TC Energy Corporation
TRP Energy Oil & Gas Midstream
TC Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $10.9 billion, up 8.52% from fiscal 2024. In the quarter to June 2026, revenue grew 5.59%, EPS grew 18.3%, free cash flow grew 24.2% and total debt rose 10.3%, each against the same quarter a year earlier.
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TC Energy Corporation (TRP) Altman Z-score
TC Energy Corporation's Altman Z-score for fiscal 2025 is 0.83, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.83 | 0.12 |
| FY2024 | 0.71 | 0.02 |
| FY2023 | 0.69 | 0.07 |
| FY2022 | 0.62 | (0.10) |
| FY2021 | 0.72 | (0.08) |
| FY2020 | 0.81 | (0.13) |
| FY2019 | 0.94 | 0.30 |
| FY2018 | 0.64 | (0.18) |
| FY2017 | 0.82 | 0.10 |
| FY2016 | 0.72 | 0.16 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.03) | — | −0.04 | |
| Retained earnings / total assets | (0.05) | — | −0.07 | |
| EBIT / total assets | 0.07 | — | 0.22 | |
| Market value of equity / total liabilities | 0.98 | — | 0.59 | |
| Sales / total assets | 0.13 | — | 0.13 | |
| Altman Z-score | Distress zone | 0.83 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.56 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TRGP Targa Resources, Inc. compare | 2.3× |
| LNG Cheniere Energy, Inc. compare | 2.1× |
| OKE ONEOK, Inc. compare | 1.4× |
| KMI Kinder Morgan, Inc. compare | 1.1× |
| WMB Williams Companies, Inc. (The) compare | 1.1× |
| TRP TC Energy Corporation | 0.8× |
| MPLX MPLX LP compare | — |
| ET Energy Transfer LP compare | — |
| EPD Enterprise Products Partners L.P. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets