TC ENERGY CORP
TRP, TNCAF, TCANF, TCENF, TCEYF, TCNCF, TRPEF, TRPPF, TRPRF · Natural Gas Transmission · EDGAR filings ↗
Grade
B75Wide-moat North American gas-transmission franchise with top-decile margins and strong cash generation, tempered by an earnings decline.
Strengths
- Operating margin 92.9th pct, gross margin 98th pct and OCF margin 81st pct reflect durable regulated-pipeline economics
- ROE ~12.9% with revenue growth 17% (63rd pct); long-life contracted infrastructure moat
Risks
- Net income fell ~25% (19th pct), a specific earnings deterioration
- Low current ratio (0.63, 25th pct) and modest ROA (3.0%, asset-heavy) constrain headline returns
- Capital-intensive, leverage-dependent model exposed to rate and regulatory risk
Notable findings
- Weak liquidityCurrent ratio 0.63 (<1)
- Strong balance sheetStrong balance sheet — $123M cash & investments
Key metrics
Gross margin
98.6%
Operating margin
52.7%
Net margin
23.1%
Return on equity
12.9%
Return on assets
3.0%
Revenue growth (QoQ)
16.2%
Net-income growth
-21.3%
Current ratio
0.6×
EBITDA
$7.9B
Tangible book value
$10.4B
Cash & investments
$123M
Stock comp / revenue
0.0%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2018-02-15 | 2017-12-31 | 0001232384-18-000017 ↗ |
| 40-F | 2017-02-16 | 2016-12-31 | 0001232384-17-000027 ↗ |
| 40-F | 2016-02-11 | 2015-12-31 | 0001232384-16-000063 ↗ |
| 40-F | 2015-02-13 | 2014-12-31 | 0001047469-15-000798 ↗ |
| 40-F | 2014-02-21 | 2013-12-31 | 0001047469-14-001157 ↗ |
| 40-F | 2013-02-13 | 2012-12-31 | 0001047469-13-000988 ↗ |
| 40-F | 2012-02-15 | 2011-12-31 | 0001047469-12-001076 ↗ |
| 40-F | 2011-02-17 | 2010-12-31 | 0001047469-11-000995 ↗ |
| 40-F | 2010-02-25 | 2009-12-31 | 0001047469-10-001285 ↗ |
| 40-F | 2009-02-25 | 2008-12-31 | 0001047469-09-001826 ↗ |
| 40-F | 2008-02-27 | 2007-12-31 | 0001047469-08-001849 ↗ |
| 40-F | 2007-02-27 | 2006-12-31 | 0001047469-07-001447 ↗ |