Start with its own history
At 24.39×, TRP is 59.9% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · TRPOil & Gas MidstreamUpdated Nov 4, 2026
TC Energy Corporation P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
24.39×
59.9% belowthe 10-year annual average
Share price62.67
÷Earnings per share2.57
Price and EPS in quote currency. Calculation details
Investors are paying 24.39 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 60.85×
3-year average19.02×3 positive annual observations
5-year average34.57×5 positive annual observations
10-year average60.85×10 positive annual observations
Peer median · TTM21.07×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 23.11× | +52.8% |
| Dec 31, 2024 | 15.12× | -19.7% |
| Dec 31, 2023 | 18.82× | -77.7% |
| Dec 31, 2022 | 84.34× | +168.1% |
| Dec 31, 2021 | 31.46× | +188.2% |
| Dec 31, 2020 | 10.92× | -32.4% |
| Dec 31, 2019 | 16.16× | +29.9% |
| Dec 31, 2018 | 12.44× | -30.1% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 17.78× | -95.3% |
| Dec 31, 2016 | 378.38× | N/M |
| Dec 31, 2015 | N/M | N/M |
| Dec 31, 2014 | 23.21× | +15.7% |
| Dec 31, 2013 | 20.06× | -21.5% |
| Dec 31, 2012 | 25.55× | +25.1% |
| Dec 31, 2011 | 20.43× | -4.3% |
| Dec 31, 2010 | 21.34× | +24.4% |
| Dec 31, 2009 | 17.15× | +30.8% |
| Dec 31, 2008 | 13.11× | -25.3% |
| Dec 31, 2007 | 17.55× | -4.5% |
| Dec 31, 2006 | 18.38× | +24.8% |
| Dec 31, 2005 | 14.72× | +5.2% |
| Dec 31, 2004 | 13.99× | -11.7% |
| Dec 31, 2003 | 15.84× | +7.8% |
| Dec 31, 2002 | 14.69× | -3.9% |
| Dec 31, 2001 | 15.28× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How TRP compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 TRP This stockTC Energy Corporation | 24.39× |
 ENB.TOEnbridge Inc. | 22.67× |
 PPL.TOPembina Pipeline Corporation | 23.95× |
 KMIKinder Morgan, Inc. | 19.46× |
 WMBThe Williams Companies, Inc. | 26.61× |
 EPDEnterprise Products Partners L.P. | 12.20× |
 TRGPTarga Resources Corp. | 27.07× |
 MPLXMPLX Lp | 13.11× |
 OKEONEOK, Inc. | 13.74× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does TRP’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 21.07×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take TRP into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("TRP", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 62.67 ÷ EPS 2.57 = 24.39×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 4, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
TRP P/E ratio: common questions
The essentials behind the numbers.
TC Energy Corporation's current P/E is 24.39× based on the quote data last updated Nov 4, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.