Upside case
Bull case
$90+65.0%
ENB would need investors to value it at roughly 31x earnings — about 12x more generous than today's 19x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 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
-14.1% vs today
Scenario Range
$43 – $90
Model bear to bull value window
Coverage
25
Published analyst ratings
Valuation Context
19.0x
Forward P/E · Market cap $119.1B
ENB price targets
Three scenarios for where ENB stock could go
Current
~$55
Confidence
43 / 100
Updated
Jun 18, 2026
Where we are now
Current · $55
Bear
$43
Base
$68
Bull
$90
Market caseClosest to today
Base case
$68+25.2%
At 24x 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
$43-21.1%
If investor confidence fades or macro conditions deteriorate, a 4x multiple contraction could push ENB down roughly 21% 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
$119.1B
Revenue TTM
$78.0B
Net Income TTM
$7.6B
Net Margin
9.7%
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
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+2.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 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
Q2 2026
EPS
$0.71/$0.69
Revenue
$16.1B/$9.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| 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% |
| Q2 2026 | $0.71/$0.69 | +2.9% | $16.1B/$9.7B | +65.7% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$82.8B
+6.2% YoY
FY2
$84.8B
+2.4% YoY
EPS Outlook
FY1
$3.59
+3.9% YoY
FY2
$3.79
+5.8% YoY
Trailing FCF (TTM)$2.0B
FCF Margin: 2.6%
Next Earnings
July 31, 2026
Expected EPS
$0.45
Expected Revenue
$8.0B
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
Slightly cheap versus peers
Fair value est. $59 — implies +8.3% from today's price.
Upside to Fair Value
8.3%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ENB
23.7x
vs
S&P 500
24.4x
In line with benchmark
vs Energy Trailing P/E
ENB
23.7x
vs
Energy
15.5x
+54% premium
vs ENB 5Y Avg P/E
Today
23.7x
vs
5Y Average
17.9x
+32% premium
Forward PE
19.0x
S&P 500
18.8x
+1%
Energy
12.5x
+52%
5Y Avg
—
—
Trailing PE
23.7x
S&P 500
24.4x
-3%
Energy
15.5x
+54%
5Y Avg
17.9x
+32%
PEG Ratio
1.40x
S&P 500
1.66x
-16%
Energy
0.52x
+171%
5Y Avg
—
—
EV/EBITDA
18.8x
S&P 500
15.2x
+24%
Energy
7.8x
+140%
5Y Avg
13.8x
+36%
Price/FCF
37.1x
S&P 500
20.7x
+79%
Energy
13.8x
+169%
5Y Avg
25.5x
+45%
Price/Sales
2.6x
S&P 500
3.1x
-17%
Energy
1.4x
+82%
5Y Avg
1.6x
+57%
Dividend Yield
6.70%
S&P 500
1.91%
+250%
Energy
3.47%
+93%
5Y Avg
9.31%
-28%
| Metric | ENB | S&P 500 | Energy | 5Y Avg ENB |
|---|---|---|---|---|
| Forward PE | 19.0x | 18.8x | 12.5x+52% | — |
| Trailing PE | 23.7x | 24.4x | 15.5x+54% | 17.9x+32% |
| PEG Ratio | 1.40x | 1.66x-16% | 0.52x+171% | — |
| EV/EBITDA | 18.8x | 15.2x+24% | 7.8x+140% | 13.8x+36% |
| Price/FCF | 37.1x | 20.7x+79% | 13.8x+169% | 25.5x+45% |
| Price/Sales | 2.6x | 3.1x-17% | 1.4x+82% | 1.6x+57% |
| Dividend Yield | 6.70% | 1.91% | 3.47% | 9.31% |
ENB trades above S&P 500 benchmarks on 2 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
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
Adequate
ENB returns 6.7% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$78.0B
Revenue Growth
TTM vs prior year
+27.9%
Gross Margin
Gross profit as a share of revenue
30.8%
Operating Margin
Operating income divided by revenue
15.8%
Net Margin
Net income divided by revenue
9.7%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$3.45
Free Cash Flow (TTM)
Cash generation after capex
$2.0B
FCF Margin
FCF as share of revenue — the primary cash quality signal
2.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
4.1%
ROA
Return on assets, trailing twelve months
3.1%
Cash & Equivalents
Liquid assets on the balance sheet
$1.5B
Net Debt
Total debt minus cash
$144.5B
Debt Serviceability
Net debt as a multiple of annual free cash flow
71.1× FCF
~71.1 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
10.0%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
6.7%
Dividend
6.7%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$5.16
Payout Ratio
Share of earnings distributed as dividends
150.4%
Shares Outstanding
Current diluted share count
2.2B
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
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 June 17, 2026
High Risk
Project execution delays
Delays in project completions, such as Mainline Optimization Phase 1, could impact revenue growth and operational efficiency.
High Risk
Pipeline utilization decline
Lower utilization trends in pipelines could reduce cash flows and profitability.
Medium
Integration risks
Challenges in integrating Dominion assets may lead to operational inefficiencies or unexpected costs.
Medium
Dividend sustainability
Future dividend decisions may be constrained by cash flow pressures or capital allocation priorities.
Lower
Regulatory hurdles
Potential regulatory changes or delays could impact project approvals and operations.
Lower
Production risks
Operational risks in production could affect supply chain reliability and financial performance.
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 June 17, 2026
Diversified infrastructure platform
Enbridge operates four core businesses—liquids pipelines, natural gas pipelines, gas utilities and storage, and renewable power—providing stability and growth opportunities.
Strong secured project pipeline
The company has a massive secured project pipeline, ensuring future revenue growth and operational expansion.
Predictable cash flows
Enbridge's low-risk profile and predictable cash flows make it a reliable investment with steady returns.
Growing dividend
The company offers a sustainable and growing dividend, appealing to income-focused investors.
Structural demand drivers
Enbridge benefits from powerful structural demand drivers across the global energy market, ensuring long-term relevance.
Premier energy delivery company
As North America’s premier energy delivery company, Enbridge holds a dominant position in the energy infrastructure sector.
Disciplined growth plans
The company's disciplined growth plans ensure sustainable expansion and value creation for shareholders.
Superior shareholder returns
Enbridge's focus on superior long-term shareholder returns makes it a first-choice investment.
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
$54.55
52W Range Position
74%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$43.59
+25.1% from the low
52-Week High
$58.45
-6.7% from the high
1 Month
-3.23%
3 Month
+2.46%
YTD
+13.4%
1 Year
+21.3%
3Y CAGR
+13.9%
5Y CAGR
+6.6%
10Y CAGR
+2.6%
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
19.0x
vs 18.7x median
+2% above peer median
Revenue Growth
+6.2%
vs +5.0% median
+25% above peer median
Net Margin
9.7%
vs 18.9% median
-49% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ENB ENB Enbridge Inc. | $119.1B | 19.0x | +6.2% | 9.7% | Buy | -14.1% |
KMI KMI Kinder Morgan, Inc. | $70.3B | 21.6x | +4.9% | 18.9% | Hold | +16.1% |
WMB WMB The Williams Companies, Inc. | $89.4B | 30.9x | +6.8% | 23.8% | Buy | +14.5% |
ET ET Energy Transfer LP | $64.5B | 12.8x | +11.1% | 6.2% | Buy | +22.7% |
EPD EPD Enterprise Products Partners L.P. | $79.1B | 12.6x | +5.0% | 11.0% | Buy | +7.2% |
TRP TRP TC Energy Corporation | $70.5B | 18.7x | +4.7% | 23.2% | Buy | -8.4% |
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 6.7% total yield, led by a 6.70% dividend.
Dividend SustainableFCF Stretched
Total Shareholder Yield
6.7%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
6.70%
Payout Ratio
1.5%
How ENB Splits Its Return
Div 6.70%
Dividend 6.70%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$5.16
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 | $1.41 | — | — | — |
| 2025 | $2.69 | +1.0% | 0.0% | 10.8% |
| 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 -14.1% from the current price of $55. The bear case scenario is $43 and the bull case is $90.
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 (+15.5% from today), and the low-end target is $42 (-22.7%). The base case model target is $68.
03Is Enbridge Inc. (ENB) stock overvalued in 2026?
ENB trades at 19.0x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals slightly cheap versus peers. 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) Project execution delays — Delays in project completions, such as Mainline Optimization Phase 1, could impact revenue growth and operational efficiency. (2) Pipeline utilization decline — Lower utilization trends in pipelines could reduce cash flows and profitability. (3) Integration risks — Challenges in integrating Dominion assets may lead to operational inefficiencies or unexpected costs. 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 $82.8B (+6.2% year-over-year) and EPS of $3.59 (+3.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $84.8B in revenue.
06When does Enbridge Inc. (ENB) report its next earnings?
Enbridge Inc. is expected to report its next earnings on approximately 2026-07-31. Consensus expects EPS of $0.45 and revenue of $8.0B. 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 $2.0B in free cash flow over the trailing twelve months — a free cash flow margin of 2.6%. ENB returns capital to shareholders through dividends (6.7% yield) and share repurchases ($0 TTM).