TC Energy Corp (TRP) is overvalued and Williams Cos Inc (WMB) is overvalued.
Both trade above our estimate of their intrinsic value. TRP is the closer of the two: -121%, against -182% for WMB.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.9% (average of 2 methods) values the shares at $25.17; the price of $70.98 is 182% above that value, and 80% of that value comes from beyond year five.
Leak Score 38/100 on 10 of 12 signals
| Metric | TRP | WMB |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $59.78 | $70.98 |
| Intrinsic value | $27.04 | $25.17 |
| Margin of safety | -121% | -182% |
| Leak Score | 0/100 (2/12) | 38/100 (10/12) |
| Market cap | $59.8B | $86.8B |
| Revenue growth, 5 years | 2.6% | 8.9% |
| Operating margin | 46.3% | 38.0% |
| Net margin | 21.6% | 24.9% |
| Return on equity | 13.8% | 24.0% |
| Debt to equity | 2.30 | 2.33 |
| P/E | 24.8x | 28.3x |
| Forward P/E | 21.2x | 27.6x |
| P/B | 3.5x | 6.6x |
| Dividend yield | 4.2% | 3.0% |