TC ENERGY CORP

TRP

TC Energy Corporation operates as an energy infrastructure company in Canada, the United States, and Mexico. It operates through four segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; and Power and Energy Solutions. The company builds and operates a network of 94,171 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.

About the company

Country: CanadaPrice: $64.78Market Cap: $67.5B

Investment snapshot

29%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 8

NEUTRAL / FAIL

Median fair value

$32.07

-50.5% vs price

Models with upside

0 / 17

Positive margin of safety

Key risk

TRP overvalued: all 5 models price fair value below $64.78 (median $32.07)

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #988 (Top 31.9%)	NEUTRAL	PASS	BUY	FAIL	FAIL	FAIL	PASS	PASS	NEUTRAL	BUY	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)		N/A	N/A		N/A		N/A	N/A		N/A	N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	-102.0%	N/A	N/A	-67.7%	N/A	-71.5%	N/A	N/A	-132.9%	N/A	N/A	-127.6%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-13 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-13 Score computed: 2026-11-14

Where It Passes

Where It Falls Short

Valuation models0% pass✗ 5▾
TRP overvalued: all 5 models price fair value below $64.78 (median $32.07)
Graham fair value$32.07
✗Graham-102.0% margin vs $64.78
Greenblatt fair value$38.63
✗Greenblatt-67.7% margin vs $64.78
Dreman fair value$37.77
✗Dreman-71.5% margin vs $64.78
Akre fair value$27.81
✗Akre-132.9% margin vs $64.78
Templeton fair value$28.46
✗Templeton-127.6% margin vs $64.78
Valuation8% pass✓ 1✗ 27▾
12 of 13 flag TRP's valuation — Graham, Lynch, Greenblatt +9 more
Price / 3-yr avg EPS25.7x
✗Graham<= 15x
Price-to-Book Ratio3.4x
✗Graham<= 1.5x
P/E x P/B87.00
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 27.1x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value8.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=8.6%, ROC=12.0%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS27.1x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)12.6x
✗Dreman< 8x
Price / Book Value per Share3.4x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=27.1x, OE Yield=6.8%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=27.1x
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=27.1x, P/B=3.4x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-71.5% (IV=$37.77 vs Price=$64.78)
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low145% of trailing low ($44.74)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+3.81%; #2089/6340 (top 32.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.2953; #3713/6449 (top 57.6%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS27.1x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E-0.17
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share7.68x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-26.9%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.1649; #3962/5247 (top 75.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-2.76%; #2989/6202 (top 48.2%)
✗OshaughnessyTop 10% of eligible cross-section
Growth13% pass✓ 5✗ 8▾
7 of 8 flag TRP's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)31.2%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)P/E 27.1x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-8.5%
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 9.7% vs Rev: 16.0%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$1.78 (2010) -> $2.39 (2025)
✓DremanPositive over recent years
EPS CAGR2.0% CAGR over 15 years
✗Dreman> 5% annualized
Positive Net Income Frequency15/16 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth10.4%
✓Ackman>= 5%
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR-8.5% CAGR over 5 years
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 99.4% -> 98.6%, operating margin 38.4% -> 52.7%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR1.8%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR-8.5% over 5 years
✗Neff7%-20% annualized
Profitability19% pass✓ 13✗ 22▾
13 of 16 flag TRP's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)13/16 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)31.2%
✗Graham>= 33% growth
Net Income Positive (10+ years)15/16 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)9.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)52.7% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$-291.3M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)0.68
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 27.1x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-8.5%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE12.9%
✗Lynch> 15%
EBIT / Enterprise Value8.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=8.6%, ROC=12.0%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets2.96%
✓PiotroskiROA > 0
ROA Change YoY3.97% -> 2.96% (delta: -1.01%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=6.19%, ROA=2.96%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY98.4% -> 98.6%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue35.7%
✓Dreman>= 8%
Net Income / Shareholders' Equity12.9%
✓Dreman> 12%
Margin of SafetyP/E=27.1x, P/B=3.4x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity13.3% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-71.5% (IV=$37.77 vs Price=$64.78)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency15/16 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue52.7%
✓Ackman>= 15%
Net Income / Shareholders Equity12.9%
✗Ackman>= 15%
5-Year EPS CAGR-8.5% CAGR over 5 years
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend38.4% (2023) -> 52.7% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 99.4% -> 98.6%, operating margin 38.4% -> 52.7%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+3.81%; #2089/6340 (top 32.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+12.66%; #2604/3702 (top 70.3%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+12.89%; #1399/5226 (top 26.8%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0111; #898/5884 (top 15.3%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR-8.5% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Cash Flow20% pass✓ 3✗ 9▾
8 of 10 flag TRP's cash flow — Buffett, Lynch, Dreman +5 more
Free Cash Flow Proxy$-291.3M
✗BuffettPositive and growing
FCF Positive and Growing$-144.9M
✗LynchPositive and growing
Operating Cash Flow$5.4B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=6.19%, ROA=2.96%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)12.6x
✗Dreman< 8x
P/E or FCF YieldP/E=27.1x
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive5/15 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency16/16 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Verdicts36% pass✓ 5✗ 9▾
Split decision: 8 FAIL · 3 NEUTRAL · 3 PASS · 2 BUY
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (3/9)✗LynchFAIL (2/7)✗GreenblattRank #988•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (6/11)✓MungerBUY (4/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✓AsnessBUY (Rank #391/2370 (Top 16.5%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
Debt & Leverage50% pass✓ 9✗ 6▾
6 of 12 pass — Graham, Buffett, Lynch +3 more object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.06, IC: 2.4x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.06
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.63
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.06
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.06
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=2.4x, D/EBITDA=0.1x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.06
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0566; #1049/4210 (top 24.9%)
✓AsnessTop 30% of eligible cross-section
Efficiency50% pass✓ 6✗ 5▾
4 of 8 pass — Graham, Greenblatt, Dreman +1 more object
Current Ratio0.63
✗Graham>= 2.0
ROIC (3-5 yr avg)14.5%
✓Buffett> 10%
ROIC - WACC+4.5%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)12.0%
✗Greenblatt> 25%
Current Ratio Change YoY0.55 -> 0.63
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.12x -> 0.13x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities0.63
✗Dreman> 1.5
Return on Invested Capital22.0%
✓Munger> 15%
ROIC (high and growing)FY2023: ROIC=12.4%; FY2024: ROIC=20.6%; FY2025: ROIC=22.0%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC0.1% (RR=0% x ROIC=22.0%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)3/5 years above 12% (latest 22.0%)
✓SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Utilities

SIC Sector: Electric, Gas & Sanitary Services

Size: Large Cap($67.5B)

Revenue: $11.1B+16.0% YoY

Net Income: $2.6B-21.5% YoY

Financial Snapshot

Operating Margin52.7%

Return on Equity12.9%

Debt / Equity0.06

Current Ratio0.63

EPS (Diluted)$2.39−22.7% 1y

Shares Retired−0.2% / −0.3% 2y

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Shareholder Return

Fiscal 2025

Issued 0.2% of shares last year, 0.3% issued over two.

Buybacks: —
Dividends: $2.6B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−67.6% = −64.0% + −10.1%

FY23

340.2% = 300.2% + 10.0%

FY24

48.5% = 48.2% + 0.2%

FY25

−22.7% = −21.5% + −1.5%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 40-F · 2026-02-13	FY 2024 Sources 40-F · 2025-02-14	FY 2023 Sources 40-F · 2024-02-16	FY 2022 Sources 40-F · 2023-02-14	FY 2021 Sources 40-F · 2022-02-15
Market Cap	$67.5Bcurrent	$46.8Best.	$36.9Best.	$37.1Best.	$40.6Best.
Revenue	$11.1B↑16%	$9.6B↓4%	$10.0B↑10%	$9.1B↓14%	$10.5B
Operating Income	$5.9B↑6%	$5.5B↑44%	$3.9B↑113%	$1.8B↓43%	$3.2B
Net Income	$2.6B↓22%	$3.3B↑48%	$2.2B↑300%	$551.9M↓64%	$1.5B
EPS (Diluted)	$2.39↓23%	$3.09↑49%	$2.08↑340%	$0.47↓68%	$1.46
Gross Margin	98.6%	98.4%↓1%	99.4%	99.8%	99.4%
Operating Margin	52.7%↓9%	57.8%↑51%	38.4%↑93%	19.9%↓34%	30.3%
ROE	12.9%↓24%	17.0%↑72%	9.9%↑349%	2.2%↓63%	5.9%
Total Debt	$1.1B↓45%	$2.1B↓7%	$2.2B↑88%	$1.2B	$0
Shareholders' Equity	$19.9B↑4%	$19.2B↓14%	$22.3B↓11%	$25.1B↓4%	$26.1B
Current Ratio	0.63↑16%	0.55↓43%	0.96↑122%	0.43↓24%	0.57
Debt / Equity	0.06↓47%	0.11↑8%	0.10↑111%	0.05	0.00
Operating Cash Flow	$5.4B	$5.4B↓2%	$5.5B↑17%	$4.7B↓13%	$5.4B
Free Cash Flow	--	-$144.9M↑96%	-$3.8B↓99%	-$1.9B↓897%	-$191.5M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Utilities

TRP vs Peers — Financial Grading

Revenue$11.1BMedian

Net Income$2.6BMedian

ROE12.9%Top 25%

D/E0.06Top 25%

Op. Margin52.7%Top 25%

Curr. Ratio0.63Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
SOUTHERN COSO	$109.0B	$93.59	$29.6B	$4.3B	12.1%	2.00	24.7%	0.65	2/9	2/9	2/7	0/3	F-Score 5	3/11
AMERICAN ELECTRIC POWER CO INCAEP	$70.3B	$129.18	$21.9B	$3.7B	11.9%	1.52	24.3%	0.45	4/9	3/9	2/7	0/3	F-Score 5	3/11
Cheniere Energy, Inc.LNG	$63.0B	$308.75	$20.0B	$5.3B	67.3%	2.88	45.6%	0.94	2/9	4/9	4/7	0/3	F-Score 8	3/11
DOMINION ENERGY, INCD	$59.5B	$67.66	$16.5B	$3.0B	10.3%	1.60	26.7%	0.77	2/9	0/9	1/7	0/3	F-Score 6	3/11
ATMOS ENERGY CORPATO	$29.8B	$176.30	$4.7B	$1.2B	8.8%	0.66	33.2%	0.77	3/9	3/9	2/7	0/3	F-Score 6	3/11
EVERSOURCE ENERGYES	$27.0B	$71.73	$13.5B	$1.7B	10.5%	1.75	22.1%	0.65	2/9	2/9	2/7	0/3	F-Score 6	4/11
PPL CorpPPL	$26.9B	$35.67	$9.0B	$1.2B	7.9%	1.27	23.5%	0.86	2/9	0/9	0/7	0/3	F-Score 5	2/11
ALLIANT ENERGY CORPLNT	$19.0B	$73.43	$4.4B	$810.0M	11.0%	1.64	23.5%	0.80	2/9	2/9	2/7	0/3	F-Score 6	2/11