Energy Transfer LP vs TC ENERGY CORPORATION, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two gas-moving businesses, two different wrappers. Energy Transfer is a master limited partnership distributing cash on a K-1; TC Energy is a corporation running Canadian pipelines and paying a 3.59 percent dividend. TC Energy keeps far more of each dollar, a 23.09 percent net margin against Energy Transfer's slim 4.73, and yields more free cash, 7.45 percent to 5.48, though both throw off real cash. Returns on equity land close, 9.54 percent for TC Energy and 8.77 for Energy Transfer. The market prices them apart: Energy Transfer at 1.33 times book, TC Energy at 2.67. They are near in size, 72.5 billion and 65.9, and both trade partly on the tax form the investor is willing to hold.
Comparison updated 2026-07-11.
| Metric | ET | TRP |
|---|---|---|
| Price | $19.66 | $67.32 |
| Market cap | $67.7B | $70.0B |
| Sector | Utilities | Utilities |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | -2.2% |
| P/E | — | 28.0 |
| P/B | 1.36 | 2.58 |
| P/S | 0.73 | 6.25 |
| EV/EBITDA | 8.9 | 8.9 |
| Revenue growth | +12.6% | +3.5% |
| Operating margin | 10.7% | 52.7% |
| Net margin | 4.7% | 23.1% |
| Return on equity | 8.8% | 9.5% |
| Return on assets | 3.0% | 3.0% |
| Return on invested capital | 6.3% | 16.5% |
| FCF yield | 5.3% | 7.7% |
| Dividend yield | — | 3.7% |
| Debt / equity | 1.39 | 0.04 |
| Current ratio | 1.17 | 0.63 |
| Altman Z (solvency) | 6.72 | 0.94 |
| Piotroski F (quality) | 7 / 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.