Is the business good?
How good a business is ENB?
Enbridge Inc. earns 4.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.8%
Return on invested capital · cost of capital 9.0% · 4.2 points below what the capital costs: growth destroys value
- Operating margin
- 15%
Operating margin · Oil & Gas Midstream median 36% · 12 months to Q1 2026
- Cash conversion
- 0.27×
Cash conversion · 0.83× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +0.14%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 20% |
| FY2021 | 17% |
| FY2022 | 9.7% |
| FY2023 | 20% |
| FY2024 | 18% |
| FY2025 | 17% |
Details›
- Operating margin12 months to Q1 2026
- 15%
- Net margin12 months to Q1 2026
- 10%
- Free cash flow margin
- 2.7%
- Revenue, trailing twelve months
- $69.0B
- Free cash flow, trailing twelve months
- $1.87B
- Net income, trailing twelve months
- $6.91B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Midstream
Ranks #20 of 27 by Smart Score