TCPANYSENatural Gas TransmissionFiscal year ends December 31
TRANSCANADA PIPELINES LTD
Financials through fiscal 2017, year ended Dec 31, 2017Last filing: 40-F on Feb 13, 2026
$19.66+0.02 (+0.10%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2009 to 2017
Operating margin
34.8%−0.5 pts over 5 years
Net margin
23.1%+6.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2017
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.2% | +9.7% | +10.9% | – | |
| Operating income | +102.5% | +6.0% | +10.6% | – | |
| Net income | +867.6% | +19.0% | +18.0% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2009 | FY2012 | FY2017 | Trend |
|---|---|---|---|---|
| Return on equity | – | 7.5% | 14.0% | |
| Return on assets | – | 2.8% | 3.6% | |
| Current ratio | – | 0.74 | 0.37 | |
| Debt to equity | – | 1.16 | 1.55 | |
| Net debt to EBITDA | – | 4.91× | 5.00× | |
| Interest coverage | – | 2.7× | 2.2× | |
| Capex to revenue | – | 32.4% | 54.9% |
Where the cash went
Fiscal 2013 to 2017, five years combined
Transcanada Pipelines generated C$22.61B from operations and spent C$31.87B on capital expenditure, dividends and share buybacks. 75% of that went back into the business.
Generated
C$22.61B
Used
C$31.87B
Capital expenditureC$24.06B75%DividendsC$7.81B25%Share buybacksC$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.1%
×Asset turnover0.15×
×Equity multiplier3.93×
=Return on equity, FY201714.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2017 | 23.1% | 0.15× | 3.93× | 14.0% |
| FY2016 | 2.6% | 0.16× | 3.83× | 1.6% |
| FY2015 | -10.1% | 0.18× | 3.23× | -5.8% |
| FY2014 | 18.1% | 0.17× | 2.87× | 9.0% |
| FY2013 | 20.3% | 0.17× | 2.76× | 9.3% |
| FY2012 | 17.0% | 0.16× | 2.69× | 7.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2017 against fiscal 2016
5of 7 tests passed in fiscal 2017. Some tests lack the figures they need.
- ProfitableNet income above zeroC$3.11B
- Cash generatingOperating cash flow above zeroC$5.16B
- Return on assets improvedROA up on the prior year0.5% → 3.5%
- Earnings backed by cashOperating cash flow above net incomeC$5.16B vs C$3.11B
- Less leverageLong-term debt to assets fell43.6% → 37.1%
- Better liquidityCurrent ratio rose0.80 → 0.37
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.19 → 0.15