Latest Ratios: P/E Ratio 20.8x · EV/EBITDA 17.6x · ROE 9.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $104.5B | $104.6B | $91.6B | $74.1B | $79.3B | $79.1B | $64.7B | $80.3B | $53.7B | $59.9B | $38.7B |
| Enterprise Value | $206.9B | $249.0B | $191.4B | $149.4B | $159.5B | $154.5B | $132.6B | $130.5B | $117.8B | $124.6B | $78.1B |
| P/E Ratio → | 20.84 | 14.76 | 18.13 | 12.68 | 30.55 | 13.62 | 21.61 | 15.12 | 21.29 | 23.70 | 21.82 |
| P/S Ratio | 2.26 | 1.60 | 1.71 | 1.70 | 1.49 | 1.68 | 1.65 | 1.60 | 1.16 | 1.35 | 1.12 |
| P/B Ratio | 1.63 | 1.16 | 1.33 | 1.15 | 1.25 | 1.25 | 1.00 | 1.50 | 0.73 | 0.91 | 1.76 |
| P/FCF | 32.59 | 23.11 | 16.15 | 7.95 | 12.38 | 68.05 | 15.54 | 21.68 | 17.01 | — | — |
| P/OCF | 8.76 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 17.57 | 14.99 | 12.92 | 11.27 | 16.79 | 13.25 | 11.36 | 11.20 | 14.61 | 26.32 | 16.20 |
| EV / EBIT | 26.64 | 16.84 | 16.36 | 12.73 | 20.53 | 14.81 | 18.85 | 12.71 | 16.66 | 19.52 | 19.33 |
| EV / FCF | — | 55.05 | 33.76 | 16.02 | 24.88 | 132.84 | 31.86 | 35.22 | 37.32 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% | 35.5% | 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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 2.49 | 2.26 | 2.54 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | 0.60 |
| Quick Ratio | 0.19 | 0.19 | 0.49 | 0.74 | 0.49 | 0.40 | 0.42 | 0.47 | 0.49 | 0.53 | 0.51 |
| 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 | 37.70 | 44.18 | 40.43 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 7.6% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 6.8% | 5.5% | 7.9% | 3.3% | 7.3% | 4.6% | 6.6% | 4.7% | 4.2% | 4.6% |
| FCF Yield | 3.1% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.6% | 10.8% | 8.6% | 10.0% | 9.0% | 8.5% | 10.1% | 7.4% | 6.5% | 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 |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ENB stock.
Enbridge Inc.'s current P/E ratio is 20.8x. The historical average is 26.1x. This places it at the 50th percentile of its historical range.
Enbridge Inc.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Enbridge Inc.'s return on equity (ROE) is 9.4%. The historical average is 10.9%.
Based on historical data, Enbridge Inc. is trading at a P/E of 20.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Enbridge Inc.'s current dividend yield is 7.64% with a payout ratio of 150.4%.
Enbridge Inc. has 33.0% gross margin and 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
Enbridge Inc.'s Debt/EBITDA ratio is 8.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Line 5 shutdown risk
Metrics are mathematically derived from official filings.
Margin Compression from Utility Mix
Gross margin fell to 22.9% in 2026Q2 from 33.0% in 2025Q4, according to recent financial statements, reflecting the dilutive impact of acquired utility assets and higher operating costs, though core midstream margins remain stable.
The sequential decline in gross margin aligns with the integration of Dominion's gas utilities, which carry lower margins than the liquids pipeline business. Operating margin also compressed to 9.9% in 2026Q2 from 15.9% in 2025Q4, suggesting that the revenue surge from the acquisition is not translating into proportional operating profit. Investors should monitor whether this margin dilution is temporary integration friction or a permanent shift in the earnings mix toward lower-return regulated assets.
Return on Capital Decay
ROIC has hovered between 0.9% and 1.6% over the past ten quarters, as reported in financial statements, well below the cost of capital, indicating that the Dominion acquisition and rising debt are not yet generating adequate returns.
Despite a 21.6% surge in total assets to $231.6B in 2026Q2, ROIC remains subdued at 0.9%, reflecting the low initial returns from the acquired utilities and the heavy capital base. ROE also fell to 1.8% in 2026Q2 from 3.4% in 2025Q1, as equity contracted 28.2% sequentially, amplifying the impact of net income volatility. The company appears to be in a period of capital deployment where returns are temporarily depressed, but sustained sub-2% ROIC would suggest value destruction unless the utility assets ramp up earnings.
Working Capital Efficiency Holds
The cash conversion cycle remained negative at -0 days in 2026Q2, based on reported figures, as Enbridge continues to collect from customers faster than it pays suppliers, though asset turnover remains low at 0.11x.
The negative CCC, driven by DPO of 48 days versus DSO of 38 days, indicates that Enbridge is effectively using supplier financing to support its working capital needs, a common feature in midstream operations. However, asset turnover of 0.11x is among the lowest in the peer group, reflecting the massive capital intensity of pipelines and utilities. The efficiency gains from working capital management are insufficient to offset the low revenue generation per dollar of assets, a structural characteristic of the business.
Leverage Surges Post-Acquisition
Debt-to-equity jumped to 2.31 in 2026Q2 from 1.60 in 2026Q1, according to recent SEC filings, while interest coverage fell to 1.90x, indicating that the Dominion acquisition has significantly increased financial risk.
The sharp rise in leverage reflects the debt-funded acquisition of three U.S. gas utilities, with total debt reaching $159.3B. Interest coverage of 1.90x is down from 3.53x in 2025Q2, suggesting that operating income is now barely covering interest expense, a concerning trend if rates remain elevated. The D/EBITDA ratio of 36.72x in 2026Q2 appears distorted by the acquisition timing and may not reflect the steady-state leverage, but investors should monitor whether the company can deleverage through retained cash flow or asset sales.
Thin Liquidity Buffer
The current ratio fell to 0.72 in 2026Q2, down from 0.81 in 2026Q1, as per financial statements, indicating that current liabilities exceed current assets by a significant margin, though the quick ratio of 0.63 suggests limited inventory dependence.
Enbridge's current ratio has been below 1.0 for the entire ten-quarter period, a common trait for midstream companies that rely on stable cash flows and access to credit markets rather than liquid assets. The quick ratio of 0.63 in 2026Q2, excluding inventory, still shows a thin buffer, but the negative CCC and contractual revenue provide some comfort. However, in a severe stress scenario, the company would likely need to draw on revolving credit facilities or issue debt to meet near-term obligations, given the limited cash on hand.
Misapplied P/E Ratio
The P/E ratio of 23.45 is often misapplied to Enbridge because reported net income is distorted by non-cash mark-to-market adjustments and acquisition-related charges, as noted in financial statements, making DCF or EV/EBITDA more reliable.
Enbridge's net income is heavily influenced by non-cash items such as derivative gains/losses and impairment charges, which can cause the P/E to swing dramatically quarter to quarter. For example, net margin ranged from 3.7% to 17.1% over the past ten quarters, reflecting these distortions. Analysts should instead focus on Distributable Cash Flow (DCF) or EV/EBITDA, which better capture the cash-generating ability of the toll-bridge assets. The forward EV/EBITDA of 10.76x appears more reasonable than the trailing 18.68x, but even that should be adjusted for the utility acquisition's integration costs.