Enbridge Inc. (ENB) 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

-10.7%

$44.00

vs $49.27 price

Levered DCF

$30.57

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.96

Distress zone

Rating

C+

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	20.26×	26.08×	16.79×	41.37×	17.21×	27.57×	19.55×	29.05×
P/B	1.67×	2×	1.6×	1.79×	1.64×	1.34×	2.04×	1.05×
P/S	2.19×	2.46×	2.25×	2.01×	2.12×	2.11×	2.08×	1.58×
EV / EBITDA	14.06×	13.72×	10.6×	15.5×	12.27×	13.99×	11.3×	13.3×
Gross margin	33.0%	36.0%	40.5%	30.8%	30.8%	37.6%	31.3%	29.6%
Operating margin	16.8%	18.0%	19.8%	9.7%	16.6%	20.4%	16.5%	10.4%
Net margin	11.5%	10.2%	14.2%	5.6%	13.1%	8.6%	11.4%	6.2%
Current ratio	0.46×	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×	1.11×	1×	0.93×
Interest coverage	2.2×	2.19×	2.26×	1.61×	2.89×	3.95×	3.89×	1.7×
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	8.8%	8.3%	10.1%	5.0%	10.2%	5.5%	11.2%	4.1%
Return on invested capital	3.7%	3.7%	3.9%	2.0%	4.0%	4.3%	5.4%	2.9%
Return on assets	2.5%	2.5%	3.4%	1.7%	3.7%	2.1%	4.5%	1.7%
Free cash flow yield	2.2%	4.3%	9.5%	6.0%	1.2%	5.0%	3.6%	4.3%
Earnings yield	5.2%	4.1%	6.3%	2.8%	6.2%	4.1%	5.5%	3.9%
Enterprise value	$287.6B	$231.4B	$173.3B	$187.3B	$175.3B	$150.4B	$154.3B	$137.2B
Net debt / EBITDA	7.07×	5.92×	4.61×	6.63×	5.27×	6.32×	3.67×	6.21×
Cash conversion cycle (days)	-13	-9	1	3	11	8	11	1