TC Energy Management
Management criteria checks 3/4
TC Energy's CEO is Francois Poirier, appointed in Jan 2021, has a tenure of 5.5 years. total yearly compensation is CA$16.19M, comprised of 7.6% salary and 92.4% bonuses, including company stock and options. directly owns 0.011% of the company’s shares, worth CA$11.48M. The average tenure of the management team and the board of directors is 3.4 years and 6.2 years respectively.
Key information
Francois Poirier
Chief executive officer
CA$16.2m
Total compensation
| CEO salary percentage | 7.63% |
| CEO tenure | 5.5yrs |
| CEO ownership | 0.01% |
| Management average tenure | 3.4yrs |
| Board average tenure | 6.2yrs |
Recent management updates
Recent updates
Narrative Update • Jul 16
TRP: Gas Pipeline Expansion And Nuclear Links Will Shape Forward Risk Reward
The analyst price target for TC Energy has shifted higher in recent weeks, with several firms moving their targets into the CA$100 to CA$103 range. These changes are being supported by updated commodity price assumptions, refreshed midstream group models, and the view that the stock is closer to intrinsic fair value after its recent performance.Narrative Update • Jun 24
TRP: Q1 Execution And Fair Value Positioning Will Shape Forward Risk Reward
Analysts have modestly lifted their TC Energy price target to CA$103, with the change linked to updated sector models, Q1 guidance commentary, and a recent shift toward viewing the stock as closer to estimated intrinsic fair value. Analyst Commentary Recent research coverage on TC Energy has focused on how current valuation lines up with analysts’ estimates of intrinsic fair value, especially after the latest Q1 updates and sector model revisions.Narrative Update • Jun 06
TRP: Q1 Execution And Appalachia Expansion Will Shape Forward Risk Reward Balance
TC Energy's analyst price target has been adjusted higher, with CA$ fair value moving from about CA$91.30 to CA$93.61 as analysts factor in updated Q1 models, slightly lower discount rates, modestly higher revenue growth assumptions, and a slightly higher future P/E multiple across recent research. Analyst Commentary Recent Street research on TC Energy has leaned more supportive, with a series of higher price targets and a few upgrades clustered around the Q1 reporting period.Narrative Update • May 14
TRP: Backlog Certainty And Dividend Policy Will Shape Forward Risk Reward Balance
TC Energy's analyst price target has been revised higher to CA$91.30 from CA$88.52. Analysts point to updated models that incorporate slightly firmer margin assumptions, a modestly lower future P/E, and a broad wave of CA$2 to CA$9 price target increases across major firms following recent earnings and guidance updates.Narrative Update • Apr 22
TRP: Backlog Visibility And Dividend Policy Will Shape Future Risk Reward Balance
TC Energy's analyst price target has been revised higher by CA$0.87 to CA$88.52 as analysts factor in Q4 results, updated models, and continued interest in the company's natural gas and power growth pipeline. Analyst Commentary Recent research updates show a cluster of higher price targets for TC Energy alongside a few rating downgrades, giving you a mixed but useful picture of how the Street views valuation, execution risk, and growth plans after the latest results.Narrative Update • Apr 08
TRP: Backlog Visibility And Dividend Policy Will Guide Measured Future Return Balance
The analyst price target for TC Energy has been raised slightly, with CA$ value revisions supported by updated models that reflect recent quarterly results, higher estimated revenue growth, modestly adjusted profit margins, and Street research highlighting the company's natural gas and power portfolio as well as its project backlog visibility. Analyst Commentary Recent Street research on TC Energy clusters around a higher value range, but opinions still differ on how much upside is left and how dependable the longer term growth story looks after the recent share price move.Narrative Update • Mar 25
TRP: Backlog Certainty And Dividend Policy Will Shape Future Return Balance
Narrative Update The analyst price target for TC Energy has been revised from CA$86.00 to CA$87.32 as analysts update models for the Q4 report, reflect reiterated FY26 EBITDA guidance, and factor in a series of higher Street targets, which are partly tempered by recent share price appreciation. Analyst Commentary Recent research updates on TC Energy show a mix of optimism on growth and asset quality, balanced against concerns about valuation after the recent share price move.Narrative Update • Mar 11
TRP: Backlog And Dividend Policy Will Shape Returns Versus Execution Risk
The analyst price target for TC Energy in our model rises from CA$84.41 to CA$85.95, with analysts generally pointing to Q4 results, updated FY26 EBITDA guidance and increased capex expectations as key reasons for revisiting their assumptions. Analyst Commentary Recent research updates show a cluster of higher price targets for TC Energy, but with a split view on how much upside remains after the latest share price move.Narrative Update • Feb 24
TRP: Backlog Visibility And Dividend Policy Will Shape Returns Versus Fair Value
TC Energy's updated fair value estimate rises to CA$84.41 from CA$79.55 as analysts lift price targets into the CA$85 to CA$93 range, citing recent Q4 results, reiterated FY26 EBITDA guidance and increased confidence in the company's long term growth backlog. Analyst Commentary Recent research updates show a clear cluster of higher price targets for TC Energy, but the tone is not uniformly positive.Narrative Update • Feb 10
TRP: Updated 2028 Outlook And Execution Versus Fair Value Will Guide Returns
Analysts have adjusted their fair value estimate for TC Energy to about C$79.55 per share from roughly C$79.18, citing updated assumptions on revenue growth, profit margins and future P/E, as reflected in recent C$1 price target increases from multiple firms. Analyst Commentary Recent research updates, including C$1 price target moves from firms such as JPMorgan, point to a relatively tight but constructive range of views on TC Energy.Narrative Update • Jan 26
TRP: Extended 2028 Outlook And Project Execution Will Shape Medium Term Returns
Our analyst price target for TC Energy edges up by about C$0.40 to roughly C$79.20, reflecting Street analysts' higher targets in the C$78 to C$84 range and their view that the company has a solid pipeline of projects and medium term opportunities. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade and higher price targets, in the C$78 to C$84 range, as aligned with TC Energy's current project backlog and medium term plan.Narrative Update • Jan 11
TRP: Extended 2028 Outlook And Execution Support Balanced Medium Term Expectations
Analysts have raised their price targets for TC Energy into the C$78 to C$84 range, reflecting confidence in the company's extended outlook to 2028 and its ongoing project execution. Analyst Commentary Recent Street research on TC Energy has centered on higher price targets and upgraded ratings that reflect how analysts are thinking about the company’s execution and medium term outlook.Narrative Update • Dec 26
TRP: Extended 2028 Outlook And Project Execution Will Drive Measured Medium Term Upside
The analyst price target for TC Energy has inched higher to about C$78.77 from C$78.00 as analysts highlight a robust multi year project pipeline, reaffirmed guidance, and growing confidence in the company's ability to deliver medium term upside. Analyst Commentary Street research remains largely constructive on TC Energy, with recent actions skewing toward upgrades and price target increases that support the modestly higher consensus target.Narrative Update • Dec 12
TRP: Extended 2028 Outlook And Project Execution Will Shape Future Performance
Analysts have nudged their fair value estimate for TC Energy up by C$0.50 to C$78.00, citing higher price targets and increased confidence in the company’s long term growth opportunities and project execution. Analyst Commentary Recent Street research reflects a generally constructive stance on TC Energy, with multiple firms lifting ratings and price targets in response to the company’s latest operating and financial updates.Narrative Update • Nov 28
TRP: Multi-Year Outlook And Project Execution Will Guide Performance Through 2028
TC Energy's analyst price target has been raised modestly from C$76.68 to C$77.50. This change reflects analysts' increased confidence in the company's multi-year outlook and execution, following supportive recent earnings and guidance updates.Narrative Update • Nov 13
TRP: Medium-Term Execution Will Shape Outlook Amid Project Redeployment Plans
Analysts have raised their price target for TC Energy from C$75.48 to C$76.68. They cite stronger expected profit margins and renewed confidence in the company’s medium-term outlook.Narrative Update • Oct 30
TRP: Share Performance Will Reflect Rising Margins Amid Cautious Sector Outlook
Analysts have raised their price target for TC Energy, reflecting an increase from C$74.48 to C$75.48 per share. Recent updates to midstream sector models and profit margin forecasts support a moderately higher fair value.Narrative Update • Oct 15
Overvaluations Will Crumble As North American Gas Faces Decarbonization
The consensus analyst price target for TC Energy has increased modestly to C$74.48, as analysts cite updated financial models and stable performance. This comes despite some recent downgrades from previously more bullish ratings.Analysis Article • Sep 17
TC Energy Corporation's (TSE:TRP) Share Price Not Quite Adding Up
It's not a stretch to say that TC Energy Corporation's ( TSE:TRP ) price-to-earnings (or "P/E") ratio of 17.5x right...Analysis Article • Aug 03
Here's Why TC Energy (TSE:TRP) Has A Meaningful Debt Burden
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
New Narrative • Nov 10
Analysts Project Shrinking Profits Amid Heavy Capital Spend And Market Skepticism
Upcoming project completions aim to boost revenue through increased capacity and services amid rising natural gas demand.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | CA$4b |
| Dec 31 2025 | CA$16m | CA$1m | CA$4b |
| Sep 30 2025 | n/a | n/a | CA$4b |
| Jun 30 2025 | n/a | n/a | CA$4b |
| Mar 31 2025 | n/a | n/a | CA$4b |
| Dec 31 2024 | CA$15m | CA$1m | CA$4b |
| Sep 30 2024 | n/a | n/a | CA$4b |
| Jun 30 2024 | n/a | n/a | CA$2b |
| Mar 31 2024 | n/a | n/a | CA$2b |
| Dec 31 2023 | CA$13m | CA$1m | CA$2b |
| Sep 30 2023 | n/a | n/a | -CA$81m |
| Jun 30 2023 | n/a | n/a | CA$957m |
| Mar 31 2023 | n/a | n/a | CA$2b |
| Dec 31 2022 | CA$11m | CA$1m | CA$8m |
| Sep 30 2022 | n/a | n/a | CA$3b |
| Jun 30 2022 | n/a | n/a | CA$3b |
| Mar 31 2022 | n/a | n/a | CA$3b |
| Dec 31 2021 | CA$10m | CA$1m | CA$2b |
| Sep 30 2021 | n/a | n/a | CA$2b |
| Jun 30 2021 | n/a | n/a | CA$2b |
| Mar 31 2021 | n/a | n/a | CA$2b |
| Dec 31 2020 | CA$6m | CA$800k | CA$4b |
| Sep 30 2020 | n/a | n/a | CA$4b |
| Jun 30 2020 | n/a | n/a | CA$4b |
| Mar 31 2020 | n/a | n/a | CA$4b |
| Dec 31 2019 | CA$3m | CA$546k | CA$4b |
Compensation vs Market: Francois's total compensation ($USD11.48M) is above average for companies of similar size in the Canadian market ($USD8.20M).
Compensation vs Earnings: Francois's compensation has been consistent with company performance over the past year.
CEO
Francois Poirier (60 yo)
5.5yrs
Tenure
CA$16,190,039
Compensation
Mr. Francois Lionel Poirier is an Independent Director of Canadian Imperial Bank of Commerce from September 1, 2024. Mr. Poirier has been President, Chief Executive Officer and Director of TC Energy Corpor...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 5.5yrs | CA$16.19m | 0.011% CA$ 11.5m | |
| Executive VP of Strategy & Corporate Development and CFO | 2.2yrs | CA$6.10m | 0.0014% CA$ 1.4m | |
| Executive VP & General Counsel | 1.5yrs | CA$6.07m | 0.0014% CA$ 1.4m | |
| Executive VP & COO of Natural Gas Pipelines | 1.4yrs | CA$6.60m | 0.0016% CA$ 1.6m | |
| Vice-President of Investor Relations | no data | no data | 0% CA$ 0 | |
| Executive Vice-President of Corporate Services | 5.6yrs | no data | 0.0022% CA$ 2.2m | |
| Senior Vice President of External Relations | 4.7yrs | no data | 0.0015% CA$ 1.5m | |
| Executive VP and President of Power & Energy Solutions | no data | no data | 0.0016% CA$ 1.6m | |
| VP & Corporate Controller | 3.4yrs | no data | 0.00052% CA$ 522.1k | |
| Vice-President of Law & Corporate Secretary | no data | no data | 0.00020% CA$ 200.8k | |
| Vice President | no data | no data | no data | |
| Vice President of Energy Transition Technologies | no data | no data | no data |
3.4yrs
Average Tenure
Experienced Management: TRP's management team is considered experienced (3.4 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 5.5yrs | CA$16.19m | 0.011% CA$ 11.5m | |
| Independent Director | 5.1yrs | CA$430.56k | no data | |
| Independent Chair of the Board | 10.8yrs | CA$689.20k | 0.0029% CA$ 2.9m | |
| Independent Director | 7.2yrs | CA$437.52k | 0.00061% CA$ 612.4k | |
| Chair of the Liquids Pipelines Company | 2.8yrs | CA$6.10m | no data | |
| Independent Director | 12.5yrs | CA$402.74k | 0.0011% CA$ 1.2m | |
| Independent Director | 6.2yrs | CA$400.68k | 0.0010% CA$ 1.0m | |
| Independent Director | 8.7yrs | CA$428.50k | 0.000030% CA$ 30.1k | |
| Independent Director | 4.3yrs | CA$400.58k | 0.0082% CA$ 8.2m | |
| Independent Director | 13.4yrs | CA$430.56k | 0.00043% CA$ 431.7k | |
| Independent Director | 6.2yrs | CA$400.68k | 0.0033% CA$ 3.3m | |
| Independent Director | 4.1yrs | CA$402.74k | 0.00060% CA$ 602.4k |
6.2yrs
Average Tenure
66yo
Average Age
Experienced Board: TRP's board of directors are considered experienced (6.2 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/21 21:44 |
| End of Day Share Price | 2026/07/21 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
TC Energy Corporation is covered by 43 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Harshit Gupta | Accountability Research Corporation |
| Nathan Heywood | ATB Cormark |
| Christine Cho | Barclays |