Side by sideTC Energy (TRP.TO) and Pembina (PPL.TO)Memos of October 13, 2026 and October 16, 2026
TC Energy vs Pembina stock: the numbers side by side (October 2026)
How do TC Energy and Pembina compare?
| TC Energy TRP.TO | Pembina PPL.TO | |
|---|---|---|
| Revenue growth | 10.7%2025 | 5.3%2025 |
| Operating margin | 52.7%2025 | 36.1%2025 |
| Free cash flow | 2,245C$ millions · 2025 | 2,405C$ millions · 2025 |
| Free cash flow yield | 2.5%Today (Oct 13, 2026) | 5.9%Today (Oct 16, 2026) |
| Dividend yield | 4.0%Today (Oct 13, 2026) | 4.2%Today (Oct 16, 2026) |
| P/E, last 12 months | 24.9xToday (Oct 13, 2026) | 24.6xToday (Oct 16, 2026) |
| P/E, next 12 months | 22.3xToday (Oct 13, 2026) | 22.1xToday (Oct 16, 2026) |
| Weighted price forecast, about 1 year | 92.23 (+9 %)October 2027 | 69.64 (+4 %)October 2027 |
| Weighted price forecast, about 3 years | 96.29 (+22 %)October 2029 | 78.69 (+26 %)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | TC Energy | The higher figure |
| Operating margin | TC Energy | The higher figure |
| Free cash flow | Pembina | The higher figure |
| Free cash flow yield | Pembina | The higher figure |
| Dividend yield | Pembina | The higher figure |
| P/E, last 12 months | Pembina | The lower figure |
| P/E, next 12 months | Pembina | The lower figure |
| Weighted price forecast, about 1 year | TC Energy | The higher weighted return |
| Weighted price forecast, about 3 years | Pembina | The higher weighted return |
What does each company do?
TC Energy moves and stores natural gas and owns interests in power plants.
TC Energy (TRP.TO), from our memo of October 13, 2026 · TC Energy stock forecast
Pembina Pipeline owns connected routes and services that gather, process, transport, store and export hydrocarbons—fuels such as natural gas and oil—for producers, shippers, marketers and terminal users.
Pembina (PPL.TO), from our memo of October 16, 2026 · Pembina stock forecast