TC Energy Corporation
- Open
- 62.59
- Day high
- 62.97
- Day low
- 62.45
- Prev close
- 62.49
- Volume
- 64K
- Mkt cap
- $65.5B
- P/E (TTM)
- 26.2
- EPS (TTM)
- $2.40
- P/B
- 3.3
- P/S
- 5.7
- Yield
- 1.99%
- Per share
- $1.25
TC Energy Corporation (TRP) is a Energy company listed on NYSE. The stock is up 20% over the past year. Drillr has 1 published research article covering TRP.
TC Energy Corporation (TRP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TRP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.61 | $0.68 | +11.7% | $2.8B | +0.9% |
| May 1, 2026 | $0.70 | $0.72 | +3.3% | $2.0B | -8.8% |
| Feb 13, 2026 | $0.65 | $0.70 | +7.9% | $3.0B | -0.5% |
| Nov 6, 2025 | $0.56 | $0.56 | +0.0% | $2.7B | -9.6% |
| Jul 31, 2025 | $0.56 | $0.59 | +5.4% | $2.7B | +46.1% |
| May 1, 2025 | $0.70 | $0.66 | -5.7% | $2.5B | +40.2% |
| Feb 14, 2025 | $0.68 | $0.75 | +10.3% | $945M | -47.2% |
| Nov 7, 2024 | $0.71 | $0.76 | +6.6% | $3.0B | +2.6% |
| Aug 1, 2024 | $0.60 | $0.63 | +4.3% | $3.0B | +7.5% |
| May 3, 2024 | $0.78 | $0.83 | +7.6% | $3.0B | -3.7% |
| Feb 16, 2024 | $0.76 | $0.93 | +22.8% | $3.0B | -6.5% |
| Jul 27, 2023 | $0.65 | $0.66 | +1.1% | $2.9B | +2.9% |
TC Energy Corporation company profile
Overview
TC Energy Corporation (TSX:TRP) is a major North American energy infrastructure company founded in 1951 and headquartered in Calgary, Canada. Originally incorporated as TransCanada Corporation, the company changed its name to TC Energy in May 2019 to better reflect its continental scope of operations. TC Energy has evolved from a regional Canadian pipeline operator into one of North America's largest energy infrastructure companies, operating an extensive network of natural gas and liquids pipelines across Canada, the United States, and Mexico. The company went public in 1982 and has maintained a strong dividend track record, having increased its dividend for 25 consecutive years as of 2024. In 2024, TC Energy completed a significant strategic transformation by spinning off its liquids pipeline business as South Bow Corporation, allowing the company to focus primarily on natural gas infrastructure and power generation.
Business
TC Energy operates as an energy infrastructure company that builds, owns, and operates critical energy transportation and power generation assets across North America. The company's business is organized into several key segments that collectively form the backbone of North America's energy supply chain. The Canadian Natural Gas Pipelines segment represents TC Energy's largest operation, featuring the extensive NGTL (Nova Gas Transmission Ltd.) system that serves as Alberta's primary natural gas gathering and transmission network. This system connects natural gas production from Alberta's prolific energy basins to downstream markets and export facilities. The NGTL system is particularly critical as it feeds into major LNG export terminals and serves as a key component of North America's natural gas supply infrastructure. The U.S. Natural Gas Pipelines segment operates several major interstate pipeline systems including ANR Pipeline, Great Lakes Gas Transmission, and GTN (Gas Transmission Northwest). These pipelines transport natural gas from production areas to major consumption centers, power plants, and distribution networks across the United States. The segment has been experiencing growth driven by increasing demand from data centers, coal-to-gas power plant conversions, and LNG export facilities. The Mexico Natural Gas Pipelines segment includes several pipeline systems that transport natural gas from the U.S. into Mexico, supporting Mexico's transition from oil-fired to natural gas-fired power generation. Key assets include the Sur de Texas pipeline and the Southeast Gateway project, which represents one of TC Energy's largest current growth investments. The Power and Energy Solutions segment encompasses TC Energy's electricity generation assets, most notably its ownership stake in Bruce Power, one of the world's largest nuclear power generating stations located in Ontario. Bruce Power operates eight nuclear reactors with a combined capacity of approximately 6,400 megawatts, providing about 30% of Ontario's electricity. The segment also includes natural gas-fired cogeneration facilities in Alberta. Prior to 2024, TC Energy also operated a Liquids Pipelines segment that included the famous Keystone pipeline system transporting crude oil from Alberta to U.S. refineries. This business was spun off as South Bow Corporation in 2024, allowing TC Energy to focus on its natural gas and power operations. Based on recent financial performance, the natural gas pipeline operations represent approximately 70-75% of the company's EBITDA, while power generation contributes roughly 15-20%, with the remainder from storage and other services.
Revenue model
TC Energy generates revenue through multiple complementary business models that provide relatively stable and predictable cash flows. The company's primary revenue streams come from regulated utility-style operations and long-term contracted services that insulate it from commodity price volatility. The natural gas pipeline operations generate revenue through transportation tariffs charged to shippers who use the pipeline capacity. These tariffs are typically regulated by government agencies (such as the National Energy Board in Canada and FERC in the United States) and are designed to provide the company with a reasonable return on its invested capital. Customers include natural gas producers, local distribution companies, power generators, industrial users, and LNG export terminals. The regulated nature of these operations means that TC Energy can generally recover its operating costs and earn a predetermined return on its capital investments. The power generation business, primarily through Bruce Power, operates under long-term contracts with provincial electricity authorities. Bruce Power sells electricity to the Ontario government under regulated contracts that provide stable, predictable revenue streams. The company also operates natural gas-fired cogeneration plants in Alberta that sell both electricity and steam to industrial customers under long-term agreements. TC Energy's storage operations generate revenue by providing natural gas storage services to customers who need to balance seasonal supply and demand variations. The company charges fees for both the storage capacity and the injection/withdrawal services. Several factors can positively impact TC Energy's margins and profitability. Growing natural gas demand from data centers, LNG exports, and coal-to-gas power plant conversions creates opportunities for system expansions and new pipeline projects. Regulatory rate increases can improve returns on existing assets, while successful completion of growth projects adds new rate-based assets that generate incremental EBITDA. Operational excellence and high system utilization rates maximize revenue from existing infrastructure. Conversely, several factors could pressure margins. Regulatory challenges or adverse rate decisions could reduce allowed returns on capital. Construction cost overruns on major projects can erode project economics, as experienced with the Coastal GasLink project. Extended maintenance outages at power generation facilities reduce electricity sales. Environmental opposition and permitting delays can increase project costs and delay revenue recognition. Interest rate increases can pressure profitability, though TC Energy has largely mitigated this risk through fixed-rate debt financing covering approximately 80% of its debt portfolio.
Competitive moat
TC Energy possesses a strong economic moat built primarily on the irreplaceable nature of its energy infrastructure assets and the significant barriers to entry in the pipeline industry. The company's competitive advantages stem from several key factors that would be extremely difficult and expensive for competitors to replicate. The most significant moat element is TC Energy's strategic pipeline network positioning. The company's pipelines occupy critical corridors connecting major energy production basins to key consumption markets and export terminals. These routes, established over decades, benefit from existing rights-of-way, regulatory approvals, and interconnections that would be prohibitively expensive and time-consuming for new entrants to duplicate. The NGTL system in Alberta, for example, serves as the primary gathering system for one of North America's largest natural gas production regions, making it virtually irreplaceable infrastructure. Regulatory barriers to entry provide another strong defensive moat. Building new interstate or international pipelines requires extensive regulatory approvals that can take years or decades to obtain, if approved at all. Environmental reviews, stakeholder consultations, and political considerations create substantial hurdles for potential competitors. TC Energy's existing assets benefit from grandfathered approvals and established regulatory relationships. The company's long-term contracted revenue model provides cash flow stability and customer stickiness. Most of TC Energy's revenue comes from long-term transportation agreements and regulated rate structures that provide predictable returns. Customers typically sign multi-year or even multi-decade contracts, creating switching costs and relationship stickiness. Scale advantages in operations and capital deployment strengthen the moat. TC Energy's large, integrated network allows for operational efficiencies, shared infrastructure, and the ability to serve multiple markets from single assets. The company's size also provides advantages in capital markets access and project financing capabilities. However, the moat faces some potential challenges. Energy transition risks could reduce long-term demand for natural gas infrastructure, though this transition is likely to occur over decades rather than years. Technological disruption from renewable energy sources and battery storage could eventually reduce the need for natural gas-fired power generation. Political and regulatory risks remain significant, as governments could implement policies that restrict pipeline operations or impose additional costs. Environmental activism and legal challenges continue to pose risks to new project development and existing operations. Despite these challenges, TC Energy's moat remains robust due to the essential nature of its infrastructure and the practical difficulties of replacing large-scale energy transportation networks. The ongoing growth in natural gas demand from data centers, LNG exports, and industrial applications suggests the company's assets will remain valuable for the foreseeable future.
Risks & safety
TC Energy presents a moderate margin of safety with manageable financial risks but elevated leverage that requires careful monitoring. **Debt and Solvency:** - Debt-to-EBITDA ratio of approximately 4.75x as of Q1 2025, which is at the higher end of acceptable levels for utility-like infrastructure companies - Total debt of approximately $50+ billion against $27 billion in shareholder equity, resulting in a debt-to-equity ratio of 2.2x - Strong cash flow generation of $5.4 billion from operations in 2024, providing adequate debt service coverage - Current ratio of 0.70x indicates potential short-term liquidity pressure, though this is typical for capital-intensive utilities - Access to committed credit facilities and strong capital markets relationships provide liquidity backstop **Valuation Metrics:** - Trading at approximately 17.5x earnings and 11.9x EV/EBITDA as of Q1 2025 - Price-to-book ratio of 2.5x reflects premium to book value but reasonable for quality infrastructure assets - Dividend yield of approximately 6-7% appears sustainable given current cash flow generation - Graham number suggests modest undervaluation relative to conservative metrics **Other Considerations:** - Regulated utility-like cash flows provide stability and predictability - Major capital spending program of $6-7 billion annually requires continued access to capital markets - Successful completion of asset spin-off (South Bow) and potential Mexico asset sales could improve leverage metrics - Strong operational performance and project execution track record support financial projections
Recent development
Over the past few years, TC Energy has undergone significant strategic transformation focused on portfolio optimization, leverage reduction, and positioning for North America's evolving energy landscape. The most significant development was the completion of the South Bow spin-off in 2024, which separated the company's liquids pipeline business (including the Keystone system) into an independent publicly-traded entity. This strategic move allowed TC Energy to focus on its core natural gas infrastructure and power generation businesses while providing shareholders with direct ownership in both entities. The company has made substantial progress on its major growth project portfolio, successfully completing the Coastal GasLink pipeline in 2024 after years of construction challenges and cost overruns. This 670-kilometer pipeline connects natural gas supplies from northeastern British Columbia to LNG export terminals on the west coast, representing a critical piece of North America's LNG export infrastructure. TC Energy also advanced the Southeast Gateway project in Mexico, which is expected to enter service in 2025 and will further expand natural gas transportation capacity into Mexico's growing market. Operational excellence and safety improvements have been key focus areas, with the company achieving its best safety performance in five years in 2024. TC Energy has consistently set new delivery records across its natural gas pipeline systems, demonstrating strong operational execution and market demand for its services. The company has identified and is pursuing significant growth opportunities driven by emerging energy demand patterns. Management has announced five new growth projects with attractive 5-7x build multiples, targeting opportunities in data center power supply, coal-to-gas conversions, and LNG export support. The company is exploring approximately 25 gigawatts of new power generation opportunities, equivalent to about 6 Bcf/day of natural gas demand. Financial discipline and deleveraging efforts have been central to recent strategy, with TC Energy successfully reducing its debt-to-EBITDA ratio toward its 4.75x target through a combination of EBITDA growth, capital expenditure optimization, and asset sales. The company has identified an additional $1.3 billion in capital reductions for 2026-2027 while maintaining its growth trajectory. In the power sector, TC Energy has advanced nuclear expansion initiatives at Bruce Power, including major component replacement projects and the potential Project 2030 expansion that could increase the facility's output to over 7,000 megawatts. These investments position the company to benefit from Ontario's projected 69,000 megawatt electricity shortfall by 2050.
TRP company profile · for informational purposes only — not investment advice.
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