TC Energy (TRP) Stock Analysis

November 11, 2026

This is a peer-relative look at TC Energy (TRP): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Energy peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for TC Energy (TRP)
Profile Item	TRP
Name	TC Energy Corporation
Country/Region	Canada
GICS Sector	Energy
GICS Industry Group	Energy
GICS Industry	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Oil & Gas Storage & Transportation
Market Capitalization	64.51 billion USD
Currency	USD
Exchange	NYSE
Listing Date	September 20, 1982
Security Type	Common Stock

Price Performance

Cumulative Growth

TRP

GSPC

TC Energy (TRP) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for TC Energy (TRP) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for TC Energy (TRP) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
Total Return (1Y)	24.67%	32.08%
Total Return (3Y, Annualized)	26.02%	14.39%
Total Return (5Y, Annualized)	9.85%	15.43%

Risk Profile

Drawdown History

TRP

GSPC

TC Energy (TRP) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for TC Energy (TRP) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
Volatility (1Y, Annualized)	19.39%	41.29%
Beta (5Y)	0.64	0.66
Max Drawdown (5Y)	-38.98%	-52.09%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. TRP is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
Sharpe Ratio (1Y)	1.05	0.67
Sortino Ratio (1Y)	1.61	1.01

Profitability

ROE (TTM)

TC Energy (TRP) posts ROE of 12.15%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

TRP

Energy industry group

12.15%

Group distribution

Max: 53.85%
Q3: 24.79%
Median: 12.85%
TRP: 12.15%
Q1: 2.03%
Min: -29.09%

Largest peers

PBR: 30.27%
TTE: 17.83%
COP: 17.66%
SHEL: 17.43%
XOM: 15.53%
CVX: 13.85%
TRP: 12.15%

Where TC Energy (TRP) stands on ROE within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

TC Energy (TRP) keeps 25.05% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

TRP

Energy industry group

25.05%

Group distribution

Max: 56.92%
TRP: 25.05%
Q3: 22.92%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Largest peers

TRP: 25.05%
PBR: 24.32%
COP: 16.76%
CVX: 11.92%
XOM: 10.46%
TTE: 10.46%
SHEL: 10.18%

Where TC Energy (TRP) stands on net margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

TC Energy (TRP) turns 41.66% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

TRP

Energy industry group

41.66%

Group distribution

Max: 71.31%
TRP: 41.66%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Largest peers

PBR: 44.68%
TRP: 41.66%
COP: 30.05%
TTE: 24.51%
SHEL: 18.76%
CVX: 17.89%
XOM: 16.98%

Where TC Energy (TRP) stands on operating margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
ROE (TTM)	12.15%	12.85%
ROA (TTM)	3.70%	5.49%
Net Margin (TTM)	25.05%	10.10%
Operating Margin (TTM)	41.66%	18.73%
Gross Margin (TTM)	70.07%	44.52%

Growth

Revenue Growth

TC Energy (TRP) grew revenue 10.66%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

TC Energy (TRP): Revenue Growth across different time periods, set against Energy industry-group medians.

EPS Growth

TC Energy (TRP) grew earnings per share -26.19%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

TC Energy (TRP): EPS Growth across different time periods, set against Energy industry-group medians.

Growth Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
Revenue Growth (YoY)	10.66%	0.51%
Revenue Growth (3Y CAGR)	7.38%	0.37%
EPS Growth (YoY)	-26.19%	-11.75%
EPS Growth (3Y CAGR)	72.24%	-12.07%

Financial Strength

Current Ratio (MRQ)

TC Energy (TRP) has current ratio of 0.57, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

TRP

Energy industry group

0.57

Group distribution

Max: 3.64
Q3: 2.21
Median: 1.41
Q1: 0.88
TRP: 0.57
Min: 0.24

Largest peers

COP: 1.52
SHEL: 1.38
CVX: 1.34
XOM: 1.19
TTE: 1.11
PBR: 0.85
TRP: 0.57

Where TC Energy (TRP) stands on current ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

TC Energy (TRP) has debt-to-equity ratio of 1.68, in the higher-leverage quartile for its industry. The heavier reliance on borrowing can make earnings, rates, or refinancing conditions matter more.

TRP

Energy industry group

1.68

Group distribution

Max: 1.75
TRP: 1.68
Q3: 0.93
Median: 0.54
Q1: 0.30
Min: 0.00

Largest peers

TRP: 1.68
PBR: 0.76
TTE: 0.46
SHEL: 0.38
COP: 0.35
CVX: 0.17
XOM: 0.13

Where TC Energy (TRP) stands on debt-to-equity ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
Current Ratio (MRQ)	0.57	1.41
Debt / Equity (MRQ)	1.68	0.54
Net Debt / EBITDA	6.08	1.13

Dividends

Dividend Yield (TTM)

TC Energy (TRP) has dividend yield of 5.57%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

TRP

Energy industry group

5.57%

Group distribution

Max: 8.57%
TRP: 5.57%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Largest peers

PBR: 19.51%
TRP: 5.57%
TTE: 4.58%
CVX: 3.31%
XOM: 2.49%
COP: 2.48%
SHEL: 1.54%

Where TC Energy (TRP) stands on dividend yield within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

TC Energy (TRP) has payout ratio of 93.87%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

TRP

Energy industry group

93.87%

Group distribution

Max: 133.24%
TRP: 93.87%
Q3: 53.31%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Largest peers

TRP: 93.87%
CVX: 51.76%
XOM: 42.39%
TTE: 39.93%
COP: 35.41%
PBR: 28.93%
SHEL: 26.24%

Where TC Energy (TRP) stands on payout ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
Dividend Yield (TTM)	5.57%	1.71%
Dividend Payout Ratio (TTM)	93.87%	25.24%

Valuation

P/E Ratio (TTM)

TC Energy (TRP) trades at P/E ratio of 23.19, in the richer earnings-multiple quartile for its industry. That premium needs support from growth, durable earnings, or stronger business quality.

TRP

Energy industry group

23.19

Group distribution

Max: 39.54
TRP: 23.19
Q3: 21.72
Median: 12.19
Q1: 7.71
Min: 2.99

Largest peers

TRP: 23.19
XOM: 17.06
CVX: 15.61
COP: 14.36
TTE: 8.76
SHEL: 8.60
PBR: 4.68

Where TC Energy (TRP) stands on P/E ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

TC Energy (TRP) trades at 4.03 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

TRP

Energy industry group

4.03

Group distribution

Max: 5.40
TRP: 4.03
Q3: 2.85
Median: 1.69
Q1: 0.88
Min: 0.00

Largest peers

TRP: 4.03
COP: 2.34
CVX: 1.83
XOM: 1.74
TTE: 0.90
SHEL: 0.87
PBR: 0.22

Where TC Energy (TRP) stands on P/S ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

TC Energy (TRP) trades at 3.54 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

TRP

Energy industry group

3.54

Group distribution

Max: 4.21
TRP: 3.54
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

Largest peers

TRP: 3.54
XOM: 2.55
COP: 2.44
CVX: 2.13
TTE: 1.46
SHEL: 1.43
PBR: 1.25

Where TC Energy (TRP) stands on P/B ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

TC Energy (TRP) metric values compared with Energy industry-group medians
Metric	Current stock: TRP	Industry group median
P/E Ratio (TTM)	23.19	12.19
P/S Ratio (TTM)	4.03	1.69
P/B Ratio (MRQ)	3.54	1.51
Free Cash Flow Yield (TTM)	0.77%	5.94%