TRP
TC Energy Corp
NYSE: TRP · ENERGY · OIL & GAS MIDSTREAM
$64.75
-0.39% today
Updated 2026-06-05
Market cap
$71.02B
P/E ratio
28.05
P/S ratio
4.59x
EPS (TTM)
$2.43
Dividend yield
5.02%
52W range
$44 – $71
Volume
2.5M
TC Energy Corp (TRP) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed TRP price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$64.75
Today
Analyst consensus
$86.56
+33.68% · 12M
2030 Base
$6.47
-90.01% future
NPV today
$4.20
@ 10% WACC
24 analysts:
9 Buy5 Hold2 Sell
Management guidance
CEO François Poirier has emphasized TRP's $8 billion projected backlog of contracted projects and strategic focus on U.S. natural gas expansion, particularly the $1.5 billion Appalachia Supply Project (adding 0.8 Bcf/d by 2030, with potential expansion to 2.0 Bcf/d). Management reaffirmed 2026 outlook expecting higher comparable EBITDA and EPS vs. 2025, with Q1 2026 comparable EBITDA up 14% YoY. Guidance does not specify outer-year revenue targets but emphasizes fee-based, long-term contracted revenue model with rising demand from LNG exports, data centers, and industrial electrification.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
TRP · TC Energy Corp · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$-14.55
NPV today: $-14.55
Base case (2030)
$6.47
NPV today: $4.20
Bull case (2030)
$69.54
NPV today: $45.19
WallStSmart.com
TRP financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $15.2B | $16.6B | $17.9B | $19.2B | $20.6B | $21.9B |
| Revenue growth | 10.3% | 9.3% | 7.2% | 7.6% | 7.0% | 6.6% |
| Net margin | — | 22.8% | 23.5% | 24.3% | 24.6% | 24.6% |
| EPS | $3.50 | $3.65 | $4.02 | $4.48 | $4.85 | $5.18 |
| Diluted shares | — | 1042M | 1042M | 1042M | 1042M | 1042M |
| Net debt | — | $58.96B | $58.96B | $58.96B | $58.96B | $58.96B |
| P/S multiple | — | 3.0x | 3.0x | 3.0x | 3.0x | 3.0x |
| Implied price (base) | — | $-8.65 | $-5.19 | $-1.30 | $2.58 | $6.47 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $21.9B | $21.9B | $21.9B |
| P/S multiple | 2.0x | 3.0x | 6.0x |
| Diluted shares | 1042M | 1042M | 1042M |
| Net debt | $58.96B | $58.96B | $58.96B |
| Implied P/E † | -3x | 1x | 13x |
| 2030 Price | $-14.55 | $6.47 | $69.54 |
| NPV @ 10% | $-14.55 | $4.20 | $45.19 |
† Implied P/E: Multiples remain elevated across all three scenarios because TRP is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $6.47 base case
TRP catalysts and risks
Growth catalysts
+ Completion and ramp of Appalachia Supply Project (800 Mmcf/d capacity by 2030, expandable to 2.0 Bcf/d) driving contracted revenue growth
+ Sustained U.S. natural gas demand from AI data center expansion, electrification, and LNG export projects; CEO noted further expansion opportunities beyond initial 800 Mmcf/d
+ Execution of $8B contracted backlog of projects; strong Q1 2026 comparable EBITDA growth (+14% YoY) supports near-term momentum
+ Coastal GasLink Phase 2 development and LNG Canada partnerships expanding liquids and gas transportation revenue
+ Dividend yield (3.8%) and fee-based cash flow model attract institutional capital; recent analyst upgrades reflect project execution confidence
Key risks
- Regulatory and permitting delays in Canada (CEO warned Canada has 'fallen behind' on project approvals); U.S. regulatory/political risk remains
- Currency headwinds: 60%+ of revenue from USD operations; CAD/USD strength would pressure reported CAD revenue and dividend yield
- Capital intensity of pipeline projects; execution risk on $1.5B Appalachia expansion and other backlog items; potential cost overruns
- Commodity and demand volatility: LNG/natural gas pricing and demand cyclicality; data center growth may not materialize as expected
- High debt levels (Debt/Eq 2.25, LT Debt/Eq 2.11) limit financial flexibility; rising interest rates increase financing costs
Methodology · TC Energy Corp 2030 stock forecast model
TC Energy Corp 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 24 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (0% cumulative for TRP by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($58.96B by 2030) |
| 3. Time value | NPV calculated using 10% WACC (CAPM: beta 0.971) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 3.0x / bull 6.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
TRP price target FAQ
What is the TRP price target for 2030?
WallStSmart's TC Energy Corp 2030 base case is $6.47 per share, with a bull case of $69.54 and bear case of $-14.55. The NPV of the base case discounted to today at 10% WACC is $4.20.
How is the TC Energy Corp 2030 stock forecast calculated?
The TRP 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the TRP price target account for dilution?
TC Energy Corp is projected to grow diluted share count from 1042M to 1042M by 2030 (a 0% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 0%.
What is the analyst consensus on TRP stock?
24 analysts cover TRP with an average 12-month price target of $86.56. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.