# Enbridge (ENB.TO)

Canonical: https://gigainvestors.com/s/ENB.TO

Analysis as of: 2026-10-16T07:33:40.373Z. Financial observations: FY1996–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 66.48 per share; close as of 2026-10-15.

Estimated value: low CAD 55.03 per share, central CAD 62.61 per share, high CAD 72.70 per share. Buy at or below the central value CAD 62.61 per share. Valuation as of 2026-10-16T07:33:40.373Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.13×

- FY2018: 0.16×

- FY2019: 0.16×

- FY2020: 0.19×

- FY2021: 0.16×

- FY2022: 0.16×

- FY2023: 0.20×

- FY2024: 0.19×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.2%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 30.9%

- Recent gross margin (lower of latest and 3-year median): 32.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.1%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.1%

- FY2017: 6.5%

- FY2018: 7.1%

- FY2019: 6.2%

- FY2020: 6.5%

- FY2021: 5.9%

- FY2022: 5.1%

- FY2023: 6.2%

- FY2024: 6.0%

- FY2025: 6.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 28B

- Net income, five-year total: CAD 28B

- Return on incremental invested capital: 28.6%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.6 pp

- Working capital / revenue, final three-year average: 3.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.96×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs 6.2%

- Per-share earnings: 1.69 to 3.01 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.8%

- Ordinary dilution, 5-year annual growth: 1.6%

- Market cap gain: CAD 90B

- Cumulative retained earnings: CAD -21B

- Diluted shares, 10-year annual growth: 9.8%

- Diluted shares, 5-year annual growth: 1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.5%

- Per-share value change: CAD 1.32

- Per-share value, starting three-year median: CAD 1.69

- Per-share value, ending three-year median: CAD 3.01

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 44B

- Cumulative net income, 10 years: CAD 45B

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD 2.21

- FY2017: CAD 1.69

- FY2018: CAD 1.43

- FY2019: CAD 2.82

- FY2020: CAD 1.66

- FY2021: CAD 3.05

- FY2022: CAD 1.48

- FY2023: CAD 3.01

- FY2024: CAD 2.52

- FY2025: CAD 3.43

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.63×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.7%

- FY2017: -2.3%

- FY2018: -4.6%

- FY2019: -2.3%

- FY2020: -4.0%

- FY2021: -2.1%

- FY2022: -4.6%

- FY2023: -4.4%

- FY2024: -3.3%

- FY2025: -2.5%

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 1.6% a year for ten years · "Enbridge's Take-or-Pay Contracts Support Stable Earnings Growth" (finance.yahoo.com, Jan 2026) · sales +21.5%

Story as of 2026-10-16T09:59:57.121Z; price observation 2026-10-15.

Price needs cash profits to grow 1.6% a year for ten years

- 2025-08-01: Enbridge Books Record Core Earnings on Power and Gas Demand ([finance.yahoo.com](https://finance.yahoo.com/news/enbridge-books-record-core-earnings-153000632.html))

- 2025-09-03: Enbridge Greenlights Major Pipeline Projects to Meet Rising Demand ([finance.yahoo.com](https://finance.yahoo.com/news/enbridge-greenlights-major-pipeline-projects-130000644.html))

- 2025-11-14: Enbridge approves $1.4 billion project to boost Canadian oil flows to US ([finance.yahoo.com](https://finance.yahoo.com/news/enbridge-approves-1-4-billion-201250014.html))

- 2026-02-13: Enbridge reports record 2025 earnings, reaffirms 2026 guidance ([finance.yahoo.com](https://finance.yahoo.com/news/enbridge-reports-record-2025-earnings-175100062.html))

- 2026-06-17: Enbridge Growth Outlook Supported by Oil Pipeline Demand, Backlog, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/enbridge-growth-outlook-supported-oil-152948838.html))

- 2026-10-13: Enbridge (ENB) Begins $4 Billion Pipeline Expansion to Boost Natural Gas Capacity ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/enbridge-enb-begins-4-billion-153423534.html))

### Sales · FY2024–2025

sales +21.5%; source https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm; observed 2026-02-13.

- FY2016: CAD 35B 

- FY2017: CAD 44B 

- FY2018: CAD 47B 

- FY2019: CAD 50B 

- FY2020: CAD 39B 

- FY2021: CAD 47B 

- FY2022: CAD 53B 

- FY2023: CAD 43B 

- FY2024: CAD 54B 

- FY2025: CAD 65B 

### Gross margin · FY2025

gross margin 32.6%; source https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm; observed 2026-02-13.

- FY2016: 24.0% 

- FY2017: 27.6% 

- FY2018: 30.7% 

- FY2019: 29.9% 

- FY2020: 36.8% 

- FY2021: 30.2% 

- FY2022: 31.1% 

- FY2023: 39.6% 

- FY2024: 36.2% 

- FY2025: 32.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are CAD 65.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm (filed 2026-02-13); FY2025: revenue 65126000000; grossProfit 21239000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENB.TO: Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company. The company operates through four segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. The Liquids Pipelines segment operates pipelines and related terminals to transport, store, and export various grades of crude oil and other liquid hydrocarbons in Canada and the United States. This segment also provides physical commodity marketing and logistical services, and crude oil marketing services. The Gas Transmission segment invests in natural gas pipelines and gathering and processing facilities in Canada and the United States. The Gas Distribution and Storage segment is involved in natural gas utility operations serving residential, commercial, and industrial customers in Ontario, as well as natural gas distribution activities in Quebec. The Renewable Power Generation segment operates wind, solar, geothermal, waste heat recovery, and transmission assets in North America. The company was formerly known as IPL Energy Inc. and changed its name to Enbridge Inc. in October 1998. Enbridge Inc. was founded in 1949 and is headquartered in Calgary, Canada.

### Why customers stay

Margins ranged from 32.6% to 39.6% during 2023–25; it earns 6.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 39.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 36.2%.

- Source: https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 32.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.061377686708983914],[2017,0.06465409943651135],[2018,0.07101276602383888],[2019,0.06215912775720979],[2020,0.06453007408068435],[2021,0.05866418621717304],[2022,0.050547836996422096],[2023,0.06210900616892654],[2024,0.05974397783202847],[2025,0.0676116809708783]]; median 0.06213406696306817. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 44.2% of cash earnings on expansion; earns 28.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 5701000000; upkeep 3163000000; owner earnings 2859000000. Growth capex / owner earnings = 1.994053864987758.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 4100000000; upkeep 3246000000; owner earnings 2882000000. Growth capex / owner earnings = 1.4226231783483692.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 2301000000; upkeep 3391000000; owner earnings 5705000000. Growth capex / owner earnings = 0.40333041191936897.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 5620000000; owner earnings 1455000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 3966000000; upkeep 3852000000; owner earnings 6189000000. Growth capex / owner earnings = 0.6408143480368396.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 504000000; upkeep 4317000000; owner earnings 3003000000. Growth capex / owner earnings = 0.16783216783216784.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 4876000000; owner earnings 5928000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 1763000000; upkeep 5167000000; owner earnings 5441000000. Growth capex / owner earnings = 0.32402131961036573.

- Source: https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm (filed 2026-02-13); FY2025: growth capex 3312000000; upkeep 5661000000; owner earnings 7491000000. Growth capex / owner earnings = 0.4421305566680016.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Incremental return on capital 0.2862784255578793, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,1443000000],[2017,3080000000],[2018,3844000000],[2019,6356000000],[2020,6940000000],[2021,7133000000],[2022,7306000000],[2023,7628000000],[2024,8262000000],[2025,8639000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENB.TO SharesStats.PercentInsiders = 0.124 percentage points; cache date 2026-10-16.

### What could break it

"Liquids Pipelines:" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm (filed 2026-02-13); Liquids Pipelines:

### What the price says

The price assumes cash profits grow 1.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.010701045675588917. Price 66.48; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -5.92906976744186 → FY2025 3.4268069533394327. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 57.92 per share

- 2016-11: CAD 56.50 per share

- 2016-12: CAD 56.50 per share

- 2017-01: CAD 55.40 per share

- 2017-02: CAD 55.90 per share

- 2017-03: CAD 55.71 per share

- 2017-04: CAD 56.58 per share

- 2017-05: CAD 52.00 per share

- 2017-06: CAD 51.66 per share

- 2017-07: CAD 51.68 per share

- 2017-08: CAD 49.92 per share

- 2017-09: CAD 52.12 per share

- 2017-10: CAD 49.58 per share

- 2017-11: CAD 48.65 per share

- 2017-12: CAD 49.16 per share

- 2018-01: CAD 45.03 per share

- 2018-02: CAD 40.81 per share

- 2018-03: CAD 40.52 per share

- 2018-04: CAD 38.89 per share

- 2018-05: CAD 40.29 per share

- 2018-06: CAD 47.00 per share

- 2018-07: CAD 46.20 per share

- 2018-08: CAD 44.51 per share

- 2018-09: CAD 41.68 per share

- 2018-10: CAD 41.02 per share

- 2018-11: CAD 43.66 per share

- 2018-12: CAD 42.41 per share

- 2019-01: CAD 48.01 per share

- 2019-02: CAD 48.68 per share

- 2019-03: CAD 48.40 per share

- 2019-04: CAD 49.49 per share

- 2019-05: CAD 49.76 per share

- 2019-06: CAD 47.30 per share

- 2019-07: CAD 44.08 per share

- 2019-08: CAD 44.53 per share

- 2019-09: CAD 46.50 per share

- 2019-10: CAD 47.97 per share

- 2019-11: CAD 50.30 per share

- 2019-12: CAD 51.63 per share

- 2020-01: CAD 53.81 per share

- 2020-02: CAD 49.96 per share

- 2020-03: CAD 40.98 per share

- 2020-04: CAD 42.65 per share

- 2020-05: CAD 44.78 per share

- 2020-06: CAD 41.28 per share

- 2020-07: CAD 42.87 per share

- 2020-08: CAD 41.73 per share

- 2020-09: CAD 38.90 per share

- 2020-10: CAD 36.71 per share

- 2020-11: CAD 40.56 per share

- 2020-12: CAD 40.71 per share

- 2021-01: CAD 42.96 per share

- 2021-02: CAD 42.98 per share

- 2021-03: CAD 45.78 per share

- 2021-04: CAD 47.41 per share

- 2021-05: CAD 45.90 per share

- 2021-06: CAD 49.63 per share

- 2021-07: CAD 49.18 per share

- 2021-08: CAD 49.65 per share

- 2021-09: CAD 50.46 per share

- 2021-10: CAD 51.84 per share

- 2021-11: CAD 47.93 per share

- 2021-12: CAD 49.41 per share

- 2022-01: CAD 53.74 per share

- 2022-02: CAD 54.76 per share

- 2022-03: CAD 57.55 per share

- 2022-04: CAD 56.06 per share

- 2022-05: CAD 58.43 per share

- 2022-06: CAD 54.36 per share

- 2022-07: CAD 57.51 per share

- 2022-08: CAD 54.16 per share

- 2022-09: CAD 51.22 per share

- 2022-10: CAD 53.08 per share

- 2022-11: CAD 55.55 per share

- 2022-12: CAD 52.92 per share

- 2023-01: CAD 54.48 per share

- 2023-02: CAD 51.19 per share

- 2023-03: CAD 51.53 per share

- 2023-04: CAD 53.87 per share

- 2023-05: CAD 47.79 per share

- 2023-06: CAD 49.24 per share

- 2023-07: CAD 48.48 per share

- 2023-08: CAD 47.44 per share

- 2023-09: CAD 45.05 per share

- 2023-10: CAD 44.44 per share

- 2023-11: CAD 47.38 per share

- 2023-12: CAD 47.70 per share

- 2024-01: CAD 47.74 per share

- 2024-02: CAD 46.65 per share

- 2024-03: CAD 48.95 per share

- 2024-04: CAD 48.95 per share

- 2024-05: CAD 49.83 per share

- 2024-06: CAD 48.67 per share

- 2024-07: CAD 51.67 per share

- 2024-08: CAD 54.22 per share

- 2024-09: CAD 54.94 per share

- 2024-10: CAD 56.24 per share

- 2024-11: CAD 60.57 per share

- 2024-12: CAD 61.01 per share

- 2025-01: CAD 62.85 per share

- 2025-02: CAD 61.81 per share

- 2025-03: CAD 63.69 per share

- 2025-04: CAD 64.47 per share

- 2025-05: CAD 63.87 per share

- 2025-06: CAD 61.75 per share

- 2025-07: CAD 62.75 per share

- 2025-08: CAD 66.45 per share

- 2025-09: CAD 70.21 per share

- 2025-10: CAD 65.40 per share

- 2025-11: CAD 67.93 per share

- 2025-12: CAD 65.68 per share

- 2026-01: CAD 66.47 per share

- 2026-02: CAD 72.47 per share

- 2026-03: CAD 75.41 per share

- 2026-04: CAD 75.34 per share

- 2026-05: CAD 75.64 per share

- 2026-06: CAD 76.91 per share

- 2026-07: CAD 76.28 per share

- 2026-08: CAD 70.22 per share

- 2026-09: CAD 66.15 per share

- 2026-10: CAD 67.55 per share

## Annual estimated value (CAD per share)

- FY2019: low CAD 17.88 per share, central CAD 22.07 per share, high CAD 25.75 per share

- FY2020: low CAD 12.93 per share, central CAD 14.71 per share, high CAD 17.09 per share

- FY2021: low CAD 16.54 per share, central CAD 18.82 per share, high CAD 21.85 per share

- FY2022: low CAD 17.76 per share, central CAD 20.21 per share, high CAD 23.46 per share

- FY2023: low CAD 28.59 per share, central CAD 32.20 per share, high CAD 36.99 per share

- FY2024: low CAD 27.90 per share, central CAD 31.70 per share, high CAD 36.76 per share

- FY2025: low CAD 37.46 per share, central CAD 42.62 per share, high CAD 49.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:25.874Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.