TRANSCANADA PIPELINES LTD
TCPA · Natural Gas Transmission · EDGAR filings ↗
Grade
C66Large gas-pipeline operator with decent ROE on stale (FY2017) data inflated by a one-off earnings jump.
Strengths
- Net margin 81st pct and operating margin 71st pct; ROE 13.9% (60th pct)
- Durable, regulated pipeline asset base
Risks
- Very weak liquidity (current ratio 0.37, 6th pct) and negative FCF
- Headline 8.7x net income growth is a one-off; data is stale (FY2017)
Notable findings
- Cash burnNegative free cash flow (-1769.7M)
- Weak liquidityCurrent ratio 0.37 (<1)
Key metrics
Operating margin
34.8%
Net margin
23.1%
Return on equity
13.9%
Return on assets
3.6%
ROIC
6.8%
Revenue growth (QoQ)
15.0%
Net-income growth
937.8%
Debt / equity
1.4×
Net debt / EBITDA
4.6×
Interest coverage
2.2×
Current ratio
0.4×
Free cash flow
-$1.8B
EBITDA
$5.4B
Tangible book value
$6.3B
Cash & investments
$832M
Cash runway
2q
Stock comp / revenue
0.1%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-13 | 2025-12-31 | 0001232384-26-000015 ↗ |
| 40-F | 2025-02-14 | 2024-12-31 | 0001232384-25-000018 ↗ |
| 40-F | 2024-02-16 | 2023-12-31 | 0001232384-24-000015 ↗ |
| 40-F | 2023-02-14 | 2022-12-31 | 0001232384-23-000021 ↗ |
| 40-F | 2022-02-15 | 2021-12-31 | 0001232384-22-000014 ↗ |
| 40-F | 2021-02-18 | 2020-12-31 | 0001232384-21-000018 ↗ |
| 40-F | 2020-02-13 | 2019-12-31 | 0001232384-20-000017 ↗ |
| 40-F | 2019-02-14 | 2018-12-31 | 0001232384-19-000014 ↗ |
| 40-F | 2018-02-16 | 2017-12-31 | 0000099070-18-000002 ↗ |
| 40-F | 2017-02-17 | 2016-12-31 | 0000099070-17-000003 ↗ |
| 40-F | 2016-02-11 | 2015-12-31 | 0000099070-16-000028 ↗ |
| 40-F | 2015-02-13 | 2014-12-31 | 0001047469-15-000801 ↗ |