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Financial distress

TC Energy

TOR:TRP · CA87807B1076
Oil, Gas & Consumable FuelsX-Large

360

13
EV / EBIT26
Price / Owner Earnings9
Owner Earnings Yield36
Dividend Yield71
Price/Sales35
EV / Gross Profit23
Price/Book35
Return on Capital33
Cash Return on Capital34
Return on Equity38
EBIT Margin94
Gross Profitability28
Cash Conversion77
Accruals55
Owner Earnings Margin74
Sales growth39
Profit Growth87
Long-Term EPS Growth63
Owner Earnings Growth79
Reinvestment36
Price momentum66
Debt load49
Refinancing21
Debt Payback11
Liquidity50
Analyst ratings27
Opinion Changes50
Price Target Upside8
Market mood30
Value Creation12/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

TC Energy clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Profile

CountryCanada
IndustryOil, Gas & Consumable Fuels
SizeX-Large
TypePublic Company
ExchangeTSX
Founded2003
Employees6,486
Websitetcenergy.com
ISINCA87807B1076
Last UpdateApr 2, 2026
Indices
TSX Composite (Canada)
Themes
Clean EnergyEnergy StorageClimateTechOnshore and Offshore WindPower GridUtility Scale SolarConventional NuclearEnergyOil and Gas

Description

TC Energy Corporation (TC Energy) operates as a North American energy infrastructure company. Segments The company operates in four business segments: Canadian Natural Gas Pipelines, the U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, and…

Analysis

Hope premium

TC Energy Corporation is priced well ahead of what the underlying numbers justify, a pattern we describe as a hope premium.

On valuation, the picture is expensive. The owner-earnings multiple stands at 68.1×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around 23% a year, against analyst forecasts of 5%. The market is pricing in far more than analysts expect: heroic expectations.

Growth is moderate; the safety picture is stretched. The company scores 12/20 on our value-creation score: creating some value. Analyst sentiment is cautious.

No flags apply to this company at this time: accounts, balance sheet, and cash quality all pass. A clean bill of health is meaningful, not just the absence of a warning. This analysis describes numbers; it is not investment advice.

360° rank · history

1007550250
40
2023202420252026

All-time high

40

Jun 2026

All-time low

1

Jan 2024

Average rank

20

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
35
10
10
6
Price/Earnings
14
45
27
36
Price/Book
35
35
62
45
Dividend Yield
71
65
78
73
Value (overall)
40
15
30
23

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →