TC Energy Corporation

NYSE:TRP Stock Report

Market Cap: US$66.9b

TC Energy Valuation

Is TRP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of TRP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: TRP ($63.35) is trading above our estimate of future cash flow value ($37.21)

Significantly Below Future Cash Flow Value: TRP is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRP?

Key metric: As TRP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TRP. This is calculated by dividing TRP's market cap by their current earnings.
What is TRP's PE Ratio?
PE Ratio25x
EarningsCA$3.61b
Market CapCA$91.78b

Price to Earnings Ratio vs Peers

How does TRP's PE Ratio compare to its peers?

The above table shows the PE ratio for TRP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.5x
ET Energy Transfer
15.7x10.75%US$65.2b
MPLX MPLX
12x4.61%US$59.2b
EPD Enterprise Products Partners
14.1x6.00%US$81.0b
KMI Kinder Morgan
24x6.09%US$74.4b
TRP TC Energy
25x9.12%US$91.8b

Price-To-Earnings vs Peers: TRP is expensive based on its Price-To-Earnings Ratio (25x) compared to the peer average (16.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does TRP's PE Ratio compare vs other companies in the US Oil and Gas Industry?

11 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TGA TransGlobe Energy
2.2xn/aUS$272.31m
SAFX XCF Global
0.8x-0.024%US$76.81m
MVO MV Oil Trust
2.3xn/aUS$25.88m
TOPS Top Ships
1.4xn/aUS$15.41m
TRP 25.0xIndustry Avg. 15.8xNo. of Companies18PE01020304050+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TRP is expensive based on its Price-To-Earnings Ratio (25x) compared to the US Oil and Gas industry average (15.7x).

Price to Earnings Ratio vs Fair Ratio

What is TRP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio25x
Fair PE Ratio25.3x

Price-To-Earnings vs Fair Ratio: TRP is good value based on its Price-To-Earnings Ratio (25x) compared to the estimated Fair Price-To-Earnings Ratio (25.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TRP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$63.35
US$63.25
-0.16%
9.01%US$72.89US$49.57n/a22
Mar ’27US$64.37
US$61.86
-3.89%
8.70%US$69.33US$49.62n/a22
Feb ’27US$58.67
US$58.76
+0.16%
8.46%US$68.94US$46.70n/a22
Jan ’27US$55.01
US$57.53
+4.58%
8.06%US$67.19US$46.01n/a22
Dec ’26US$54.21
US$55.45
+2.29%
7.42%US$62.14US$45.00n/a22
Nov ’26US$50.16
US$54.11
+7.88%
7.29%US$60.23US$42.30n/a21
Oct ’26US$53.89
US$53.67
-0.41%
6.81%US$58.02US$42.79n/a21
Sep ’26US$52.06
US$53.63
+3.02%
6.84%US$58.02US$42.79n/a21
Aug ’26US$48.37
US$53.19
+9.96%
6.66%US$57.99US$42.76n/a21
Jul ’26US$47.88
US$53.28
+11.28%
7.44%US$57.66US$41.60n/a21
Jun ’26US$50.64
US$52.65
+3.97%
8.39%US$56.98US$38.22n/a21
May ’26US$50.01
US$52.11
+4.20%
8.62%US$57.07US$38.28n/a21
Apr ’26US$47.80
US$49.34
+3.23%
11.85%US$55.21US$27.26n/a20
Mar ’26US$44.74
US$49.71
+11.10%
12.21%US$57.49US$27.34US$64.3720
Feb ’26US$45.05
US$48.97
+8.70%
9.28%US$56.84US$36.74US$58.6720
Jan ’26US$46.53
US$48.42
+4.07%
9.78%US$56.81US$36.72US$55.0119
Dec ’25US$48.93
US$49.62
+1.40%
10.46%US$58.56US$37.85US$54.2119
Nov ’25US$46.30
US$45.96
-0.73%
9.42%US$56.16US$38.16US$50.1619
Oct ’25US$48.37
US$46.50
-3.86%
7.40%US$52.63US$37.80US$53.8919
Sep ’25US$46.34
US$45.38
-2.07%
7.86%US$51.94US$36.36US$52.0619
Aug ’25US$43.05
US$41.79
-2.93%
7.01%US$46.13US$33.88US$48.3719
Jul ’25US$37.56
US$40.78
+8.57%
7.85%US$46.58US$32.03US$47.8819
Jun ’25US$38.56
US$40.92
+6.12%
7.44%US$46.21US$32.28US$50.6421
May ’25US$35.73
US$40.38
+13.02%
7.78%US$45.76US$31.96US$50.0121
Apr ’25US$40.27
US$41.65
+3.42%
7.45%US$46.72US$32.63US$47.8021
Mar ’25US$39.75
US$41.31
+3.94%
7.59%US$46.42US$32.42US$44.7421
US$63.26
Fair Value
0.1% overvalued intrinsic discount
22
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/20 09:28
End of Day Share Price 2026/03/20 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

Learn about the world class team who designed and built the Simply Wall St analysis model.

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. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harshit GuptaAccountability Research Corporation
Nathan HeywoodATB Cormark
Christine ChoBarclays