Stock fact sheet · data as of
TC Energy Corporation (TRP): fair value, margin of safety and Wheel Score
Ticker symbol TRP · Energy · Oil & Gas Midstream · Canada · Growth
Is TRP undervalued?
TC Energy Corporation (TRP) closed at 62.67 on 5 Nov 2026, 17% above the GLS average fair value of 53.43. Only 3 of the 8 models that produced a number value the shares above the current price. The margin of safety is negative, so the stock fails the "below fair value" Wheel Trade Filter; a premium of this size is common for companies whose growth the models are conservative about.
The 8 models disagree widely: Lynch gives 18.50 while Payback Time gives 90.05. 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.
Ranked against every other company we cover, TRP is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 30, growth score 61, out of 100).
Nine valuation models for TRP
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 | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 32.31 | -48% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 56.71 | -10% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 18.50 | -70% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 78.99 | +26% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 86.72 | +38% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 90.05 | +44% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 36.70 | -41% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 27.45 | -56% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -51.97 | -183% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 89.67 | +43% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health TRP scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 4.2 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC 4.0%, ROE 12.9%, ROA 3.0% - with debt at 2.23 times equity and a free-cash-flow yield of 4.5%. Debt of 2.23 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 3.98% at a payout ratio of 102%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Natural Gas Storage And Other 88%, Power Generation 12% (fiscal year FY2025).
Institutional ownership scores 8/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 4.0% |
|---|---|---|---|
| GLS Moat | 4.2 / 10 | ROE | 12.9% |
| Debt / equity | 2.23 | ROA | 3.0% |
| Free-cash-flow yield | 4.5% | Payout ratio | 102% |
| Institutions | 8 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 35: Weak
TRP scores 35 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 3, below fair value - trades 17% above our fair value; and filter 5, can repay its debt - 7.9 years to repay its debt (over 3), and the parts are thin too - value weak, premium good, moat fair, health good, red flags strong, option trading weak, stability strong. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 30% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is 7,958 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 2.8M shares a day on a market cap of $65.3B, with a beta of 0.92; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 17% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Fails | 7.9 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 17% above fair value | |
| Premium | Good | implied volatility 30% | |
| Moat | Fair | moat 4.2/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Strong | Red Flags score 90/100 | |
| Option trading | Weak | 362 contracts a day, 7,958 open interest | |
| Stability | Strong | beta 0.92, $65.3B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
TC Energy Corporation reports earnings on 5 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
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 TC Energy Corporation 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 |
|---|---|---|---|---|---|
| TRGP Targa Resources Corp. | 285.00 | 154.52 | -84% | 41Weak | $61.1B |
| KMI Kinder Morgan, Inc. | 31.52 | 24.27 | -30% | 39Weak | $70.2B |
| LNG Cheniere Energy, Inc. | 292.02 | 482.62 | +39% | 58Fair | $59.6B |
| MPLX MPLX Lp | 56.25 | 61.40 | +8% | 35Weak | $57.0B |
| OKE ONEOK, Inc. | 88.60 | 113.66 | +22% | 48Weak | $55.9B |
| EPD Enterprise Products Partners L.P. | 36.71 | 35.80 | -3% | 37Weak | $79.3B |
| WMB The Williams Companies, Inc. | 67.86 | 41.00 | -66% | 40Weak | $84.8B |
| ENB Enbridge Inc. | 48.78 | 37.29 | -31% | 28Weak | $108.7B |
| VG Venture Global, Inc. | 12.00 | 24.59 | +51% | 52Fair | $30.0B |
| PBA Pembina Pipeline Corporation | 48.73 | 34.41 | -42% | 35Weak | $28.3B |
| CQP Cheniere Energy Partners, L.P. | 56.68 | 123.94 | +54% | 51Fair | $27.4B |
| TCPA TransCanada PipeLines Limited 6 | 21.13 | 37.12 | +43% | 34No options | $21.4B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about TRP
Is TRP undervalued right now?
No: at 62.67 the stock trades 17% above the GLS average fair value of 53.43 (data as of 5 Nov 2026). The margin of safety is negative.
What is the Wheel Score of TRP and what does it mean?
TRP scores 35 out of 100 (Weak) - it fails Wheel Trade Filters 3, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for TRP?
53.43 per share as of 5 Nov 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 TC Energy Corporation report earnings next?
The next earnings report is due on 5 Nov 2026 (before the open), 0 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does TRP have listed options, and how liquid are they?
Yes. The nightly snapshot found 104 listed contracts with 7,958 open interest across all expiries and implied volatility of 30% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.