Stock fact sheet · data as of
TransCanada PipeLines Limited 6 (TCPA): fair value, margin of safety and Wheel Score
Energy · Oil & Gas Midstream · United States · High Yield Income
Is TCPA undervalued?
At 20.13 (close of 16 Oct 2026), TCPA trades 44% below the GLS average fair value of 36.01. That average comes from 8 models run on the latest filings, and 5 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns TransCanada PipeLines Limited 6 the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The 8 models disagree widely: GLS Growth gives 2.86 while DCF gives 70.65. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files TCPA under High Yield Income: a dividend yield above 4%.
Nine valuation models for TCPA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 70.65 | +251% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 44.44 | +121% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 55.44 | +175% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 13.75 | -32% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 2.86 | -86% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 45.48 | +126% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 17.24 | -14% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 38.18 | +90% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -45.13 | -324% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - TCPA passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 5.3 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.
Returns on capital are moderate - ROIC 5.1%, ROE 13.5%, ROA 4.2% - with debt at 1.64 times equity and negative free cash flow.
The dividend yield is high at 5.82% (payout ratio 47%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 5.1% |
|---|---|---|---|
| GLS Moat | 5.3 / 10 | ROE | 13.5% |
| Debt / equity | 1.64 | ROA | 4.2% |
| Free-cash-flow yield | -0.8% | Payout ratio | 47% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 39: No options
TCPA has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 57k shares a day on a market cap of $20.4B, with a beta of 0.77 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 44% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 8 / 15 | moat 5.3/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 12 / 20 | 57k shares/day, $20.4B cap, beta 0.77 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for TCPA in the nightly calendar. The shares go ex-dividend on 16 Oct 2026 (0.3906 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Midstream
The 12 companies below are the closest to TransCanada PipeLines Limited 6 by market cap within the Oil & Gas Midstream industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| WES Western Midstream Partners, LP | 44.82 | 60.89 | +26% | 81Prime | $18.5B |
| PAA Plains All American Pipeline, L.P. | 24.98 | 51.82 | +52% | 80Prime | $17.6B |
| VNOM Viper Energy, Inc. | 44.13 | 18.07 | -144% | 59Fair | $15.9B |
| PBA Pembina Pipeline Corporation | 48.52 | 41.17 | -18% | 51Fair | $28.2B |
| CQP Cheniere Energy Partners, L.P. | 62.25 | 115.62 | +46% | 81Prime | $30.1B |
| VG Venture Global, Inc. | 13.27 | 24.59 | +46% | 86Prime | $33.2B |
| DTM DT Midstream, Inc. | 118.81 | 81.27 | -46% | 62Fair | $12.1B |
| AM Antero Midstream Corporation | 19.92 | 23.06 | +14% | 73Good | $9.5B |
| OKE ONEOK, Inc. | 90.65 | 115.64 | +22% | 78Good | $57.1B |
| LNG Cheniere Energy, Inc. | 279.15 | 507.09 | +45% | 87Prime | $57.7B |
| MPLX MPLX Lp | 57.12 | 67.89 | +16% | 77Good | $57.9B |
| SOBO South Bow Corporation | 34.03 | 44.93 | +24% | 84Prime | $7.1B |
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Start free See the Sunday ScanQuestions about TCPA
Is TCPA undervalued right now?
By the GLS models, yes: at 20.13 the stock is 44% below the average fair value of 36.01 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of TCPA and what does it mean?
TCPA has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for TCPA?
36.01 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does TransCanada PipeLines Limited 6 report earnings next?
No upcoming earnings date is recorded for TCPA in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does TCPA have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on TCPA, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.