TC Energy (TRP) AI Stock Analysis

• Market Cap: $73.20B
• Dividend Yield: 4.79%
• Average Volume (3M): 6.94M
• Price to Earnings (P/E): 17.2
• Beta (1Y): 0.65
• Revenue Growth: -2.93%
• EPS Growth: 23.33%
• Country: CA
• Employees: 6,668
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 0.82
• Shares Outstanding: 1,040,000,000
• 10 Day Avg. Volume: 4,974,494
• 30 Day Avg. Volume: 6,942,785
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.91
• Enterprise Value/Revenue: 10.89
• Enterprise Value/Gross Profit: 21.99
• Enterprise Value/Ebitda: 12.82
• 1Y Price Target: $76.75
• Price Target Upside: 9.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9

• Rating: 72 Outperform
• Price Target: C$78.00 ▲(10.83% Upside)

TC Energy's strong earnings call and reasonable valuation are significant strengths, indicating robust future growth prospects. However, technical indicators show bearish momentum, and financial performance is tempered by high leverage. The attractive dividend yield adds to the stock's appeal, balancing the risks.

Positive Factors

Strategic Project Completions

The completion of major projects enhances TC Energy's infrastructure capabilities, supporting long-term revenue growth and market position.

Increased Natural Gas Demand

Rising natural gas demand supports sustained revenue growth for TC Energy's pipeline operations, reinforcing its market leadership.

Improved Project Returns

Higher project returns indicate effective capital allocation and enhance long-term profitability and shareholder value.

Negative Factors

High Leverage

High leverage can limit financial flexibility and increase risk, potentially impacting TC Energy's ability to invest in future growth.

Decline in Revenue Growth

A decline in revenue growth may hinder TC Energy's ability to sustain long-term profitability and market competitiveness.

Lower Alberta Power Prices

Lower power prices in Alberta could reduce contributions from TC Energy's Power and Energy Solutions business, affecting overall earnings.

TC Energy Business Overview & Revenue Model

Company Description

TC Energy Corporation (TRP) is a leading North American energy infrastructure company based in Calgary, Alberta, Canada. It primarily operates in the natural gas and liquids sectors, owning and managing a vast network of pipelines that transport natural gas, crude oil, and refined products across Canada and the United States. The company also has interests in power generation, with a portfolio that includes renewable energy projects. TC Energy is committed to providing safe, reliable, and efficient energy solutions to meet the growing demands of its customers.

How the Company Makes Money

TC Energy generates revenue primarily through its regulated and non-regulated business segments. The regulated operations, which involve the transportation of natural gas and liquids, provide stable and predictable cash flows through long-term contracts with customers. This segment includes its extensive pipeline network, where it earns fees for transporting energy products. In addition to pipeline operations, TC Energy also generates revenue from its power generation portfolio, which includes both traditional and renewable energy sources. The company often engages in strategic partnerships and joint ventures to expand its infrastructure capabilities and enhance its service offerings. Factors contributing to TC Energy's earnings include demand for energy transportation, regulatory frameworks that support infrastructure development, and its ability to efficiently manage operational costs.

TC Energy Financial Statement Overview

Summary

TC Energy demonstrates strong profitability and operational efficiency with robust EBIT and EBITDA margins. However, the high leverage indicated by the debt-to-equity ratio poses a potential risk. The company shows promising cash flow growth, supporting its financial stability, but needs to focus on revenue growth and debt management.

Income Statement

TC Energy's income statement shows a strong EBIT and EBITDA margin, indicating efficient operations. However, the company experienced a decline in revenue growth rate, which is a concern. The net profit margin remains healthy, reflecting good profitability despite the revenue dip.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, suggesting significant leverage, which could pose risks if not managed well. However, the return on equity is solid, indicating effective use of equity to generate profits. The equity ratio is moderate, reflecting a balanced asset structure.

Cash Flow

Cash flow analysis shows a strong free cash flow growth rate, which is a positive indicator for future investments and debt repayment. The operating cash flow to net income ratio is healthy, but the free cash flow to net income ratio is relatively low, suggesting limited cash available after capital expenditures.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	12.81B	13.77B	13.27B	12.31B	13.39B	13.00B
Gross Profit	6.34B	6.61B	6.67B	5.80B	6.68B	6.53B
EBITDA	10.88B	11.22B	8.66B	5.24B	6.70B	9.53B
Net Income	4.35B	4.70B	2.92B	748.00M	1.96B	4.62B
Balance Sheet
Total Assets	116.84B	118.24B	125.03B	114.35B	104.22B	100.30B
Cash, Cash Equivalents and Short-Term Investments	1.42B	801.00M	3.68B	620.00M	673.00M	1.53B
Total Debt	59.43B	59.88B	63.66B	58.68B	53.15B	49.99B
Total Liabilities	79.46B	79.88B	86.03B	80.23B	70.82B	66.83B
Stockholders Equity	27.52B	27.59B	29.55B	33.99B	33.27B	31.40B
Cash Flow
Free Cash Flow	1.44B	1.34B	-881.00M	-352.00M	966.00M	-1.08B
Operating Cash Flow	7.53B	7.70B	7.27B	6.38B	6.89B	7.06B
Investing Cash Flow	-6.59B	-6.91B	-12.29B	-7.01B	-7.71B	-6.05B
Financing Cash Flow	-2.19B	-3.87B	8.09B	487.00M	-88.00M	-800.00M

TC Energy Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 70.38
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TRP, the sentiment is Negative. The current price of 70.38 is below the 20-day moving average (MA) of 72.72, below the 50-day MA of 72.16, and above the 200-day MA of 67.22, indicating a neutral trend. The MACD of -0.64 indicates Positive momentum. The RSI at 37.61 is Neutral, neither overbought nor oversold. The STOCH value of 21.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TRP.

TC Energy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TRP	―	$73.20B	17.25	15.25%	4.79%	-2.93%	23.33%
KEY	―	C$9.78B	18.44	18.92%	5.07%	1.57%	55.82%
ENB	―	$142.61B	22.99	9.76%	5.72%	48.78%	9.69%
Sector *	―	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ALA	―	$12.32B	16.48	9.01%	3.02%	-0.68%	49.61%
PPL	―	$30.82B	17.87	10.69%	5.28%	-3.86%	-9.35%
GEI	―	$3.92B	24.56	17.22%	7.11%	-14.27%	-11.69%

TC Energy Corporate Events

TC Energy Updates Code of Business Ethics to Reinforce Core Values

On October 29, 2025, TC Energy Corporation announced updates to its Code of Business Ethics (COBE) policy, emphasizing the importance of ethical conduct and integrity in its operations. This policy update reinforces the company’s commitment to safety, personal accountability, and teamwork, aiming to ensure all employees and contractors adhere to these standards. The announcement highlights TC Energy’s dedication to maintaining trust with stakeholders by aligning actions with core values, which is crucial for its reputation and operational success in the energy industry.

The most recent analyst rating on (TSE:TRP) stock is a Buy with a C$74.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.

TC Energy Updates Code of Business Ethics to Reinforce Integrity

On October 29, 2025, TC Energy Corporation announced an update to its Code of Business Ethics (COBE) policy, emphasizing the importance of ethical conduct and alignment with the company’s core values. The updated policy, which applies to all employees and contractors, reinforces the company’s commitment to integrity, safety, and responsible business practices. This move is expected to strengthen stakeholder confidence and ensure compliance with applicable laws and regulations, thereby enhancing TC Energy’s reputation and operational effectiveness.

The most recent analyst rating on (TSE:TRP) stock is a Buy with a C$74.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.

TC Energy Announces Q3 2025 Financial Results Call

On October 16, 2025, TC Energy announced it will host a teleconference and webcast on November 6, 2025, to discuss its third quarter financial results and provide updates on its financial outlook and strategic priorities for 2026. The event will feature discussions by the company’s executive leadership, including the CEO and CFO, and aims to inform stakeholders about TC Energy’s growth objectives and industry positioning.

The most recent analyst rating on (TSE:TRP) stock is a Buy with a C$81.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.

TC Energy Closes $350 Million Notes Offering and Plans Share Redemption

TC Energy announced the successful closing of a US$350 million Junior Subordinated Notes offering by TransCanada PipeLines Limited. The proceeds will be used to redeem the company’s Cumulative Redeemable First Preferred Shares, Series 11, and for other corporate purposes. This financial maneuver is part of TC Energy’s strategy to manage its capital structure and reduce indebtedness, potentially impacting its financial stability and market positioning. The redemption will result in the delisting of the Series 11 Shares from the Toronto Stock Exchange, affecting shareholders holding these shares.

The most recent analyst rating on (TSE:TRP) stock is a Hold with a C$77.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.

TransCanada PipeLines Secures Underwriting for New Debt Issuance

On October 6, 2025, TransCanada PipeLines Limited entered into an underwriting agreement with major financial institutions including Morgan Stanley and BofA Securities for the issuance of 6.250% Junior Subordinated Notes due 2085. This strategic move is aimed at strengthening the company’s financial position and supporting its long-term infrastructure projects, potentially enhancing its market competitiveness and providing value to stakeholders.

The most recent analyst rating on (TSE:TRP) stock is a Hold with a C$73.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.

TC Energy Considers U.S. Junior Subordinated Notes Offering

TC Energy announced that its subsidiary, TransCanada PipeLines Limited, is considering an offering of U.S. Junior Subordinated Notes. If successful, the proceeds from this offering will be used to redeem outstanding preferred shares, reduce indebtedness, and for general corporate purposes. The announcement highlights the company’s ongoing financial strategies to manage its capital structure effectively, although the completion, timing, or terms of the offering remain uncertain.

The most recent analyst rating on (TSE:TRP) stock is a Hold with a C$73.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.

TC Energy Reports Strong Q2 2025 Results and Growth

TC Energy Corporation is a leading North American energy company specializing in natural gas pipelines, power generation, and energy storage, with a significant presence in the LNG export market. In its second quarter of 2025, TC Energy reported robust financial performance, driven by strong execution and asset performance, leading to an improved financial outlook for the year. The company announced a higher expected comparable EBITDA range of $10.8 to $11.0 billion for 2025, up from the previous outlook, and highlighted $4.5 billion in new growth projects over the past nine months. Key financial metrics include a net income of $0.9 billion and a comparable EBITDA of $2.6 billion, both showing growth compared to the same period in 2024. The company also declared a quarterly dividend of $0.85 per common share. Looking ahead, TC Energy remains confident in its disciplined strategy to capture high-value, low-risk opportunities across North America, aiming for long-term shareholder value creation.

TC Energy’s Earnings Call Highlights Strong Growth and Strategic Advancements

TC Energy Corporation’s recent earnings call painted a positive picture of the company’s financial health and strategic advancements. The call underscored TC Energy’s robust financial performance, successful project completions, and a promising forecast for increased natural gas demand. Despite some challenges related to currency impacts and power prices, the overall sentiment was optimistic, highlighting the company’s strong outlook.