TC Energy Corporation (TRP) AI Stock Analysis

TC Energy Corporation is an energy infrastructure provider headquartered in Calgary, Canada. It operates across five segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Storage. Its infrastructure includes 93,300 km of natural gas pipelines, 535 billion cubic feet of regulated natural gas storage capacity, and 4,900 km of crude oil liquids pipelines connecting Alberta to major U.S. refining markets. The company also owns or co-owns seven power generation facilities totaling approximately 4,300 megawatts across Alberta, Ontario, Quebec, and New Brunswick, fueled by natural gas and nuclear sources.

TC Energy grew annual revenue from $13.39B in FY2021 to $15.19B in FY2025, delivering a 5-year revenue CAGR of 3.2%. Revenue declined 8.1% in FY2022 before rebounding with 7.8% growth in FY2023, 3.8% in FY2024, and 10.3% in FY2025. Operating margin remained consistent, finishing at 44.2% in FY2025 alongside net income of $3.52B and EPS of $3.52. Free cash flow improved from -$881.0M in FY2023 to $2.06B in FY2025. For the trailing twelve months ended June 30, 2026, revenue reached $15.69B, supported by quarterly year-over-year revenue growth of 5.7% and quarterly earnings growth of 18.3%.

As of June 30, 2026, TC Energy held $2.07B in cash and short-term investments against total debt of $63.77B, leaving net debt at $61.70B. Shareholders' equity was $27.77B, resulting in a debt-to-equity ratio of 2.30 and a current ratio of 0.61. Operating cash flow reached $7.35B in FY2025. During that year, cash deployment focused heavily on capital expenditures of $5.29B and dividends paid of $3.62B, while share buybacks totaled $250.0M. Share count increased 6.2% over the prior five years.

TC Energy trades at a trailing P/E of 24.3x and a forward P/E of 21.2x, higher than the median of its US-listed Energy peers at 15.0x and 12.7x, respectively. The company's EV-to-EBITDA stands at 13.2x compared to the peer median of 8.0x, and its price-to-sales of 4.1x exceeds the peer median of 1.8x. TRP shares returned 25.0% over the past year, outperforming the S&P 500 return of 16.8%, but its 5-year return of 54.7% trailed the broader index return of 83.0%.

TC Energy pays a quarterly dividend with an annualized forward payout of $2.47 per share, yielding 4.01% as of October 16, 2026. The company has paid dividends for 43 consecutive years and maintains a payout ratio of 73.0%. Over the past 5 years, dividend growth annualized at 0.5%. The last ex-dividend date was September 29, 2026.

Wall Street coverage includes 10 Strong Buy, 7 Buy, and 6 Hold recommendations, with no Sell or Strong Sell ratings. The mean price target of $67.19 implies 8.8% upside compared to the last close of $61.74. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $16.02B and EPS of $3.75, representing 6.9% earnings growth. Over the trailing four quarters, the company topped EPS expectations 3 times. The next earnings date is scheduled for November 5, 2026.

This page is an AI-written research summary of TC Energy Corporation (TRP). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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