Last 47 quarters of trend data · Energy · Oil & Gas Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 26.75 | 17.44 | 18.20 | 14.48 | 23.45 | 15.25 | 12.56 | 12.38 | 7.68 | 9.28 | 7.89 | 6.31 | — | 38.34 | 6.87 | — | 10.92 | 13.11 | 35.69 | 9.30 | 13.69 |
| — | +14.4% | +44.9% | +17.0% | +205.4% | +64.3% | +59.1% | +96.0% | — | -75.8% | +14.9% | — | — | +192.5% | -80.8% | — | -20.2% | +16.2% | — | +20.3% | +37.3% | |
| P/S Ratio | 6.00 | 4.32 | 3.84 | 3.52 | 3.82 | 3.39 | 3.39 | 8.88 | 2.75 | 2.69 | 2.71 | 2.18 | 2.06 | 2.47 | 2.30 | 2.28 | 2.42 | 3.19 | 3.60 | 2.90 | 3.31 |
| — | +27.6% | +13.4% | -60.4% | +38.9% | +26.0% | +25.2% | +307.4% | +33.6% | +9.0% | +17.5% | -4.5% | -14.8% | -22.7% | -36.0% | -21.3% | -27.0% | -8.0% | +22.6% | +9.7% | +17.5% | |
| P/B Ratio | 2.47 | 1.84 | 1.75 | 1.55 | 1.51 | 1.36 | 1.28 | 1.26 | 1.11 | 0.88 | 0.96 | 0.95 | 0.96 | 1.11 | 1.04 | 1.08 | 1.02 | 1.42 | 1.53 | 1.25 | 1.32 |
| — | +35.7% | +37.1% | +23.4% | +35.7% | +53.6% | +33.4% | +33.0% | +16.2% | -20.1% | -8.0% | -12.5% | -6.6% | -21.9% | -32.0% | -13.2% | -22.5% | +3.1% | +23.4% | +19.5% | +27.0% | |
| P/FCF | 44.21 | 13.00 | 14.80 | 26.32 | 21.34 | 11.99 | — | 27.76 | 22.74 | 38.04 | 26.09 | — | — | — | 81.50 | — | 11.88 | — | 67.76 | 57.12 | 40.30 |
| — | +8.4% | — | -5.2% | -6.2% | -68.5% | — | — | — | — | -68.0% | — | — | — | +20.3% | — | -70.5% | — | -85.7% | — | — | |
| EV / EBITDA | 16.00 | 12.95 | 10.74 | 11.71 | 12.71 | 11.85 | 11.66 | 20.79 | 12.23 | 11.82 | 10.67 | 9.62 | 10.56 | 10.77 | 9.32 | 10.27 | 11.04 | 12.28 | 11.92 | 10.63 | 12.52 |
| — | +9.3% | -8.0% | -43.7% | +4.0% | +0.3% | +9.3% | +116.2% | +15.8% | +9.7% | +14.5% | -6.4% | -4.3% | -12.3% | -21.8% | -3.3% | -11.8% | +6.4% | +22.8% | +5.6% | +20.6% | |
| EV / EBIT | 22.59 | 18.30 | 14.04 | 12.86 | 14.47 | 13.12 | 13.24 | 18.86 | 10.80 | 14.15 | 12.12 | 9.97 | 36.27 | 20.85 | 10.28 | — | 15.14 | 15.60 | 20.95 | 12.40 | 16.11 |
| — | +39.4% | +6.0% | -31.8% | +34.1% | -7.3% | +9.3% | +89.3% | -70.2% | -32.1% | +17.9% | — | +139.5% | +33.7% | -50.9% | — | -6.0% | +12.4% | — | +3.5% | +26.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0% | 50.4% | 56.7% | 49.7% | 48.5% | 49.2% | 52.0% | 57.0% | 45.1% | 47.3% | 51.4% | 48.0% | 45.7% | 47.3% | 53.6% | 45.9% | 44.1% | 45.5% | 49.7% | 49.4% | 45.4% |
| — | +2.5% | +9.0% | -12.8% | +7.6% | +4.1% | +1.2% | +18.8% | -1.3% | -0.1% | -4.2% | +4.5% | +3.6% | +3.9% | +7.9% | -7.0% | -2.8% | -8.9% | -9.1% | +2.0% | -6.2% | |
| Operating Margin | 44.2% | 44.7% | 52.1% | 44.2% | 42.7% | 43.4% | 45.8% | 47.9% | 39.4% | 41.0% | 45.8% | 42.5% | 40.2% | 41.5% | 47.9% | 40.6% | 38.5% | 39.7% | 43.8% | 44.1% | 39.5% |
| — | +3.1% | +13.7% | -7.8% | +8.6% | +5.9% | +0.0% | +12.7% | -2.0% | -1.3% | -4.3% | +4.8% | +4.4% | +4.6% | +9.3% | -7.8% | -2.5% | -9.4% | -10.5% | +2.4% | -8.1% | |
| Net Margin | 23.2% | 25.5% | 21.9% | 24.9% | 17.2% | 23.0% | 27.8% | 73.5% | 36.3% | 29.8% | 34.9% | 35.1% | -4.4% | 7.1% | 34.0% | -35.3% | 22.7% | 25.4% | 11.1% | 32.1% | 25.0% |
| — | +10.7% | -21.1% | -66.1% | -52.7% | -22.7% | -20.5% | +109.3% | +922.5% | +317.5% | +2.7% | +199.5% | -119.5% | -71.9% | +206.0% | -209.9% | -9.2% | -20.4% | +136.9% | -9.0% | -15.3% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 2.7% | 2.5% | 2.7% | 1.7% | 2.3% | 2.6% | 2.5% | 3.7% | 2.5% | 3.1% | 4.1% | -0.5% | 0.8% | 3.9% | -4.1% | 2.5% | 2.8% | 1.2% | 3.5% | 2.5% |
| — | +19.7% | -4.3% | +7.5% | -53.6% | -8.0% | -15.9% | -37.8% | +817.1% | +211.9% | -19.6% | +200.1% | -120.3% | -71.8% | +230.6% | -216.6% | +0.2% | -11.2% | +137.7% | +2.2% | -8.1% | |
| ROA | 3.0% | 0.8% | 0.8% | 0.8% | 0.5% | 0.7% | 0.8% | 0.8% | 1.1% | 0.8% | 1.0% | 1.2% | -0.1% | 0.2% | 1.1% | -1.2% | 0.8% | 0.9% | 0.4% | 1.1% | 0.8% |
| — | +14.3% | -8.0% | +7.7% | -52.3% | -6.2% | -13.0% | -34.4% | +876.0% | +234.7% | -15.3% | +197.4% | -119.0% | -73.1% | +208.0% | -211.9% | -3.1% | -14.7% | +136.5% | -4.2% | -15.0% | |
| ROIC | 5.2% | 1.4% | 1.7% | 1.4% | 1.2% | 1.3% | 1.3% | 0.5% | 1.1% | 1.0% | 1.2% | 1.4% | 1.2% | 1.3% | 1.5% | 1.3% | 1.2% | 1.2% | 1.3% | 1.4% | 1.2% |
| — | +8.1% | +33.3% | +192.8% | +8.5% | +25.4% | +5.5% | -65.6% | -7.9% | -20.7% | -20.4% | +3.2% | +1.9% | +1.5% | +12.9% | -4.3% | +4.7% | -2.9% | -11.6% | +8.3% | -6.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.65 | 1.70 | 1.66 | 1.65 | 1.63 | 1.59 | 1.61 | 1.56 | 1.79 | 1.60 | 1.63 | 1.63 | 1.93 | 1.81 | 1.81 | 1.72 | 1.64 | 1.74 | 1.63 | 1.59 | 1.68 |
| — | +7.0% | +3.1% | +5.8% | -8.7% | -0.9% | -0.9% | -4.4% | -7.4% | -11.1% | -10.1% | -5.1% | +17.8% | +3.6% | +11.3% | +8.1% | -2.3% | +7.1% | +0.6% | +6.6% | +16.1% | |
| Debt / EBITDA | 6.43 | 25.26 | 21.10 | 24.18 | 26.87 | 25.89 | 26.50 | 46.38 | 31.19 | 31.24 | 27.75 | 25.27 | 28.85 | 27.01 | 24.64 | 25.39 | 27.84 | 27.49 | 24.81 | 24.02 | 28.90 |
| — | -2.4% | -20.4% | -47.9% | -13.9% | -17.1% | -4.5% | +83.5% | +8.1% | +15.7% | +12.6% | -0.5% | +3.7% | -1.7% | -0.7% | +5.7% | -3.7% | +6.6% | +10.2% | -0.5% | +17.9% | |
| Current Ratio | 0.63 | 0.61 | 0.65 | 0.63 | 0.63 | 0.61 | 0.70 | 0.55 | 1.31 | 0.76 | 0.94 | 0.96 | 0.86 | 0.61 | 0.74 | 0.43 | 0.53 | 0.64 | 0.61 | 0.57 | 0.51 |
| — | +0.4% | -7.7% | +16.3% | -51.6% | -19.8% | -24.7% | -43.3% | +51.2% | +25.2% | +26.5% | +121.9% | +62.8% | -5.3% | +21.5% | -23.8% | +3.4% | +5.1% | -24.8% | +31.2% | +0.9% | |
| Quick Ratio | 0.56 | 0.54 | 0.57 | 0.56 | 0.56 | 0.54 | 0.63 | 0.47 | 1.23 | 0.68 | 0.85 | 0.90 | 0.75 | 0.52 | 0.67 | 0.38 | 0.47 | 0.57 | 0.54 | 0.51 | 0.47 |
| — | +0.0% | -9.6% | +17.1% | -54.0% | -21.4% | -25.9% | -47.1% | +62.7% | +31.0% | +26.9% | +137.1% | +61.6% | -7.9% | +24.1% | -26.4% | -0.7% | +2.6% | -26.7% | +34.7% | +2.3% | |
| Interest Coverage | 2.60 | 2.09 | 2.68 | 2.64 | 2.53 | 2.83 | 3.48 | 2.55 | 4.20 | 2.90 | 3.29 | 4.00 | 0.94 | 1.84 | 3.68 | -1.40 | 2.80 | 2.94 | 2.43 | 3.52 | 2.85 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying TRP stock.
TC Energy Corporation's current P/E is 26.8x. The average P/E over the last 4 quarters is 18.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
TC Energy Corporation's current operating margin is 44.2%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking TC Energy Corporation's business trajectory between earnings reports.