TC Energy Corporation
TC Energy Corporation is classed by the SEC under Natural Gas Transmission (industry code 4922), based in Calgary Alberta, AB. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of CAD 15 billion and a profit of CAD 3.4 billion (its filed statements).
vs its business-model standard
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a regulated utility: prior from its industry code (SEC 4922, Natural Gas Transmission); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 5.5 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.2 out of ten, present 4.7 out of ten, future 6.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
- Surviving crises (past): 6.6 out of ten. No warning events in its filings since 2017. 66th percentile among 16 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Track record (past): 4.7 out of ten. +2.2% a year over 10 filed years; profitable in 10 of 10. 47th percentile among 16 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Shareholder treatment (past): 6.7 out of ten. Share count grew 1.5% a year. 46% of cash flow returned. Insiders: 0 sales, 0 purchases. 67th percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Financial health (present): 4.0 out of ten. ROE 10%: 10¢ of profit per shareholder dollar. Leverage 69%: owes 69¢ per asset dollar. 40th percentile among 12 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Industry position (present): 5.6 out of ten. top 44% of 16 in its family; net margin 23.1%. 56th percentile among 16 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Leadership (present): 5.0 out of ten. CrossAssetData estimate 5.0/10, confidence 20 of 100 (family median). 50th percentile among 13 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
- Room to expand (future): 9.1 out of ten. top 9% of 16 in its family for room to expand. 91st percentile among 16 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Growth drivers (future): 5.1 out of ten. top 49% of 16 in its family for growth drivers. 51st percentile among 16 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Expectations vs reality (future): 5.4 out of ten. top 46% of 15 in its family for expectations against reality. 54th percentile among 15 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 40-F filed 2026-02-13 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-10-06. Filings on record since 2003. Read from EDGAR 2026-10-12.
Where the revenue comes from
Lines of business in fiscal 2025: U.S.Natural Gas Pipelines 47%, Canadian Natural Gas Pipelines 38%, Mexico Natural Gas Pipelines 10%, Power and Energy Solutions 6%, Corporate under 1%. By geography: United States 47%, Canada Domestic 37%, Mexico and International 10%, Canada Export 6%. As tagged in its annual report (Form 40-F, filed 2026-02-13).
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Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.