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Data-driven stock valuation

Enbridge Inc (ENB) fair value: what the stock is really worth

We calculate from audited financials what Enbridge Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Energy · US · Market cap $123B · ISIN CA29250N1050

At a glance

EI Enbridge Inc logo Enbridge Inc ENB · US
Price$50.09
Fair Value$35.83
Upside−28.5%
Quality39/100

Below-average quality, and trading another 40% above our fair value of $35.83.

As of Sep 3, 2026, the fair value of Enbridge Inc is $35.83 per share against a price of $50.09, so the fair value sits 28% below the price. A model estimate from reported figures, not an analyst target.

!Expensive Growth (revenue 5y +10.8 %/yr)
✓Solidly profitable · 10.0% net margin
✓Moderate debt · generates free cash flow
·5.40% dividend yield
!Trails peers (5/15)
!Moderate moat 56/100
Evidence: High Range $33.04 to $46.53

Fair value as of: Sep 3, 2026

From 26 valuation models · updated 4 days ago

Share price −3.6% over the past month.

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case ($46.53). The favourable scenario is already priced in.
  • Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

$58.04 $26.38 Fair Value $35.83 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range $26.38 – $58.04 · fair‑value band $33.04 – $46.53 · the $50.09 price screens above the $35.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

Full chart & analysis →

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Analysis

Enbridge Inc (ENB) currently trades at $50.09, while our model-based Fair Value estimate is $35.83, implying the stock looks roughly 39.8% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Energy sector. Bull case: the Dividend Discount group reads highest at a median of $87.31 per share, and 5 of the 24 models we run sit above the $50.09 price. Bear case: the DCF Models group reads lowest at $11.43, and 19 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Enbridge Inc generated revenue of $69.0B at a net margin of 10.0%. Revenue grew 20.8% year over year. It earns a return on equity of 10.1%. Net debt stands at $144B. Fundamentals as of Sep 3, 2026

Scenario range: $33.04 (bear) to $46.53 (bull), the price of $50.09 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 14% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −28%, ENB screens cheaper than that median.

Fair Value models

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF n/a $8.98 $55.24 77
Residual Income $33.62 $36.57 $44.88 76
Growth DCF n/a $5.75 $45.39 75
All 26 models by family
DCF Models
FCF DCF n/a $8.98 $55.24 77
Owner Earnings n/a n/a $20.50 73
5Y Revenue Exit n/a $3.03 $32.79 69
5Y EBITDA Exit n/a $19.11 $57.82 72
5Y P/E Exit n/a $15.59 $48.71 68
10Y Revenue Exit n/a $2.05 $35.56 64
10Y EBITDA Exit n/a $14.06 $57.21 65
10Y P/E Exit n/a $11.43 $49.33 61
Earnings-Based
Graham-Dodd $23.33 $120.82 $167.07 64
Lynch FV $33.04 $47.20 $61.36 61
PEG = 1.0 $33.04 $47.20 $61.36 57
EPV n/a $1.17 $6.87 68
Dividend Discount
Gordon GGM $49.80 $103.55 $164.27 66
DDM Multi-Stage $49.80 $87.31 $108.68 66
Multiples
P/E Multiple $36.02 $48.03 $60.03 63
P/S Multiple $26.87 $35.83 $44.78 58
P/B Multiple $43.74 $58.32 $72.90 55
EV/EBIT n/a $5.79 $18.34 61
EV/EBITDA n/a $7.06 $19.93 62
EV/Revenue n/a n/a $2.19 50
Asset-Based
NCAV (Graham) $19.58 $26.24 $39.17 54
Growth DCF
Growth DCF n/a $5.75 $45.39 75
Rev-Margin DCF n/a $2.31 $30.02 69
Economic Profit
Residual Income $33.62 $36.57 $44.88 76
ROIC Compounder n/a $1.17 $6.87 68
Growth Earnings
Growth-Adj P/E $40.94 $58.48 $76.03 67

Widest divergence: Dividend Discount ($87.31) versus Economic Profit ($1.17). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 24.0
P/S ratio 2.75 P/E × margin
EPS (TTM) $2.09 price ÷ EPS = P/E 24.0
Dividend yield 5.4% payout 129%
Net margin 11.5% FY2025
Return on equity 10.1% TTM
More key figures
Profitability
Return on assets (EBIT) 4.1% avg 5y
Operating margin 14.7% TTM
Growth
Revenue (TTM) $69.0B TTM
Revenue growth (YoY) +20.8% 3y avg +6.9%
EPS growth (YoY) −26.2%
Balance sheet & cash flow
Free cash flow $4.5B FY2025
Net debt $144B FY2025 · ≈ 31.9 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 39 · Market factors (momentum, volatility) 54

Profitability 29
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 18
Balance sheet, leverage, solvency risk
Investment 20
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 62
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Enbridge Inc reported revenue of $65.2B in FY2025 versus $47.1B in FY2021, a compound +8.5%/yr. Reported net income was $7.5B in FY2025, compounding +4.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
$65.2B
Latest YoY
+21.9%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.9%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.8%
Avg. revenue growth/yr (37Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.4%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+10.3%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+4.9%
Dividend yield5.4%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 3.9% vs 10Y 7.4%, flattening
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20.4% (2020) → 16.8% (2025) · falling
Worst earnings drop86% (2015) · in USD
⚠ Revenue per share shrinking 4.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue +8.5%/yr
FY21 $47.1B
FY22 $53.3B
FY23 $43.6B
FY24 $53.5B
FY25 $65.2B
Net income +4.9%/yr
FY21 $6.2B
FY22 $3.0B
FY23 $6.2B
FY24 $5.4B
FY25 $7.5B
Character of growth · EPS growth decomposed (2014-2025) +8.6 % p.a.
Revenue per share −5.1 %

of which total revenue +4.8 % · buybacks/dilution −9.5 %

EBIT margin +10.7 %
Tax rate −0.3 %
Residual (interest, one-offs) +3.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

ENB screens 40% overvalued. Compare with The Williams Companies, Inc →

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Enbridge Inc · Fair Value
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Cite: Fair Value Calculator (2026). "Enbridge Inc Fair Value". https://www.fairvalue-calculator.com/stock/ENB

Peer Group

Oil & Gas Midstream · 89 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −29% · Above median
Profitability
Return on equity (TTM) 10% · Below median
Return on assets 3% · Below median
Net margin (TTM) 10% · Below median
Operating margin (TTM) 15% · Below median
Growth and dividend
Revenue growth 21% · Above median
Dividend yield (TTM) 5.4% · Above median
Balance sheet
Debt / equity 1.15× · Above median

Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper

P/E (TTM) 24.0× · Pricier than median
P/B 1.43× · Cheaper than median
P/S (TTM) 1.78× · Cheaper than median
P/FCF 27.1× · Priciest 25%
EV/EBITDA 12.9× · Pricier than median
PEG 5.32× · Priciest 25%

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Enbridge Inc deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+17.1 % per year
Achieved revenue growth, 5 years+10.8 % p.a.
Sector median revenue growth+1.5 %
FCF yield on price4.13 %
Discount rate (WACC) in the models8.8 %

The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 44
PAST41 · sector 42
HEALTH42 · sector 54
DIVIDEND100 · sector 80

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
The Williams Companies, Inc WMB $74.05 $11.73 −84%
Enterprise Products Partners L.P. EPD $38.94 $20.94 −46%
TC Energy Corporation TRP C$88.72 C$24.53 −72%
Kinder Morgan, Inc KMI $31.60 $10.92 −65%
Energy Transfer LP, ET $21.31 $11.45 −46%
MPLX LP owns and MPLX $59.25 $36.42 −39%
ONEOK, Inc OKE $95.69 $58.62 −39%
Targa Resources Corp TRGP $286.91 $79.61 −72%
Cheniere Energy, Inc LNG $292.00 $199.99 −32%
Venture Global, Inc VG $13.72 $14.00 +2%

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Frequently asked questions

Is Enbridge Inc (ENB) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of $35.83 versus a price of $50.09, about −28% upside (overvalued).
What is the fair value of ENB?
Our model-based fair value for Enbridge Inc is $35.83 (as of Sep 3, 2026), built from audited fundamentals. The current price: $50.09.
What is the quality score of ENB?
Enbridge Inc has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Enbridge Inc (ENB)?
Our model-based price target is the fair value of $35.83 (as of Sep 3, 2026) from 26 valuation models. Cautious scenario $33.04, optimistic scenario $46.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Enbridge Inc stock forecast for 2026?
Our models put fair value at $35.83, about −28% upside versus a price of $50.09 (overvalued). Cautious scenario $33.04, optimistic scenario $46.53. The calculation is refreshed regularly with new filings.
What is the revenue of Enbridge Inc (ENB)?
Enbridge Inc reported trailing-twelve-month revenue of about $69.0B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of ENB?
The net profit margin of Enbridge Inc is about 10.0%, meaning it keeps roughly 10.0% of revenue as net income. Based on the latest reported figures.
Does Enbridge Inc pay a dividend?
Enbridge Inc currently shows a dividend yield of about 5.40% relative to its recent price (as of Sep 3, 2026).
What growth is priced into Enbridge Inc (ENB)?
For today's price to be fair in a discounted-cash-flow model, Enbridge Inc would have to grow free cash flow by +17.1 % per year for ten years (discount rate 8.8 %, then 2 % perpetual growth). Over the last 5 years revenue grew +10.8 % per year. As of Sep 3, 2026.
What discount rate (WACC) does the fair value of ENB use?
Our models discount Enbridge Inc at 8.8 %: a base by market capitalisation (large), damped by beta 0.80, country premium for USA. The same rate applies in all 26 models.
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