Tearsheet

TC Energy (TRP)

Market Price (11/8/2025): $52.22 | Market Cap: $54.3 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

TC Energy (TRP)

Market Price (11/8/2025): $52.22
Market Cap: $54.3 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 6.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%	Weak multi-year price returns 3Y Excs Rtn is -18%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 7.5 Bil
4	Low stock price volatility Vol 12M is 20%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 6.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 7.5 Bil
4	Low stock price volatility Vol 12M is 20%
5	Weak multi-year price returns 3Y Excs Rtn is -18%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110%

Market Valuation & Key Metrics

	11/8/25	2024	2023	2022	2021
Share Price CYE	$52.22	$44.65	$31.43	$29.83	$32.87
Market Cap CYE ($ Bil)	54.3	46.3	32.6	30.3	32.3
Total Debt ($ Bil)	61.4	59.9	63.7	58.7	53.1
Total Cash ($ Bil)	1.8	0.8	3.7	0.6	0.7
Enterprise Value ($ Bil)	113.9	106.2	96.3	89.0	85.4
Valuation Ratios
P/S TTM	3.7	3.5	3.0	3.2	3.4
P/EBIT TTM	6.5	5.7	6.8	14.9	10.8
P/E TTM	15.5	10.3	13.8	53.0	23.2
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6	1.2	1.3
P/EBIT TTM (Sector)	7.0	6.5	5.5	4.0	4.4
P/E TTM (Sector)	10.7	9.4	8.0	5.2	3.9

	11/8/25	2024	2023
Share Price CYE	$52.22	$44.65	$31.43
Market Cap CYE ($ Bil)	54.3	46.3	32.6
Total Debt ($ Bil)	61.4	59.9	63.7
Total Cash ($ Bil)	1.8	0.8	3.7
Enterprise Value ($ Bil)	113.9	106.2	96.3
Valuation Ratios
P/S TTM	3.7	3.5	3.0
P/EBIT TTM	6.5	5.7	6.8
P/E TTM	15.5	10.3	13.8
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6
P/EBIT TTM (Sector)	7.0	6.5	5.5
P/E TTM (Sector)	10.7	9.4	8.0

	TRP	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	14.6
Rev Chg Q	10.3%	7.2%
Rev Chg LTM	24.5%	6.0%
Rev Chg 3Y Avg	1.5%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	6.3
CFO LTM ($ Bil)	7.5
Net Inc LTM ($ Bil)	3.5
Op Mgn LTM	43.1%	18.8%
CFO/Rev LTM	51.4%	20.5%
Net Inc Mgn	23.9%	13.0%
VALUATION	MODERATE
P/S	3.7	3.2
P/CFO	7.2	15.2
P/FCF	27.8	20.0
P/E	15.5	23.6
STABILITY	POOR
Debt/Equity	1.13	0.21
Cash/Assets	0.01	0.07

AI Generated Analysis | Feedback

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TRP Stock

Return (1M): -0.91%

Factor Drivers of Stock Movement

The 7.5% change in TRP stock from 8/8/2025 to 11/7/2025 was primarily driven by a 33.5% change in the company's P/E Multiple.

	8082025	11072025	Change
Stock Price ($)	48.58	52.23	7.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14302.00	14648.00	2.42%
Net Income Margin (%)	30.41%	23.91%	-21.36%
P/E Multiple	11.62	15.51	33.47%
Shares Outstanding (Mil)	1040.00	1040.00	0.00%
Cumulative Contribution			7.50%

LTM = Last Twelve Months as of date shown

The 8.8% change in TRP stock from 5/9/2025 to 11/7/2025 was primarily driven by a 39.2% change in the company's P/E Multiple.

	5092025	11072025	Change
Stock Price ($)	48.01	52.23	8.80%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13885.00	14648.00	5.50%
Net Income Margin (%)	32.25%	23.91%	-25.85%
P/E Multiple	11.14	15.51	39.21%
Shares Outstanding (Mil)	1039.00	1040.00	-0.10%
Cumulative Contribution			8.80%

LTM = Last Twelve Months as of date shown

The 10.9% change in TRP stock from 11/7/2024 to 11/7/2025 was primarily driven by a 64.5% change in the company's P/E Multiple.

	11072024	11072025	Change
Stock Price ($)	47.09	52.23	10.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11763.00	14648.00	24.53%
Net Income Margin (%)	44.09%	23.91%	-45.76%
P/E Multiple	9.43	15.51	64.52%
Shares Outstanding (Mil)	1038.00	1040.00	-0.19%
Cumulative Contribution			10.92%

LTM = Last Twelve Months as of date shown

The 58.5% change in TRP stock from 11/8/2022 to 11/7/2025 was primarily driven by a 56.6% change in the company's P/E Multiple.

	11082022	11072025	Change
Stock Price ($)	32.94	52.23	58.54%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13961.00	14648.00	4.92%
Net Income Margin (%)	23.43%	23.91%	2.07%
P/E Multiple	9.90	15.51	56.62%
Shares Outstanding (Mil)	983.00	1040.00	-5.80%
Cumulative Contribution			58.01%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are the key points for why TC Energy's (TRP) stock moved by 10.8% for the approximate time period from July 31, 2025, to today: 1. TC Energy reported strong third-quarter 2025 financial performance and extended its positive financial outlook. The company announced a 10% year-over-year increase in comparable EBITDA and extended its annual comparable EBITDA growth outlook of five to seven percent through 2028. This extended outlook is reinforced by clear investment visibility through the end of the decade.

2. The company surpassed analyst expectations for its Q3 2025 earnings per share (EPS). TC Energy reported comparable earnings of $0.77 per common share, exceeding analysts' anticipated EPS of $0.56 or $0.76. This earnings beat, despite a slight year-over-year decline in comparable earnings, demonstrated the company's operational strength.

3. TC Energy sanctioned new growth projects, demonstrating a disciplined capital allocation strategy. The company approved $0.7 billion of new in-corridor projects during the third quarter, bringing the total of low-risk, accretive growth projects announced over the past 12 months to over $5 billion. These projects are underpinned by long-term contracts.

4. The company increased its quarterly common share dividend. TC Energy's Board of Directors declared a quarterly common share dividend of $0.85 per common share, an increase from the previous $0.61 per share. This dividend increase signals confidence in future financial performance and provides an attractive yield to shareholders.

5. Analysts provided upgrades and maintained a positive sentiment towards TC Energy's stock. Several analysts, including BMO Capital Markets, upgraded TC Energy's rating to "outperform" or "buy," citing strong project execution and a promising outlook. The positive sentiment is driven by anticipated demand from AI data centers and the growing liquefied natural gas (LNG) sector, which are expected to boost natural gas demand.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TRP Return	-19%	21%	-9%	5%	42%	13%	50%
Peers Return	-30%	3%	-2%	19%	-18%	7%	-26%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
TRP Win Rate	42%	58%	58%	58%	83%	50%
Peers Win Rate	22%	35%	27%	40%	25%	47%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
TRP Max Drawdown	-37%	0%	-11%	-13%	-7%	-5%
Peers Max Drawdown	-37%	-8%	-21%	-18%	-32%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FRO, BANL, TMDE, TOPS, ENB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique Key	Event	TRP	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-44.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	79.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-41.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	71.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	732 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-31.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	46.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	253 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-48.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	93.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	784 days	1480 days

Compare to FRO, BANL, TMDE, TOPS, ENB

In The Past

TC Energy's stock fell -44.3% during the 2022 Inflation Shock from a high on 6/7/2022. A -44.3% loss requires a 79.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About TC Energy (TRP)

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Storage. The company builds and operates 93,300 km network of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses. It also has regulated natural gas storage facilities with a total working gas capacity of 535 billion cubic feet. In addition, it has approximately 4,900 km liquids pipeline system that connects Alberta crude oil supplies to refining markets in Illinois, Oklahoma, Texas, and the U.S. Gulf Coast. Further, the company owns or has interests in seven power generation facilities with a combined capacity of approximately 4,300 megawatts that are powered by natural gas and nuclear fuel sources located in Alberta, Ontario, Québec, and New Brunswick; and owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage capacity in Alberta. The company was formerly known as TransCanada Corporation and changed its name to TC Energy Corporation in May 2019. TC Energy Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.

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Better Bets than TC Energy (TRP)

	TRP	Better Performance than TRP
Metric	Value	Industry (Oil & Gas Storage & Transporta)
Rev Chg LTM	24.5%	ENB (32.3%), OKE (58.4%), VG (62.2%), EE (45.1%)
Rev Chg 3Y Avg	1.5%	ENB (8.6%), OKE (16.4%), WES (5.8%), DTM (9.6%), AM (9.0%)
Op Mgn LTM	43.1%	WES (44.2%), DTM (48.6%), AM (56.2%), VNOM (59.1%), HESM (62.1%)
CFO/Rev LTM	51.4%	WES (58.6%), DTM (73.0%), AM (72.8%), VNOM (74.9%), HESM (61.9%)
FCF/Rev LTM	13.3%	WMB (15.0%), KMI (16.8%), PBA (31.7%), WES (38.7%), DTM (40.3%)
Total Yield	13.1%	ENB (13.6%), PBA (15.8%), WES (19.2%), VNOM (14.2%), HESM (14.8%)

	TRP	Better Performance than TRP
Metric	Value	Sector (Energy)
Rev Chg LTM	24.5%	ENB (32.3%), OKE (58.4%), FANG (60.1%), EQT (64.8%), EXE (169.1%)
Rev Chg 3Y Avg	1.5%	ENB (8.6%), BKR (10.4%), OKE (16.4%), FANG (20.8%), CCJ (24.2%)
Op Mgn LTM	43.1%	TPL (75.8%), WES (44.2%), DTM (48.6%), AM (56.2%), VNOM (59.1%)
CFO/Rev LTM	51.4%	FANG (57.3%), EQT (60.3%), TPL (72.3%), CTRA (51.9%), WES (58.6%)
FCF/Rev LTM	13.3%	WMB (15.0%), CNQ (18.2%), KMI (16.8%), EOG (19.9%), SU (15.1%)
Total Yield	13.1%	ENB (13.6%), CNQ (17.3%), EOG (13.7%), SU (15.6%), PBA (15.8%)

	TRP	Better Performance than TRP
Metric	Value	All Other Sectors
Rev Chg LTM	24.5%	NVDA (71.6%), AVGO (28.0%), LLY (36.8%), PLTR (47.2%), AMD (31.8%)
Rev Chg 3Y Avg	1.5%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	43.1%	NVDA (58.1%), MSFT (46.3%), META (43.2%), MA (58.3%), V (66.4%)
CFO/Rev LTM	51.4%	META (56.8%), MA (56.1%), V (57.6%), BAC (57.3%), RY (135.4%)
FCF/Rev LTM	13.3%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield	13.1%	BABA (37.9%), TM (2207.0%), VZ (18.5%), PFE (14.1%), TD (15.0%)

		Best Bets In Energy Sector
	TRP	TPL	AM	INSW	CTRA	DTM	EOG	WHD	WMB	CHRD	EQT
What You Pay
P/E	15.5	47.4	17.9	12.1	12.3	28.7	10.0	17.0	30.7	29.3	20.3
P/EBIT	6.5	38.5	10.1	10.3	9.0	16.1	7.6	11.5	15.7	10.9	11.6
What You Get
Rev Chg Q	10.3%	17.0%	8.7%	-12.8%	33.7%	26.6%	-11.2%	-10.0%	10.2%	-9.5%	49.8%
Rev Chg LTM	24.5%	12.5%	8.7%	-23.6%	25.1%	20.4%	-5.4%	-3.8%	9.0%	8.4%	64.8%
Rev Chg 3Y Avg	1.5%	5.7%	9.0%	16.7%	-5.3%	9.6%	-5.1%	22.9%	0.8%	18.1%	-2.8%
FCF/Rev 3Y Avg	4.5%	47.9%	46.6%	29.6%	24.8%	25.8%	24.3%	23.5%	22.5%	19.5%	23.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	null
2	Fundamental Metrics: ...

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to TRP. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.0%	8.0%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.9%	-0.9%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	25.5%	25.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.0%	-2.0%	-5.7%
SLB_10102025_Dip_Buyer_FCFYield	10102025	SLB	SLB	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.6%	15.6%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.0%	8.0%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.9%	-0.9%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	25.5%	25.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.0%	-2.0%	-5.7%
SLB_10102025_Dip_Buyer_FCFYield	10102025	SLB	SLB	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.6%	15.6%	0.0%

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PGNY	Progyny	1.9	24.2%	29.7%
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1 Day Top Losers

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AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.6	207.2%	118.6%
INBX	Inhibrx Biosciences	1.2	130.5%	424.0%
VTYX	Ventyx Biosciences	0.6	127.2%	300.5%
TERN	Terns Pharmaceuticals	1.7	117.3%	233.4%
PUMP	ProPetro	1.1	95.6%	15.1%
SNDK	SanDisk	34.7	84.7%
REPL	Replimune	0.8	79.5%	-31.4%
CSIQ	Canadian Solar	1.9	78.3%	156.0%
VICR	Vicor	3.9	66.2%	80.9%
ESTA	Establishment Labs	1.9	62.0%	41.1%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-72.8%	-76.7%
NTLA	Intellia Therapeutics	1.0	-62.6%	-18.4%
QURE	uniQure	1.5	-56.3%	57.4%
FMC	FMC	1.8	-53.2%	-69.9%
BHVN	Biohaven	0.8	-52.1%	-77.9%
ASPN	Aspen Aerogels	0.3	-51.4%	-67.5%
LRN	Stride	3.1	-50.3%	-30.7%
FI	Fiserv	35.1	-49.4%	-69.0%
WOLF	Wolfspeed	2.8	-49.3%
ELF	e.l.f. Beauty	4.2	-49.1%	-41.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

Peer Comparisons for TC Energy

Financials

	TRP	FRO	BANL	TMDE	TOPS	ENB	Median
Name	TC Energy	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
Mkt Price	52.23	23.66	0.42	0.71	5.85	47.71	14.75
Mkt Cap	54.3	5.3	-	-	-	104.1	54.3
Rev LTM	14,648	1,824	-	-	2	64,234	8,236
Op Inc LTM	6,316	387	-	-	-5	11,199	3,352
FCF LTM	1,951	615	-	-	-	4,054	1,951
FCF 3Y Avg	637	-179	-	-	-	6,707	637
CFO LTM	7,536	624	-	-	-	12,821	7,536
CFO 3Y Avg	7,480	726	-	-	-	13,191	7,480

Growth & Margins

	TRP	FRO	BANL	TMDE	TOPS	ENB	Median
Name	TC Energy	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
Rev Chg LTM	24.5%	-5.3%	-	-	-95.8%	32.3%	9.6%
Rev Chg 3Y Avg	1.5%	35.9%	-	-	-49.4%	8.6%	5.0%
Rev Chg Q	10.3%	-13.7%	-	-	-77.1%	-1.6%	-7.6%
QoQ Delta Rev Chg LTM	2.4%	-4.0%	-	-	-67.4%	-0.4%	-2.2%
Op Mgn LTM	43.1%	21.2%	-	-	-208.7%	17.4%	19.3%
Op Mgn 3Y Avg	43.5%	34.6%	-	-	-55.9%	19.1%	26.8%
QoQ Delta Op Mgn LTM	0.5%	-5.7%	-	-	-202.2%	0.1%	-2.8%
CFO/Rev LTM	51.4%	34.2%	-	-	-	20.0%	34.2%
CFO/Rev 3Y Avg	57.3%	38.3%	-	-	-	25.6%	38.3%
FCF/Rev LTM	13.3%	33.7%	-	-	-	6.3%	13.3%
FCF/Rev 3Y Avg	4.5%	-8.7%	-	-	-	13.5%	4.5%

Valuation

	TRP	FRO	BANL	TMDE	TOPS	ENB	Median
Name	TC Energy	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
Mkt Cap	54.3	5.3	-	-	-	104.1	54.3
P/S	3.7	2.9	-	-	-	1.6	2.9
P/EBIT	6.5	10.0	-	-	-	8.0	8.0
P/E	15.5	22.1	-	-	-	17.3	17.3
P/CFO	7.2	8.4	-	-	-	8.1	8.1
Total Yield	13.1%	10.2%	-	-	-	13.6%	13.1%
Dividend Yield	6.7%	5.7%	-	-	-	7.8%	6.7%
FCF Yield 3Y Avg	0.9%	1.3%	-	-	-	8.3%	1.3%
D/E	1.1	0.7	-	-	-	1.0	1.0
Net D/E	1.1	0.6	-	-	-	1.0	1.0

Returns

	TRP	FRO	BANL	TMDE	TOPS	ENB	Median
Name	TC Energy	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
1M Rtn	-3.6%	6.3%	-42.0%	-20.9%	-1.3%	-2.7%	-3.2%
3M Rtn	7.5%	25.6%	-41.0%	-18.3%	2.3%	3.0%	2.6%
6M Rtn	8.8%	39.9%	-48.7%	-45.0%	-1.4%	6.6%	2.6%
12M Rtn	10.9%	30.0%	-60.3%	-	-25.9%	19.3%	10.9%
3Y Rtn	58.5%	128.8%	-	-	-85.8%	45.2%	51.9%
1M Excs Rtn	-0.8%	3.0%	-41.9%	-16.3%	0.8%	-0.5%	-0.6%
3M Excs Rtn	0.6%	24.5%	-44.7%	-22.8%	-7.7%	-3.7%	-5.7%
6M Excs Rtn	-10.1%	21.1%	-67.6%	-63.9%	-20.3%	-12.3%	-16.3%
12M Excs Rtn	-0.2%	16.3%	-74.3%	-	-42.1%	7.0%	-0.2%
3Y Excs Rtn	-17.8%	64.6%	-	-	-167.5%	-28.3%	-23.0%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/14/2025	2/16/2024	2/14/2023	2/15/2022	2/18/2021	2/13/2020
Key Financials
Total Revenue	14,648	13,771	13,267	12,309	13,387	12,999	13,255
EBITDA	11,064	11,217	8,658	5,241	6,703	9,533	9,454
Operating Income	6,316	5,786	5,887	5,070	5,906	5,804	5,786
Net Income	3,503	4,698	2,922	748	1,955	4,616	4,140
EPS	3.26	4.43	2.75	0.64	1.87	4.74	4.28
Growth Rates
Total Revenue Growth	24.5%	3.8%	7.8%	-8.1%	3.0%	-1.9%	-3.1%
EBITDA Growth	2.7%	29.6%	65.2%	-21.8%	-29.7%	0.8%	17.2%
Operating Income Growth	22.1%	-1.7%	16.1%	-14.2%	1.8%	0.3%	1.8%
Net Income Growth	-32.5%	60.8%	290.6%	-61.7%	-57.6%	11.5%	11.8%
Margins
EBITDA Margin	75.5%	81.5%	65.3%	42.6%	50.1%	73.3%	71.3%
Operating Income Margin	43.1%	42.0%	44.4%	41.2%	44.1%	44.6%	43.7%
Net Income Margin	23.9%	34.1%	22.0%	6.1%	14.6%	35.5%	31.2%
Cash & Debt
Total Cash	1,802	801	3,678	620	673	1,530	1,343
Total Debt	61,362	59,877	63,658	58,679	53,146	49,986	50,375
Net Debt / (Cash)	59,560	59,076	59,980	58,059	52,473	48,456	49,032
Cash Flows
Net Cash from Operations	7,536	7,696	7,268	6,375	6,890	7,058	7,082
Free Cash from Operations	1,951	1,338	-881	-352	966	-1,077	-1,100
Returns to Shareholders
Dividends	3,619	4,052	2,879	3,298	3,458	3,146	1,958
Share Repurchases	-0	-0	-0	1,000	500	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	7/31/2025	5/1/2025	2/14/2025	11/7/2024	8/1/2024	5/3/2024	2/16/2024	11/8/2023	7/27/2023	4/28/2023	2/14/2023
Key Financials Quarterly
Total Revenue	3,704	3,744	3,623	3,577	3,358	3,327	3,509	1,569	3,940	3,830	3,928	1,373
Ebitda	2,707	2,743	2,738	2,876	3,119	2,454	2,768	2,436	1,352	1,874	2,996	-1,079
Operating Income	1,583	1,624	1,661	1,448	1,367	1,363	1,608	834	1,583	1,590	1,880	632
Net Income	637	861	1,006	999	1,483	990	1,226	1,487	-174	273	1,336	-1,425
EPS	0.58	0.80	0.94	0.94	1.40	0.93	1.16	1.41	-0.19	0.24	1.29	-1.42
Key Financials TTM
Total Revenue TTM	14,648	14,302	13,885	13,771	11,763	12,345	12,848	13,267	13,071	12,930	12,737	12,309
Ebitda TTM	11,064	11,476	11,187	11,217	10,777	9,010	8,430	8,658	5,143	5,986	6,383	5,241
Operating Income TTM	6,316	6,100	5,839	5,786	5,172	5,388	5,615	5,887	5,685	5,564	5,417	5,070
Net Income TTM	3,503	4,349	4,478	4,698	5,186	3,529	2,812	2,922	10	1,046	1,695	748
Growth Rates Quarterly
Total Revenue Growth	10.3%	12.5%	3.2%	128.0%	-14.8%	-13.1%	-10.7%	14.3%	3.7%	5.3%	12.2%	-61.7%
EBITDA Growth	-13.2%	11.8%	-1.1%	18.1%	130.7%	30.9%	-7.6%	325.8%	-38.4%	-17.5%	61.6%	-142.6%
Operating Income Growth	15.8%	19.1%	3.3%	73.6%	-13.6%	-14.3%	-14.5%	32.0%	8.3%	10.2%	22.6%	-60.0%
Net Income Growth	-57.0%	-13.0%	-17.9%	-32.8%	952.3%	262.6%	-8.2%	204.4%	-120.2%	-70.4%	243.4%	-223.9%
Margins Quarterly
EBITDA Margin	73.1%	73.3%	75.6%	80.4%	92.9%	73.8%	78.9%	155.3%	34.3%	48.9%	76.3%	-78.6%
Operating Income Margin	42.7%	43.4%	45.8%	40.5%	40.7%	41.0%	45.8%	53.2%	40.2%	41.5%	47.9%	46.0%
Net Income Margin	17.2%	23.0%	27.8%	27.9%	44.2%	29.8%	34.9%	94.8%	-4.4%	7.1%	34.0%	-103.8%
Cash & Debt
Total Cash	1,802	1,422	1,962	801	3,797	2,474	3,193	3,678	1,970	1,091	3,851	620
Total Debt	61,362	59,427	61,992	59,877	72,370	64,988	64,570	63,658	65,586	61,694	63,011	58,679
Net Debt / (Cash)	59,560	58,005	60,030	59,076	68,573	62,514	61,377	59,980	63,616	60,603	59,160	58,059
Cash Flows Quarterly
FCF from Operations	1,920	2,173	1,359	2,084	1,915	1,655	2,042	1,860	1,824	1,510	2,074	2,025
Cash Flows TTM
FCF from Operations TTM	7,536	7,531	7,013	7,696	7,472	7,381	7,236	7,268	7,433	7,310	6,742	6,375
Returns to Shareholders Quarterly
Dividends	885	883	855	996	996	996	965	965	583	588	651	569
Share Repurchases	-0	-0	-0	-0	7	-0	38	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	5.4%	5.3%	5.7%	5.4%	4.5%	5.0%	5.7%	3.3%	6.5%	3.5%	6.5%	2.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.4%	5.4%	5.3%	5.3%	4.4%	4.7%	4.5%	4.7%	5.8%	3.0%	4.5%	1.8%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
U.S. Natural Gas Pipelines	50,499	50,038	45,502	43,217	41,627
Canadian Natural Gas Pipelines	29,782	27,456	25,213	22,852	21,983
Liquids Pipelines	15,490	15,587	14,951	16,744	15,931
Mexico Natural Gas Pipelines	12,003	9,231	7,547	7,215	7,207
Power and Energy Solutions	9,525	8,272	6,563	5,062	7,788
Corporate	7,735	3,764	4,442	5,210	4,743
Total	125,034	114,348	104,218	100,300	99,279

Price Behavior

Price Behavior

Market Price	$52.23
Market Cap ($ Bil)	54.3
First Trading Date	12/30/1987
Distance from 52W High	-5.2%
	50 Days	200 Days
DMA Price	$51.87	$48.14
DMA Trend	up	up
Distance from DMA	0.7%	8.5%
	3M	1YR
Volatility	15.6%	20.2%
Downside Capture	-12.28	33.25
Upside Capture	29.92	39.28
Correlation (SPY)	-7.5%	35.4%

TRP Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.13	-0.10	-0.14	-0.13	0.37	0.48
Up Beta	0.25	-0.24	-0.27	-0.45	0.34	0.47
Down Beta	-0.21	-0.04	-0.21	-0.03	0.43	0.46
Up Capture	-70%	-16%	11%	4%	27%	21%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	9	23	37	65	133	415
Down Capture	35%	-4%	-30%	-4%	41%	73%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	14	21	28	62	117	332

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of TRP With Other Asset Classes (Last 1Y)
	TRP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.4%	2.4%	18.9%	45.7%	0.7%	-1.3%	49.7%
Annualized Volatility	20.4%	24.6%	19.6%	19.9%	16.1%	18.0%	37.2%
Sharpe Ratio	0.68	0.05	0.76	1.78	-0.14	-0.22	0.85
Correlation With Other Assets		33.7%	35.8%	24.2%	17.0%	35.9%	15.3%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of TRP With Other Asset Classes (Last 5Y)
	TRP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.0%	30.3%	17.1%	15.9%	13.8%	7.2%	49.2%
Annualized Volatility	22.4%	28.3%	17.1%	15.6%	18.9%	19.1%	49.3%
Sharpe Ratio	0.59	0.96	0.81	0.82	0.61	0.29	0.76
Correlation With Other Assets		52.1%	41.9%	18.9%	35.1%	45.0%	15.9%

Based On 10-Year Data

		Comparison of TRP With Other Asset Classes (Last 10Y)
	TRP	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	11.4%	7.0%	14.3%	12.9%	5.1%	5.3%	77.5%
Annualized Volatility	25.5%	29.9%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.45	0.29	0.69	0.72	0.22	0.23	0.95
Correlation With Other Assets		61.3%	53.3%	13.2%	40.0%	52.2%	15.2%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	11,643,060
Short Interest: % Change Since 9302025	-79.7%
Average Daily Volume	2,180,014
Days-to-Cover Short Interest	5.34
Basic Shares Quantity	1,040,000,000
Short % of Basic Shares	1.1%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	6-K 9/30/2025
6302025	7312025	6-K 6/30/2025
3312025	5012025	6-K 3/31/2025
12312024	2142025	40-F 12/31/2024
9302024	11072024	6-K 9/30/2024
6302024	8012024	6-K 6/30/2024
3312024	5032024	6-K 3/31/2024
12312023	2162024	40-F 12/31/2023
9302023	11082023	6-K 9/30/2023
6302023	7272023	6-K 6/30/2023
3312023	4282023	6-K 3/31/2023
12312022	2142023	40-F 12/31/2022
9302022	11092022	6-K 9/30/2022
6302022	7282022	6-K 6/30/2022
3312022	4292022	6-K 3/31/2022
12312021	2152022	40-F 12/31/2021

Insider Activity

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TC Energy (TRP)

Market Price (11/8/2025): $52.22 | Market Cap: $54.3 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

TC Energy (TRP)

Market Price (11/8/2025): $52.22Market Cap: $54.3 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation

Market Valuation & Key Metrics

TRP Stock

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Price Returns Compared

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About TC Energy (TRP)

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Based On 1-Year Data

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Market Price (11/8/2025): $52.22 | Market Cap: $54.3 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (11/8/2025): $52.22
Market Cap: $54.3 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation