TC Energy Corporation (TRP) Financial Ratios
26 years of historical data (2000–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↑
16.17
↑+36% vs avg
5yr avg: 11.91
30Y Low2.9·High14.6
P/FCF
↓
44.56
↑+26% vs avg
5yr avg: 35.45
30Y Low4.8·High42.7
P/B Ratio
↑
2.51
↑+108% vs avg
5yr avg: 1.21
30Y Low0.8·High1.8
ROE
↑
9.3%
↓+24% vs avg
5yr avg: 7.5%
30Y Low-6%·High17%
Debt/EBITDA
↑
6.43
↓-7% vs avg
5yr avg: 6.95
30Y Low1.8·High7.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TRP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
TC Energy Corporation trades at 27.2x earnings, 14% above its 5-year average of 24.0x, sitting at the 96th percentile of its historical range. Compared to the Energy sector median P/E of 16.9x, the stock trades at a premium of 61%. On a free-cash-flow basis, the stock trades at 44.6x P/FCF, 26% above the 5-year average of 35.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $68.2B | $57.2B | $48.3B | $36.7B | $36.2B | $41.3B | $34.9B | $45.2B | $29.4B | $38.7B | $31.3B |
| Enterprise Value | $112.9B | $117.9B | $107.4B | $96.7B | $94.2B | $93.8B | $83.3B | $94.2B | $79.2B | $81.1B | $75.1B |
| P/E Ratio → | 27.21 | 16.82 | 10.50 | 12.95 | 56.73 | 22.79 | 7.82 | 11.37 | 7.93 | 12.92 | 257.06 |
| P/S Ratio | 6.10 | 3.77 | 3.51 | 2.76 | 2.94 | 3.08 | 2.68 | 3.41 | 2.15 | 2.88 | 2.50 |
| P/B Ratio | 2.51 | 1.55 | 1.26 | 0.94 | 1.06 | 1.24 | 1.04 | 1.40 | 0.95 | 1.44 | 1.20 |
| P/FCF | 44.56 | 27.51 | 36.10 | — | — | 42.74 | — | — | — | — | — |
| P/OCF | 12.61 | 7.79 | 6.28 | 5.05 | 5.67 | 5.99 | 4.94 | 6.38 | 4.48 | 7.40 | 6.17 |
P/E links to full P/E history page with 30-year chart
TRP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
TC Energy Corporation's enterprise value stands at 16.2x EBITDA, 36% above its 5-year average of 11.9x. The Energy sector median is 8.1x, placing the stock at a 99% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.76 | 7.80 | 7.29 | 7.65 | 7.00 | 6.41 | 7.11 | 5.79 | 6.03 | 6.01 |
| EV / EBITDA | 16.17 | 12.43 | 12.52 | 11.16 | 12.31 | 11.12 | 9.93 | 11.42 | 9.86 | 12.31 | 12.60 |
| EV / EBIT | 22.83 | 17.55 | 12.74 | 16.44 | 35.46 | 22.43 | 12.00 | 13.48 | 13.85 | 16.90 | 34.06 |
| EV / FCF | — | 56.70 | 80.25 | — | — | 97.06 | — | — | — | — | — |
TRP Profitability
Margins and return-on-capital ratios measuring operating efficiency
TC Energy Corporation earns an operating margin of 44.2%, significantly above the Energy sector average of 14.5%. ROE of 9.3% is modest. ROIC of 5.2% represents adequate returns on invested capital versus a sector median of 6.4%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0% | 50.0% | 48.0% | 50.3% | 47.1% | 49.9% | 50.2% | 49.1% | 45.7% | 38.0% | 36.6% |
| Operating Margin | 44.2% | 44.2% | 42.0% | 44.4% | 41.2% | 44.1% | 44.6% | 43.7% | 41.5% | 33.7% | 32.1% |
| Net Profit Margin | 23.2% | 23.2% | 34.1% | 22.0% | 6.1% | 14.6% | 35.5% | 31.2% | 27.1% | 23.5% | 1.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 12.1% | 8.0% | 2.2% | 5.8% | 14.0% | 13.1% | 12.8% | 11.9% | 1.1% |
| ROA | 3.0% | 3.0% | 3.9% | 2.4% | 0.7% | 1.9% | 4.6% | 4.2% | 4.0% | 3.6% | 0.3% |
| ROIC | 5.2% | 5.2% | 4.4% | 4.6% | 4.3% | 5.3% | 5.3% | 5.4% | 5.7% | 4.9% | 4.9% |
| ROCE | 6.2% | 6.2% | 5.2% | 5.6% | 5.4% | 6.6% | 6.6% | 6.7% | 7.0% | 5.8% | 5.9% |
TRP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
TC Energy Corporation carries a Debt/EBITDA ratio of 6.4x, which is highly leveraged (167% above the sector average of 2.4x). Net debt stands at $60.7B ($60.9B total debt minus $261M cash). Interest coverage of just 2.0x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.65 | 1.65 | 1.56 | 1.63 | 1.72 | 1.59 | 1.49 | 1.55 | 1.62 | 1.62 | 1.73 |
| Debt / EBITDA | 6.43 | 6.43 | 6.98 | 7.35 | 7.67 | 6.31 | 5.95 | 6.11 | 6.26 | 6.60 | 7.53 |
| Net Debt / Equity | — | 1.65 | 1.54 | 1.54 | 1.70 | 1.57 | 1.45 | 1.51 | 1.61 | 1.58 | 1.69 |
| Net Debt / EBITDA | 6.40 | 6.40 | 6.89 | 6.92 | 7.59 | 6.23 | 5.77 | 5.94 | 6.20 | 6.44 | 7.36 |
| Debt / FCF | — | 29.19 | 44.15 | — | — | 54.32 | — | — | — | — | — |
| Interest Coverage | 1.98 | 1.98 | 3.34 | 2.28 | 1.40 | 2.00 | 3.16 | 4.06 | 2.74 | 3.21 | 1.51 |
TRP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.63x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.96x to 0.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 0.55 | 0.96 | 0.43 | 0.57 | 0.43 | 0.59 | 0.40 | 0.47 | 1.05 |
| Quick Ratio | 0.56 | 0.56 | 0.47 | 0.90 | 0.38 | 0.51 | 0.38 | 0.56 | 0.36 | 0.44 | 1.00 |
| Cash Ratio | 0.03 | 0.03 | 0.08 | 0.31 | 0.04 | 0.05 | 0.13 | 0.12 | 0.09 | 0.14 | 0.18 |
| Asset Turnover | — | 0.13 | 0.12 | 0.11 | 0.11 | 0.13 | 0.13 | 0.13 | 0.14 | 0.16 | 0.14 |
| Inventory Turnover | 9.71 | 9.71 | 9.59 | 8.56 | 6.96 | 9.26 | 10.28 | 14.92 | 17.24 | 22.07 | 21.55 |
| Days Sales Outstanding | — | 72.28 | 82.40 | 79.34 | 120.69 | 122.99 | 64.41 | 70.91 | 71.88 | 68.45 | 60.57 |
TRP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
TC Energy Corporation returns 4.1% to shareholders annually — split between a 3.8% dividend yield and 0.3% buyback yield. The payout ratio of 99.7% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 3.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 6.1% | 8.2% | 7.6% | 8.8% | 8.0% | 8.6% | 4.0% | 5.3% | 3.5% | 4.6% |
| Payout Ratio | 99.7% | 99.7% | 84.1% | 95.4% | 426.7% | 169.7% | 64.7% | 43.4% | 42.4% | 42.4% | 616.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 5.9% | 9.5% | 7.7% | 1.8% | 4.4% | 12.8% | 8.8% | 12.6% | 7.7% | 0.4% |
| FCF Yield | 2.2% | 3.6% | 2.8% | — | — | 2.3% | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.1% | 0.0% |
| Total Shareholder Yield | 4.1% | 6.6% | 8.2% | 7.6% | 8.8% | 8.0% | 8.6% | 4.0% | 5.3% | 6.6% | 4.6% |
| Shares Outstanding | — | $1.0B | $1.0B | $1.0B | $996M | $974M | $940M | $931M | $903M | $874M | $760M |
Peer Comparison
Compare TRP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TRPYou | $68B | 27.2 | 16.2 | 44.6 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
 ENB | $118B | 16.8 | 7.4 | 35.9 | — | 16.8% | 17.9% | 6.9% | 0.4 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 WMB | $90B | 34.5 | 17.7 | 89.8 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 ET | $68B | 14.7 | 9.4 | 17.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 EPD | $81B | 14.1 | 12.1 | 27.4 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 OKE | $54B | 15.8 | 10.2 | 22.0 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 TGE | $30M | 1.8 | 5.2 | 6.5 | 46.1% | 64.7% | 5.3% | 3.8% | 4.9 |
 MPLX | $57B | 11.5 | 13.2 | 13.8 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 PAA | $16B | 30.4 | 10.5 | 8.4 | 3.4% | 2.4% | 5.8% | 4.2% | 3.6 |
 DT | $11B | 24.0 | 46.2 | 26.4 | 81.2% | 10.6% | 20.9% | 9.0% | 0.3 |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonTRP — Frequently Asked Questions
Quick answers to the most common questions about buying TRP stock.
What is TC Energy Corporation's P/E ratio?
TC Energy Corporation's current P/E ratio is 27.2x. The historical average is 15.4x. This places it at the 96th percentile of its historical range.
What is TC Energy Corporation's EV/EBITDA?
TC Energy Corporation's current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
What is TC Energy Corporation's ROE?
TC Energy Corporation's return on equity (ROE) is 9.3%. The historical average is 9.6%.
Is TRP stock overvalued?
Based on historical data, TC Energy Corporation is trading at a P/E of 27.2x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is TC Energy Corporation's dividend yield?
TC Energy Corporation's current dividend yield is 3.79% with a payout ratio of 99.7%.
What are TC Energy Corporation's profit margins?
TC Energy Corporation has 50.0% gross margin and 44.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does TC Energy Corporation have?
TC Energy Corporation's Debt/EBITDA ratio is 6.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.