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TORONTO STOCK EXCHANGE · Energy · CIK 0000895728
$48.01
0.00% · live
Updated
$104.76B market value
From ENBRIDGE INC's FY2025 10-K, filed Feb 13, 2026 · read the filing
ENBRIDGE operates pipelines. It took in $20.90B last year, which makes it a large company. Of every dollar it sells, about 26 cents is left as profit.
The financial picture is led by profitability, with growth worth watching, while debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.21
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From ENBRIDGE INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
$4.20B → $2.35B
Profit
$3.88B → $5.34B
Profit margin
21.0% → 25.5%
Earnings per share
$1.78 → $2.45
Measured against FY2024, from the 10-K filed Feb 13, 2026
Deteriorated: -44.0%
$4.20B to $2.35BCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote live), and what was published around it
ENB was unchanged on the latest quote. The average Energy company tracked here moved −1.04%, and the S&P 500 −1.04%. That is 1.0 points above its sector and 1.0 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 29 analysts covering this company, as of . Their views, not this site's.
Of 29 analysts publishing on this company, 4 say strong buy, 12 say buy, 12 say hold and 1 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 26 cents of every dollar of sales as profit, earning $5.34B last year.
Slowly. Sales grew 13.3% last year.
Yes. Clearing its debt would take roughly 8.5 years of cash flow. For every $1 it owes, it owns $1.43 in assets. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It paid out more than it earned — 110 cents for every dollar of profit. A payment above earnings has to be funded from somewhere else, so it is worth checking whether that can continue. It paid out 67% of the cash its operations generated. It has paid in each of the last 12 years.
WeakNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $5.34B and generated $8.74B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 13, 2026Filing for FY2025 | FY202410-K · Feb 13, 2026Filing for FY2024 | FY202310-K · Feb 13, 2026Filing for FY2023 | FY202210-K · Feb 10, 2023Filing for FY2022 | FY202110-K · Feb 11, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $20.90B | $18.45B | $17.17B | $17.04B | $13.85B | +13.3% |
| Cost of revenue | — | — | $15.22B | $23.22B | $20.45B | — |
| Gross profit | — | — | $1.95B† | -$6.18B† | -$6.61B† | — |
| Gross marginGross profit ÷ revenueWhat is this? | — | — | 11.3% | -36.3% | -47.7% | — |
| Selling, general and administrative | $7.10B | $6.72B | $6.13B | $5.86B | $4.78B | +5.7% |
| Operating income | $7.81B | $6.88B | $6.16B | $3.69B | $5.56B | +13.6% |
| Operating marginOperating income ÷ revenueWhat is this? | 37.4% | 37.3% | 35.9% | 21.7% | 40.2% | +0.1 pts |
| Interest expense | $3.58B | $3.15B | $2.72B | $2.27B | $1.89B | +13.7% |
| Income before tax | $6.98B | $5.20B | $5.61B | $3.24B | $5.51B | +34.2% |
| Net income | $5.34B | $3.88B | $4.41B | $2.14B | $4.41B | +37.7% |
| Net marginNet income ÷ revenueWhat is this? | 25.5% | 21.0% | 25.7% | 12.6% | 31.8% | +4.5 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $2.45 | $1.78 | $2.08 | $1.06 | $2.18 | +37.4% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Reported another event
Read the filingMade a Regulation FD disclosure
Read the filingWrite down why you are following ENBRIDGE INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from ENB's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 13, 2026), reported under the US GAAP taxonomy. Reported in CAD and shown here in USD, the currency ENB trades in, converted at today's rate of 0.7126. The filing itself is in CAD. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 6.0 | 7/8 | 10-K, filed Feb 13, 2026 |
| FY2024 | 6.0 | 3/8 | 10-K, filed Feb 14, 2025 |
| FY2023 | 6.0 | 8/9 | 10-K, filed Feb 9, 2024 |
| FY2022 | 7.3 | 7/9 | 10-K, filed Feb 10, 2023 |
| FY2021 | 6.0 | 5/9 | 10-K, filed Feb 11, 2022 |
| FY2020 | 4.7 | 5/9 | 10-K, filed Feb 12, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
7 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
0.21
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +37.7%
$3.88B to $5.34BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +4.5 pts
21.0% to 25.5%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +37.4%
$1.78 to $2.45Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -39.3%
$1.28B to $779.5MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +33.7%
$4.78B to $6.39BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +13.3%
$18.45B to $20.90BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +13.6%
$6.88B to $7.81BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Q2 FY2026 against Q2 FY2026, from the 10-Q filed Jul 31, 2026 — read it.
Improved: +9.0 pts
35.2% to 44.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −12.2 pts
35.0% to 22.8%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +67.2%
$857.2M to $1.43BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +27.1%
$1.63B to $2.07BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -34.1%
$1.62B to $1.07BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -34.2%
$0.74 to $0.49Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +7.1%
$69.10B to $74.00BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Jul 31, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +8.2 pts
36.0% to 44.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -26.5%
$6.39B to $4.70BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -15.6%
$1.27B to $1.07BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -15.6%
$0.58 to $0.49Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +23.1%
$1.17B to $1.43BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -9.8%
$2.30B to $2.07BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +2.9 pts
19.8% to 22.8%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.1% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 23.2x — investors pay $23.2 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
Made a Regulation FD disclosure
Had a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2026
Operating margin +9.0 pts · Profit margin −12.2 pts · Cash +67.2% — against Q2 FY2026
Read the filingPublished results
Read the filingQuarterly report for Q1 FY2026
Operating margin −5.9 pts · Free cash flow turned negative · Capital spending +41.6% — against Q1 FY2026
Read the filingPublished results
Read the filingSigned a material agreement · Changed the rights attached to its shares · Held a shareholder vote
Read the filingReported another event
Read the filingReported another event
Read the filingAnnual report for FY2025
Revenue +13.3% · Profit margin +4.5 pts · Free cash flow -44.0% — against FY2024
Read the filingReported another event
Read the filingAnnual report for FY2025
Revenue +13.3% · Profit margin +4.5 pts · Free cash flow -44.0% — against FY2024
Read the filingPublished results
Read the filingMade a Regulation FD disclosure
Read the filingReported another event
Read the filingQuarterly report for Q3 FY2025
Revenue +7.3% · Operating margin −1.8 pts · Profit -43.4% — against Q3 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingPrimary sources and further research