American Electric Power Company, Inc. vs TC ENERGY CORPORATION, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
A regulated electric utility and a natural-gas pipeline earn money in different ways. American Electric Power collects a regulated return on the capital it sinks into poles and wires; TC Energy tolls gas moving through Canadian and cross-border pipe, a fee that rides on throughput volumes. TC Energy keeps more of each revenue dollar, a 23.09 percent net margin against AEP's 17.05, and converts far more to cash, 7.45 percent free cash yield versus 3.42. AEP posts the higher return on equity, 11.51 percent to 9.54. The pipeline pays more, 3.59 percent yield against 2.7, and trades richer at 28.98 times earnings versus 20.53.
Comparison updated 2026-07-11.
| Metric | AEP | TRP |
|---|---|---|
| Price | $135.41 | $67.32 |
| Market cap | $74.1B | $70.0B |
| Sector | Utilities | Utilities |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | -2.2% |
| P/E | 20.0 | 28.0 |
| P/B | 2.25 | 2.58 |
| P/S | 3.33 | 6.25 |
| EV/EBITDA | 23.4 | 8.9 |
| Revenue growth | +8.6% | +3.5% |
| Operating margin | 22.6% | 52.7% |
| Net margin | 17.1% | 23.1% |
| Return on equity | 11.5% | 9.5% |
| Return on assets | 3.2% | 3.0% |
| Return on invested capital | 5.0% | 16.5% |
| FCF yield | 3.5% | 7.7% |
| Dividend yield | 2.8% | 3.7% |
| Debt / equity | 1.58 | 0.04 |
| Current ratio | 0.53 | 0.63 |
| Altman Z (solvency) | 0.88 | 0.94 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.