TC Energy (TSX:TRP) Beneish M-Score: -2.39 (As of Jun. 24, 2026)

What is TC Energy Beneish M-Score?

TC Energy TSX:TRP +1.88% 77 Beneish M-Score is -2.39 as of Jun. 24, 2026. GuruFocus rates TSX:TRP with a GF Score™ of 77/100 and a GF Value™ of C$73.43 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 822 Oil & Gas companies, TC Energy ranks worse than 68.13% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for TC Energy's Beneish M-Score or its related term are showing as below:

TSX:TRP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.43 Max: -1.75
Current: -2.39

During the past 13 years, the highest Beneish M-Score of TC Energy was -1.75. The lowest was -2.79. And the median was -2.43.

TC Energy Beneish M-Score Related Terms

TC Energy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TC Energy's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

TC Energy Beneish M-Score Chart

TC Energy Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-1.75

-2.65

-2.79

-2.65

-2.39

TC Energy Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	-2.39	0.00

TSX:TRP vs WMB, EPD, KMI: Beneish M-Score Comparison

For the Oil & Gas Midstream subindustry, TC Energy's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

TC Energy Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, TC Energy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TC Energy's Beneish M-Score falls into.

Save Embed

77GF Score

TC Energy Corp TSX:TRP

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

TC Energy Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of TC Energy for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.24

0.528 * 0.9565

0.404 * 1.021

0.892 * 1.1066

0.115 * 0.9957

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.044278

0.327 * 1.0075

-2.39

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was C$4,266 Mil.
Revenue was C$15,239 Mil.
Gross Profit was C$7,643 Mil.
Total Current Assets was C$6,316 Mil.
Total Assets was C$118,751 Mil.
Property, Plant and Equipment(Net PPE) was C$79,245 Mil.
Depreciation, Depletion and Amortization(DDA) was C$2,769 Mil.
Selling, General, & Admin. Expense(SGA) was C$0 Mil.
Total Current Liabilities was C$9,959 Mil.
Long-Term Debt & Capital Lease Obligation was C$57,822 Mil.
Net Income was C$3,519 Mil.
Gross Profit was C$1,431 Mil.
Cash Flow from Operations was C$7,346 Mil.

Total Receivables was C$3,109 Mil.
Revenue was C$13,771 Mil.
Gross Profit was C$6,606 Mil.
Total Current Assets was C$5,733 Mil.
Total Assets was C$118,243 Mil.
Property, Plant and Equipment(Net PPE) was C$80,142 Mil.
Depreciation, Depletion and Amortization(DDA) was C$2,788 Mil.
Selling, General, & Admin. Expense(SGA) was C$0 Mil.
Total Current Liabilities was C$10,511 Mil.
Long-Term Debt & Capital Lease Obligation was C$56,475 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(4266 / 15239)	/	(3109 / 13771)
	=	0.27994	/	0.225764
	=	1.24

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(6606 / 13771)	/	(7643 / 15239)
	=	0.479704	/	0.501542
	=	0.9565

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (6316 + 79245) / 118751)	/	(1 - (5733 + 80142) / 118243)
	=	0.279492	/	0.273741
	=	1.021

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	15239	/	13771
	=	1.1066

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(2788 / (2788 + 80142))	/	(2769 / (2769 + 79245))
	=	0.033619	/	0.033763
	=	0.9957

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(0 / 15239)	/	(0 / 13771)
	=	0	/	0
	=	1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((57822 + 9959) / 118751)	/	((56475 + 10511) / 118243)
	=	0.570783	/	0.566511
	=	1.0075

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(3519 - 1431	-	7346)	/	118751
	=	-0.044278

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

TC Energy has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.39 mean?

TC Energy (TSX:TRP) has a Beneish M-Score of -2.39 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TC Energy and its competitors. According to the industry distribution chart, TC Energy ranks #560 out of 822 companies in the Oil & Gas industry, placing it in the top 68.1%.

Is TC Energy's Beneish M-Score too high?

TC Energy's current Beneish M-Score is -2.39. Based on the distribution chart, TC Energy ranks #560 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, TC Energy has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does TC Energy's Beneish M-Score compare to WMB and EPD?

According to the Oil & Gas industry distribution chart, TC Energy ranks #560 out of 822 companies for Beneish M-Score. This places TC Energy in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TC Energy and its competitors. TC Energy's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TC Energy stock overvalued right now?

Based on GuruFocus' analysis, TC Energy (TSX:TRP) is currently considered Significantly Overvalued. The stock's GF Value™ is C$73.43, compared to a current price of C$98.73 — trading 34.5% above its estimated fair value. The current Beneish M-Score is -2.39. TC Energy's overall GF Score™ is 77/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For TC Energy (TSX:TRP), the current Beneish M-Score is -2.39 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is TC Energy (TSX:TRP) Overvalued in 2026?

Based on GuruFocus' analysis, TC Energy stock appears to be overvalued. The current stock price of C$98.73 is trading 34.5% above its estimated GF Value™ of C$73.43. GuruFocus considers TC Energy to be Significantly Overvalued.

Key valuation signals for TSX:TRP:

Beneish M-Score: -2.39
GF Value™: C$73.43 vs. price of C$98.73 (34.5% above fair value)
GF Score™: 77/100 with 12 warning signs

No single metric tells the full story. See the TSX:TRP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TC Energy Business Description

Industry Energy Oil & Gas

Comparable Companies TSX:PPL TSX:ENB TSX:ALA TSX:KEY TSX:SOBO TSX:TPZ TSX:GEI TSX:TWM TSXV:ATLE TSXV:SRR WMB EPD KMI ET MPLX TRGP OKE LNG VG CQP

Other Exchanges TCANF.PFD:USA TRP:USA TRPN:Mexico TRS:Germany TRP.PR.H.PFD:Canada TRP.PR.F.PFD:Canada TRP.PR.L.PFD:Canada TRP.PR.D.PFD:Canada TRP.PR.C.PFD:Canada TRP.PR.B.PFD:Canada TRP.PR.A.PFD:Canada

Address 450 - 1 Street S.W, TC Energy Tower, Calgary, AB, CAN, T2P 5H1

Website https://www.tcenergy.com

TC Energy operates natural gas transmission assets across North America. Segments are determined by country of operation, but both Canadian and US operations are interconnected. Mexican operations are disconnected from the US and only have one customer, the state utility CFE. They also operate power generation assets, with the largest being the Bruce Power nuclear plant.

77GF Score

Get the complete analysis for TSX:TRP

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$98.73

Price

C$73.43

GF Value

View TSX:TRP Analysis

See Beneish M-Score data for all stocks →