ENBRIDGE INC (ENB.CA) Fundamental Analysis & Valuation

TSX:ENB • CA29250N1050

72.86 CAD
-0.1 (-0.14%)
Last: Mar 11, 2026, 07:00 PM
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This ENB.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to ENB. ENB was compared to 212 industry peers in the Oil, Gas & Consumable Fuels industry. While ENB is still in line with the averages on profitability rating, there are concerns on its financial health. ENB is valied quite expensively at the moment, while it does show a decent growth rate. Finally ENB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

6

1. ENB.CA Profitability Analysis

1.1 Basic Checks

  • In the past year ENB was profitable.
  • In the past year ENB had a positive cash flow from operations.
  • ENB had positive earnings in each of the past 5 years.
  • In the past 5 years ENB always reported a positive cash flow from operatings.
ENB.CA Yearly Net Income VS EBIT VS OCF VS FCFENB.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B

1.2 Ratios

  • ENB's Return On Assets of 3.24% is fine compared to the rest of the industry. ENB outperforms 64.15% of its industry peers.
  • The Return On Equity of ENB (11.35%) is better than 73.11% of its industry peers.
  • ENB's Return On Invested Capital of 4.46% is fine compared to the rest of the industry. ENB outperforms 60.85% of its industry peers.
  • ENB had an Average Return On Invested Capital over the past 3 years of 4.22%. This is below the industry average of 6.67%.
  • The last Return On Invested Capital (4.46%) for ENB is above the 3 year average (4.22%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.24%
ROE 11.35%
ROIC 4.46%
ROA(3y)2.93%
ROA(5y)2.73%
ROE(3y)9.5%
ROE(5y)8.48%
ROIC(3y)4.22%
ROIC(5y)4.15%
ENB.CA Yearly ROA, ROE, ROICENB.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

1.3 Margins

  • ENB's Profit Margin of 10.85% is fine compared to the rest of the industry. ENB outperforms 66.04% of its industry peers.
  • In the last couple of years the Profit Margin of ENB has grown nicely.
  • ENB has a Operating Margin of 17.37%. This is in the better half of the industry: ENB outperforms 66.04% of its industry peers.
  • ENB's Operating Margin has declined in the last couple of years.
  • With a decent Gross Margin value of 41.37%, ENB is doing good in the industry, outperforming 62.74% of the companies in the same industry.
  • In the last couple of years the Gross Margin of ENB has declined.
Industry RankSector Rank
OM 17.37%
PM (TTM) 10.85%
GM 41.37%
OM growth 3Y3.99%
OM growth 5Y-2.63%
PM growth 3Y30.72%
PM growth 5Y7.29%
GM growth 3Y1.93%
GM growth 5Y-2.35%
ENB.CA Yearly Profit, Operating, Gross MarginsENB.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

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1

2. ENB.CA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so ENB is destroying value.
  • ENB has about the same amout of shares outstanding than it did 1 year ago.
  • ENB has more shares outstanding than it did 5 years ago.
  • ENB has a worse debt/assets ratio than last year.
ENB.CA Yearly Shares OutstandingENB.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B
ENB.CA Yearly Total Debt VS Total AssetsENB.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50B 100B 150B 200B

2.2 Solvency

  • ENB has an Altman-Z score of 0.90. This is a bad value and indicates that ENB is not financially healthy and even has some risk of bankruptcy.
  • ENB has a better Altman-Z score (0.90) than 60.85% of its industry peers.
  • The Debt to FCF ratio of ENB is 33.90, which is on the high side as it means it would take ENB, 33.90 years of fcf income to pay off all of its debts.
  • With a Debt to FCF ratio value of 33.90, ENB perfoms like the industry average, outperforming 58.02% of the companies in the same industry.
  • A Debt/Equity ratio of 1.61 is on the high side and indicates that ENB has dependencies on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 1.61, ENB is doing worse than 70.75% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.61
Debt/FCF 33.9
Altman-Z 0.9
ROIC/WACC0.7
WACC6.34%
ENB.CA Yearly LT Debt VS Equity VS FCFENB.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B 40B 60B 80B

2.3 Liquidity

  • A Current Ratio of 0.63 indicates that ENB may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.63, ENB is doing worse than 62.74% of the companies in the same industry.
  • A Quick Ratio of 0.55 indicates that ENB may have some problems paying its short term obligations.
  • ENB has a Quick ratio of 0.55. This is in the lower half of the industry: ENB underperforms 62.26% of its industry peers.
Industry RankSector Rank
Current Ratio 0.63
Quick Ratio 0.55
ENB.CA Yearly Current Assets VS Current LiabilitesENB.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

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5

3. ENB.CA Growth Analysis

3.1 Past

  • ENB shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 7.86%.
  • The Earnings Per Share has been growing slightly by 4.44% on average over the past years.
  • Looking at the last year, ENB shows a very strong growth in Revenue. The Revenue has grown by 21.92%.
  • The Revenue has been growing by 10.77% on average over the past years. This is quite good.
EPS 1Y (TTM)7.86%
EPS 3Y2.43%
EPS 5Y4.44%
EPS Q2Q%17.33%
Revenue 1Y (TTM)21.92%
Revenue growth 3Y6.94%
Revenue growth 5Y10.77%
Sales Q2Q%5.92%

3.2 Future

  • Based on estimates for the next years, ENB will show a small growth in Earnings Per Share. The EPS will grow by 4.39% on average per year.
  • ENB is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.76% yearly.
EPS Next Y0.58%
EPS Next 2Y4.52%
EPS Next 3Y6.23%
EPS Next 5Y4.39%
Revenue Next Year-1.03%
Revenue Next 2Y1.41%
Revenue Next 3Y2.18%
Revenue Next 5Y0.76%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
ENB.CA Yearly Revenue VS EstimatesENB.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20B 40B 60B
ENB.CA Yearly EPS VS EstimatesENB.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 1 2 3 4

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3

4. ENB.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 24.13, which indicates a rather expensive current valuation of ENB.
  • Based on the Price/Earnings ratio, ENB is valued a bit cheaper than 63.21% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.15, ENB is valued at the same level.
  • With a Price/Forward Earnings ratio of 23.99, ENB is valued on the expensive side.
  • Based on the Price/Forward Earnings ratio, ENB is valued a bit cheaper than 64.15% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 24.27. ENB is around the same levels.
Industry RankSector Rank
PE 24.13
Fwd PE 23.99
ENB.CA Price Earnings VS Forward Price EarningsENB.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as ENB.
  • ENB's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 51.2
EV/EBITDA 15.42
ENB.CA Per share dataENB.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The decent profitability rating of ENB may justify a higher PE ratio.
PEG (NY)41.87
PEG (5Y)5.43
EPS Next 2Y4.52%
EPS Next 3Y6.23%

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8

5. ENB.CA Dividend Analysis

5.1 Amount

  • ENB has a Yearly Dividend Yield of 6.74%, which is a nice return.
  • Compared to an average industry Dividend Yield of 4.17, ENB pays a better dividend. On top of this ENB pays more dividend than 96.23% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, ENB pays a better dividend.
Industry RankSector Rank
Dividend Yield 6.74%

5.2 History

  • The dividend of ENB has a limited annual growth rate of 2.95%.
  • ENB has been paying a dividend for at least 10 years, so it has a reliable track record.
  • ENB has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)2.95%
Div Incr Years24
Div Non Decr Years24
ENB.CA Yearly Dividends per shareENB.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 122.16% of the earnings are spent on dividend by ENB. This is not a sustainable payout ratio.
  • The dividend of ENB is growing, but earnings are growing more, so the dividend growth is sustainable.
DP122.16%
EPS Next 2Y4.52%
EPS Next 3Y6.23%
ENB.CA Yearly Income VS Free CF VS DividendENB.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B 6B 8B
ENB.CA Dividend Payout.ENB.CA Dividend Payout, showing the Payout Ratio.ENB.CA Dividend Payout.PayoutRetained Earnings

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ENB.CA Fundamentals: All Metrics, Ratios and Statistics

ENBRIDGE INC

TSX:ENB (3/11/2026, 7:00:00 PM)

72.86

-0.1 (-0.14%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-13
Earnings (Next)05-07
Inst Owners53.53%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap158.97B
Revenue(TTM)65.19B
Net Income(TTM)7.07B
Analysts70
Price Target73.67 (1.11%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.74%
Yearly Dividend3.96
Dividend Growth(5Y)2.95%
DP122.16%
Div Incr Years24
Div Non Decr Years24
Ex-Date02-17
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.59%
Min EPS beat(2)-11.44%
Max EPS beat(2)12.62%
EPS beat(4)3
Avg EPS beat(4)4.97%
Min EPS beat(4)-11.44%
Max EPS beat(4)12.62%
EPS beat(8)4
Avg EPS beat(8)2.41%
EPS beat(12)5
Avg EPS beat(12)1.05%
EPS beat(16)6
Avg EPS beat(16)-0.39%
Revenue beat(2)2
Avg Revenue beat(2)1.4%
Min Revenue beat(2)0.91%
Max Revenue beat(2)1.89%
Revenue beat(4)4
Avg Revenue beat(4)14.04%
Min Revenue beat(4)0.91%
Max Revenue beat(4)28.78%
Revenue beat(8)8
Avg Revenue beat(8)48.45%
Revenue beat(12)8
Avg Revenue beat(12)26.69%
Revenue beat(16)10
Avg Revenue beat(16)20.02%
PT rev (1m)3.4%
PT rev (3m)4.47%
EPS NQ rev (1m)1.08%
EPS NQ rev (3m)-4.42%
EPS NY rev (1m)-2.33%
EPS NY rev (3m)-3.89%
Revenue NQ rev (1m)-6.52%
Revenue NQ rev (3m)-7.6%
Revenue NY rev (1m)-1.07%
Revenue NY rev (3m)-0.57%
Valuation
Industry RankSector Rank
PE 24.13
Fwd PE 23.99
P/S 2.44
P/FCF 51.2
P/OCF 12.96
P/B 2.55
P/tB 6.89
EV/EBITDA 15.42
EPS(TTM)3.02
EY4.14%
EPS(NY)3.04
Fwd EY4.17%
FCF(TTM)1.42
FCFY1.95%
OCF(TTM)5.62
OCFY7.72%
SpS29.88
BVpS28.57
TBVpS10.57
PEG (NY)41.87
PEG (5Y)5.43
Graham Number44.06
Profitability
Industry RankSector Rank
ROA 3.24%
ROE 11.35%
ROCE 5.73%
ROIC 4.46%
ROICexc 4.49%
ROICexgc 5.6%
OM 17.37%
PM (TTM) 10.85%
GM 41.37%
FCFM 4.76%
ROA(3y)2.93%
ROA(5y)2.73%
ROE(3y)9.5%
ROE(5y)8.48%
ROIC(3y)4.22%
ROIC(5y)4.15%
ROICexc(3y)4.29%
ROICexc(5y)4.2%
ROICexgc(3y)5.45%
ROICexgc(5y)5.39%
ROCE(3y)5.41%
ROCE(5y)5.33%
ROICexgc growth 3Y2.49%
ROICexgc growth 5Y0.68%
ROICexc growth 3Y3.74%
ROICexc growth 5Y1.66%
OM growth 3Y3.99%
OM growth 5Y-2.63%
PM growth 3Y30.72%
PM growth 5Y7.29%
GM growth 3Y1.93%
GM growth 5Y-2.35%
F-Score6
Asset Turnover0.3
Health
Industry RankSector Rank
Debt/Equity 1.61
Debt/FCF 33.9
Debt/EBITDA 5.9
Cap/Depr 161.9%
Cap/Sales 14.06%
Interest Coverage 2.3
Cash Conversion 72.25%
Profit Quality 43.91%
Current Ratio 0.63
Quick Ratio 0.55
Altman-Z 0.9
F-Score6
WACC6.34%
ROIC/WACC0.7
Cap/Depr(3y)133.91%
Cap/Depr(5y)144.7%
Cap/Sales(3y)12.73%
Cap/Sales(5y)12.89%
Profit Quality(3y)105.27%
Profit Quality(5y)116.67%
High Growth Momentum
Growth
EPS 1Y (TTM)7.86%
EPS 3Y2.43%
EPS 5Y4.44%
EPS Q2Q%17.33%
EPS Next Y0.58%
EPS Next 2Y4.52%
EPS Next 3Y6.23%
EPS Next 5Y4.39%
Revenue 1Y (TTM)21.92%
Revenue growth 3Y6.94%
Revenue growth 5Y10.77%
Sales Q2Q%5.92%
Revenue Next Year-1.03%
Revenue Next 2Y1.41%
Revenue Next 3Y2.18%
Revenue Next 5Y0.76%
EBIT growth 1Y15.61%
EBIT growth 3Y11.21%
EBIT growth 5Y7.86%
EBIT Next Year52.47%
EBIT Next 3Y19.58%
EBIT Next 5Y13.05%
FCF growth 1Y-45.24%
FCF growth 3Y-21.46%
FCF growth 5Y-5.69%
OCF growth 1Y-2.62%
OCF growth 3Y3%
OCF growth 5Y4.64%

ENBRIDGE INC / ENB.CA FAQ

What is the fundamental rating for ENB stock?

ChartMill assigns a fundamental rating of 4 / 10 to ENB.CA.


What is the valuation status for ENB stock?

ChartMill assigns a valuation rating of 3 / 10 to ENBRIDGE INC (ENB.CA). This can be considered as Overvalued.


What is the profitability of ENB stock?

ENBRIDGE INC (ENB.CA) has a profitability rating of 6 / 10.


What is the expected EPS growth for ENBRIDGE INC (ENB.CA) stock?

The Earnings per Share (EPS) of ENBRIDGE INC (ENB.CA) is expected to grow by 0.58% in the next year.


Is the dividend of ENBRIDGE INC sustainable?

The dividend rating of ENBRIDGE INC (ENB.CA) is 8 / 10 and the dividend payout ratio is 122.16%.