Enbridge Inc (ENB-PN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+56.1%

CA$107.46

vs CA$68.82 price

Levered DCF

CA$106.36

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.27×	26.07×	16.8×	41.34×	17.22×	27.51×	19.56×	29.05×
P/B	2.3×	2×	1.6×	1.79×	1.64×	1.34×	1.58×	1.05×
P/S	2.2×	2.45×	2.29×	2.01×	2.14×	2.12×	2.09×	1.56×
EV / EBITDA	12.13×	13.65×	10.63×	19.01×	14.27×	15.93×	13.84×	17.97×
Gross margin	32.6%	36.2%	39.6%	31.1%	30.2%	36.8%	29.9%	30.7%
Operating margin	17.3%	18.7%	19.8%	15.7%	15.9%	19.4%	15.7%	16.1%
Net margin	11.5%	10.2%	14.4%	5.6%	13.2%	8.7%	11.5%	6.2%
Current ratio	0.63×	0.55×	0.83×	0.6×	0.49×	0.53×	0.55×	0.58×
Debt / equity	1.71×	1.54×	1.32×	1.35×	1.24×	1.09×	0.98×	0.93×
Interest coverage	2.23×	2.23×	2.22×	2.75×	3.08×	2.94×	2.84×	3.24×
Dividend yield	6.0%	6.3%	7.8%	6.8%	7.1%	8.4%	6.1%	5.3%
Payout ratio	115.3%	151.8%	123.2%	243.3%	115.3%	206.4%	111.4%	133.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	8.3%	10.1%	5.0%	10.2%	5.5%	8.6%	4.1%
Return on invested capital	4.4%	3.8%	3.8%	3.2%	3.8%	4.1%	4.0%	4.5%
Return on assets	3.4%	2.5%	3.4%	1.7%	3.7%	2.1%	3.5%	1.7%
Free cash flow yield	2.8%	4.3%	9.5%	6.0%	2.0%	5.1%	3.6%	4.3%
Earnings yield	5.2%	4.1%	6.3%	2.8%	6.2%	4.1%	5.5%	3.9%
Enterprise value	CA$248.5B	CA$231.3B	CA$173.4B	CA$187.3B	CA$175.3B	CA$148.7B	CA$168.5B	CA$137.2B
Net debt / EBITDA	5.14×	5.89×	4.62×	8.13×	6.14×	7.12×	5.28×	8.39×
Cash conversion cycle (days)	-8	-9	1	2	11	21	16	5