TC Energy Corp (TRP) - Net Assets
Based on the latest financial reports, TC Energy Corp (TRP) has net assets worth CA$36.90 Billion CAD (≈ $26.69 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$118.75 Billion ≈ $85.90 Billion USD) and total liabilities (CA$81.85 Billion ≈ $59.21 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Explore TRP cash flow conversion to assess how effectively this company generates cash.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$36.90 Billion |
| % of Total Assets | 31.07% |
| Annual Growth Rate | 7.13% |
| 5-Year Change | 10.49% |
| 10-Year Change | 42.01% |
| Growth Volatility | 12.54 |
TC Energy Corp - Net Assets Trend (2000–2025)
This chart illustrates how TC Energy Corp's net assets have evolved over time, based on quarterly financial data. For live valuation and market cap data, see TC Energy Corp (TRP) total market value.
Annual Net Assets for TC Energy Corp (2000–2025)
The table below shows the annual net assets of TC Energy Corp from 2000 to 2025. Read TC Energy Corp (TRP) financial obligations for a breakdown of total debt and financial obligations.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$36.90 Billion ≈ $26.69 Billion |
-3.81% |
| 2024-12-31 | CA$38.36 Billion ≈ $27.75 Billion |
-1.66% |
| 2023-12-31 | CA$39.01 Billion ≈ $28.22 Billion |
+14.34% |
| 2022-12-31 | CA$34.12 Billion ≈ $24.68 Billion |
+2.16% |
| 2021-12-31 | CA$33.40 Billion ≈ $24.16 Billion |
-0.23% |
| 2020-12-31 | CA$33.47 Billion ≈ $24.21 Billion |
+3.32% |
| 2019-12-31 | CA$32.40 Billion ≈ $23.44 Billion |
+4.53% |
| 2018-12-31 | CA$30.99 Billion ≈ $22.42 Billion |
+15.25% |
| 2017-12-31 | CA$26.89 Billion ≈ $19.45 Billion |
+3.49% |
| 2016-12-31 | CA$25.98 Billion ≈ $18.80 Billion |
+42.45% |
| 2015-12-31 | CA$18.24 Billion ≈ $13.19 Billion |
-11.68% |
| 2014-12-31 | CA$20.65 Billion ≈ $14.94 Billion |
+2.57% |
| 2013-12-31 | CA$20.14 Billion ≈ $14.57 Billion |
+9.82% |
| 2012-12-31 | CA$18.34 Billion ≈ $13.26 Billion |
+0.42% |
| 2011-12-31 | CA$18.26 Billion ≈ $13.21 Billion |
+2.10% |
| 2010-12-31 | CA$17.88 Billion ≈ $12.94 Billion |
+5.62% |
| 2009-12-31 | CA$16.93 Billion ≈ $12.25 Billion |
+20.16% |
| 2008-12-31 | CA$14.09 Billion ≈ $10.19 Billion |
+30.68% |
| 2007-12-31 | CA$10.78 Billion ≈ $7.80 Billion |
+33.67% |
| 2006-12-31 | CA$8.07 Billion ≈ $5.84 Billion |
+6.15% |
| 2005-12-31 | CA$7.60 Billion ≈ $5.50 Billion |
+10.53% |
| 2004-12-31 | CA$6.88 Billion ≈ $4.97 Billion |
+11.38% |
| 2003-12-31 | CA$6.17 Billion ≈ $4.47 Billion |
-9.36% |
| 2002-12-31 | CA$6.81 Billion ≈ $4.93 Billion |
+4.93% |
| 2001-12-31 | CA$6.49 Billion ≈ $4.69 Billion |
-1.52% |
| 2000-12-31 | CA$6.59 Billion ≈ $4.77 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to TC Energy Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 1531.2% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$30.22 Billion | 110.71% |
| Other Comprehensive Income | CA$747.00 Million | 2.74% |
| Other Components | CA$2.25 Billion | 8.26% |
| Total Equity | CA$27.30 Billion | 100.00% |
TC Energy Corp Competitors by Market Cap
The table below lists competitors of TC Energy Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Truist Financial Corp
NYSE:TFC
|
$64.05 Billion |
|
Manulife Financial Corp
TO:MFC
|
$64.19 Billion |
|
Atlas Copco A ADR
F:ACO
|
$64.34 Billion |
|
Phillips 66
NYSE:PSX
|
$64.57 Billion |
|
ENGIE ADR/1 EO 1
F:GZFB
|
$63.66 Billion |
|
Elevance Health Inc
NYSE:ELV
|
$63.54 Billion |
|
Macquarie Group Ltd
AU:MQG
|
$63.29 Billion |
|
TE Connectivity Ltd
NYSE:TEL
|
$63.15 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TC Energy Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 27,592,000,000 to 27,295,000,000, a change of -297,000,000 (-1.1%).
- Net income of 3,519,000,000 contributed positively to equity growth.
- Dividend payments of 3,621,000,000 reduced retained earnings.
- Share repurchases of 250,000,000 reduced equity.
- New share issuances of 104,000,000 increased equity.
- Other comprehensive income increased equity by 514,000,000.
- Other factors decreased equity by 563,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$3.52 Billion | +12.89% |
| Dividends Paid | CA$3.62 Billion | -13.27% |
| Share Repurchases | CA$250.00 Million | -0.92% |
| Share Issuances | CA$104.00 Million | +0.38% |
| Other Comprehensive Income | CA$514.00 Million | +1.88% |
| Other Changes | CA$-563.00 Million | -2.06% |
| Total Change | CA$- | -1.08% |
Book Value vs Market Value Analysis
This analysis compares TC Energy Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.23x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 6.12x to 3.23x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2000-12-31 | CA$13.86 | CA$84.79 | x |
| 2001-12-31 | CA$13.60 | CA$84.79 | x |
| 2002-12-31 | CA$14.15 | CA$84.79 | x |
| 2003-12-31 | CA$12.59 | CA$84.79 | x |
| 2004-12-31 | CA$13.49 | CA$84.79 | x |
| 2005-12-31 | CA$14.72 | CA$84.79 | x |
| 2006-12-31 | CA$15.71 | CA$84.79 | x |
| 2007-12-31 | CA$18.38 | CA$84.79 | x |
| 2008-12-31 | CA$22.57 | CA$84.79 | x |
| 2009-12-31 | CA$24.14 | CA$84.79 | x |
| 2010-12-31 | CA$24.17 | CA$84.79 | x |
| 2011-12-31 | CA$24.64 | CA$84.79 | x |
| 2012-12-31 | CA$23.95 | CA$84.79 | x |
| 2013-12-31 | CA$26.17 | CA$84.79 | x |
| 2014-12-31 | CA$26.86 | CA$84.79 | x |
| 2015-12-31 | CA$23.18 | CA$84.79 | x |
| 2016-12-31 | CA$31.92 | CA$84.79 | x |
| 2017-12-31 | CA$28.65 | CA$84.79 | x |
| 2018-12-31 | CA$32.49 | CA$84.79 | x |
| 2019-12-31 | CA$33.04 | CA$84.79 | x |
| 2020-12-31 | CA$33.40 | CA$84.79 | x |
| 2021-12-31 | CA$34.16 | CA$84.79 | x |
| 2022-12-31 | CA$34.13 | CA$84.79 | x |
| 2023-12-31 | CA$28.69 | CA$84.79 | x |
| 2024-12-31 | CA$26.58 | CA$84.79 | x |
| 2025-12-31 | CA$26.25 | CA$84.79 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TC Energy Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.89%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 23.15%
- • Asset Turnover: 0.13x
- • Equity Multiplier: 4.35x
- Recent ROE (12.89%) is above the historical average (10.25%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2000 | 11.99% | 17.87% | 0.17x | 3.88x | CA$131.20 Million |
| 2001 | 10.57% | 13.00% | 0.26x | 3.07x | CA$36.70 Million |
| 2002 | 11.81% | 15.42% | 0.26x | 2.92x | CA$123.22 Million |
| 2003 | 13.98% | 15.11% | 0.27x | 3.40x | CA$242.43 Million |
| 2004 | 15.72% | 18.77% | 0.25x | 3.42x | CA$375.45 Million |
| 2005 | 16.79% | 19.75% | 0.25x | 3.35x | CA$488.89 Million |
| 2006 | 14.01% | 14.35% | 0.29x | 3.36x | CA$308.60 Million |
| 2007 | 12.50% | 13.85% | 0.29x | 3.10x | CA$244.45 Million |
| 2008 | 11.16% | 16.71% | 0.22x | 3.06x | CA$150.20 Million |
| 2009 | 8.76% | 16.87% | 0.19x | 2.78x | CA$-195.90 Million |
| 2010 | 7.64% | 18.65% | 0.15x | 2.79x | CA$-394.70 Million |
| 2011 | 9.13% | 20.17% | 0.17x | 2.73x | CA$-151.40 Million |
| 2012 | 8.01% | 16.91% | 0.17x | 2.86x | CA$-337.10 Million |
| 2013 | 9.64% | 20.30% | 0.16x | 2.91x | CA$-66.50 Million |
| 2014 | 9.65% | 18.07% | 0.17x | 3.09x | CA$-67.00 Million |
| 2015 | -6.97% | -10.09% | 0.18x | 3.92x | CA$-2.79 Billion |
| 2016 | 0.96% | 1.86% | 0.14x | 3.63x | CA$-2.19 Billion |
| 2017 | 12.61% | 23.47% | 0.16x | 3.44x | CA$653.10 Million |
| 2018 | 12.62% | 27.06% | 0.14x | 3.37x | CA$768.20 Million |
| 2019 | 13.46% | 31.23% | 0.13x | 3.23x | CA$1.06 Billion |
| 2020 | 14.70% | 35.51% | 0.13x | 3.19x | CA$1.48 Billion |
| 2021 | 5.88% | 14.60% | 0.13x | 3.13x | CA$-1.37 Billion |
| 2022 | 2.20% | 6.08% | 0.11x | 3.36x | CA$-2.65 Billion |
| 2023 | 9.89% | 22.02% | 0.11x | 4.23x | CA$-33.30 Million |
| 2024 | 17.03% | 34.12% | 0.12x | 4.29x | CA$1.94 Billion |
| 2025 | 12.89% | 23.15% | 0.13x | 4.35x | CA$789.50 Million |
Industry Comparison
This section compares TC Energy Corp's net assets metrics with peer companies in the Oil & Gas Midstream industry.
Industry Context
- Industry: Oil & Gas Midstream
- Average net assets among peers: $4,379,787,602
- Average return on equity (ROE) among peers: 9.91%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TC Energy Corp (TRP) | CA$36.90 Billion | 11.99% | 2.22x | $63.90 Billion |
| AltaGas Ltd (ALA) | $3.57 Billion | 3.64% | 1.35x | $11.21 Billion |
| Enbridge Inc (ENB) | $13.76 Billion | 5.20% | 2.43x | $115.00 Billion |
| Gibson Energy Inc. (GEI) | $758.23 Million | 19.92% | 2.71x | $3.35 Billion |
| Keyera Corp. (KEY) | $2.78 Billion | 15.26% | 2.16x | $8.31 Billion |
| Pembina Pipeline Corp (PPL) | $13.85 Billion | 6.38% | 0.85x | $24.93 Billion |
| South Bow Corporation (SOBO) | $2.70 Billion | 16.29% | 3.13x | $6.60 Billion |
| Source Rock Royalties Ltd (SRR) | $27.44 Million | 9.32% | 0.05x | $32.64 Million |
| Topaz Energy Corp (TPZ) | $1.32 Billion | 2.08% | 0.26x | $3.35 Billion |
| Tidewater Midstream and Infrastructure Ltd (TWM) | $642.75 Million | 11.12% | 2.07x | $121.58 Million |
About TC Energy Corp
TC Energy Corporation operates as an energy infrastructure company in Canada, the United States, and Mexico. It operates through four segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; and Power and Energy Solutions. The company builds and operates a network of 94,171 kilometers of natural gas pipelines, which transports natural gas from supply bas… Read more