Enbridge Inc. (ENB) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↑
18.85
↑+36% vs avg
5yr avg: 13.84
30Y Low8.9·High26.3
P/FCF
↓
37.30
↑+46% vs avg
5yr avg: 25.53
30Y Low7.9·High105.2
P/B Ratio
↓
1.87
↑+52% vs avg
5yr avg: 1.23
30Y Low0.7·High3.9
ROE
↓
9.4%
↓+13% vs avg
5yr avg: 8.3%
30Y Low1%·High20%
Debt/EBITDA
↑
8.78
+19% vs avg
5yr avg: 7.36
30Y Low4.1·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 23.9x earnings, 33% above its 5-year average of 17.9x, sitting at the 68th percentile of its historical range. Compared to the Energy sector median P/E of 15.5x, the stock trades at a premium of 54%. On a free-cash-flow basis, the stock trades at 37.3x P/FCF, 46% above the 5-year average of 25.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $119.1B | $104.6B | $91.6B | $74.1B | $79.3B | $79.1B | $64.7B | $80.3B | $53.7B | $59.9B | $38.7B |
| Enterprise Value | $221.1B | $249.0B | $191.4B | $149.4B | $159.5B | $154.5B | $132.6B | $130.5B | $117.8B | $124.6B | $78.1B |
| P/E Ratio → | 23.85 | 14.76 | 18.13 | 12.68 | 30.55 | 13.62 | 21.61 | 15.12 | 18.61 | 23.70 | 21.82 |
| P/S Ratio | 2.59 | 1.60 | 1.71 | 1.70 | 1.49 | 1.68 | 1.65 | 1.60 | 1.16 | 1.35 | 1.12 |
| P/B Ratio | 1.87 | 1.16 | 1.33 | 1.15 | 1.25 | 1.25 | 1.00 | 1.50 | 0.73 | 0.91 | 1.76 |
| P/FCF | 37.30 | 23.11 | 16.15 | 7.95 | 12.38 | 68.05 | 15.54 | 21.68 | 17.01 | — | — |
| P/OCF | 10.02 | 6.21 | 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 18.8x EBITDA, 36% above its 5-year average of 13.8x. The Energy sector median is 7.8x, placing the stock at a 140% premium 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 | — | 3.82 | 3.58 | 3.42 | 2.99 | 3.28 | 3.39 | 2.61 | 2.54 | 2.81 | 2.26 |
| EV / EBITDA | 18.85 | 14.99 | 12.92 | 11.27 | 16.79 | 13.25 | 11.36 | 11.20 | 14.61 | 26.32 | 16.20 |
| EV / EBIT | 28.59 | 16.84 | 16.36 | 12.73 | 20.53 | 14.81 | 18.85 | 12.71 | 18.39 | 36.71 | 19.33 |
| EV / FCF | — | 55.05 | 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 13.8%. Operating margins have compressed from 19.8% to 16.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.4% is modest. ROIC of 4.1% represents below-average returns on invested capital versus a sector median of 6.2%.
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 | 33.0% | 33.0% | 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 | 11.5% | 11.5% | 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 | 9.4% | 9.4% | 8.2% | 9.7% | 4.7% | 9.7% | 5.7% | 9.0% | 4.1% | 6.5% | 9.8% |
| ROA | 2.9% | 2.9% | 2.7% | 3.4% | 1.7% | 3.8% | 2.4% | 3.9% | 1.8% | 2.3% | 2.4% |
| ROIC | 4.1% | 4.1% | 4.7% | 4.6% | 2.8% | 4.3% | 5.1% | 5.1% | 2.7% | 1.2% | 3.1% |
| ROCE | 4.5% | 4.5% | 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 8.8x, which is highly leveraged (237% above the sector average of 2.6x). Net debt stands at $144.5B ($146.0B total debt minus $1.5B cash). Interest coverage of just 3.0x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.61 | 1.61 | 1.48 | 1.26 | 1.28 | 1.19 | 1.06 | 0.95 | 0.88 | 0.99 | 1.89 |
| Debt / EBITDA | 8.78 | 8.78 | 6.86 | 6.12 | 8.53 | 6.49 | 5.86 | 4.35 | 8.01 | 13.77 | 8.62 |
| Net Debt / Equity | — | 1.60 | 1.45 | 1.17 | 1.26 | 1.19 | 1.06 | 0.94 | 0.87 | 0.98 | 1.80 |
| Net Debt / EBITDA | 8.69 | 8.69 | 6.74 | 5.68 | 8.44 | 6.46 | 5.82 | 4.31 | 7.95 | 13.67 | 8.18 |
| Debt / FCF | — | 31.94 | 17.61 | 8.07 | 12.50 | 64.79 | 16.32 | 13.54 | 20.31 | — | — |
| Interest Coverage | 2.96 | 2.96 | 2.66 | 3.07 | 2.41 | 3.86 | 3.49 | 4.84 | 2.26 | 1.20 | 2.54 |
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 $1.5B 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 | — | 0.22 | 0.24 | 0.24 | 0.30 | 0.28 | 0.24 | 0.40 | 0.28 | 0.27 | 0.40 |
| Inventory Turnover | 19.65 | 19.65 | 22.99 | 17.57 | 16.37 | 19.49 | 15.87 | 34.34 | 24.38 | 20.81 | 21.29 |
| Days Sales Outstanding | — | 55.06 | 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 6.7% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 150.4%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 4.2% (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 | 6.7% | 10.8% | 8.6% | 9.8% | 8.8% | 8.5% | 10.1% | 7.4% | 6.5% | 4.6% | 3.0% |
| Payout Ratio | 150.4% | 150.4% | 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 | 4.2% | 6.8% | 5.5% | 7.9% | 3.3% | 7.3% | 4.6% | 6.6% | 5.4% | 4.2% | 4.6% |
| FCF Yield | 2.7% | 4.3% | 6.2% | 12.6% | 8.1% | 1.5% | 6.4% | 4.6% | 5.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.2% | 0.2% | 0.0% | 0.0% | 0.4% | 0.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.7% | 10.8% | 8.6% | 10.0% | 9.0% | 8.5% | 10.1% | 7.8% | 6.9% | 4.6% | 3.0% |
| Shares Outstanding | — | $2.2B | $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 | $119B | 23.9 | 18.8 | 37.3 | 33.0% | 16.8% | 9.4% | 4.1% | 8.8 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 WMB | $89B | 34.2 | 17.6 | 89.0 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 ET | $65B | 13.9 | 9.1 | 16.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 EPD | $79B | 13.8 | 11.8 | 26.7 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 TRP | $70B | 29.3 | 16.9 | 48.0 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
 MPLX | $58B | 11.8 | 13.4 | 14.1 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 PAA | $15B | 12.9 | 9.1 | 6.6 | 6.0% | 3.2% | 11.0% | 5.3% | 4.7 |
 OKE | $54B | 15.7 | 10.2 | 21.9 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 DT | $12B | 76.7 | 38.7 | 22.9 | 81.6% | 13.1% | 6.2% | 11.8% | 0.6 |
 TRGP | $56B | 30.3 | 14.7 | 95.0 | 26.5% | 20.1% | 48.4% | 13.2% | 3.5 |
| Energy Median | — | 15.5 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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ENB — 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 23.9x. The historical average is 26.0x. This places it at the 68th percentile of its historical range.
What is Enbridge Inc.'s EV/EBITDA?
Enbridge Inc.'s current EV/EBITDA is 18.8x. 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 9.4%. The historical average is 10.9%.
Is ENB stock overvalued?
Based on historical data, Enbridge Inc. is trading at a P/E of 23.9x. This is at the 68th 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 6.67% with a payout ratio of 150.4%.
What are Enbridge Inc.'s profit margins?
Enbridge Inc. has 33.0% gross margin and 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 8.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.