Enbridge Inc (TSE:ENB)
NYSE:ENB
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Enbridge
(NYSE:ENB)
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Rating:69Neutral
Price Target:
C$80.00
â–²(10.97% Upside)
Action:Downgraded
Date:05/10/26
The score is driven primarily by stable-but-constrained fundamentals: strong revenue/profitability are weighed down by high leverage and sharply weaker free cash flow. Earnings-call commentary is a notable positive with reaffirmed guidance and a sizable, multi-year backlog supporting growth and distributions, while technicals are neutral and valuation is supported by an attractive dividend yield.
Positive Factors
Regulated / Contracted Cash Flows
Enbridge’s core earnings derive from tariffs, reservation fees and regulated utility returns, not commodity price exposure. That contract/regulatory bias produces predictable, durable cash flows that support dividend visibility, multi-year planning and lower operating volatility over the next 2–6 months.
Negative Factors
Elevated Leverage
Rising absolute debt and elevated leverage constrain financial flexibility, increase refinancing and interest‑rate sensitivity, and limit scope for accelerated debt paydown or opportunistic buybacks. Near‑upper bound leverage also raises execution risk if cash generation weakens or project timing slips.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated / Contracted Cash Flows
Enbridge’s core earnings derive from tariffs, reservation fees and regulated utility returns, not commodity price exposure. That contract/regulatory bias produces predictable, durable cash flows that support dividend visibility, multi-year planning and lower operating volatility over the next 2–6 months.
Read all positive factors
Enbridge (ENB) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$171.59B
Dividend Yield5.8%
Average Volume (3M)9.23M
Price to Earnings (P/E)16.9
Beta (1Y)0.24
Revenue Growth13.47%
EPS Growth9.15%
CountryCA
Employees14,500
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)3.24
Shares Outstanding2,183,696,500
10 Day Avg. Volume13,983,477
30 Day Avg. Volume9,227,268
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)2.30
Price to Sales (P/S)2.20
P/FCF Ratio35.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$78.84Price Target Upside9.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)2.9
Revenue Forecast (FY)C$63.45B
Enbridge Business Overview & Revenue Model
Company Description
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 P...
How the Company Makes Money
Enbridge makes money primarily by charging fees for the use of its energy infrastructure, with earnings driven largely by contracted or regulated cash flows rather than direct exposure to commodity prices.
1) Liquids pipelines (crude oil and othe...
Enbridge Earnings Call Summary
Earnings Call Date:Feb 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial story: record results, sizeable sanctioned capital ($14bn in 2025), a growing $39bn backlog (up 35%), higher annual investment capacity ($10–$11bn), robust mainline and gas transmission utilization, 100% contract renewals on major pipelines, and meaningful renewable and storage progress (safe‑harbored tax‑credit projects, >7 GW under construction/support). The principal negatives were concentrated: regulatory and policy uncertainty (notably Canadian production/carbon policy and evolving Venezuelan flows), a disappointing Ohio rate case outcome (leading to a new filing), some near‑term renewables tax‑credit headwinds and the balance sheet being near the upper end of leverage targets. Overall the positives — strong financial results, sizable backlog and clear project pipeline with good returns — materially outweigh the highlighted risks.Positive Updates
Record Financial Results
Reported record Q4 and full-year EBITDA, DCF and EPS. Q4 vs. Q4‑2024: adjusted EBITDA +$83 million, DCF +$0.06 per share, EPS +$0.13. Exceeded the midpoint of 2025 guidance for both EBITDA and DCF — the 20th consecutive year of meeting or exceeding annual guidance.
Negative Updates
Policy and Geopolitical Uncertainty (Canada & Venezuela)
Ongoing uncertainty around Venezuelan production and exports to the U.S. Gulf Coast and the need for Canadian policy clarity (notably carbon/industrial policy) to underpin West Coast pipeline (MLO3) development. Management highlighted an April policy milestone and emphasized that production clarity is required before large greenfield projects proceed — political/regulatory risk could delay or strand development capital.
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Q4-2025 Updates
Positive
Negative
Record Financial Results
Reported record Q4 and full-year EBITDA, DCF and EPS. Q4 vs. Q4‑2024: adjusted EBITDA +$83 million, DCF +$0.06 per share, EPS +$0.13. Exceeded the midpoint of 2025 guidance for both EBITDA and DCF — the 20th consecutive year of meeting or exceeding annual guidance.
Read all positive updates
Company Guidance
Enbridge reaffirmed its 2026 guidance of EBITDA $20.2–20.8 billion and DCF $5.70–6.10 per share, supported by roughly $8 billion of new assets expected to enter service in 2026; management reiterated a leverage target of 4.5–5.0x (current debt/adjusted EBITDA ~4.8x), an annual investment capacity of $10–11 billion (including $6–7 billion of organic growth capacity plus ~$4 billion of foundational capital), and a 60–70% DCF payout target (sitting near the midpoint) while planning $40–45 billion of shareholder distributions over the next five years. The company said its secured backlog is $39 billion (extends through 2033) after sanctioning $14 billion and placing $5 billion of assets into service in 2025, expects to reach FID on an additional $10–20 billion of projects over the next 24 months, targets ~5% growth through the end of the decade, and noted average return on capital employed for recent organic projects of ~11% (with 2026 projects just under 10%).Enbridge Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
60
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 77.79B | 65.13B | 53.59B | 42.89B | 53.45B | 46.80B |
| Gross Profit | 25.33B | 21.24B | 19.41B | 17.00B | 16.64B | 14.14B |
| EBITDA | 20.88B | 16.91B | 16.95B | 16.31B | 9.85B | 12.28B |
| Net Income | 7.57B | 7.49B | 5.44B | 6.19B | 3.00B | 6.19B |
Balance Sheet | ||||||
| Total Assets | 318.47B | 218.47B | 218.97B | 180.32B | 179.61B | 168.86B |
| Cash, Cash Equivalents and Short-Term Investments | 2.54B | 1.18B | 1.80B | 5.90B | 861.00M | 286.00M |
| Total Debt | 152.85B | 106.50B | 101.67B | 81.20B | 80.98B | 75.64B |
| Total Liabilities | 222.89B | 152.55B | 150.08B | 115.83B | 116.21B | 105.50B |
| Stockholders Equity | 90.67B | 62.33B | 65.90B | 61.45B | 59.89B | 60.83B |
Cash Flow | ||||||
| Free Cash Flow | 2.16B | 3.98B | 5.67B | 9.32B | 6.41B | 1.97B |
| Operating Cash Flow | 12.17B | 12.95B | 12.60B | 14.20B | 11.23B | 9.79B |
| Investing Cash Flow | -12.60B | -11.17B | -20.36B | -6.04B | -5.27B | -11.18B |
| Financing Cash Flow | 291.11M | -2.41B | 3.54B | -2.86B | -5.43B | 1.22B |
Enbridge Technical Analysis
Positive
72.09
Price Trends
73.32
Positive
69.92
Positive
67.09
Positive
Market Momentum
1.27
Negative
73.78
Negative
87.88
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ENB, the sentiment is Positive. The current price of 72.09 is below the 20-day moving average (MA) of 73.64, below the 50-day MA of 73.32, and above the 200-day MA of 67.09, indicating a bullish trend. The MACD of 1.27 indicates Negative momentum. The RSI at 73.78 is Negative, neither overbought nor oversold. The STOCH value of 87.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ENB.
Enbridge Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$39.38B | 18.16 | 9.98% | 5.44% | -5.92% | -12.92% | |
71 Outperform | C$100.34B | 24.46 | 12.53% | 4.41% | 1.37% | -24.17% | |
69 Neutral | C$171.59B | 16.87 | 11.41% | 5.80% | 13.47% | 9.15% | |
69 Neutral | C$16.51B | 25.03 | 5.92% | 2.99% | 1.11% | -13.38% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | C$13.38B | -25.29 | 6.59% | 4.81% | -11.59% | -67.03% | |
54 Neutral | C$4.98B | -916.52 | 16.60% | 6.61% | -4.83% | -9.94% |
* Energy Sector Average
TSE:ENB
Enbridge
78.58
18.72
31.27%
TSE:PPL
Pembina Pipeline
67.75
18.63
37.92%
TSE:TRP
TC Energy
96.37
30.36
45.99%
TSE:GEI
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28.96
8.02
38.28%
TSE:ALA
AltaGas
53.03
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TSE:KEY
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58.35
17.83
44.00%
Enbridge Corporate Events
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Enbridge Files 2025 Year-End Reports and Sets Virtual Shareholder Meeting
Neutral
Feb 13, 2026
Enbridge Inc., a leading North American energy infrastructure company with growing renewable and low-carbon businesses, continues to leverage its extensive pipeline, gas and power networks to support reliable energy access. Its shares trade under ...
Business Operations and StrategyDividendsFinancial Disclosures
Enbridge Posts Record 2025 Results, Lifts Dividend and Expands $39 Billion Growth Backlog
Positive
Feb 13, 2026
Enbridge reported record 2025 financial results, with GAAP earnings attributable to common shareholders rising to $7.1 billion, adjusted earnings increasing 9% to $6.6 billion, and EBITDA up 7% to $20.0 billion, while distributable cash flow grew ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.