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TC Energy Corporation (TRP)

NYSE: TRP · Natural Gas Transmission · Calgary Alberta, AB · filing with the SEC since 2003
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Grade5.5
◀ Past 6.2● Present 4.7▶ Future 6.1
1 est.
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The grade of TC Energy Corporation

Nine metrics read from its own filings, by tense
Headline grade
5.5/10
◀ Past6.225% of the headline
● Present4.745% of the headline
▶ Future6.130% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.2/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed
6.6/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 66th percentile among 16 sector filers · read for itself

From the record

TC Energy Corporation's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
4.7/10

What has it actually done, year after year?

+2.2% a year over 10 filed years; profitable in 10 of 10.

weight 22% of this tense · 47th percentile among 16 sector filers · read for its customers

From the record

TC Energy Corporation's 10 filed years say what it did: revenue went from CAD 13 billion in fiscal 2016 to CAD 15 billion in fiscal 2025, up 2.2% a year; it rose in 6 of 9 years; the deepest fall was 10% from fiscal 2018 to fiscal 2022; net income was positive in 10 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span2.2%bottom 9% of its family
  • the share of years revenue rosebottom 47% of its family
  • the share of filed years with a profittop 22% of its family
  • the deepest fall from a revenue peak10.0%top 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
6.7/10

How has it treated the people who own it?

Share count grew 1.5% a year. 46% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 33% of this tense · 67th percentile among 13 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, TC Energy Corporation's diluted share count grew about 1.5% a year, and dividends and buybacks returned about 46% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

  • the share count over the yearstop 50% of its family
  • cash returned against operating cash flowtop 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

4.7/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
4.0/10

Is it financially healthy right now?

ROE 10%: 10¢ of profit per shareholder dollar. Leverage 69%: owes 69¢ per asset dollar.

weight 45% of this tense · 40th percentile among 12 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, TC Energy Corporation earned about 10 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 13 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 69 cents per dollar of assets, and net share issuance: its share count grew 0.2% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 46% of its family
  • return on equitytop 50% of its family
  • gross profit against assetsbottom 10% of its family
  • the share count against the year beforetop 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
5.6/10

How strong is its position in its industry?

top 44% of 16 in its family; net margin 23.1%.

weight 33% of this tense · 56th percentile among 16 sector filers · read for its customers

From the record

TC Energy Corporation's standing among 16 graded names in its industry family: revenue of CAD 15 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 23.1% ranks in the top 34%; revenue growth of 7.4% a year over the last 3 filed years ranks in the bottom 47% (its annual reports).

What it rests on

  • net margin23.1%top 34% of its family
  • three-year revenue growth7.4%bottom 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 13 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 13 members with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned
family median, 13 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TC Energy Corporation's leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 13 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.1/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
9.1/10

How much room does it have to grow?

top 9% of 16 in its family for room to expand.

weight 22% of this tense · 91st percentile among 16 sector filers · read for itself

From the record

TC Energy Corporation's room to grow, from the newest filed statements (fiscal 2025): cash of CAD 168 million against no long-term debt tagged leaves 0.1% of its assets as net cash, top 3% of its family; cash from operations less capital spending is 48.2% of revenue (top 17%); a gross margin of 98.6% (top 7%) (its annual report).

What it rests on

  • cash less debt against assets0.1%top 3% of its family
  • cash from operations less capital spending against revenue48.2%top 17% of its family
  • gross margin98.6%top 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.1/10

What could actually drive growth from here?

top 49% of 16 in its family for growth drivers.

weight 45% of this tense · 51st percentile among 16 sector filers · read for its customers

From the record

TC Energy Corporation's growth drivers, from the filed years to fiscal 2025: revenue grew 7.4% a year over the last three filed years against 2.2% over all 10, speeding up (top 9% of its family); the newest year grew 10.7% (bottom 47%); capital spending grew 3.5% a year (bottom 17%) (its annual reports). TC Energy Corporation reported 5 lines of business in fiscal 2025: U.S.Natural Gas Pipelines at CAD 7.1 billion (47%), Canadian Natural Gas Pipelines at CAD 5.8 billion (38%), Mexico Natural Gas Pipelines at CAD 1.4 billion (10%), and 2 more; 4 of 5 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+5.2 points a yeartop 9% of its family
  • the newest year's revenue growth10.7%bottom 47% of its family
  • three-year growth of capital spending3.5%bottom 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
5.4/10

Did its newest year beat what its own record pointed to?

top 46% of 15 in its family for expectations against reality.

weight 33% of this tense · 54th percentile among 15 sector filers · read for its shareholders

From the record

TC Energy Corporation's newest year against its own record: revenue of CAD 15 billion in fiscal 2025 came in 4.6% above the CAD 15 billion its prior three years' pace pointed to (top 50% of its family); net income of CAD 3.5 billion against a prior three-year average of CAD 2.8 billion (top 43%); a net margin of 23.1% against 20.7% before (top 43%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace4.6%top 50% of its family
  • net income against the prior three years' average+26%top 43% of its family
  • net margin against its prior average+2.4 pointstop 43% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton TRP · research, not advice