# TC Energy Corporation (TRP.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Energy / Oil, Gas & Consumable Fuels. Price C$86.53, market value C$90.1 billion.

## Valuation
- **P/E (trailing): 24.7×** (5-yr avg 27.4×, 3-yr avg 17.3×). TC Energy Corporation trades at 24.7× trailing earnings, close to its own five-year average of 27.4×. The Energy median in the September 2026 study was 16.8×. Forward P/E is 22.1×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 5.6×**. Each dollar of revenue is priced at 5.6×.
- **Price / book: 3.6×**. The shares trade at 3.6× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 12.9×**. Enterprise value is 12.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 4.5%** (5-yr avg 0.8%). Free cash flow equals 4.5% of the market value, above its five-year average of 0.8%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 4.1%**. The inverse of the P/E: 4.1% of the price is earned each year.

## Profitability
- **Gross margin: 51.4%**. TC Energy Corporation keeps 51.4% of revenue after the direct cost of what it sells.
- **Operating margin: 46.0%**. 46.0% of revenue is left after running the business, an exceptional level.
- **Net margin: 23.2%**. 23.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 12.9%**. 12.9% on shareholders' equity is solid.
- **Return on invested capital: 6.7%**. Return on all capital, debt included, is 6.7%.
- **Return on assets: 3.0%**. Each dollar of assets produces 3.0% of profit.

## Growth
- **Revenue growth (1 yr): 10.4%** (3-yr 7.3%/yr, 5-yr 3.2%/yr). Revenue grew 10.4% over the last year, against 3.2% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -26.2%** (3-yr 72.2%/yr, 5-yr -7.2%/yr). Earnings per share fell 26.2%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 2.23**. Debt is 2.23 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 5.2×**. It would take 5.2 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.2×**. Operating profit covers interest 2.2×, thin but manageable.
- **Current ratio: 0.63** (quick 0.56). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.26**. A Z-score of 1.26 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 4.06%** (C$3.46 per share, trailing). TC Energy Corporation yields 4.06%, an income-level yield.
- **Payout ratio: 103%** (90% of free cash flow). The dividend exceeds earnings (103% payout), though free cash flow still covers it.
- **Dividend growth (5 yr): 2.9%/yr** (1-yr -1.4%). The dividend has grown 2.9% a year over five years.
- **Shareholder yield: 3.9%**. Dividends plus net buybacks return 3.9% of the market value a year.

## Price and momentum
- **Total return (1 yr): 26.9%** (YTD 16.7%, 3-mo -8.9%). The shares are up 26.9% over twelve months including dividends.
- **From 52-week high: -13.6%** (24.7% above the low). Trading 14% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 41**. An RSI of 41 is neutral.
- **Beta (1 yr): 0.15** (volatility 18%). Beta of 0.15 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=TRP.TO · Page: https://foliofundamentals.com/stocks/trp.to

Not investment advice.