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TRP, TC Energy Corporation

Pipelines & Midstream capital-intensive Cyclical

Revenue is led by U.S. Natural Gas Pipelines (47%) and Canadian Natural Gas Pipelines (38%), with 2 more segments behind.

Latest annual: FY2025 40-F · figures as filed, in CAD · US listing is the ordinary share

TRP · TC Energy Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

C$15.2B

+16.7% YoY · 4% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue C$15.2B 5-yr avg C$13.2B

Operating margin 52.7% 5-yr avg 41.2%

ROIC 10%

Owner-earnings margin −1% 5-yr avg −10%

Free cash flow margin −1% 5-yr avg −10%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A regulated utility, earning a set return on the capital it sinks into its network.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 98% and operating margin about 41% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The margin is cyclical, swinging between 18% and 61% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 59% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 7%). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 5 segments, the largest U.S. Natural Gas Pipelines at 47%.

Revenue by reportable segment, FY2025

U.S. Natural Gas Pipelines47%C$7.1B
Canadian Natural Gas Pipelines38%C$5.8B
Mexico Natural Gas Pipelines10%C$1.4B
Power and Energy Solutions6%C$845M
Corporate0%C$14M

By geographyUnited States47%Canada Domestic37%Mexico10%Canada Export6%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
C$12.5B	C$13.4B	C$12.8B	C$12.7B	C$12.6B	C$13.0B	C$12.1B	C$12.5B	C$13.1B	C$15.2B	C$15.2B	RevenueRevenue
83%	82%	88%	97%	100%	99%	100%	99%	98%	99%	99%	Gross marginGross mgn
C$2.3B	C$4.7B	C$5.8B	C$6.6B	C$6.8B	C$4.1B	C$2.5B	C$5.1B	C$8.0B	C$8.0B	C$8.0B	Operating incomeOp. inc.
18.4%	34.8%	45.1%	52.0%	53.6%	31.3%	20.2%	40.7%	61.0%	52.7%	52.7%	Operating marginOp. mgn
C$485M	C$3.4B	C$3.5B	C$4.4B	C$4.9B	C$2.0B	C$785M	C$3.1B	C$5.4B	C$4.1B	C$4.1B	Net incomeNet inc.
42%	-3%	11%	15%	4%	6%	29%	22%	15%	22%	22%	Effective tax rateTax rate
											Cash flow & returns
C$5.1B	C$5.2B	C$6.6B	C$7.1B	C$7.1B	C$6.9B	C$6.4B	C$7.3B	C$7.7B	C$7.3B	C$7.3B	Operating cash flowOp. cash
C$1.9B	C$2.1B	C$2.4B	C$2.5B	C$2.6B	C$2.5B	C$2.6B	C$2.8B	C$2.8B	C$2.8B	C$2.8B	DepreciationDeprec.
C$2.6B	(C$220M)	C$688M	C$185M	(C$445M)	C$2.3B	C$3.0B	C$1.4B	(C$471M)	C$483M	C$483M	Working capital & otherWC & other
C$5.0B	C$7.4B	C$9.4B	C$7.5B	C$8.9B	C$7.1B	C$9.0B	C$12.3B	C$7.9B	C$5.3B	C$7.5B	CapexCapex
39.9%	54.9%	73.6%	59.0%	70.4%	55.1%	73.9%	98.3%	60.5%	34.6%	49.1%	Capex / revenueCapex/rev
C$62M	(C$2.2B)	(C$2.9B)	(C$393M)	(C$1.8B)	(C$244M)	(C$2.6B)	(C$5.0B)	(C$208M)	C$2.1B	(C$129M)	Owner earningsOwner earn.
0.5%	−16.0%	−22.4%	−3.1%	−14.6%	−1.9%	−21.3%	−40.2%	−1.6%	13.6%	−0.8%	Owner earnings marginOE mgn
C$62M	(C$2.2B)	(C$2.9B)	(C$393M)	(C$1.8B)	(C$244M)	(C$2.6B)	(C$5.0B)	(C$208M)	C$2.1B	(C$129M)	Free cash flowFCF
0.5%	−16.0%	−22.4%	−3.1%	−14.6%	−1.9%	−21.3%	−40.2%	−1.6%	13.6%	−0.8%	Free cash flow marginFCF mgn
C$1.4B	C$1.3B	C$1.6B	C$1.8B	C$3.0B	C$3.3B	C$3.2B	C$2.8B	C$4.0B	C$3.5B	C$3.5B	Dividends paidDiv. paid
C$14M	C$0	C$0	—	—	—	—	—	—	—	—	BuybacksBuybacks
2%	8%	7%	—	—	—	—	—	—	—	10%	ROICROIC
2%	14%	12%	14%	16%	6%	2%	10%	19%	15%	15%	Return on equityROE
−4%	8%	7%	9%	6%	−4%	−7%	1%	5%	2%	2%	Retained to equityRetained/eq
											Balance sheet
C$1.0B	C$1.1B	C$446M	C$1.3B	C$1.5B	C$673M	C$620M	C$3.7B	C$801M	C$168M	C$168M	Cash & investmentsCash+inv
C$2.1B	C$2.5B	C$2.5B	C$2.4B	C$2.2B	C$3.1B	C$3.6B	C$2.4B	C$2.6B	C$2.8B	C$2.8B	ReceivablesReceiv.
C$368M	C$378M	C$431M	C$452M	C$629M	C$724M	C$936M	C$771M	C$747M	C$782M	C$782M	InventoryInvent.
C$2.4B	C$2.9B	C$3.0B	C$2.9B	C$2.8B	C$3.8B	C$4.6B	C$3.2B	C$3.4B	C$3.6B	C$3.6B	Operating working capitalOper. WC
C$8.1B	C$4.7B	C$5.1B	C$7.7B	C$5.2B	C$7.4B	C$7.3B	C$11.4B	C$5.7B	C$6.3B	C$6.3B	Current assetsCur. assets
C$7.7B	C$9.9B	C$12.9B	C$12.9B	C$12.0B	C$13.0B	C$16.9B	C$11.8B	C$10.5B	C$10.0B	C$10.0B	Current liabilitiesCur. liab.
1.1×	0.5×	0.4×	0.6×	0.4×	0.6×	0.4×	1.0×	0.5×	0.6×	0.6×	Current ratioCurr. ratio
C$14.0B	C$13.1B	C$14.2B	C$12.9B	C$12.7B	C$12.6B	C$12.8B	C$12.5B	C$13.7B	C$13.0B	C$13.0B	GoodwillGoodwill
C$88.1B	C$86.1B	C$98.9B	C$99.3B	C$100.3B	C$104.2B	C$114.3B	C$125.0B	C$118.2B	C$118.8B	C$118.8B	Total assetsAssets
C$40.1B	C$34.7B	C$40.0B	C$2.7B	C$2.0B	C$1.3B	C$3.5B	C$2.9B	C$3.0B	C$1.5B	C$38.1B	Total debtDebt
C$39.1B	C$33.7B	C$39.5B	C$1.4B	C$442M	C$647M	C$2.9B	(C$740M)	C$2.2B	C$1.4B	C$37.9B	Net debt / (cash)Net debt
1.2×	2.3×	2.5×	2.8×	3.0×	1.7×	0.9×	1.6×	2.6×	2.4×	2.5×	Interest coverageInt. cov.
C$24.3B	C$25.0B	C$29.3B	C$30.8B	C$31.4B	C$33.3B	C$34.0B	C$29.6B	C$27.6B	C$27.3B	C$27.3B	Shareholders’ equityEquity
											Per share
760M	874M	903M	931M	940M	974M	996M	1.03B	1.04B	1.04B	1.04B	Shares out (diluted)Shares
C$16.51	C$15.39	C$14.17	C$13.61	C$13.45	C$13.30	C$12.17	C$12.15	C$12.58	C$14.65	C$14.64	Revenue / shareRev/sh
C$0.64	C$3.88	C$3.89	C$4.76	C$5.23	C$2.10	C$0.79	C$2.98	C$5.18	C$3.94	C$3.93	EPS (diluted)EPS
C$0.08	C$-2.46	C$-3.17	C$-0.42	C$-1.96	C$-0.25	C$-2.60	C$-4.88	C$-0.20	C$2.00	C$-0.12	Owner earnings / shareOE/sh
C$0.08	C$-2.46	C$-3.17	C$-0.42	C$-1.96	C$-0.25	C$-2.60	C$-4.88	C$-0.20	C$2.00	C$-0.12	Free cash flow / shareFCF/sh
C$1.89	C$1.53	C$1.74	C$1.93	C$3.18	C$3.41	C$3.20	C$2.71	C$3.81	C$3.37	C$3.37	Dividends / shareDiv/sh
C$6.59	C$8.45	C$10.43	C$8.03	C$9.47	C$7.32	C$9.00	C$11.94	C$7.61	C$5.07	C$7.18	Cap. spending / shareCapex/sh
C$31.92	C$28.65	C$32.49	C$33.04	C$33.40	C$34.16	C$34.13	C$28.69	C$26.58	C$26.25	C$26.22	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−1.3%/yr	+1.7%/yr
Owner earnings / share	+42.7%/yr	—
EPS	+22.4%/yr	−5.5%/yr
Dividends / share	+6.6%/yr	+1.2%/yr
Capital spending / share	−2.9%/yr	−11.8%/yr
Book value / share	−2.2%/yr	−4.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

1Bpeak FY2025

ROIC

7%low FY2016

Gross margin

99%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

C$2.1Bowner earningsvs.C$4.1Bnet incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported C$4.1B of profit but C$2.1B of owner earnings: C$2.0B less than the profit line, taken out by capital spending and the timing of cash.

Reported net incomeC$4.1B

Owner earningsC$2.1B · 14% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	C$4.1B	C$5.4B	C$3.1B	C$785M	C$2.0B
Depreciation & amortizationnon-cash charge added back	+C$2.8B	+C$2.8B	+C$2.8B	+C$2.6B	+C$2.5B
Working capital & othertiming of cash in and out, other non-cash items	+C$483M	−C$471M	+C$1.4B	+C$3.0B	+C$2.3B
Cash from operations	C$7.3B	C$7.7B	C$7.3B	C$6.4B	C$6.9B
Capital expenditurecash put back in to keep running and to grow	−C$5.3B	−C$7.9B	−C$12.3B	−C$9.0B	−C$7.1B
Owner earnings	C$2.1B	(C$208M)	(C$5.0B)	(C$2.6B)	(C$244M)
Owner-earnings marginowner earnings ÷ revenue	14%	-2%	-40%	-21%	-2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 40-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 2.5×

Adequate

Operating income C$8.0B ÷ interest expense C$3.3B

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? C$37.9B · 4.7× operating profit

Heavy net debt

Cash C$168M − debt C$38.1B

What this means
Netting C$168M of cash and short-term investments against C$38.1B of debt leaves C$37.9B owed, about 4.7× a year's operating profit. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 7%

Below average through the cycle

3-yr median, range 2%–8%; 10% latest = NOPAT C$6.3B ÷ invested capital C$65.2B

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -15%

Consumes cash through the cycle

10-yr median margin, range -40%–14%; latest (C$129M) = operating cash C$7.3B − maintenance capex C$7.5B

Industry peers: median 18%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a -15% median across 10 years.
Are earnings backed by cash? 1.79×

Cash-backed

Cash from ops C$7.3B ÷ net income C$4.1B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 2.70×

Expanding

Capex C$7.5B ÷ depreciation C$2.8B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · C$15.2B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.63×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · C$38.1B vs (C$3.6B) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +70%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are C$4.02/share (latest year C$3.93), the averaged base the calculator's gate runs on, and book value is C$26.22/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 4 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 33% → 51% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 33% early to 51% lately, median 41% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2016 · 18.4% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +3.5%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsC$6.3B

Cash & short-term investmentsC$168M
ReceivablesC$2.8B
InventoryC$782M
Other current assetsC$2.6B

Current liabilitiesC$10.0B

Debt due within a yearC$1.5B
Other current liabilitiesC$8.4B

Current ratio0.63×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.56×stricter: inventory excluded

Cash ratio0.02×strictest: cash alone against what's due

Working capital(C$3.6B)the cushion left after near-term bills

Debt due this year vs. cashC$1.5B due · C$168M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book valueC$12.1Bequity stripped of goodwill & intangibles

Net current asset value(C$75.5B)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesC$38.1BC$61M of it operating leases

Deferred revenueC$46Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated C$66.6B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

ReinvestedC$79.8B · 120%
DividendsC$25.9B · 39%
BuybacksC$14M · 0%

Returned to ownersC$25.9B
C$25.9B as dividends and C$14M as buybacks.
Source of funding−C$39.1B
Reinvestment and shareholder returns ran C$39.1B beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Average price paid for buybacks—
Buybacks ran C$14M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count37.0%
The diluted count rose from 760M to 1041M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend recordC$3.37/sh
Paid in 10 of the years on record, the per-share dividend growing about 7% a year. It was cut at least once along the way.
Return on what it retained10%
Of the earnings it kept rather than paid out (C$6.2B over the span), annual owner earnings (first three years vs last three) grew C$597M, so each retained C$1 added about 0.10 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why TC Energy Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?37.0%
Diluted shares grew 37.0% over 2016–2025, even as the company spent C$14M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pipelines & Midstream

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LNGCheniere Energy Inc.	$19.5B	45%	25.7%	19%	18%
TRGPTarga Resources Inc.	$17.0B	19%	4.0%	5%	8%
TRPTC Energy Corporation	C$15.2B	98%	42.9%	7%	-9%
KMIKinder Morgan Inc.	$15.2B	68%	27.8%	5%	20%
FEFirstEnergy Corp.	$15.1B	—	18.4%	5%	11%
WMBWilliams Companies Inc. (The)	$14.9B	77%	22.1%	6%	20%
VGVenture Global Inc.	$13.8B	—	37.4%	10%	41%
AESAES Corp.	$12.2B	23%	13.9%	—	13%
Group median	—	57%	23.9%	6%	15%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. TC Energy Corporation's US listing is the ordinary share itself; figures in this tool are translated at CAD 1 = $0.712 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in CAD.

TC Energy Corporation is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered3%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−1%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh TRP against another business →

Cite: Owner Scorecard, "TC Energy Corporation (TRP), the owner's record," https://ownerscorecard.com/c/TRP, data as of 2026-07-09.

Manual order: ← TROO its page in the Manual TRSG →

Industry order: ← TRGP the Pipelines & Midstream chapter USAC →