TRP Research
TC Energy Corporation
Next ex-dividend date: 2026-09-29 (112 days away)
2.69%
Forward yield
$1.845 / yr per share
Yield percentile (5y)
P 16
2.1% (P10)4.2% (med)6.2% (P90)
Quality score
70/100
Good · Moderate payout risk
Annual / share
$1.845
Quarterly · next ex-date 09-29 (112d)
vs 5y P90 reference
+52%
$68.69 vs $32.92 (5y P90 price)
Refreshed 2026-06-09Data coverage High — 39y history
01Fundamentals
TRP offers an attractive 4.9913% dividend yield with 39 consecutive years of payments, and the dividend is covered by a 63.3% Free Cash Flow payout ratio. However, a 101.11% earnings Payout Ratio and high 166.505% Debt/Equity ratio signal balance sheet strain and limited future dividend growth at 1.84%. Hold this stock for income due to these conflicting safety signals.
Bull caseThe company maintains a strong dividend track record of 39 consecutive years with a robust 63.3% Free Cash Flow payout ratio, supporting a 4.9913% dividend yield.
Bear caseSignificant financial risks include a 101.11% Payout Ratio based on earnings and high leverage with Debt/Equity at 166.505%, limiting future dividend growth to just 1.84%.
02Risk & quality
| Free-cash-flow payout ratio | Moderate · 63.3% |
| Overall quality score | 70 / 100 · Good |
Score breakdown — five dimensions, each /2020 + 20 + 10 + 1 + 4 = 70
20.0/20
Consistency
20.0/20
Payout safety
9.6/20
Moat
↓
1.2/20
Growth rate
3.8/20
Balance sheet
- Consistency 20.0/20 — TRP has raised or maintained its dividend for 39 consecutive years, qualifying as a Dividend Aristocrat (25+ year streak). The dimension caps at 10 years, so 39 years comfortably clears the ceiling for full credit.
- Payout safety 20.0/20 — TRP pays out 63.3% of free cash flow as dividends — still inside the safe band, with some headroom before reaching 80%, the level commonly flagged as strained. Manageable as long as earnings hold up.
- Moat 9.6/20 — TRP's sector (Energy) scores in the lower half here — earnings are exposed to either commodity-cycle swings, technology disruption, or competitive entry. Doesn't directly affect today's dividend, but read as ongoing pressure on future earnings power.
- Growth rate 1.2/20 — TRP's dividend grew about 1.8% per year over the past 5 years — close to flat. Often signals a mature business that's prioritizing buybacks or balance-sheet protection over hikes, or one with limited reinvestment runway. The payout itself can still be safe; it's the trajectory that's stalled.
- Balance sheet 3.8/20 — A composite of ROE and inverse leverage. A low score here can mean weak return-on-equity, high debt, or both — for TRP, 11.3% ROE and 167% debt-to-equity. Doesn't directly threaten the current dividend if cash flow is healthy, but it does limit how much room the company has for future hikes or to absorb a downturn.
03Price reference
$10,000at current price →$269/ yr in dividends
Math: 2.69% forward yield. Historical 5y DGR is 1.8%/yr — past growth does not guarantee future results.
Below are statistical price references from the last 5 years of trading, anchored to historical drawdown events. They describe where the price has been — not where it should be.
$32.92
$32.92
$68.69
5y P10
5y P90
Now
| Current price | $68.69 |
| 5y P90 reference (high-yield 10% tail) | $32.92 — 52.1% lower |
| 5y P10 reference (low-yield 10% tail) | $32.92 — 52.1% lower |
| 5y max observed yield (at P10 price) | 7.3% |
| Annual dividend (frozen forward) | $1.845 / share · 2.69% yield |
Historical anchor · 2008-10 Global Financial Crisis
Low $10.80 · drawdown 37 days · yield reached 10.8%
Lehman collapse triggered global credit freeze; S&P fell ~50% peak-to-trough.
Important — this is reference data, not investment advice.
Quality scores, percentiles, and price references are statistical summaries of historical data computed by our research methodology from public market data, refreshed daily. They do not constitute a buy / sell / hold recommendation, do not account for your personal financial situation, tax bracket, or goals, and past performance does not predict future results. Consult a registered investment advisor before making investment decisions. divcalc.io is not a registered investment advisor.
Quality scores, percentiles, and price references are statistical summaries of historical data computed by our research methodology from public market data, refreshed daily. They do not constitute a buy / sell / hold recommendation, do not account for your personal financial situation, tax bracket, or goals, and past performance does not predict future results. Consult a registered investment advisor before making investment decisions. divcalc.io is not a registered investment advisor.