# Enbridge, Inc (ENB) — Stock CV

Enbridge, Inc is a $104B industrial company. Revenue grew 13.3% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~52.9 years of free cash flow. It trades at 24.5× earnings.

> Enbridge owns extensive midstream assets that transport hydrocarbons across the US and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines.

## Identity

- **Ticker**: ENB
- **Sector**: Industrials
- **Industry**: Pipe Lines (No Natural Gas)
- **Headquarters**: CALGARY, A0
- **Employees**: 14 800
- **Website**: https://www.enbridge.com
- **Market cap**: $104B
- **Last price**: $46.60
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $69.0B
- **Net income**: $6.91B
- **Free cash flow**: $1.87B
- **Net debt**: $98.9B
- **P/E**: 24.5
- **Revenue growth (YoY)**: 13.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 67 |
| Growth | 50 |
| Profitability | 49 |
| Health | 32 |
| Quality | 73 |
| Moat | 49 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +13.3% YoY
- [x] Profitable — $6.91B TTM
- [x] Profit growing — +32.3% YoY
- [x] Generates cash — $1.87B TTM
- [ ] Debt under control — ~52.9y of cash flow to repay
- [x] Established company — $104B market cap
- [x] Not printing shares — +2.4% shares over ~5y
- [x] Proven track record — 9/9 profitable years
- [ ] Financially stable — Altman Z 0.4 — distress
- [x] Pays a dividend — yield 5.85%
- [x] Valuation not extreme — P/E 24.5

## Experience (career milestones)

- **2026** — Enbridge announces the acquisition of Tallgrass Energy following a $2.55 billion agreement
- **FY2025** — Best year on record: $7.49B net income
- **2023** — It was announced Enbridge had agreed to acquire East Ohio Gas, Questar Gas
- **FY2019** — Revenue crossed $50B: $50.1B for the year
- **FY2018** — Positive free cash flow every year since: 8-year streak
- **FY2017** — Profitable every year on record: 9 consecutive profitable years in our data
- **FY2017** — Revenue already above $10B: $44.4B in first reported year
- **2017** — Enbridge acquired Midcoast Energy Partners for $170 million in cash
- **2009** — Enbridge bought the Sarnia Photovoltaic Power Plant and expanded it up to 80 MW
- **2001** — Enbridge released its first annual sustainability report in 2001
- **1998** — IPL Energy became Enbridge Inc in 1998
- **1992** — Interprovincial Pipe Line Inc. was acquired by Interprovincial Pipe Line System Inc
- **1991** — It changed its name to Interprovincial Pipe Line Inc
- **1986** — Through a series of stakes exchanges, IPL gained control of Home Oil and in 1988, it changed its name to…
- **1953** — IPL was listed on the Toronto and Montreal stock exchanges

## Strengths

- Revenue growing 13.3% year over year
- Interest covered 6.2× by operating earnings

## Watch-outs

- Altman Z-Score 0.38 — elevated financial-distress risk
- Net debt would take ~55.0 years of free cash flow to repay
- Net debt equals ~52.9 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $47.1B | $6.19B | $1.44B |
| FY2022 | $53.3B | $3.00B | $6.58B |
| FY2023 | $43.6B | $6.19B | $9.55B |
| FY2024 | $53.5B | $5.44B | $5.89B |
| FY2025 | $65.2B | $7.49B | $3.30B |

---

Source: https://stockcv.com/ENB — derived from company filings; may be delayed or incomplete. Information, not investment advice.