Upside case
Bull case
$136+150.8%
ENB would need investors to value it at roughly 45x earnings — about 27x more generous than today's 18x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Enbridge Inc. (ENB) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
25
analysts
12 bullish · 1 bearish · 25 covering ENB
Strong Buy
0
Buy
12
Hold
12
Sell
1
Strong Sell
0
Consensus Target
$47
-13.6% vs today
Scenario Range
$19 – $136
Model bear to bull value window
Coverage
25
Published analyst ratings
Valuation Context
18.0x
Forward P/E · Market cap $118.3B
ENB price targets
Three scenarios for where ENB stock could go
Current
~$54
Confidence
46 / 100
Updated
May 1, 2026
Where we are now
Current · $54
Bear
$19
Base
$113
Bull
$136
Market caseClosest to today
Base case
$113+107.7%
At 37x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$19-65.4%
If investor confidence fades or macro conditions deteriorate, a 12x multiple contraction could push ENB down roughly 65% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Enbridge Inc.
ENB · NYSEEnergyOil & Gas MidstreamDecember year-end
Enbridge is a North American energy infrastructure giant that operates pipelines and utilities to transport oil, natural gas, and renewable power. It generates revenue primarily through regulated tariffs and long-term contracts from its liquids pipelines (~50% of earnings) and gas transmission/distribution segments (~40%), with the remainder from renewable power generation and energy services. Its massive scale and irreplaceable pipeline network—which moves about 30% of North America's crude oil and 20% of its natural gas—create an enormous regulatory and physical moat.
Market Cap
$118.3B
Revenue TTM
$65.2B
Net Income TTM
$11.8B
Net Margin
18.1%
ENB Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+1.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$0.72/$0.68
Revenue
$13.0B/$8.0B
Q3 2025
EPS
$0.47/$0.41
Revenue
$10.9B/$7.0B
Q4 2025
EPS
$0.33/$0.39
Revenue
$14.6B/$9.1B
Q1 2026
EPS
$0.63/$0.60
Revenue
$12.5B/$6.2B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.72/$0.68 | +5.9% | $13.0B/$8.0B | +61.5% |
| Q3 2025 | $0.47/$0.41 | +14.6% | $10.9B/$7.0B | +54.3% |
| Q4 2025 | $0.33/$0.39 | -15.4% | $14.6B/$9.1B | +61.2% |
| Q1 2026 | $0.63/$0.60 | +5.0% | $12.5B/$6.2B | +103.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$68.8B
+5.5% YoY
FY2
$79.0B
+14.8% YoY
EPS Outlook
FY1
$5.37
— YoY
FY2
$6.69
+24.6% YoY
Trailing FCF (TTM)$3.3B
FCF Margin: 5.1%
Next Earnings
May 8, 2026
Expected EPS
$0.70
Expected Revenue
$8.5B
ENB beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
ENB Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $65.0B
Product Mix
Latest annual revenue by segment or product family
Commodity Sales
53.9%
+30.4% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
64.6%
+33.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Commodity Sales is the largest disclosed segment at 53.9% of FY 2025 revenue, up 30.4% YoY.
UNITED STATES is the largest reported region at 64.6%, up 33.8% YoY.
ENB Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $72 — implies +30.6% from today's price.
Upside to Fair Value
30.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ENB
16.8x
vs
S&P 500
25.2x
33% discount
vs Energy Trailing P/E
ENB
16.8x
vs
Energy
16.9x
In line with benchmark
vs ENB 5Y Avg P/E
Today
16.8x
vs
5Y Average
18.0x
6% discount
Forward PE
18.0x
S&P 500
19.1x
-6%
Energy
13.2x
+36%
5Y Avg
—
—
Trailing PE
16.8x
S&P 500
25.2x
-33%
Energy
16.9x
-0%
5Y Avg
18.0x
-6%
PEG Ratio
1.00x
S&P 500
1.75x
-43%
Energy
0.52x
+92%
5Y Avg
—
—
EV/EBITDA
7.4x
S&P 500
15.3x
-51%
Energy
8.1x
-9%
5Y Avg
13.6x
-45%
Price/FCF
35.9x
S&P 500
21.3x
+68%
Energy
14.1x
+154%
5Y Avg
26.1x
+37%
Price/Sales
1.8x
S&P 500
3.1x
-42%
Energy
1.6x
+16%
5Y Avg
1.6x
+10%
Dividend Yield
0.35%
S&P 500
1.88%
-81%
Energy
2.97%
-88%
5Y Avg
7.23%
-95%
| Metric | ENB | S&P 500 | Energy | 5Y Avg ENB |
|---|---|---|---|---|
| Forward PE | 18.0x | 19.1x | 13.2x+36% | — |
| Trailing PE | 16.8x | 25.2x-33% | 16.9x | 18.0x |
| PEG Ratio | 1.00x | 1.75x-43% | 0.52x+92% | — |
| EV/EBITDA | 7.4x | 15.3x-51% | 8.1x | 13.6x-45% |
| Price/FCF | 35.9x | 21.3x+68% | 14.1x+154% | 26.1x+37% |
| Price/Sales | 1.8x | 3.1x-42% | 1.6x+16% | 1.6x+10% |
| Dividend Yield | 0.35% | 1.88% | 2.97% | 7.23% |
ENB trades above S&P 500 benchmarks on 1 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolENB Financial Health
Verdict
Strong
Key financial metrics for ENB are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$65.2B
Revenue Growth
TTM vs prior year
+21.9%
Gross Margin
Gross profit as a share of revenue
—
Operating Margin
Operating income divided by revenue
16.8%
Net Margin
Net income divided by revenue
18.1%
EPS (TTM)
Diluted earnings per share, trailing twelve months
—
Free Cash Flow (TTM)
Cash generation after capex
$3.3B
FCF Margin
FCF as share of revenue — the primary cash quality signal
5.1%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.9%
ROA
Return on assets, trailing twelve months
5.4%
Cash & Equivalents
Liquid assets on the balance sheet
$1.1B
Net Debt
Total debt minus cash
$5.0B
Debt Serviceability
Net debt as a multiple of annual free cash flow
1.5× FCF
~1.5 years to full repayment at current FCF run-rate
ROE *
Return on equity, trailing twelve months
18.7%
* Elevated by buyback-compressed equity — compare ROIC (6.9%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.4%
Dividend
0.4%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$0.19
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
2.2B
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt). ROE marked * where buyback-compressed equity base may inflate the figure.
Open full ratios pageENB Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
High Debt Levels
Enbridge carries a significant amount of debt, reflected in a high debt‑to‑equity ratio and a low interest coverage ratio, raising concerns about its ability to meet interest obligations and potential liquidity issues.
High Risk
Safety Incidents
Operating extensive energy infrastructure exposes Enbridge to safety risks; major incidents could result in injuries, loss of life, and substantial financial and reputational damage.
High Risk
Line 5 Litigation
Legal disputes over Line 5 pose the risk of shutdown orders, which could materially impact cash flow and dividend growth.
High Risk
Climate Change
Climate change presents both physical risks (e.g., extreme weather) and transition risks (e.g., evolving regulations and stakeholder opposition to fossil fuels), potentially affecting operations and financial performance.
Medium
Service Interruptions
Disruptions to Enbridge’s crude oil and natural gas transportation services—stemming from operational incidents, equipment failure, third‑party damage, or severe weather—can negatively affect customer operations, earnings, and reputation.
Medium
Asset Utilization
Lower transported volumes due to changing market fundamentals, capacity constraints, regulatory restrictions, or increased competition can reduce Enbridge’s revenues and earnings.
Medium
Cybersecurity Threats
As an operator of critical energy infrastructure, Enbridge is a target for sophisticated cyberattacks that could compromise safety, productivity, and profitability.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why ENB Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Robust Midstream Infrastructure
Enbridge operates an extensive midstream network across North America, including liquids pipelines, natural gas transmission lines, and gas utilities. This established infrastructure positions the company to capture projected increases in oil and natural gas consumption through 2040, as demand is expected to grow in both sectors.
Consistent Project Execution
The company has a proven track record of delivering new projects on time and under budget, reinforcing its reputation as a reliable operator. Enbridge maintains a significant secured capital backlog and anticipates substantial new project final investment decisions (FIDs) in the coming years, focusing on low‑risk opportunities for predictable returns.
Dividend Aristocrat with Strong Cash Flow
Enbridge has posted record EBITDA and distributable cash flow in recent periods, supporting its commitment to dividend growth. The dividend has increased for 31 consecutive years, earning the company dividend‑aristocrat status and offering an attractive yield to long‑term investors.
Strategic Growth via Acquisitions and Renewables
The company is expanding through acquisitions and joint ventures, diversifying its portfolio while leveraging capital efficiently. Enbridge is also investing in wind and solar projects, positioning it to benefit from rising power demand in data‑center markets.
Natural Gas‑Driven Transmission Growth
Projections for increased natural gas‑fired power generation are expected to drive growth for Enbridge’s gas transmission business. The company’s proximity to North American natural gas‑rich regions further enhances its competitive advantage in this segment.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
ENB Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$54.21
52W Range Position
89%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$43.59
+24.4% from the low
52-Week High
$55.48
-2.3% from the high
1 Month
+0.88%
3 Month
+7.74%
YTD
+12.7%
1 Year
+17.4%
3Y CAGR
+11.0%
5Y CAGR
+6.4%
10Y CAGR
+3.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
ENB vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
18.0x
vs 17.5x median
+3% above peer median
Revenue Growth
+5.5%
vs +8.6% median
-36% below peer median
Net Margin
18.1%
vs 18.9% median
-4% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ENB ENB Enbridge Inc. | $118.3B | 18.0x | +5.5% | 18.1% | Buy | -13.6% |
KMI KMI Kinder Morgan, Inc. | $70.3B | 22.3x | +4.7% | 18.9% | Hold | +10.8% |
WMB WMB The Williams Companies, Inc. | $90.2B | 31.6x | +8.9% | 23.8% | Buy | +7.1% |
ET ET Energy Transfer LP | $68.4B | 12.3x | +9.5% | 5.9% | Buy | -4.4% |
EPD EPD Enterprise Products Partners L.P. | $81.2B | 13.1x | -0.8% | 11.0% | Buy | -1.5% |
TRP TRP TC Energy Corporation | $68.2B | 17.5x | +8.6% | 23.2% | Hold | -5.3% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
ENB Dividend and Capital Return
ENB returns 0.4% total yield, led by a 0.35% dividend.
Dividend UnknownFCF Well Covered
Total Shareholder Yield
0.4%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
0.35%
Payout Ratio
—
How ENB Splits Its Return
Div 0.35%
Dividend 0.35%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.19
Growth Streak
Consecutive years of dividend increases
2Y
3Y Div CAGR
0.5%
5Y Div CAGR
2.2%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
2.2B
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.71 | — | — | — |
| 2025 | $2.69 | +1.0% | — | — |
| 2024 | $2.67 | +1.5% | 0.0% | 8.6% |
| 2023 | $2.63 | -0.9% | 0.2% | 10.0% |
| 2022 | $2.65 | -1.1% | 0.2% | 9.0% |
FAQ
7 questionsENB Investor Questions
Common questions answered from live analyst data and company financials.
01Is Enbridge Inc. (ENB) stock a buy or sell in 2026?
Enbridge Inc. (ENB) is rated Buy by Wall Street analysts as of 2026. Of 25 analysts covering the stock, 12 rate it Buy or Strong Buy, 12 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $47, implying -13.6% from the current price of $54. The bear case scenario is $19 and the bull case is $136.
02What is the ENB stock price target for 2026?
The Wall Street consensus price target for ENB is $47 based on 25 analyst estimates. The high-end target is $63 (+16.2% from today), and the low-end target is $42 (-22.2%). The base case model target is $113.
03Is Enbridge Inc. (ENB) stock overvalued in 2026?
ENB trades at 18.0x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Enbridge Inc. (ENB) stock in 2026?
The primary risks for ENB in 2026 are: (1) High Debt Levels — Enbridge carries a significant amount of debt, reflected in a high debt‑to‑equity ratio and a low interest coverage ratio, raising concerns about its ability to meet interest obligations and potential liquidity issues. (2) Safety Incidents — Operating extensive energy infrastructure exposes Enbridge to safety risks; major incidents could result in injuries, loss of life, and substantial financial and reputational damage. (3) Line 5 Litigation — Legal disputes over Line 5 pose the risk of shutdown orders, which could materially impact cash flow and dividend growth. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Enbridge Inc.'s revenue and earnings forecast?
Analyst consensus estimates ENB will report consensus revenue of $68.8B (+5.5% year-over-year) and EPS of $5.37 for the upcoming fiscal year. The following year, analysts project $79.0B in revenue.
06When does Enbridge Inc. (ENB) report its next earnings?
Enbridge Inc. is expected to report its next earnings on approximately 2026-05-08. Consensus expects EPS of $0.70 and revenue of $8.5B. Over recent quarters, ENB has beaten EPS estimates 58% of the time.
07How much free cash flow does Enbridge Inc. generate?
Enbridge Inc. (ENB) generated $3.3B in free cash flow over the trailing twelve months — a free cash flow margin of 5.1%. ENB returns capital to shareholders through dividends (0.4% yield) and share repurchases ($0 TTM).