Latest Ratios: P/E Ratio 24.1x · EV/EBITDA 18.9x · ROE 9.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $120.2B | $104.6B | $91.6B | $74.1B | $79.3B | $79.1B | $64.7B | $80.3B | $53.7B | $59.9B | $38.7B |
| Enterprise Value | $222.2B | $249.0B | $191.4B | $149.4B | $159.5B | $154.5B | $132.6B | $130.5B | $117.8B | $124.6B | $78.1B |
| P/E Ratio → | 24.08 | 14.76 | 18.13 | 12.68 | 30.55 | 13.62 | 21.61 | 15.12 | 18.61 | 23.70 | 21.82 |
| P/S Ratio | 2.61 | 1.60 | 1.71 | 1.70 | 1.49 | 1.68 | 1.65 | 1.60 | 1.16 | 1.35 | 1.12 |
| P/B Ratio | 1.89 | 1.16 | 1.33 | 1.15 | 1.25 | 1.25 | 1.00 | 1.50 | 0.73 | 0.91 | 1.76 |
| P/FCF | 37.66 | 23.11 | 16.15 | 7.95 | 12.38 | 68.05 | 15.54 | 21.68 | 17.01 | — | — |
| P/OCF | 10.12 | 6.21 | 7.27 | 5.22 | 7.06 | 8.55 | 6.61 | 8.55 | 5.11 | 9.10 | 7.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.82 | 3.58 | 3.42 | 2.99 | 3.28 | 3.39 | 2.61 | 2.54 | 2.81 | 2.26 |
| EV / EBITDA | 18.94 | 14.99 | 12.92 | 11.27 | 16.79 | 13.25 | 11.36 | 11.20 | 14.61 | 26.32 | 16.20 |
| EV / EBIT | 28.73 | 16.84 | 16.36 | 12.73 | 20.53 | 14.81 | 18.85 | 12.71 | 18.39 | 36.71 | 19.33 |
| EV / FCF | — | 55.05 | 33.76 | 16.02 | 24.88 | 132.84 | 31.86 | 35.22 | 37.32 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.0% | 33.0% | 36.0% | 40.5% | 30.8% | 30.8% | 37.6% | 31.3% | 29.6% | 28.3% | 24.1% |
| Operating Margin | 16.8% | 16.8% | 18.0% | 19.8% | 9.7% | 16.6% | 20.4% | 16.5% | 10.4% | 3.5% | 7.5% |
| Net Profit Margin | 11.5% | 11.5% | 10.2% | 14.2% | 5.6% | 13.1% | 8.6% | 11.4% | 6.2% | 6.4% | 6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 8.2% | 9.7% | 4.7% | 9.7% | 5.7% | 9.0% | 4.1% | 6.5% | 9.8% |
| ROA | 2.9% | 2.9% | 2.7% | 3.4% | 1.7% | 3.8% | 2.4% | 3.9% | 1.8% | 2.3% | 2.4% |
| ROIC | 4.1% | 4.1% | 4.7% | 4.6% | 2.8% | 4.3% | 5.1% | 5.1% | 2.7% | 1.2% | 3.1% |
| ROCE | 4.5% | 4.5% | 5.4% | 5.4% | 3.3% | 5.3% | 6.1% | 6.2% | 3.2% | 1.4% | 3.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.61 | 1.61 | 1.48 | 1.26 | 1.28 | 1.19 | 1.06 | 0.95 | 0.88 | 0.99 | 1.89 |
| Debt / EBITDA | 8.78 | 8.78 | 6.86 | 6.12 | 8.53 | 6.49 | 5.86 | 4.35 | 8.01 | 13.77 | 8.62 |
| Net Debt / Equity | — | 1.60 | 1.45 | 1.17 | 1.26 | 1.19 | 1.06 | 0.94 | 0.87 | 0.98 | 1.80 |
| Net Debt / EBITDA | 8.69 | 8.69 | 6.74 | 5.68 | 8.44 | 6.46 | 5.82 | 4.31 | 7.95 | 13.67 | 8.18 |
| Debt / FCF | — | 31.94 | 17.61 | 8.07 | 12.50 | 64.79 | 16.32 | 13.54 | 20.31 | — | — |
| Interest Coverage | 2.96 | 2.96 | 2.66 | 3.07 | 2.41 | 3.86 | 3.49 | 4.84 | 2.26 | 1.20 | 2.54 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.46 | 0.46 | 0.55 | 0.83 | 0.60 | 0.49 | 0.53 | 0.55 | 0.58 | 0.63 | 0.65 |
| Quick Ratio | 0.19 | 0.19 | 0.49 | 0.74 | 0.49 | 0.40 | 0.42 | 0.47 | 0.49 | 0.53 | 0.55 |
| Cash Ratio | 0.18 | 0.18 | 0.08 | 0.34 | 0.04 | 0.02 | 0.03 | 0.04 | 0.03 | 0.03 | 0.16 |
| Asset Turnover | — | 0.22 | 0.24 | 0.24 | 0.30 | 0.28 | 0.24 | 0.40 | 0.28 | 0.27 | 0.40 |
| Inventory Turnover | 19.65 | 19.65 | 22.99 | 17.57 | 16.37 | 19.49 | 15.87 | 34.34 | 24.38 | 20.81 | 21.29 |
| Days Sales Outstanding | — | 55.06 | 50.41 | 40.49 | 41.44 | 42.42 | 37.25 | 37.88 | 41.62 | 58.40 | 53.06 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.6% | 10.8% | 8.6% | 9.8% | 8.8% | 8.5% | 10.1% | 7.4% | 6.5% | 4.6% | 3.0% |
| Payout Ratio | 150.4% | 150.4% | 144.7% | 117.5% | 232.0% | 109.3% | 195.1% | 104.7% | 120.7% | 96.2% | 55.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 6.8% | 5.5% | 7.9% | 3.3% | 7.3% | 4.6% | 6.6% | 5.4% | 4.2% | 4.6% |
| FCF Yield | 2.7% | 4.3% | 6.2% | 12.6% | 8.1% | 1.5% | 6.4% | 4.6% | 5.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.2% | 0.2% | 0.0% | 0.0% | 0.4% | 0.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.6% | 10.8% | 8.6% | 10.0% | 9.0% | 8.5% | 10.1% | 7.8% | 6.9% | 4.6% | 3.0% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.1B | $2.0B | $2.0B | $2.0B | $2.0B | $1.7B | $1.5B | $918M |
High leverage and regulatory
Based on current market data, Enbridge trades at a forward P/E of 19.52, which appears elevated relative to its historical growth trajectory and suggests investors are pricing in a utility-like safety premium that may not be fully supported by the company's recent earnings volatility.
The valuation multiples, particularly the EV/EBITDA of 19.18, reflect a market expectation of stable, regulated cash flows that may be overly optimistic given the company's recent pivot toward debt-funded utility acquisitions. Investors should monitor whether this premium persists if the company fails to demonstrate consistent earnings growth to justify the current P/FCF of 38.52.
As reported in recent financial statements, Enbridge's ROIC has consistently languished near 1.0% to 1.6% over the last ten quarters, indicating that the firm is struggling to generate meaningful returns on its massive, capital-intensive infrastructure base compared to its peer group average.
This persistent underperformance in capital efficiency suggests that the company's heavy investment in long-lived assets is not currently yielding the expected economic value-add. The trend warrants further investigation into whether the high depreciation burden or the sheer scale of the asset base is fundamentally diluting the return profile for shareholders.
According to quarterly filings, Enbridge's asset turnover ratio has remained stagnant at approximately 0.06 to 0.10, highlighting a structural inability to accelerate revenue generation relative to its expanding asset base, which is a significant departure from more efficient midstream operators in the North American market.
The company's cash conversion cycle, while occasionally negative, appears to be driven more by the timing of large-scale operational payments than by genuine working capital efficiency. This reliance on supplier leverage to manage liquidity may become a liability if the company's ability to negotiate favorable payment terms is compromised by its rising debt burden.
Based on reported figures, Enbridge's debt-to-EBITDA ratio has reached levels as high as 34.47 in recent periods, a figure that significantly exceeds industry norms and suggests that the company's capacity to absorb further interest rate volatility or operational shocks is increasingly constrained.
The interest coverage ratio, which has hovered near 2.0x to 3.0x, indicates that debt service is becoming a primary claimant on operating cash flow, leaving little room for error. Investors should monitor the company's refinancing schedule closely, as the current leverage profile leaves the firm vulnerable to any tightening in credit market conditions.
The market frequently misapplies the dividend yield as a proxy for investment safety, failing to recognize that Enbridge's 6.5% yield is often supported by debt-funded distributions rather than organic free cash flow, which obscures the underlying sustainability of the payout in a high-leverage environment.
Analysts should prioritize the FCF payout ratio over the headline dividend yield to better assess the company's ability to sustain distributions without relying on external financing. Relying on the yield alone ignores the reality that the company's cash flow generation has been insufficient to cover both capital expenditures and dividends in recent quarters.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ENB stock.
Enbridge Inc.'s current P/E ratio is 24.1x. The historical average is 26.0x. This places it at the 68th percentile of its historical range.
Enbridge Inc.'s current EV/EBITDA is 18.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Enbridge Inc.'s return on equity (ROE) is 9.4%. The historical average is 10.9%.
Based on historical data, Enbridge Inc. is trading at a P/E of 24.1x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Enbridge Inc.'s current dividend yield is 6.61% with a payout ratio of 150.4%.
Enbridge Inc. has 33.0% gross margin and 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
Enbridge Inc.'s Debt/EBITDA ratio is 8.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.