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TC Energy Corp (TCANF) stock analysis

TCANFOTCNatural Gas TransmissionFiscal year ends December 31Also trades as TCENF, TCEYF, TNCAF, TRP, TRPEF, TRPPF, TRPRF
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 13, 2026Score 9/30
$14.96+0.00 (0.00%)

Close on Oct 19, 2026Market cap $66.96BP/E 27.5Yield 3.78%

StockData Score

Prices as of Oct 30, 2026How the score works

Value0Growth2Performance4Health3Dividend0

Mixed9 of 30 checks passed

TC Energy passes 9 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
4/6
Financial health
3/6
Dividend
0/6

What stands out

  • Return on capital over 10%

    Return on invested capital was 21.8%, above the 10% that usually covers the cost of capital.

  • Low debt

    Debt is 5.7% of shareholders' equity, under the 40% we consider low.

  • EPS growing 10%+ a year

    Diluted EPS grew 72.2% a year over the last three fiscal years.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 475% of total debt.

What to watch

  • Return on equity under 15%

    Return on equity was 12.8% over the last twelve months and averaged 9.3% over five years; we look for 15% on both.

  • Earnings shrank over 5 years

    Net income shrank 5.3% a year on average over the last five fiscal years.

  • Revenue growing under 10% a year

    Revenue grew 7.4% a year over the last three fiscal years, short of the 10% we look for.

  • Earnings growth not accelerating

    Net income grew -25.1% over the last twelve months, against a 5-year average of -5.3% a year.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing under 10% a year

    Revenue grew 7.4% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing 10%+ a year

    Diluted EPS grew 72.2% a year over the last three fiscal years.

  • Earnings growth not accelerating

    Net income grew -25.1% over the last twelve months, against a 5-year average of -5.3% a year.

  • Growing slower than the industry

    Revenue grew 10.7% over the last twelve months; the Gas Production and Distribution median is 12.0%.

  • Guidance issued

    The latest outlook (2026 Comparable EBITDA, Feb 13, 2026) was issued for the first time, so it neither adds nor takes away points.

  • Gross margin improving

    Gross margin was 98.6% over the last twelve months, against 98.4% a year earlier.

Past performance4/6

  • Return on equity under 15%

    Return on equity was 12.8% over the last twelve months and averaged 9.3% over five years; we look for 15% on both.

  • Return on capital over 10%

    Return on invested capital was 21.8%, above the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    TC Energy's return on equity of 12.8% is above the Gas Production and Distribution median of 11.4%.

  • Earnings shrank over 5 years

    Net income shrank 5.3% a year on average over the last five fiscal years.

  • Net margin above its 5-year average

    Net margin was 23.1% over the last twelve months, against a 5-year average of 20.0%.

  • Net margin above the industry

    TC Energy's net margin of 23.1% is above the Gas Production and Distribution median of 13.3%.

Financial health3/6

  • Low debt

    Debt is 5.7% of shareholders' equity, under the 40% we consider low.

  • Debt falling against equity

    Debt to equity fell from 6.3% five years ago to 5.7%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 475% of total debt.

  • Interest not well covered

    Operating income covers interest expense 2.4 times; we look for at least 5.

  • Short-term assets don't cover short-term debts

    Current assets are 0.63 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    TC Energy has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for TC Energy. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$183.76M
Value traded per 1% price move
$137.79M

Downside

Low risk

Typical loss in a bad month
9.3%
Volatility (annualized)
20%
Sharpe ratio, 1 year
1.12
Beta to the S&P 500 (5Y)
0.38

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

98.6%−1.4 pts over 5 years

Operating margin

52.7%+0.6 pts over 5 years

Net margin

23.1%−12.4 pts over 5 years