL
Pembina Pipeline
65.20
17.03
35.35%
TSE:GEI
Gibson Energy
29.23
6.91
30.96%
TSE:ALA
AltaGas
53.32
15.92
42.59%
TSE:KEY
Keyera Corp.
55.96
13.79
32.71%
TC Energy Corporate Events
Financial DisclosuresShareholder Meetings
TC Energy Sets Dates for Q1 2026 Results Call and Virtual Annual Shareholder Meeting
Neutral
Apr 10, 2026
TC Energy will host a teleconference and webcast on May 1, 2026, to review its first-quarter financial results, led by President and CEO François Poirier and CFO Sean O’Donnell for analysts and other interested parties. The company will...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.