ET vs TRP: Energy Transfer LP and TC Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Energy Transfer LP is the larger company, worth $72.4B, close to TC Energy's $64.7B.
- Energy Transfer LP grew revenue faster over the last year (+78.4% vs +16.7%).
- TC Energy keeps more of each dollar of revenue as operating profit (52.7% vs 10.0%).
- On earnings, Energy Transfer LP is the cheaper stock (17.5x vs 25.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ET | TRP |
|---|---|---|
| Market cap | $72.4B | $64.7B |
| Share price | $20.74 | $60.05 |
| Revenue (last fiscal year) | $85.5B | $15.2B |
| Free cash flow (last fiscal year) | $3.8B | — |
| Revenue growth, last year | +78.4% | +16.7% |
| Revenue growth per year, last 5 fiscal years | +6.1% | +4.1% |
| Operating margin | 10.0% | 52.7% |
| Net margin | 4.9% | 23.1% |
| Return on equity | — | 12.9% |
| P/E (trailing) | 17.5x | 25.2x |
| Price / free cash flow | 18.8x | 31.4x |
| EV / EBITDA | 8.76x | 13.8x |
| FCF growth the price implies | 4.2% | — |
| Dividend yield | 6.4% | 5.5% |
| Debt / equity | — | 3.00x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 5 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Energy Transfer LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $67.4B | $8.3B | 13.0% |
| 2022 | $89.9B | $5.7B | 8.6% |
| 2023 | $78.6B | $6.4B | 10.6% |
| 2024 | $82.7B | $7.3B | 11.1% |
| 2025 | $85.5B | $3.8B | 10.6% |
TC Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.0B | -$244M | 31.3% |
| 2022 | $12.1B | -$2.6B | 20.2% |
| 2023 | $12.5B | -$5.0B | 40.7% |
| 2024 | $13.1B | -$208M | 61.0% |
| 2025 | $15.2B | — | 52.7% |
Where the revenue comes from
Energy Transfer LP · by segments, 2024
Crude Oil Transportation and Services$28.5B40%
Investment in Sunoco LP$22.7B32%
Midstream$11.2B16%
Intrastate Transportation and Storage$3.1B4%
Interstate Transportation and Storage$2.3B3%
All Other$1.7B2%
TC Energy · by segments, 2025
U.S. Natural Gas Pipelines$7.1B47%
Canadian Natural Gas Pipelines$5.8B38%
Mexico Natural Gas Pipelines$1.4B10%
Power and Energy Solutions$845M6%
Corporate$14M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ET in InvestinglyQuestions
Which is bigger, Energy Transfer LP or TC Energy?
Energy Transfer LP (ET), at $72.4B against $64.7B.
Is ET or TRP cheaper?
By trailing P/E, Energy Transfer LP (17.5x) is cheaper than TC Energy (25.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, ET or TRP?
Energy Transfer LP: revenue grew +78.4% over the last year, against +16.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.