Enterprise Products Partners L P (EPD) is slightly undervalued and TC Energy Corp (TRP) is overvalued.
Against our estimates of intrinsic value, EPD trades at the wider discount: a margin of safety of +13%, against -121% for TRP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $43.82; the price of $38.01 is 13% below that value, and 81% of that value comes from beyond year five.
Leak Score 54/100 on 9 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $27.04; the price of $59.78 is 121% above that value, and 82% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | EPD | TRP |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $38.01 | $59.78 |
| Intrinsic value | $43.82 | $27.04 |
| Margin of safety | +13% | -121% |
| Leak Score | 54/100 (9/12) | 0/100 (2/12) |
| Market cap | $82.1B | $59.8B |
| Revenue growth, 5 years | 14.3% | 2.6% |
| Operating margin | 12.5% | 46.3% |
| Net margin | 10.7% | 21.6% |
| Return on equity | 21.1% | 13.8% |
| Debt to equity | 1.13 | 2.30 |
| P/E | 13.2x | 24.8x |
| Forward P/E | 11.9x | 21.2x |
| P/B | 2.7x | 3.5x |
| Dividend yield | 5.9% | 4.2% |