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Canadian energy infrastructure company operating natural gas pipelines across North America plus power and liquids pipeline assets.
Canadian energy infrastructure company operating natural gas pipelines across North America plus power and liquids pipeline assets.
Earns fees for moving natural gas under long-term contracts, many with minimum payments, rather than from the gas price, plus power, mostly through a stake in Bruce Power's nuclear station. In October 2024 it spun off its oil pipelines, including Keystone, as South Bow to become a gas-focused company.
In one line: Canada's Williams Companies peer..
Moat: wide (scale, regulatory licence, installed base). Vast contracted pipeline network with long-term take-or-pay contracts; new corridors face heavy permitting hurdles.
Headquarters: Calgary, Canada · Founded: 1951 · Employees: 6,668
Size TC Energy (TRP.TO) is a Canada Energy company (Oil & Gas Pipelines) with a market value of $65.1B, the 16th largest of 420 Canada companies the cockpit tracks. Shares closed at C$87.52 on 6 Nov 2026.
Performance Over six months the shares fell 1.4%, against -0.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 6th lowest of 12 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +18.0%); the operating margin is 46.2% (peer median 30.7%).
Valuation It trades at 23.0× forward earnings against a peer median of 13.0× (2nd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points below its cost of capital (6.7% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$16.0B | C$15.2B | C$13.6B | C$12.9B | C$14.3B |
| Revenue growth | — | +12% | +5% | -9% | — |
| Gross profit | C$8.28B | C$7.60B | C$6.45B | C$6.35B | C$6.35B |
| EBITDA | C$10.3B | C$9.49B | C$8.16B | C$8.01B | C$8.09B |
| Net income | C$3.60B | C$3.52B | C$4.70B | C$2.92B | C$748M |
| Free cash flow | C$4.07B | C$2.08B | C$5.07B | -C$716M | C$2.33B |
| Capital expenditure | C$4.58B | C$5.29B | C$6.36B | C$8.15B | C$6.73B |
| Total debt | C$63.7B | C$60.6B | C$59.9B | C$63.7B | C$58.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TC Energy TRP.TO | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% |
| Enbridge ENB.TO | $107B | -10% | +29% | 13% | 22.1× | 12.6% |
| Williams Companies WMB | $80.1B | -10% | +10% | 37% | 24.9× | n/a |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
| Pembina Pipeline PPL.TO | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRP.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | -2.5% | highest of 12 |
| 6-month return | -1.4% | -0.4% | 6th lowest of 12 |
| Distance from 52-week high | -12.6% | -13.9% | 5th highest of 12 |
| Revenue growth (TTM) | +5.5% | +18.0% | 2nd lowest of 12 |
| Operating margin | 46.2% | 30.7% | highest of 12 |
| Forward P/E | 23.0× | 13.0× | 2nd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 11.4% | 3.2% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +3.4% | +10.9% | lowest of 10 |
| Hurdle (Req g minus delivered) | +8.0 pp | -5.4 pp | most demanding of 10 |
| ROIC minus cost of capital | -1.3 pp | +0.5 pp | 3rd lowest of 12 |
| EV / EBITDA | 16.0× | 11.8× | 4th most expensive of 11 |
| Net debt / EBITDA | 6.0× | 4.0× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | n/a | n/a |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |