ENB
Enbridge Inc.
ENB's fundamentals are mixed: revenue grew 40%, but its operating margin fell 4 points to 12%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
ENB Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Under pressure | |
| Weak |
ENB's revenue and profitability are currently healthy, but its cash flow and balance sheet are under pressure.
ENB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $36.35 | -24% |
| Fair | 23x | $46.17 | -4% |
| Current | 24x | $48.11 | — |
| Expensive | 39x | $79.05 | +64% |
Historical ranges are pointers, not guarantees.
ENB's PE is 24x, but its earnings don't support one, so it isn't a reliable read right now.
ENB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for ENB, but weaker profitability. However, they disagree widely on these estimates.
ENB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $2.02 | +12% |
| Q2 2026 | $1.82 | -9% |
| Q1 2026 | $2.07 | +8.4% |
| Q4 2025 | $2.26 | +37% |
| Q3 2025 | $1.80 | -13% |
| Q2 2025 | $2.00 | +9.3% |
| Q1 2025 | $1.91 | +2.7% |
| Q4 2024 | $1.65 | -17% |
ENB earned $2.02 per share over the past year, up 12% from the year before.
ENB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $14.8B | +44% |
| Q2 2026 | $20.6B | +97% |
| Q1 2026 | $15.7B | +21% |
| Q4 2025 | $12.1B | +5.9% |
| Q3 2025 | $10.3B | -1.6% |
| Q2 2025 | $10.5B | +31% |
| Q1 2025 | $13B | +68% |
| Q4 2024 | $11.4B | +44% |
ENB's revenue has grown year over year for four quarters in a row: $14.8B last quarter, up 44% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | -5.4 points |
| Q2 2026 | 9.9% | -5.5 points |
| Q1 2026 | 14% | -5.4 points |
| Q4 2025 | 16% | +0.8 points |
| Q3 2025 | 16% | +0.6 points |
| Q2 2025 | 15% | -4.7 points |
| Q1 2025 | 20% | -4.7 points |
| Q4 2024 | 15% | -1.2 points |
ENB's operating margin was 10% last quarter, down 5.4 points from the same quarter a year ago, near the bottom of its range since 2019.
ENB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$519.5M | -235% |
| Q2 2026 | $798.7M | -15% |
| Q1 2026 | -$68.2M | -107% |
| Q4 2025 | $57.6M | -93% |
| Q3 2025 | $384.6M | -59% |
| Q2 2025 | $940.7M | -8.7% |
| Q1 2025 | $935M | -32% |
| Q4 2024 | $784.6M | -54% |
ENB usually generates cash, though not every quarter: the latest was −$520M, but it generated $269M over the past year.
ENB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +8M shares |
| 1 year | +0.5% | +11M shares |
| 3 years | +7.3% | +149M shares |
| 5 years | +8.5% | +172M shares |
| Available history | +8.8% | +178M shares |
ENB has 2.2B diluted shares, up 0.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $87.9M |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
ENB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.5x | High |
| Q2 2026 | 6.5x | High |
| Q1 2026 | 6.7x | High |
| Q4 2025 | 6.3x | High |
| Q3 2025 | 6.3x | High |
| Q2 2025 | 6.2x | High |
| Q1 2025 | 6.3x | High |
| Q4 2024 | 6.7x | High |
ENB's net debt is about 6.5 years of its operating earnings (EBITDA), up from 6.3 years a year ago.
ENB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.8 | Neutral |
| Stochastic | 30.4 | Neutral |
ENB's weekly RSI is 44 (neutral) and its Stochastic is 30 (neutral).
ENB PE vs Energy Sector
| Metric | ENB | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 13x | 81% above |
| PE % | 57 | 61 | 4 pts below |
ENB is trading at 24x earnings, a 81% premium to the Energy sector's median of 13x, though its earnings don't support one.
ENB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $47.5 | 1.3% above |
| 20 week MA | $50.3 | 4.4% below |
| 50 week MA | $51.5 | 6.5% below |
| 100 week MA | $48.6 | 0.9% below |
| 200 week MA | $42.9 | 12% above |
ENB's trend is mixed: it's above two of its five weekly moving averages, and 12% above its 200-week average.
ENB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.6 | $32.2 | -19% |
| 2021 | $32.2 | $38.0 | +18% |
| 2022 | $38.0 | $39.5 | +3.9% |
| 2023 | $39.5 | $36.0 | -8.8% |
| 2024 | $36.0 | $41.8 | +16% |
| 2025 | $41.8 | $47.5 | +14% |
| 2026 YTD | $47.5 | $48.1 | +1.2% |
ENB has finished higher in four of the last six years. It's up 1.2% so far in 2026.