Enbridge Inc. (ENB) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↓
7.42
↓-45% vs avg
5yr avg: 13.56
30Y Low8.9·High26.3
P/FCF
↓
35.88
↑+37% vs avg
5yr avg: 26.13
30Y Low7.9·High105.2
P/B Ratio
↑
1.88
↑+41% vs avg
5yr avg: 1.33
30Y Low0.7·High3.9
ROE
↑
17.9%
↓+78% vs avg
5yr avg: 10.0%
30Y Low1%·High20%
Debt/EBITDA
↓
0.36
↓-94% vs avg
5yr avg: 5.67
30Y Low0.4·High13.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ENB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Enbridge Inc. trades at 16.8x earnings, 6% below its 5-year average of 18.0x, sitting at the 32nd percentile of its historical range. This is roughly in line with the Energy sector median P/E of 16.8x. On a free-cash-flow basis, the stock trades at 35.9x P/FCF, 37% above the 5-year average of 26.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $118.3B | — | $91.6B | $74.1B | $79.3B | $79.1B | $64.7B | $80.3B | $53.7B | $59.9B | $38.7B |
| Enterprise Value | $123.3B | — | $191.4B | $149.4B | $159.5B | $154.5B | $132.6B | $130.5B | $117.8B | $124.6B | $78.1B |
| P/E Ratio → | 16.84 | 14.85 | 18.13 | 12.68 | 30.55 | 13.62 | 21.61 | 15.12 | 18.61 | 23.70 | 21.82 |
| P/S Ratio | 1.81 | — | 1.71 | 1.70 | 1.49 | 1.68 | 1.65 | 1.60 | 1.16 | 1.35 | 1.12 |
| P/B Ratio | 1.88 | 1.65 | 1.33 | 1.15 | 1.25 | 1.25 | 1.00 | 1.50 | 0.73 | 0.91 | 1.76 |
| P/FCF | 35.88 | — | 16.15 | 7.95 | 12.38 | 68.05 | 15.54 | 21.68 | 17.01 | — | — |
| P/OCF | 9.64 | — | 7.27 | 5.22 | 7.06 | 8.55 | 6.61 | 8.55 | 5.11 | 9.10 | 7.42 |
P/E links to full P/E history page with 30-year chart
ENB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Enbridge Inc.'s enterprise value stands at 7.4x EBITDA, 45% below its 5-year average of 13.6x. The Energy sector median is 7.9x, placing the stock at a 6% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 3.58 | 3.42 | 2.99 | 3.28 | 3.39 | 2.61 | 2.54 | 2.81 | 2.26 |
| EV / EBITDA | 7.42 | — | 12.92 | 11.27 | 16.79 | 13.25 | 11.36 | 11.20 | 14.61 | 26.32 | 16.20 |
| EV / EBIT | 11.25 | — | 16.36 | 12.73 | 20.53 | 14.81 | 18.85 | 12.71 | 18.39 | 36.71 | 19.33 |
| EV / FCF | — | — | 33.76 | 16.02 | 24.88 | 132.84 | 31.86 | 35.22 | 37.32 | — | — |
ENB Profitability
Margins and return-on-capital ratios measuring operating efficiency
Enbridge Inc. earns an operating margin of 16.8%, above the Energy sector average of 14.4%. Operating margins have compressed from 19.8% to 16.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 17.9% indicates solid capital efficiency, compared to the sector median of 8.5%. ROIC of 6.9% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | 36.0% | 40.5% | 30.8% | 30.8% | 37.6% | 31.3% | 29.6% | 28.3% | 24.1% |
| Operating Margin | 16.8% | 16.8% | 18.0% | 19.8% | 9.7% | 16.6% | 20.4% | 16.5% | 10.4% | 3.5% | 7.5% |
| Net Profit Margin | 18.1% | 18.1% | 10.2% | 14.2% | 5.6% | 13.1% | 8.6% | 11.4% | 6.2% | 6.4% | 6.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.9% | 17.9% | 8.2% | 9.7% | 4.7% | 9.7% | 5.7% | 9.0% | 4.1% | 6.5% | 9.8% |
| ROA | 5.4% | 5.4% | 2.7% | 3.4% | 1.7% | 3.8% | 2.4% | 3.9% | 1.8% | 2.3% | 2.4% |
| ROIC | 6.9% | 6.9% | 4.7% | 4.6% | 2.8% | 4.3% | 5.1% | 5.1% | 2.7% | 1.2% | 3.1% |
| ROCE | 5.4% | 5.4% | 5.4% | 5.4% | 3.3% | 5.3% | 6.1% | 6.2% | 3.2% | 1.4% | 3.5% |
ENB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Enbridge Inc. carries a Debt/EBITDA ratio of 0.4x, which is very conservative (85% below the sector average of 2.4x). Net debt stands at $5.0B ($6.1B total debt minus $1.1B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 1.48 | 1.26 | 1.28 | 1.19 | 1.06 | 0.95 | 0.88 | 0.99 | 1.89 |
| Debt / EBITDA | 0.36 | 0.36 | 6.86 | 6.12 | 8.53 | 6.49 | 5.86 | 4.35 | 8.01 | 13.77 | 8.62 |
| Net Debt / Equity | — | 0.08 | 1.45 | 1.17 | 1.26 | 1.19 | 1.06 | 0.94 | 0.87 | 0.98 | 1.80 |
| Net Debt / EBITDA | 0.30 | 0.30 | 6.74 | 5.68 | 8.44 | 6.46 | 5.82 | 4.31 | 7.95 | 13.67 | 8.18 |
| Debt / FCF | — | 1.51 | 17.61 | 8.07 | 12.50 | 64.79 | 16.32 | 13.54 | 20.31 | — | — |
| Interest Coverage | — | — | 2.19 | 2.26 | 1.61 | 2.89 | 3.95 | 3.89 | 1.70 | 0.56 | 1.62 |
ENB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.46x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.1B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.83x to 0.46x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.46 | 0.46 | 0.55 | 0.83 | 0.60 | 0.49 | 0.53 | 0.55 | 0.58 | 0.63 | 0.65 |
| Quick Ratio | 0.19 | 0.19 | 0.49 | 0.74 | 0.49 | 0.40 | 0.42 | 0.47 | 0.49 | 0.53 | 0.55 |
| Cash Ratio | 0.18 | 0.18 | 0.08 | 0.34 | 0.04 | 0.02 | 0.03 | 0.04 | 0.03 | 0.03 | 0.16 |
| Asset Turnover | — | 0.30 | 0.24 | 0.24 | 0.30 | 0.28 | 0.24 | 0.40 | 0.28 | 0.27 | 0.40 |
| Inventory Turnover | 22.99 | — | 22.99 | 17.57 | 16.37 | 19.49 | 15.87 | 34.34 | 24.38 | 20.81 | 21.29 |
| Days Sales Outstanding | — | 0.48 | 50.41 | 40.49 | 41.44 | 42.42 | 37.25 | 37.88 | 41.62 | 58.40 | 53.06 |
ENB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Enbridge Inc. returns 0.4% to shareholders annually primarily through dividends. The earnings yield of 5.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.4% | 8.6% | 9.8% | 8.8% | 8.5% | 10.1% | 7.4% | 6.5% | 4.6% | 3.0% |
| Payout Ratio | — | — | 144.7% | 117.5% | 232.0% | 109.3% | 195.1% | 104.7% | 120.7% | 96.2% | 55.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 6.7% | 5.5% | 7.9% | 3.3% | 7.3% | 4.6% | 6.6% | 5.4% | 4.2% | 4.6% |
| FCF Yield | 2.8% | — | 6.2% | 12.6% | 8.1% | 1.5% | 6.4% | 4.6% | 5.9% | — | — |
| Buyback Yield | 0.0% | — | 0.0% | 0.2% | 0.2% | 0.0% | 0.0% | 0.4% | 0.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | — | 8.6% | 10.0% | 9.0% | 8.5% | 10.1% | 7.8% | 6.9% | 4.6% | 3.0% |
| Shares Outstanding | — | $0 | $2.2B | $2.1B | $2.0B | $2.0B | $2.0B | $2.0B | $1.7B | $1.5B | $918M |
Peer Comparison
Compare ENB with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ENBYou | $118B | 16.8 | 7.4 | 35.9 | — | 16.8% | 17.9% | 6.9% | 0.4 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 WMB | $90B | 34.5 | 17.7 | 89.7 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 ET | $68B | 14.7 | 9.4 | 17.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 EPD | $81B | 14.1 | 12.1 | 27.4 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 TRP | $68B | 27.2 | 16.2 | 44.6 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
 MPLX | $57B | 11.5 | 13.2 | 13.8 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 PAA | $16B | 30.4 | 10.5 | 8.4 | 3.4% | 2.4% | 5.8% | 4.2% | 3.6 |
 OKE | $54B | 15.8 | 10.2 | 22.0 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 DT | $11B | 24.0 | 46.2 | 26.4 | 81.2% | 10.6% | 20.9% | 9.0% | 0.3 |
 TRGP | $54B | 29.3 | 14.3 | 13.7 | 26.5% | 20.1% | 48.4% | 13.3% | 3.5 |
| Energy Median | — | 16.8 | 7.9 | 13.3 | 33.2% | 14.4% | 8.5% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonENB — Frequently Asked Questions
Quick answers to the most common questions about buying ENB stock.
What is Enbridge Inc.'s P/E ratio?
Enbridge Inc.'s current P/E ratio is 16.8x. The historical average is 26.0x. This places it at the 32th percentile of its historical range.
What is Enbridge Inc.'s EV/EBITDA?
Enbridge Inc.'s current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
What is Enbridge Inc.'s ROE?
Enbridge Inc.'s return on equity (ROE) is 17.9%. The historical average is 11.1%.
Is ENB stock overvalued?
Based on historical data, Enbridge Inc. is trading at a P/E of 16.8x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Enbridge Inc.'s dividend yield?
Enbridge Inc.'s current dividend yield is 0.35%.
What are Enbridge Inc.'s profit margins?
Enbridge Inc. has 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Enbridge Inc. have?
Enbridge Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.