Enbridge (ENB) AI Stock Analysis

• Market Cap: $160.30B
• Dividend Yield: 5.8%
• Average Volume (3M): 11.24M
• Price to Earnings (P/E): 19.1
• Beta (1Y): 0.33
• Revenue Growth: 33.06%
• EPS Growth: -12.36%
• Country: CA
• Employees: 14,500
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 0.88
• Shares Outstanding: 2,181,830,000
• 10 Day Avg. Volume: 9,331,804
• 30 Day Avg. Volume: 11,238,289
• PEG Ratio: 0.50
• Price to Book (P/B): 2.30
• Price to Sales (P/S): 2.20
• P/FCF Ratio: 35.99
• Enterprise Value/Market Cap: 1.66
• Enterprise Value/Revenue: 4.08
• Enterprise Value/Gross Profit: 11.63
• Enterprise Value/Ebitda: 13.47
• 1Y Price Target: $76.19
• Price Target Upside: 3.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 3
• Revenue Forecast (FY): $54.80B

• Rating: 69 Neutral
• Price Target: C$80.00 ▲(8.89% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

Overall score is supported by solid operating fundamentals and a constructive earnings update (reaffirmed guidance, record EBITDA/volumes). The main risks tempering the score are elevated and rising leverage, weakening free cash flow versus 2023, and very overbought technical conditions that raise near-term pullback risk.

Positive Factors

Scale & Pipeline Network

Enbridge's large, integrated pipeline and facility footprint creates high barriers to entry and strong take-or-pay or long-term commercial frameworks. That scale delivers steady fee-for-service cash flows, operational optionality, and strategic access to key North American energy corridors for years.

Durable Cash Generation

Consistently robust operating cash flow underpins Enbridge's ability to fund maintenance and growth capital, sustain dividends and service debt. Strong OCF across cycles supports financial resilience and provides a reliable internal funding base for multi-year capital programs and project execution.

Secured Growth Backlog

A $39B secured backlog gives multi-year visibility into EBITDA and DCF, reducing execution risk. Projects span liquids, gas and renewables with low-risk commercial frameworks and regulatory support, supporting steady mid-term throughput growth and incremental cash flow conversion.

Negative Factors

Rising Leverage

Material increase in absolute debt and a meaningful debt-to-equity ratio reduce financial flexibility and increase refinancing and interest-rate exposure. Elevated leverage constrains the company's ability to absorb shocks, pursue opportunistic M&A, or cut distributions without operational trade-offs.

Declining Free Cash Flow

Material FCF deterioration over consecutive years weakens internal funding capacity for growth and debt repayment despite strong OCF. Persistently lower FCF raises reliance on external financing for capital programs and elevates sensitivity to higher interest costs and cyclical earnings swings.

Earnings Volatility & Segment Headwinds

Segment-specific pressures and EPS declines highlight exposure to commodity differentials and regional demand shifts. Such variability can compress margins and cause uneven cash flow contributions across franchises, complicating planning for dividends and long-term capital allocation.

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 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.

How the Company Makes Money

Enbridge generates revenue primarily through its transportation and distribution of energy products. The company operates on a fee-for-service model, where it charges customers for the transportation of crude oil and natural gas through its pipelines. Key revenue streams include long-term contracts with producers and consumers of energy, which provide stable cash flows. Additionally, Enbridge earns income from its gas distribution services to residential and commercial customers. The company is also expanding its renewable energy portfolio, generating revenue from wind and solar projects. Significant partnerships with major energy companies and regulatory frameworks that support infrastructure development further enhance its earnings potential.

Enbridge Financial Statement Overview

Summary

Strong revenue growth and durable operating cash flow support fundamentals, but the balance sheet is a clear constraint with rising debt through 2025. Free cash flow has stepped down materially since 2023, reducing flexibility despite solid profitability.

Income Statement

Revenue has been strong recently, rising from $42.9B (2023) to $53.6B (2024) and $65.1B (2025), with 2024 showing a notable rebound versus the prior year. Profitability is solid for the industry, with 2024 margins at ~36% gross and ~10% net, but earnings quality has been somewhat volatile over the cycle (net income ranging from $3.0B in 2022 to $6.2B in 2023 and $7.5B in 2025). Overall, the trajectory is favorable, but margin/earnings variability keeps the score below top-tier.

Balance Sheet

The balance sheet is asset-heavy ($219B total assets in 2024–2025), but leverage is elevated and trending up: total debt increased from ~$81.2B (2023) to ~$101.7B (2024) and ~$106.5B (2025). In 2024, debt was about 1.54x equity, which is meaningful balance-sheet risk even for a midstream model. Equity is sizable (~$62–66B) and returns on equity have been positive (~8% in 2024), but the rising debt load limits financial flexibility.

Cash Flow

Operating cash flow has been consistently strong ($9.8B–$14.2B from 2020–2024 and $13.0B in 2025), supporting the business’s cash-generating profile. However, free cash flow has been choppy and has declined recently (from $9.3B in 2023 to $5.7B in 2024 and $4.0B in 2025), with negative free-cash-flow growth in both 2024 and 2025. Cash generation remains a strength, but the recent free-cash-flow step-down reduces the score.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	65.13B	53.59B	42.89B	53.45B	46.80B
Gross Profit	21.24B	19.41B	17.00B	16.64B	14.14B
EBITDA	16.91B	16.95B	16.31B	9.85B	12.28B
Net Income	7.49B	5.44B	6.19B	3.00B	6.19B
Balance Sheet
Total Assets	218.47B	218.97B	180.32B	179.61B	168.86B
Cash, Cash Equivalents and Short-Term Investments	1.18B	1.80B	5.90B	861.00M	286.00M
Total Debt	106.50B	101.67B	81.20B	80.98B	75.64B
Total Liabilities	152.55B	150.08B	115.83B	116.21B	105.50B
Stockholders Equity	62.33B	65.90B	61.45B	59.89B	60.83B
Cash Flow
Free Cash Flow	3.98B	5.67B	9.32B	6.41B	1.97B
Operating Cash Flow	12.95B	12.60B	14.20B	11.23B	9.79B
Investing Cash Flow	-11.17B	-20.36B	-6.04B	-5.27B	-11.18B
Financing Cash Flow	-2.41B	3.54B	-2.86B	-5.43B	1.22B

Enbridge Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 73.47
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 73.47 is above the 20-day moving average (MA) of 71.21, above the 50-day MA of 67.19, and above the 200-day MA of 64.23, indicating a bullish trend. The MACD of 1.92 indicates Negative momentum. The RSI at 68.97 is Neutral, neither overbought nor oversold. The STOCH value of 80.27 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PPL	77 Outperform	$35.19B	17.93	9.91%	5.44%	2.81%	-14.92%
ENB	69 Neutral	$160.30B	19.11	11.70%	5.80%	33.06%	-12.36%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
TRP	65 Neutral	$90.14B	22.34	13.64%	4.41%	-3.98%	-33.45%
ALA	64 Neutral	$14.41B	-188.74	9.01%	2.99%	-0.68%	49.61%
KEY	61 Neutral	C$12.02B	23.33	15.28%	4.81%	-4.09%	-3.57%
GEI	58 Neutral	C$5.09B	20.80	16.47%	6.61%	-12.18%	-29.17%

Enbridge Corporate Events

Enbridge Files 2025 Year-End Reports and Sets Virtual Shareholder Meeting

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 the symbol ENB on both the TSX and NYSE, reflecting its significance in the Canadian and U.S. capital markets.

The company has filed its 2025 year-end Form 10-K with U.S. regulators and its audited consolidated financial statements and management discussion with Canadian authorities, making the documents accessible online and in print for investors. Enbridge also set May 6, 2026, as the date for its virtual annual meeting of shareholders, underscoring ongoing engagement with investors and regulatory transparency at a time of continued focus on its energy transition strategy and financial performance.

The most recent analyst rating on (TSE:ENB) stock is a Hold with a C$69.00 price target. To see the full list of analyst forecasts on Enbridge stock, see the TSE:ENB Stock Forecast page.

Enbridge Posts Record 2025 Results, Lifts Dividend and Expands $39 Billion Growth Backlog

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 4% to $12.5 billion. The company achieved its financial guidance for the 20th straight year, raised its 2026 quarterly dividend by 3%—marking a 31-year streak of annual increases—and exited the year with a Debt-to-EBITDA ratio of 4.8x, underscoring balance sheet flexibility.

Management reaffirmed 2026 financial guidance and a multi-year outlook while expanding its secured capital backlog to $39 billion after placing $5 billion of projects into service and sanctioning $14 billion in new organic growth in 2025. Key approvals included Mainline Optimization Phase 1 to add Canadian crude egress and expand the Flanagan South Pipeline under long-term contracts, U.S. natural gas expansions such as the Bay Runner extension and a larger Eiger Express Pipeline, and sizable renewable and storage-backed power projects including the Cowboy solar and battery facility and the Easter wind project supporting major technology customers, reinforcing Enbridge’s diversified, low-risk growth strategy across liquids, gas, and renewables.

The most recent analyst rating on (TSE:ENB) stock is a Hold with a C$69.00 price target. To see the full list of analyst forecasts on Enbridge stock, see the TSE:ENB Stock Forecast page.