EQNR vs. TRP: Equinor vs. TC Energy Stock Comparison

November 11, 2026

How do Equinor (EQNR) and TC Energy (TRP) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Equinor (EQNR) and TC Energy (TRP) both belong to the Oil, Gas & Consumable Fuels industry, though EQNR is classified under Integrated Oil & Gas while TRP falls under Oil & Gas Storage & Transportation.

TC Energy (TRP) trades as ordinary local shares, while Equinor (EQNR) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Equinor (EQNR) and TC Energy (TRP)
Profile Item	EQNR	TRP
Name	Equinor ASA Sponsored ADR	TC Energy Corporation
Country/Region	Norway	Canada
GICS Sector	Energy	Energy
GICS Industry Group	Energy	Energy
GICS Industry	Oil, Gas & Consumable Fuels	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Integrated Oil & Gas	Oil & Gas Storage & Transportation
Market Capitalization	99.39 billion USD	64.51 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	June 18, 2001	September 20, 1982
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

EQNR

TRP

GSPC

Equinor (EQNR) vs. TC Energy (TRP), with S&P 500 (GSPC) for reference: 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 Equinor (EQNR) and TC Energy (TRP). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinor (EQNR) and TC Energy (TRP). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
Total Return (1Y)	78.03%	24.67%
Total Return (3Y, Annualized)	17.56%	26.02%
Total Return (5Y, Annualized)	17.66%	9.85%

Risk Profile

Drawdown History

EQNR

TRP

GSPC

Equinor (EQNR) vs. TC Energy (TRP), with S&P 500 (GSPC) for reference: 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 Equinor (EQNR) and TC Energy (TRP). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
Volatility (1Y, Annualized)	40.50%	19.39%
Beta (5Y)	0.18	0.64
Max Drawdown (5Y)	-34.57%	-38.98%
Avg. Volume (3M)	3.77M	2.56M

Risk-Adjusted Performance

Risk-Return Positioning

EQNR and TRP are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
Sharpe Ratio (1Y)	1.82	1.05
Sortino Ratio (1Y)	2.76	1.61

Profitability

ROE (TTM)

Equinor (EQNR) at 27.57% sits in the top ROE quartile, while TC Energy (TRP) at 12.15% is closer to the peer norm — stronger capital efficiency for EQNR.

EQNR

Energy industry group

27.57%

Max: 53.85%
EQNR: 27.57%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

TRP

Energy industry group

12.15%

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their ROE against the Energy industry group benchmark.

Net Margin (TTM)

TC Energy (TRP) at 25.05% retains a top-quartile share of revenue as profit, ahead of Equinor (EQNR) at 9.79%, which keeps about the industry-typical share.

EQNR

Energy industry group

9.79%

Max: 56.92%
Q3: 22.92%
Median: 10.10%
EQNR: 9.79%
Q1: 0.07%
Min: -27.38%

TRP

Energy industry group

25.05%

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their net margin against the Energy industry group benchmark.

Operating Margin (TTM)

Both Equinor (EQNR) at 37.00% and TC Energy (TRP) at 41.66% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

EQNR

Energy industry group

37.00%

Max: 71.31%
EQNR: 37.00%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

TRP

Energy industry group

41.66%

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their operating margin against the Energy industry group benchmark.

Profitability Metrics

Profitability metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
ROE (TTM)	27.57%	12.15%
ROA (TTM)	17.10%	3.70%
Net Margin (TTM)	9.79%	25.05%
Operating Margin (TTM)	37.00%	41.66%
Gross Margin (TTM)	43.18%	70.07%

Growth

Revenue Growth

Both Equinor (EQNR) at 3.24% and TC Energy (TRP) at 10.66% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Equinor (EQNR) at -37.62% and TC Energy (TRP) at -26.19% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
Revenue Growth (YoY)	3.24%	10.66%
Revenue Growth (3Y CAGR)	-10.78%	7.38%
EPS Growth (YoY)	-37.62%	-26.19%
EPS Growth (3Y CAGR)	-40.11%	72.24%

Financial Strength

Current Ratio (MRQ)

Equinor (EQNR) at 1.18 keeps current ratio within its industry’s typical mid-range, while TC Energy (TRP) at 0.57 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for TRP.

EQNR

Energy industry group

1.18

Max: 3.64
Q3: 2.21
Median: 1.41
EQNR: 1.18
Q1: 0.88
Min: 0.24

TRP

Energy industry group

0.57

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their current ratio against the Energy industry group benchmark.

Debt / Equity (MRQ)

Equinor (EQNR) at 0.66 carries an industry-typical debt-to-equity mix, while TC Energy (TRP) at 1.68 uses more debt funding than most peers.

EQNR

Energy industry group

0.66

Max: 1.75
Q3: 0.93
EQNR: 0.66
Median: 0.54
Q1: 0.30
Min: 0.00

TRP

Energy industry group

1.68

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their debt-to-equity ratio against the Energy industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
Current Ratio (MRQ)	1.18	0.57
Debt / Equity (MRQ)	0.66	1.68
Net Debt / EBITDA	0.12	6.08

Dividends

Dividend Yield (TTM)

Both Equinor (EQNR) at 3.67% and TC Energy (TRP) at 5.57% offer top-quartile dividend income relative to share price within their industries.

EQNR

Energy industry group

3.67%

Max: 8.57%
EQNR: 3.67%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

TRP

Energy industry group

5.57%

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their dividend yield against the Energy industry group benchmark.

Dividend Payout Ratio (TTM)

Equinor (EQNR) at 31.54% pays out a band-typical share of earnings, while TC Energy (TRP) at 93.87% distributes more than its industry norm — less retained, thinner cover.

EQNR

Energy industry group

31.54%

Max: 133.24%
Q3: 53.31%
EQNR: 31.54%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

TRP

Energy industry group

93.87%

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their payout ratio against the Energy industry group benchmark.

Dividend Metrics

Dividend metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
Dividend Yield (TTM)	3.67%	5.57%
Dividend Payout Ratio (TTM)	31.54%	93.87%

Valuation

P/E Ratio (TTM)

Equinor (EQNR) at 8.71 is near its industry’s usual P/E ratio, while TC Energy (TRP) at 23.19 sits in the richer quartile — TRP needs stronger growth or earnings quality to justify the premium.

EQNR

Energy industry group

8.71

Max: 39.54
Q3: 21.72
Median: 12.19
EQNR: 8.71
Q1: 7.71
Min: 2.99

TRP

Energy industry group

23.19

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their P/E ratio against the Energy industry group benchmark.

P/S Ratio (TTM)

Equinor (EQNR) at 0.82 looks cheap on sales in the lower P/S ratio quartile, while TC Energy (TRP) at 4.03 looks rich in the upper quartile — a clear gap in price per dollar of revenue.

EQNR

Energy industry group

0.82

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
EQNR: 0.82
Min: 0.00

TRP

Energy industry group

4.03

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their P/S ratio against the Energy industry group benchmark.

P/B Ratio (MRQ)

Both look rich against book: TC Energy (TRP) at 3.54 sits in the upper P/B ratio quartile, and Equinor (EQNR) at 4.44 prices even higher, above its industry range.

EQNR

Energy industry group

4.44

EQNR: 4.44
Max: 4.21
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

TRP

Energy industry group

3.54

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

Equinor (EQNR) vs. TC Energy (TRP): A comparison of their P/B ratio against the Energy industry group benchmark.

Valuation Metrics

Valuation metrics for Equinor (EQNR) and TC Energy (TRP)
Metric	EQNR	TRP
P/E Ratio (TTM)	8.71	23.19
P/S Ratio (TTM)	0.82	4.03
P/B Ratio (MRQ)	4.44	3.54
Free Cash Flow Yield (TTM)	32.55%	0.77%