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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 49.1GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
10.9%
Sector: 8.9%
Dividend Analysis audit
INCOME
5.29%
Trailing Yield
$5.29
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
89%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, ENBRIDGE INC (ENB) receives a "Buy" rating with a composite score of 52.1/100, ranked #107 out of 4446 stocks. Key factor scores: Quality 49/100, Value 61/100, Momentum 55/100. This is quantitative analysis only — not investment advice.
ENBRIDGE INC (ENB) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does ENBRIDGE INC Do?
Enbridge Inc. operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States. The Gas Transmission and Midstream segment invests in natural gas pipelines, and gathering and processing facilities in Canada and the United States. The Gas Distribution and Storage segment is involved in natural gas utility operations serving residential, commercial, and industrial customers in Ontario, as well as natural gas distribution and energy transportation activities in Quebec. The Renewable Power Generation segment operates power generating assets, such as wind, solar, geothermal, and waste heat recovery facilities; and transmission assets in North America and Europe. The Energy Services segment provides energy marketing services to refiners, producers, and other customers; and physical commodity marketing and logistical services in Canada and the United States. The company was formerly known as IPL Energy Inc. and changed its name to Enbridge Inc. in October 1998. Enbridge Inc. was founded in 1949 and is headquartered in Calgary, Canada. ENBRIDGE INC (ENB) is classified as a large-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO Albert Monaco and employs approximately 11,100 people, headquartered in Calgary, Alberta. With a market capitalization of $117.1B, ENB is one of the prominent companies in the Industrials sector.
As of April 2026, ENBRIDGE INC receives a Buy rating with a composite score of 52.1/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.ENB ranks #107 out of 4,446 stocks in our coverage universe. Within the Industrials sector, ENBRIDGE INC ranks #17 of 752 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
ENB Stock Price and 52-Week Range
ENBRIDGE INC (ENB) currently trades at $54.32. The stock lost $0.18 (0.3%) in the most recent trading session. The 52-week high for ENB is $54.70, which means the stock is currently trading -0.7% from its annual peak. The 52-week low is $39.73, putting the stock 36.7% above its annual trough. Recent trading volume was 2.9M shares, reflecting moderate market activity.
Is ENB Overvalued or Undervalued? — Valuation Analysis
ENBRIDGE INC (ENB) carries a value factor score of 61/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 16.73x, compared to the Industrials sector average of 28.33x — a discount of 41%. The price-to-book ratio stands at 1.82x, versus the sector average of 2.23x. The price-to-sales ratio is 1.89x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, ENB trades at 21.37x EV/EBITDA, versus 5.70x for the sector.
Overall, ENB's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
ENBRIDGE INC Profitability — ROE, Margins, and Quality Score
ENBRIDGE INC (ENB) earns a quality factor score of 49/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 10.9%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 3.3% versus the sector average of 3.3%.
On a margin basis, ENBRIDGE INC reports gross margins of 39.1%, compared to 35.8% for the sector. The operating margin is 16.4% (sector: 6.2%). Net profit margin stands at 11.1%, versus 3.9% for the average Industrials stock. Revenue growth is running at 29.1% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
ENB Debt, Balance Sheet, and Financial Health
ENBRIDGE INC has a debt-to-equity ratio of 160.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 0.63x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $104.41B. Cash and equivalents stand at $1.01B.
ENB has a beta of 0.11, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for ENBRIDGE INC is 97/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
ENBRIDGE INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, ENBRIDGE INC reported revenue of $62.90B and earnings per share (EPS) of $3.23. Net income for the quarter was $7.11B. Gross margin was 39.1%. Operating income came in at $10.45B.
In FY 2025, ENBRIDGE INC reported revenue of $65.19B and earnings per share (EPS) of $3.23. Net income for the quarter was $7.79B. Revenue grew 75.6% year-over-year compared to FY 2024. Operating income came in at $10.96B.
In Q3 2025, ENBRIDGE INC reported revenue of $14.64B and earnings per share (EPS) of $0.30. Net income for the quarter was $847M. Revenue grew -1.6% year-over-year compared to Q3 2024. Operating income came in at $2.27B.
In Q2 2025, ENBRIDGE INC reported revenue of $14.88B and earnings per share (EPS) of $1.00. Net income for the quarter was $2.32B. Revenue grew 31.2% year-over-year compared to Q2 2024. Operating income came in at $2.29B.
Over the past 8 quarters, ENBRIDGE INC has demonstrated a growth trajectory, with revenue expanding from $11.34B to $62.90B. Investors analyzing ENB stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
ENB Dividend Yield and Income Analysis
ENBRIDGE INC (ENB) currently pays a dividend yield of 5.3%. At this yield, a $10,000 investment in ENB stock would generate approximately $$529.00 in annual dividend income. The net margin of 11.1% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
ENB Momentum and Technical Analysis Profile
ENBRIDGE INC (ENB) has a momentum factor score of 55/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 24/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 25/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
ENB vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing ENB against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ENB vs S&P 500 (SPY) comparison to assess how ENBRIDGE INC stacks up against the broader market across all factor dimensions.
ENB Next Earnings Date
No upcoming earnings date has been announced for ENBRIDGE INC (ENB) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy ENB? — Investment Thesis Summary
The bull case for ENBRIDGE INC rests on several quantitative strengths. The value score of 61/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 97/100) reduces downside risk.
In summary, ENBRIDGE INC (ENB) earns a Buy rating with a composite score of 52.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ENB stock.
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Institutional Research Dossier
ENBRIDGE INC (ENB) Deep Dive Analysis
Published on March 24, 2026
Action RatingBuy
Sections
Executive Summary
We maintain a Hold rating on Enbridge (ENB), driven by a balanced assessment of its stable, regulated business model and its significant debt burden. While Enbridge benefits from a wide economic moat and generates substantial cash flow, its high leverage and relatively low investment score raise concerns about its ability to aggressively pursue growth opportunities and adapt to the evolving energy landscape. The company's valuation appears fair relative to its sector, but the risks associated with its debt levels and potential regulatory changes warrant a cautious approach.
Enbridge's core strength lies in its extensive network of pipelines, which provides a critical service to the North American energy market. However, the company's future success hinges on its ability to manage its debt, navigate regulatory hurdles, and capitalize on opportunities in renewable energy. Investors should closely monitor Enbridge's progress in these areas before considering a more bullish stance.
Business Strategy & Overview
Enbridge operates as a diversified energy infrastructure company with five key segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The company's primary focus is on the transportation and distribution of energy across North America, with a significant presence in both crude oil and natural gas pipelines. This diversification provides a degree of resilience against fluctuations in individual commodity markets.
The Liquids Pipelines segment, the largest contributor to Enbridge's revenue, transports crude oil and other liquid hydrocarbons across Canada and the United States. This segment benefits from long-term contracts and regulated tariffs, providing a stable and predictable revenue stream. The Gas Transmission and Midstream segment focuses on natural gas pipelines and processing facilities, catering to the growing demand for natural gas as a cleaner energy source. Enbridge's Gas Distribution and Storage segment serves residential, commercial, and industrial customers in Ontario and Quebec, providing essential utility services.
Enbridge is also investing in renewable power generation, including wind, solar, geothermal, and waste heat recovery facilities. This strategic move aligns with the global shift towards cleaner energy sources and positions the company for long-term growth in the renewable energy sector. The Energy Services segment provides energy marketing and logistical services, complementing Enbridge's core infrastructure operations.
Enbridge's strategic positioning is centered around providing essential energy infrastructure services with a focus on safety, reliability, and environmental responsibility. The company's extensive network of pipelines and diversified business segments provide a competitive advantage and contribute to its long-term stability. However, Enbridge faces challenges related to regulatory approvals, environmental concerns, and competition from other energy infrastructure companies.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
29.1%
Sector: 6.4%
+357% VS SCTR
Economic Moat Analysis
Enbridge possesses a wide economic moat, primarily derived from its extensive network of pipelines and its regulated business model. The company's Liquids Pipelines segment benefits from significant barriers to entry, as the construction of new pipelines requires substantial capital investment, regulatory approvals, and environmental impact assessments. This creates a natural monopoly for Enbridge in many of the regions it serves.
The Gas Transmission and Midstream segment also benefits from high barriers to entry, as the construction of new natural gas pipelines is subject to similar regulatory and environmental hurdles. Enbridge's Gas Distribution and Storage segment operates as a regulated utility, providing essential services to residential, commercial, and industrial customers. This segment enjoys a stable and predictable revenue stream, as tariffs are typically set by regulatory authorities.
The Renewable Power Generation segment faces more competition, as the renewable energy sector is rapidly evolving. However, Enbridge's investments in wind, solar, and other renewable energy sources provide a degree of diversification and contribute to its long-term growth potential. The Energy Services segment is the most competitive, as it operates in a fragmented market with numerous players.
Enbridge's wide economic moat is further reinforced by its long-term contracts with customers and its strong relationships with regulatory authorities. The company's reputation for safety and reliability also contributes to its competitive advantage. However, Enbridge faces challenges related to environmental activism and regulatory scrutiny, which could potentially erode its moat over time. The company's ability to adapt to the changing energy landscape and maintain its competitive advantages will be crucial for its long-term success.
Financial Health & Profitability
Enbridge's financial health presents a mixed picture. The company generates substantial revenue, with $65.19 billion in the latest fiscal year, and boasts a net income of $7.79 billion. Its EBITDA of $10.96 billion indicates strong operational profitability. However, its free cash flow of $290.68 million is relatively low compared to its market capitalization of $116.67 billion, raising concerns about its ability to fund future growth and dividend payments.
Enbridge's balance sheet is heavily leveraged, with total debt of $104.41 billion and a current ratio of 0.63, indicating potential liquidity challenges. The debt-to-equity ratio of 160.00 is significantly higher than the sector average of 70.00, highlighting the company's reliance on debt financing. While Enbridge's profitability metrics, such as ROE (10.9%) and net margin (11.1%), are higher than the sector averages (9.2% and 3.7%, respectively), the high debt levels amplify the risk associated with these returns.
Analyzing the quarterly financial history reveals a fluctuating revenue and net income pattern. While revenue has generally increased over the past few years, net income has been more volatile. The operating margin has remained relatively stable, ranging from 14.9% to 24.6%, indicating consistent operational efficiency. The negative free cash flow in FY2024 (-$4.48B) is a concern, suggesting potential challenges in generating cash from operations.
Overall, Enbridge's financial health is characterized by strong revenue generation and profitability, but also by high debt levels and fluctuating free cash flow. The company's ability to manage its debt and improve its cash flow generation will be crucial for its long-term financial stability. Investors should closely monitor Enbridge's debt reduction efforts and its ability to generate sustainable free cash flow.
Valuation Assessment
Enbridge's valuation appears fair relative to its sector, but its high debt levels warrant caution. The company's P/E ratio of 16.6x is lower than the sector average of 27.7x, suggesting that the stock is undervalued based on earnings. Similarly, its EV/EBITDA ratio of 5.0x is lower than the sector average of 5.7x, indicating that the company is also undervalued based on its enterprise value and operating profitability.
However, these valuation metrics do not fully account for Enbridge's high debt levels. The company's significant debt burden increases its financial risk and could potentially limit its future growth opportunities. A more conservative valuation approach would consider the company's debt-adjusted earnings and cash flow.
Given Enbridge's stable, regulated business model and its wide economic moat, a fair valuation would likely be in line with its historical averages. However, the company's high debt levels and the potential for regulatory changes warrant a discount to its historical valuation. The current valuation appears to reflect these factors, suggesting that the stock is fairly priced.
Investors should closely monitor Enbridge's debt reduction efforts and its ability to generate sustainable free cash flow. If the company can successfully manage its debt and improve its cash flow generation, there could be potential for upside in the stock price. However, if the company's debt levels remain high or if it faces significant regulatory challenges, the stock price could potentially decline.
Risk & Uncertainty
Enbridge faces several specific risks that could impact its business and financial performance. One of the most significant risks is regulatory risk. The company's operations are subject to extensive regulatory oversight, and changes in regulations could potentially increase its costs or limit its ability to expand its operations. Environmental regulations are particularly important, as Enbridge's pipelines transport crude oil and natural gas, which are subject to environmental concerns.
Another key risk is commodity price risk. While Enbridge's revenue is primarily derived from transportation and distribution fees, its profitability can be affected by fluctuations in commodity prices. Lower commodity prices could reduce demand for pipeline capacity, which could negatively impact Enbridge's revenue. Competition from other energy infrastructure companies is also a risk, as Enbridge faces competition for pipeline projects and transportation contracts.
Enbridge's high debt levels also pose a significant risk. The company's debt-to-equity ratio of 160.00 is significantly higher than the sector average, which increases its financial risk. High debt levels could limit Enbridge's ability to invest in new projects or to weather economic downturns. Furthermore, rising interest rates could increase Enbridge's borrowing costs, which could negatively impact its profitability.
Finally, Enbridge faces operational risks related to pipeline safety and reliability. Pipeline leaks or accidents could result in significant environmental damage, regulatory fines, and reputational damage. The company's ability to maintain the safety and reliability of its pipelines is crucial for its long-term success.
Bulls Say / Bears Say
The Bull Case
BULL VIEWEnbridge's stable, regulated business model provides a predictable and growing stream of cash flow, making it an attractive investment for income-seeking investors.
BULL VIEWThe company's investments in renewable energy position it for long-term growth in the evolving energy landscape, diversifying its revenue streams and reducing its reliance on fossil fuels.
BULL VIEWEnbridge's wide economic moat, derived from its extensive pipeline network and regulated operations, protects it from competition and ensures its long-term profitability.
The Bear Case
BEAR VIEWEnbridge's high debt levels pose a significant risk to its financial stability, potentially limiting its ability to invest in new projects and weather economic downturns.
BEAR VIEWThe company's reliance on fossil fuels exposes it to regulatory and environmental risks, which could increase its costs and limit its growth potential.
BEAR VIEWEnbridge's relatively low free cash flow generation raises concerns about its ability to fund future growth and dividend payments, potentially leading to a dividend cut.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score ENB and 4,400+ other equities.
ENBRIDGE INC exhibits a 123% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.3%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
39.1%
Sector: 35.8%
Operating Margin
Core business profitability
16.4%
Sector: 6.2%
Net Margin
Bottom-line profitability
11.1%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $529 annually in dividends at the current trailing rate.
