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TC Energy Corporation (TRP) 10-Year Financial Performance & Capital Metrics

TRP • • Industrial / General
EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators
AboutTC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Storage. The company builds and operates 93,300 km network 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. It also has regulated natural gas storage facilities with a total working gas capacity of 535 billion cubic feet. In addition, it has approximately 4,900 km liquids pipeline system that connects Alberta crude oil supplies to refining markets in Illinois, Oklahoma, Texas, and the U.S. Gulf Coast. Further, the company owns or has interests in seven power generation facilities with a combined capacity of approximately 4,300 megawatts that are powered by natural gas and nuclear fuel sources located in Alberta, Ontario, Québec, and New Brunswick; and owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage capacity in Alberta. The company was formerly known as TransCanada Corporation and changed its name to TC Energy Corporation in May 2019. TC Energy Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.Show more
  • Revenue $13.77B +3.8%
  • EBITDA $8.57B -1.1%
  • Net Income $4.7B +60.8%
  • EPS (Diluted) 4.43 +61.1%
  • Gross Margin 47.97% -4.6%
  • EBITDA Margin 62.26% -4.7%
  • Operating Margin 42.02% -5.3%
  • Net Margin 34.12% +54.9%
  • ROE 12.14% +52.0%
  • ROIC 4.42% -4.3%
  • Debt/Equity 1.56 -4.4%
  • Interest Coverage 2.29 +0.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy 5Y average net margin of 22.5%
  • ✓Trading near 52-week high
  • ✓Trading at only 1.5x book value

✗Weaknesses

  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.06%
5Y0.77%
3Y0.95%
TTM-17.97%

Profit (Net Income) CAGR

10Y9.83%
5Y2.56%
3Y33.94%
TTM-32.45%

EPS CAGR

10Y6.06%
5Y0.74%
3Y33.55%
TTM-33.6%

ROCE

10Y Avg6.13%
5Y Avg5.89%
3Y Avg5.4%
Latest5.24%

Peer Comparison

Diversified Midstream Operators
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WMBThe Williams Companies, Inc.73.63B60.2933.13-3.7%20.64%15.95%3.26%1.82
KMIKinder Morgan, Inc.60.98B27.4123.43-0.55%16.62%8.51%4.93%0.99
ENBEnbridge Inc.102.19B46.8120.0022.51%9.38%12.2%5.55%1.48
DKLDelek Logistics Partners, LP2.59B48.4116.19-7.82%17%9.41%2.88%53.11
ETEnergy Transfer LP59.95B17.4613.645.2%5.66%9.58%12.25%1.30
MPLXMPLX Lp56.93B55.9713.294.5%39.71%33.17%8.59%1.53
PBAPembina Pipeline Corporation22.35B38.4712.8216.63%22.1%10.45%10.11%0.76
TRPTC Energy Corporation56.56B54.3312.263.8%28.18%9.32%2.37%1.56

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+11.3B12.51B13.45B13.68B13.26B13B13.39B12.31B13.27B13.77B
Revenue Growth %0.11%0.11%0.08%0.02%-0.03%-0.02%0.03%-0.08%0.08%0.04%
Cost of Goods Sold+7.25B7.93B8.34B7.43B6.74B6.47B6.71B6.51B6.6B7.17B
COGS % of Revenue0.64%0.63%0.62%0.54%0.51%0.5%0.5%0.53%0.5%0.52%
Gross Profit+4.05B4.58B5.11B6.25B6.51B6.53B6.68B5.8B6.67B6.61B
Gross Margin %0.36%0.37%0.38%0.46%0.49%0.5%0.5%0.47%0.5%0.48%
Gross Profit Growth %0.08%0.13%0.12%0.22%0.04%0%0.02%-0.13%0.15%-0.01%
Operating Expenses+517M555M569M569M727M727M774M727M781M820M
OpEx % of Revenue0.05%0.04%0.04%0.04%0.05%0.06%0.06%0.06%0.06%0.06%
Selling, General & Admin0093M84M000000
SG&A % of Revenue--0.01%0.01%------
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses517M555M476M485M727M727M774M727M781M820M
Operating Income+3.53B4.02B4.54B5.68B5.79B5.8B5.91B5.07B5.89B5.79B
Operating Margin %0.31%0.32%0.34%0.42%0.44%0.45%0.44%0.41%0.44%0.42%
Operating Income Growth %0.07%0.14%0.13%0.25%0.02%0%0.02%-0.14%0.16%-0.02%
EBITDA+5.3B5.96B6.59B8.03B8.25B8.39B8.43B7.65B8.66B8.57B
EBITDA Margin %0.47%0.48%0.49%0.59%0.62%0.65%0.63%0.62%0.65%0.62%
EBITDA Growth %0.08%0.13%0.11%0.22%0.03%0.02%0%-0.09%0.13%-0.01%
D&A (Non-Cash Add-back)1.76B1.94B2.06B2.35B2.46B2.59B2.52B2.58B2.78B2.79B
EBIT3.69B2.21B4.8B5.72B6.99B6.94B4.18B2.66B5.88B8.43B
Net Interest Income+-1.07B-1.48B-1.38B-1.81B-1.6B-2.03B-1.9B-1.79B-2.01B-1.98B
Interest Income-31M-12M184M273M124.93M173.39M190M107.7M569M542M
Interest Expense1.04B1.46B1.5B2.09B1.72B2.2B2.09B1.9B2.58B2.52B
Other Income/Expense-4.64B-3.18B-1.23B-1.73B-599M-697M-3.74B-3.7B-2.59B120M
Pretax Income+-1.11B837M3.31B3.95B5.19B5.11B2.17B1.37B3.3B5.91B
Pretax Margin %-0.1%0.07%0.25%0.29%0.39%0.39%0.16%0.11%0.25%0.43%
Income Tax+34M352M-89M432M754M194M120M589M842M922M
Effective Tax Rate %1.04%0.28%0.95%0.94%0.8%0.9%0.9%0.54%0.89%0.8%
Net Income+-1.15B233M3.16B3.7B4.14B4.62B1.96B748M2.92B4.7B
Net Margin %-0.1%0.02%0.23%0.27%0.31%0.36%0.15%0.06%0.22%0.34%
Net Income Growth %-1.62%1.2%12.55%0.17%0.12%0.11%-0.58%-0.62%2.91%0.61%
Net Income (Continuing)-1.14B485M3.4B3.52B4.43B4.91B2.05B785M2.46B4.98B
Discontinued Operations00000000612M395M
Minority Interest1.72B1.73B1.85B1.66B1.63B2.08B125M126M9.46B10.77B
EPS (Diluted)+-1.620.163.434.104.274.741.860.642.754.43
EPS Growth %-1.66%1.1%20.44%0.2%0.04%0.11%-0.61%-0.66%3.3%0.61%
EPS (Basic)-1.620.163.444.104.284.741.870.642.664.43
Diluted Shares Outstanding709M760M874M903M931M940M974M996M1.03B1.04B
Basic Shares Outstanding654.86M760M920.41M944.39M969.56M973.84M973M995M1.03B1.04B
Dividend Payout Ratio-6.16%0.42%0.42%0.43%0.65%1.7%4.27%0.95%0.84%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+3.91B8.08B4.68B5.13B7.65B5.2B7.42B7.33B11.37B5.73B
Cash & Short-Term Investments1.18B1.38B1.41B1.17B1.52B1.53B673M620M3.68B801M
Cash Only850M1.02B1.09B446M1.34B1.53B673M620M3.68B801M
Short-Term Investments331M364M323M720M180M00000
Accounts Receivable1.39B2.08B2.52B2.69B2.58B2.29B4.51B4.07B2.88B3.11B
Days Sales Outstanding44.860.5768.4571.8870.9164.41122.99120.6979.3482.4
Inventory323M368M378M431M452M629M724M936M771M747M
Days Inventory Outstanding16.2616.9416.5421.1824.4735.539.452.4642.6538.05
Other Current Assets1.23B4.49B582M1.52B3.22B622M1.4B1.59B3.95B990M
Total Non-Current Assets+60.57B79.97B81.42B93.78B91.63B95.1B96.8B107.02B113.66B112.51B
Property, Plant & Equipment44.82B54.48B57.28B66.5B67.2B70.01B70.22B77.93B71.95B80.14B
Fixed Asset Turnover0.25x0.23x0.23x0.21x0.20x0.19x0.19x0.16x0.18x0.17x
Goodwill4.81B13.96B13.08B14.18B12.89B12.68B12.58B12.84B12.53B13.67B
Intangible Assets3.19B3.03B1.48B1.92B1.72B00000
Long-Term Investments6.21B6.54B6.37B7.11B6.51B6.68B8.44B9.54B9.24B10.64B
Other Non-Current Assets2.68B2.5B3.78B4.62B4.99B5.56B5.04B5.63B18.62B7.63B
Total Assets+64.4B88.05B86.1B98.92B99.28B100.3B104.22B114.35B125.03B118.24B
Asset Turnover0.18x0.14x0.16x0.14x0.13x0.13x0.13x0.11x0.11x0.12x
Asset Growth %0.1%0.37%-0.02%0.15%0%0.01%0.04%0.1%0.09%-0.05%
Total Current Liabilities+7.36B7.68B9.88B12.95B12.9B11.99B13.04B16.91B11.82B10.51B
Accounts Payable1.51B2.44B2.85B3.22B3.31B3.06B4.18B4.33B3.09B3.7B
Days Payables Outstanding75.8112.45124.55158.4179.41172.51227.64242.7171.02188.43
Short-Term Debt3.77B2.61B4.63B6.22B7B6.15B6.49B8.16B2.94B3.34B
Deferred Revenue (Current)00001000K1000K1000K1000K1000K1000K
Other Current Liabilities1.57B2.03B1.8B2.85B1.91B1.26B826M2.22B3.71B1.53B
Current Ratio0.53x1.05x0.47x0.40x0.59x0.43x0.57x0.43x0.96x0.55x
Quick Ratio0.49x1.00x0.44x0.36x0.56x0.38x0.51x0.38x0.90x0.47x
Cash Conversion Cycle-14.74-34.94-39.57-65.34-84.04-72.6-65.25-69.55-49.03-67.98
Total Non-Current Liabilities+38.88B54.39B49.33B54.98B53.98B54.84B57.78B63.33B74.21B69.37B
Long-Term Debt31.32B42.24B38.88B44.02B42.89B43.41B46.28B50.14B60.26B56.02B
Capital Lease Obligations0000476M427M380M379M400M451M
Deferred Tax Liabilities000005.81B6.14B7.65B6.97B6.88B
Other Non-Current Liabilities7.56B12.14B10.45B10.96B10.61B4.99B4.79B5.13B6.56B6.01B
Total Liabilities46.24B62.07B59.21B67.93B66.88B66.83B70.82B80.23B86.03B79.88B
Total Debt+35.08B44.85B43.51B50.24B50.38B49.99B53.15B58.68B63.66B59.88B
Net Debt34.23B43.84B42.42B49.8B49.03B48.46B52.47B58.06B59.98B59.08B
Debt / Equity1.93x1.73x1.62x1.62x1.55x1.49x1.59x1.72x1.63x1.56x
Debt / EBITDA6.62x7.53x6.60x6.26x6.11x5.95x6.31x7.67x7.35x6.98x
Net Debt / EBITDA6.46x7.36x6.44x6.20x5.94x5.77x6.23x7.59x6.92x6.89x
Interest Coverage3.38x2.75x3.03x2.72x3.36x2.64x2.82x2.67x2.28x2.29x
Total Equity+18.16B25.98B26.89B30.99B32.4B33.47B33.4B34.12B39.01B38.36B
Equity Growth %-0.12%0.43%0.03%0.15%0.05%0.03%-0%0.02%0.14%-0.02%
Book Value per Share25.6134.1930.7734.3234.8035.6134.2934.2537.8736.96
Total Shareholders' Equity16.44B24.26B25.04B29.34B30.76B31.4B33.27B33.99B29.55B27.59B
Common Stock12.1B20.1B21.17B23.17B24.39B24.49B26.72B29B30B30.1B
Retained Earnings2.77B1.14B1.62B2.77B3.96B5.37B3.77B819M-3B-5.24B
Treasury Stock0000000000
Accumulated OCI-939M-960M-1.73B-606M-1.56B-2.44B-1.43B955M49M233M
Minority Interest1.72B1.73B1.85B1.66B1.63B2.08B125M126M9.46B10.77B

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+4.38B5.07B5.23B6.55B7.08B7.06B6.89B6.38B7.27B7.7B
Operating CF Margin %0.39%0.41%0.39%0.48%0.53%0.54%0.51%0.52%0.55%0.56%
Operating CF Growth %0.04%0.16%0.03%0.25%0.08%-0%-0.02%-0.07%0.14%0.06%
Net Income-1.14B485M3.4B3.52B4.43B4.91B2.05B785M2.92B5.38B
Depreciation & Amortization1.76B1.94B2.06B2.35B2.46B2.59B2.52B2.58B2.78B2.79B
Stock-Based Compensation015M12M13M13M0010M00
Deferred Taxes-102M196M-238M117M55M-58M-185M174M11M493M
Other Non-Cash Items4.21B2.19B279M660M-176M-60M2.79B3.46B1.35B-1.16B
Working Capital Changes-346M248M-273M-102M293M-327M-287M-639M207M199M
Change in Receivables-66M-482M-576M-69M31M129M-925M-575M-394M-13M
Change in Inventory-3M-87M-38M-49M-42M-55M-93M-190M-56M-16M
Change in Payables-153M424M151M-70M352M-162M890M-83M-206M365M
Cash from Investing+-4.88B-18.78B-3.7B-10.02B-6.87B-6.05B-7.71B-7.01B-12.29B-6.91B
Capital Expenditures-4.43B-5.3B-7.53B-9.91B-8.18B-8.13B-5.92B-6.73B-8.15B-6.36B
CapEx % of Revenue0.39%0.42%0.56%0.72%0.62%0.63%0.44%0.55%0.61%0.46%
Acquisitions----------
Investments----------
Other Investing772M1.66B7.19B1.93B2.89B3.61B632M3.15B-3.83B4.13B
Cash from Financing+744M14.01B-1.42B2.75B693M-800M-88M487M8.09B-3.87B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-1.54B-1.54B-1.49B-1.73B-1.96B-3.15B-3.46B-3.3B-2.88B-4.05B
Share Repurchases----------
Other Financing-169M-64M980M-176M-216M682M-748M-64M5.16B-288M
Net Change in Cash----------
Free Cash Flow+-45M-233M-2.3B-3.36B-1.1B-1.08B966M-352M-881M1.34B
FCF Margin %-0%-0.02%-0.17%-0.25%-0.08%-0.08%0.07%-0.03%-0.07%0.1%
FCF Growth %0.59%-4.18%-8.87%-0.46%0.67%0.02%1.9%-1.36%-1.5%2.52%
FCF per Share-0.06-0.31-2.63-3.72-1.18-1.150.99-0.35-0.861.29
FCF Conversion (FCF/Net Income)-3.83x21.76x1.66x1.77x1.71x1.53x3.52x8.52x2.49x1.64x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-5.91%1.06%11.94%12.79%13.06%14.02%5.85%2.22%7.99%12.14%
Return on Invested Capital (ROIC)5.25%4.93%4.89%5.68%5.35%5.33%5.28%4.27%4.62%4.42%
Gross Margin35.82%36.59%37.97%45.69%49.14%50.24%49.9%47.1%50.26%47.97%
Net Margin-10.14%1.86%23.47%27.06%31.23%35.51%14.6%6.08%22.02%34.12%
Debt / Equity1.93x1.73x1.62x1.62x1.55x1.49x1.59x1.72x1.63x1.56x
Interest Coverage3.38x2.75x3.03x2.72x3.36x2.64x2.82x2.67x2.28x2.29x
FCF Conversion-3.83x21.76x1.66x1.77x1.71x1.53x3.52x8.52x2.49x1.64x
Revenue Growth10.95%10.66%7.55%1.71%-3.1%-1.93%2.98%-8.05%7.78%3.8%

Revenue by Segment

2014201520162017201820192020202120222024
Natural Gas Storage And Other----283M414M-87M-1.39B
Natural Gas Storage And Other Growth-----46.29%----
Power Generation---------266M
Power Generation Growth----------
U.S. Natural Gas Pipelines--2.53B3.58B--5.03B-5.93B-
U.S. Natural Gas Pipelines Growth---41.88%------
Canadian Natural Gas Pipelines--3.68B3.69B--4.47B-4.76B-
Canadian Natural Gas Pipelines Growth---0.30%------
Liquids Pipelines1.55B1.88B-2.01B--2.37B-2.67B-
Liquids Pipelines Growth-21.46%--------
Mexico Natural Gas Pipelines--378M570M--716M-688M-
Mexico Natural Gas Pipelines Growth---50.79%------
Power and Storage------412M---
Power and Storage Growth----------
Capacity Arrangements And Transportation, Long-Term Contracts----6B3.7B----
Capacity Arrangements And Transportation, Long-Term Contracts Growth------38.33%----
Energy81M93M212M215M------
Energy Growth-14.81%127.96%1.42%------
Natural Gas Pipelines4.91B5.38B--------
Natural Gas Pipelines Growth-9.57%--------

Revenue by Geography

2014201520162017201820192020202120222024
UNITED STATES4.65B5.87B7.29B8.01B7.8B7.56B6.83B6.95B8.03B6.37B
UNITED STATES Growth-26.20%24.23%9.75%-2.60%-3.08%-9.61%1.77%15.42%-20.64%
Canada Domestic4.02B3.88B3.65B3.62B4.19B4.06B4.39B4.6B4.94B5.58B
Canada Domestic Growth--3.58%-5.73%-1.01%15.73%-3.06%8.20%4.80%7.36%12.89%
Canada Export1.31B1.29B1.18B1.25B1.07B1.03B1.06B1.23B1.32B953M
Canada Export Growth--1.67%-8.90%6.63%-14.34%-3.72%2.32%15.77%7.83%-27.91%
MEXICO197M259M--------
MEXICO Growth-31.47%--------

Frequently Asked Questions

Valuation & Price

TC Energy Corporation (TRP) has a price-to-earnings (P/E) ratio of 12.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

TC Energy Corporation (TRP) reported $12.43B in revenue for fiscal year 2024. This represents a 59% increase from $7.84B in 2011.

TC Energy Corporation (TRP) grew revenue by 3.8% over the past year. Growth has been modest.

Yes, TC Energy Corporation (TRP) is profitable, generating $3.50B in net income for fiscal year 2024 (34.1% net margin).

Dividend & Returns

Yes, TC Energy Corporation (TRP) pays a dividend with a yield of 7.01%. This makes it attractive for income-focused investors.

TC Energy Corporation (TRP) has a return on equity (ROE) of 12.1%. This is reasonable for most industries.

TC Energy Corporation (TRP) generated $1.95B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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