Enbridge (ENB) AI Stock Analysis

• Market Cap: C$162.07B
• Dividend Yield: 5.8%
• Average Volume (3M): 10.82M
• Price to Earnings (P/E): 19.1
• Beta (1Y): 0.31
• 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: 7,662,727
• 30 Day Avg. Volume: 10,822,495
• 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: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$76.46
• Price Target Upside: 2.93% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 2.99
• Revenue Forecast (FY): C$54.80B

• Rating: 69 Neutral
• Price Target: C$81.00 ▲(9.05% Upside)
• Action: Reiterated Date: 03/15/26
• Date: Action: Reiterated 03/15/26

The score is primarily driven by solid operating performance and stable segment mix trends, tempered by elevated and rising leverage and softer recent free cash flow. Technicals are supportive with a strong uptrend, and valuation is helped by a high dividend yield but moderated by a mid-range P/E.

Positive Factors

Contracted / Regulated Cash Flows

Enbridge’s revenue is concentrated in contracted and regulated tolls rather than merchant commodity exposure. This structural model reduces revenue cyclicality, supports predictable multi-year cash flows, and underpins the firm’s ability to fund capital programs and sustain distributions across cycles.

Diversified Midstream & Utility Footprint

A broad mix of liquids pipelines, gas transmission, utility distribution, storage and renewables provides multiple, often contracted or rate-regulated cash streams. That diversification lowers single-market risk, smooths earnings, and enables internal capital allocation across segments over the medium term.

Solid Operating Cash Flow & Revenue Trend

Consistently strong operating cash flow and a clear revenue uptrend provide durable internal resources to support capex, regulated rate-base growth and dividend commitments. Robust OCF underpins financing capacity even as absolute free cash flow fluctuates.

Negative Factors

Elevated & Rising Leverage

Material increase in gross debt and elevated leverage reduce financial flexibility and raise refinancing and interest risks. For a capital-intensive midstream operator, rising debt levels can constrain future investment optionality and heighten sensitivity to funding cost shifts over the medium term.

Declining Free Cash Flow

A notable step-down in free cash flow limits the company’s ability to self-fund growth, pay down debt, or build reserves. In a capital-heavy business, persistently lower FCF increases reliance on external financing and complicates long-term de-leveraging or larger discretionary investments.

Earnings / Margin Variability

Material variation in earnings and margins over recent years signals sensitivity to volumes, timing of projects and mix between regulated and commodity-linked activities. Such variability complicates forecasting, can pressure credit metrics, and may affect the sustainability of returns under adverse conditions.

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 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 other liquids): Enbridge earns revenue by transporting crude oil and liquids on its pipeline systems under tariff-based arrangements. Shippers (e.g., producers, marketers, refiners) pay tolls/fees that are generally set through regulatory frameworks and/or contractual arrangements. Volumes shipped and available pipeline capacity influence throughput-related revenue, while long-lived assets and take-or-pay/committed service contracts (where applicable) can stabilize cash flows. 2) Natural gas transmission and midstream: Enbridge earns fees for transporting natural gas on long-haul and regional transmission pipelines and for providing related services (e.g., gathering, processing, storage, and other midstream functions where applicable). Revenue typically comes from demand charges/reservation fees (paid for contracted capacity) and, to a lesser extent, commodity/throughput-based charges. Counterparties commonly include natural gas producers, utilities, power generators, and LNG/export or industrial customers. 3) Gas distribution utility: Through its regulated natural gas utility operations, Enbridge earns revenue from delivering natural gas to residential, commercial, and industrial customers. Utility earnings are primarily set by regulated rate frameworks that allow recovery of prudently incurred costs plus an allowed return on invested capital (rate base). This model tends to produce relatively stable earnings, with growth linked to capital investment in the distribution network, customer additions, and regulator-approved rate updates. 4) Storage and terminaling: Enbridge generates revenue from storing crude oil, refined products, and natural gas (where applicable), as well as from terminaling and handling services. Customers pay fees for storage capacity and throughput/handling services; these arrangements are often governed by contracts that can provide predictable utilization and cash flows. 5) Renewable power generation: Enbridge earns revenue from the sale of electricity generated by its renewable assets. Cash flows are commonly supported by long-term offtake arrangements (e.g., power purchase agreements) where available; if specific contract structures are not disclosed for a given asset, they are null. Key factors supporting earnings include: (a) long-term contracts and/or regulated rate structures that can reduce sensitivity to short-term commodity price movements; (b) high utilization of strategic pipeline corridors and utility networks; (c) ongoing capital projects and expansions that add regulated rate base or contracted capacity; and (d) regulatory approvals and compliance, which can materially affect allowed returns, tariffs, and project timing.

Enbridge Financial Statement Overview

Summary

Income statement strength (Score 78) is supported by rising revenue and solid industry profitability, and segment KPIs suggest a shift toward more stable pipeline/regulated earnings. Offsetting this, the balance sheet is meaningfully levered with debt rising into 2025 (Score 56), and cash flow shows a notable recent step-down in free cash flow despite strong operating cash flow (Score 64).

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: 74.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

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 74.28 is above the 20-day moving average (MA) of 72.41, above the 50-day MA of 68.08, and above the 200-day MA of 64.55, indicating a bullish trend. The MACD of 1.55 indicates Positive momentum. The RSI at 70.25 is Negative, neither overbought nor oversold. The STOCH value of 58.46 is Neutral, 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	C$35.62B	17.93	9.91%	5.44%	2.81%	-14.92%
ENB	69 Neutral	C$162.07B	19.11	12.34%	5.80%	33.06%	-12.36%
ALA	68 Neutral	C$15.08B	16.39	9.01%	2.99%	-0.68%	49.61%
TRP	67 Neutral	C$87.50B	22.34	12.80%	4.41%	-3.98%	-33.45%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
KEY	61 Neutral	C$12.39B	23.33	15.39%	4.81%	-4.09%	-3.57%
GEI	58 Neutral	C$5.12B	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.