` Comparison: NEXT vs TRP - Alpha Spread
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NEXT
vs
TRP

Over the past 12 months, NEXT has underperformed TRP, delivering a return of -26% compared to the TRP's +35% growth.

Valuation Growth Profitability Solvency Stocks Performance
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NEXT
TRP
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Stocks Compared:
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Valuation Comparison

NEXT Intrinsic Value
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TRP Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
NextDecade Corp
NASDAQ:NEXT
5.35 USD
TC Energy Corp
TSX:TRP
86.23 CAD
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Valuation Scenario:
Bear Case
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Growth Comparison

Growth Over Time
NEXT, TRP

NEXT
TRP
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
NextDecade Corp
Revenue
TC Energy Corp
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
NEXT, TRP

NEXT
TRP
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
NextDecade Corp
NASDAQ:NEXT
TC Energy Corp
TSX:TRP
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What is Free Cash Flow?

Gross Margin

NEXT
0%
TRP
69.7%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

Operating Margin

NEXT
0%
TRP
44.4%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

Net Margin

NEXT
0%
TRP
22.3%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

FCF Margin

NEXT
0%
TRP
13.5%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

ROE

NEXT
-46.9%
TRP
12.4%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

ROA

NEXT
-2.6%
TRP
2.9%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

ROIC

NEXT
-3.2%
TRP
4.7%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

ROCE

NEXT
-3.4%
TRP
6.2%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
TC Energy Corp

Solvency Comparison

NextDecade Corp
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
TC Energy Corp
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
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Performance Gap
NEXT, TRP

Performance Gap Between NEXT and TRP
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Performance By Year
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TRP
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Compare NEXT to other stocks
ENB
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Cheaper
vs NEXT
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vs NEXT
EPD
Enterprise Products Part...
Cheaper
vs NEXT
KMI
Kinder Morgan Inc
Cheaper
vs NEXT
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