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ValueScreener company report

Enbridge Inc. (ENB)

NYSE / Energy / Oil & Gas Midstream

Share price

46.83 USD Market dataClose of Oct 15, 2026

Market capitalisation

104.40B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 13, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

5.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

20.58x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.3% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 34.56B CADFY2016 Net income: 2.07B CADFY2017 Revenue: 44.38B CADFY2017 Net income: 2.86B CADFY2018 Revenue: 46.38B CADFY2018 Net income: 2.88B CADFY2019 Revenue: 50.07B CADFY2019 Net income: 5.71B CADFY2020 Revenue: 39.09B CADFY2020 Net income: 3.36B CADFY2021 Revenue: 47.07B CADFY2021 Net income: 6.19B CADFY2022 Revenue: 53.31B CADFY2022 Net income: 3.00B CADFY2023 Revenue: 43.65B CADFY2023 Net income: 6.19B CADFY2024 Revenue: 53.47B CADFY2024 Net income: 5.44B CADFY2025 Revenue: 65.19B CADFY2025 Net income: 7.49B CAD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 20.58x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Oil & Gas Midstream industry (36 companies), 20.58x sits at the 69th percentile; the middle half of that group runs from 12.29x to 21.32x.

Is it good

Return on invested capital was 5.2% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Energy sector (108 companies), 5.2% sits at the 38th percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Interest coverage was 2.18x in FY2025, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Enbridge Inc.'s return on invested capital stayed above the median of the Energy sector, year by year. (FY2021 to FY2025, 5 fiscal years of Enbridge Inc. with a comparable figure)
The direction
Which way Enbridge Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Enbridge Inc.)
What could explain it
What in Enbridge Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines Enbridge Inc. filed)
What to check next
What to check next on Enbridge Inc., and where in its filings. (8 questions for Enbridge Inc.)
In one paragraph
One paragraph on Enbridge Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for Enbridge Inc.)

These are ENB’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research ENBPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 13, 2026, accession 0001193125-26-049810.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Enbridge Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax5.2% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Return on equity12.0% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Return on capital employed, pre-tax5.5% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Return on assets3.4% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Operating margin16.8% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Net margin11.5% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
ENB 11.5%
KMI 18.0%WMB 21.9%TRGP 11.3%TRP 23.1%EPD 11.1%
11.1%23.1%
Net margin: ENB against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Enbridge Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.70 ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Current ratio0.63 ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Quick ratio0.55 ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Interest coverage2.18x ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Altman Z-score0.86 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Net debt105.17B ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Total assets 218.47BTotal liabilities 152.55BShareholders' equity 62.33BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Enbridge Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 13, 2026, 0001193125-26-049810).

Enbridge Inc: balance sheet position
Total assets218.47B FiledFY2025 10-K, filed Feb 13, 2026
Total liabilities152.55B FiledFY2025 10-K, filed Feb 13, 2026
Shareholders' equity62.33B FiledFY2025 10-K, filed Feb 13, 2026
Cash1.09B FiledFY2025 10-K, filed Feb 13, 2026
Total debt106.27B FiledFY2025 10-K, filed Feb 13, 2026
Net debt105.17B
Current ratio0.63
Debt to equity1.70

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Enbridge Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings20.58x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
P/E on trailing twelve months18.28x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.33x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Price to sales2.23x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Enterprise value to EBIT22.86x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Enterprise value to EBITDA15.07x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Price to earnings over growth1.22 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Diluted earnings per share3.22 CAD FiledFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Graham number32.08 USD ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810

We publish no fair value or price target of our own. Value ENB on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Enbridge Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Enbridge Inc: valuation
Share price46.83 USD
Market capitalisation104.40B USD
Enterprise value to EBITDA15.07x
Graham number32.08 USD
Diluted earnings per share, FY20253.22 CAD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 3, 2018: low 9.03x, median 16.98x, high 37.58x, latest 18.28x. 2,060 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Enbridge Inc

  1. Kinder Morgan, Inc. (KMI)Market cap 73.08B USD
  2. The Williams Companies, Inc. (WMB)Market cap 84.67B USD
  3. Targa Resources Corp. (TRGP)Market cap 60.59B USD
  4. TC Energy Corporation (TRP)Market cap 62.16B USD
  5. Enterprise Products Partners L.P. (EPD)Market cap 76.81B USD

Same industry (Oil & Gas Midstream) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Enbridge Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.3% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Free cash flow3.30B CAD ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Free cash flow margin5.1% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Dividend yield5.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Payout ratio109.7% ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
FY2016 Free cash flow: 77.0M CADFY2016 Net income: 2.07B CADFY2017 Free cash flow: -1.63B CADFY2017 Net income: 2.86B CADFY2018 Free cash flow: 3.70B CADFY2018 Net income: 2.88B CADFY2019 Free cash flow: 3.91B CADFY2019 Net income: 5.71B CADFY2020 Free cash flow: 4.38B CADFY2020 Net income: 3.36B CADFY2021 Free cash flow: 1.44B CADFY2021 Net income: 6.19B CADFY2022 Free cash flow: 6.58B CADFY2022 Net income: 3.00B CADFY2023 Free cash flow: 9.55B CADFY2023 Net income: 6.19B CADFY2024 Free cash flow: 5.89B CADFY2024 Net income: 5.44B CADFY2025 Free cash flow: 3.30B CADFY2025 Net income: 7.49B CAD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Enbridge Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
20.58xFY2025Oct 15, 2026
2.33xFY2025Oct 15, 2026
22.86xFY2025Oct 15, 2026
2.3%FY2025Oct 15, 2026
5.2%FY2025Feb 13, 2026
5.7%FY2025Oct 15, 2026
1.70FY2025Feb 13, 2026
0.63FY2025Feb 13, 2026
2.23xFY2025Oct 15, 2026
1.22FY2025Oct 15, 2026
0.86FY2025Oct 15, 2026
-2.33FY2025Feb 13, 2026
6/9FY2025Feb 13, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Enbridge Inc filed with the SEC. Each year names its filing. Amounts in CAD, as filed.

Enbridge Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202565.19B10.96B7.49B3.223.30B16.8%12.0%10-K, Feb 13, 20260001193125-26-049810
FY202453.47B9.65B5.44B2.345.89B18.0%8.3%10-K, Feb 14, 20250000895728-25-000006
FY202343.65B8.65B6.19B2.849.55B19.8%10.1%10-K, Feb 9, 20240000895728-24-000007
FY202253.31B5.18B3.00B1.286.58B9.7%5.0%10-K, Feb 10, 20230000895728-23-000008
FY202147.07B7.80B6.19B2.871.44B16.6%10.2%10-K, Feb 11, 20220000895728-22-000011
FY202039.09B7.96B3.36B1.484.38B20.4%5.5%10-K, Feb 12, 20210000895728-21-000010
FY201950.07B8.26B5.71B2.633.91B16.5%8.6%10-K, Feb 14, 20200000895728-20-000009
FY201846.38B4.82B2.88B1.463.70B10.4%4.2%10-K, Feb 15, 20190000895728-19-000033
FY201744.38B1.57B2.86B1.65-1.63B3.5%4.9%10-K, Feb 16, 20180000895728-18-000008
FY201634.56B2.58B2.07Bn/a77.0M7.5%9.7%40-F, Feb 17, 20170001104659-17-010184
  • Revenue, compound annual growth FY2016 to FY2025: 7.3%
  • Earnings, compound annual growth FY2016 to FY2025: 15.4%
  • Earnings per share, compound annual growth FY2017 to FY2025: 8.7%
  • Free cash flow, compound annual growth FY2016 to FY2025: 51.8%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Enbridge Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.33 ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Piotroski F-score6/9 ComputedFY2025 10-K, filed Feb 13, 2026, 0001193125-26-049810
Named tests met0 of 30 Computed
Beta-0.10 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 30 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(2)
  • Positive Earnings Streak: We hold 9 profitable filed years in a row; the test needs 10.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Positive Earnings Streak, Gross Margin.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.