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North America's largest energy infrastructure company, moving oil and gas through pipelines and distributing natural gas and power.
North America's largest energy infrastructure company, moving oil and gas through pipelines and distributing natural gas and power.
Earns fees for moving oil and gas under long-term contracts and regulated tolls rather than from the commodity price, and regulated returns on gas utilities. In 2024 it bought three US gas utilities from Dominion, which made gas distribution a larger part of the mix.
In one line: Canada's Kinder Morgan/Williams..
Moat: wide (scale, regulatory licence, installed base). Owns irreplaceable cross-border pipeline corridors with long-term contracts and high barriers to new builds.
Headquarters: Calgary, Canada · Founded: 1949 · Employees: 14,800
Size Enbridge (ENB.TO) is a Canada Energy company (Oil & Gas Pipelines) with a market value of $107B, the 6th largest of 420 Canada companies the cockpit tracks. Shares closed at C$66.14 on 6 Nov 2026.
Performance Over six months the shares fell 10.3%, against -0.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd lowest of 10 in its peer set.
Growth Revenue grew 28.9% over the last twelve months (peer median +12.2%); the operating margin is 13.3% (peer median 31.0%).
Valuation It trades at 22.1× forward earnings against a peer median of 13.0× (4th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.7 points below its cost of capital (6.2% WACC).
Credit Enbridge has 3 bonds outstanding ($1.21B), rated BBB+ by the agencies and trading like A at a weighted spread of 81 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$83.3B | C$65.1B | C$53.6B | C$42.9B | C$53.4B |
| Revenue growth | — | +22% | +25% | -20% | — |
| Gross profit | C$21.2B | C$21.2B | C$19.4B | C$17.0B | C$16.6B |
| EBITDA | C$16.8B | C$16.9B | C$15.2B | C$13.1B | C$12.7B |
| Net income | C$6.13B | C$7.49B | C$5.44B | C$6.19B | C$3.00B |
| Free cash flow | C$2.36B | C$3.98B | C$6.67B | C$10.7B | C$7.35B |
| Capital expenditure | C$11.0B | C$9.16B | C$6.93B | C$4.88B | C$4.82B |
| Total debt | C$112B | C$106B | C$103B | C$81.9B | C$81.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Enbridge ENB.TO | $107B | -10% | +29% | 13% | 22.1× | 12.6% |
| TC Energy TRP.TO | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
| Williams Companies WMB | $80.1B | -10% | +10% | 37% | 24.9× | n/a |
| Pembina Pipeline PPL.TO | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ENB.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | -2.5% | 3rd highest of 10 |
| 6-month return | -10.3% | -0.4% | 2nd lowest of 10 |
| Distance from 52-week high | -18.0% | -13.4% | 3rd lowest of 10 |
| Revenue growth (TTM) | +28.9% | +12.2% | 3rd highest of 10 |
| Operating margin | 13.3% | 31.0% | 3rd lowest of 10 |
| Forward P/E | 22.1× | 13.0× | 4th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 12.6% | 2.7% | most demanding of 8 |
| Growth delivered (Del g) | +10.9% | +7.9% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +1.7 pp | -4.1 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -1.7 pp | +0.5 pp | lowest of 10 |
| EV / EBITDA | 16.1× | 12.7× | 2nd most expensive of 10 |
| Net debt / EBITDA | 6.5× | 4.1× | most indebted of 10 |
| Bond spread | 81 bp | 95 bp | 2nd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | n/a | n/a |
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
Enbridge has 3 bonds outstanding with $1.21B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 4.87%, a spread of 81 bp over government bonds.