ENTERPRISE PRODUCTS PARTNERS L.P. vs TC ENERGY CORPORATION, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both haul hydrocarbons for fees, but they are wrapped differently. Enterprise Products Partners is a master limited partnership that distributes cash to unitholders on a K-1; TC Energy is a corporation running Canadian natural-gas pipelines and paying an ordinary dividend of 3.59 percent. TC Energy keeps a far wider net margin, 23.09 percent against Enterprise's 11.44, and converts more to cash, 7.45 percent free cash yield versus 2.75. Enterprise is the larger of the two at 80 billion versus 72.5, and it is the biggest midstream partnership in the business. Picking between them is as much about the tax form, a partnership K-1 or a corporate dividend, as about the pipelines themselves.
Comparison updated 2026-07-11.
| Metric | EPD | TRP |
|---|---|---|
| Price | $37.27 | $67.32 |
| Market cap | $81.5B | $70.0B |
| Sector | Utilities | Utilities |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | -2.2% |
| P/E | — | 28.0 |
| P/B | — | 2.58 |
| P/S | 1.58 | 6.25 |
| EV/EBITDA | 12.1 | 8.9 |
| Revenue growth | -9.5% | +3.5% |
| Operating margin | 13.2% | 52.7% |
| Net margin | 11.4% | 23.1% |
| Return on equity | — | 9.5% |
| Return on assets | 7.3% | 3.0% |
| Return on invested capital | 21.5% | 16.5% |
| FCF yield | 2.7% | 7.7% |
| Dividend yield | — | 3.7% |
| Debt / equity | — | 0.04 |
| Current ratio | 0.91 | 0.63 |
| Altman Z (solvency) | 6.69 | 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.