Enbridge Inc.ENB
NYSE•Energy•Oil & Gas Midstream
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.
Enbridge Inc (ENB) reported trailing twelve months revenue of $69.05B as of March 2026, a 13.3% increase year-over-year. Quarterly revenue reached $22.36B, reflecting continued top-line momentum.
Enbridge Inc generated $6.91B in TTM net income, with quarterly EBITDA of $3.23B. The operating margin contracted from 19.8% to 14.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (14.4%) and net margin (8.0%) indicates moderate non-operating costs. Net margin has narrowed from 12.8% a year ago, reflecting increased costs or interest expense.
ENB trades at a P/E of 17.2x (in line with broad market averages) and a P/S of 1.7x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company reported negative free cash flow of $-97.00M, indicating cash consumption over the period. The balance sheet shows $228.20B in total assets with $103.01B in long-term debt against $67.75B in stockholders equity for a debt-to-equity ratio of 1.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~16.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.4% on average, adequate but below the threshold typically associated with wide moats.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~58.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 12.4% — watch for continued compression, which may signal competitive or cost pressure.
FCF consistently trails net income (avg 0.7x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 2.1% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation