Enbridge Inc. (ENB) intrinsic value & 10-year financials
Enbridge Inc. (ENB) has a Graham intrinsic value of CAD 46.06 per share. Over the last 10 fiscal years revenue shrank 1.8% a year to CAD 29.3B, with an average return on invested capital of 4.3%.
- Graham intrinsic value
- CAD 46.06
- Revenue (FY2025)
- CAD 29.3B
- Revenue growth (10-yr CAGR)
- -1.8%
- ROIC (10-yr avg)
- 4.3%
- Free cash flow (FY2025)
- CAD 3.3B
ENB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | CAD 29.3B | CAD 7.5B | CAD 3.22 | CAD 3.3B | 37.4% | 5.4% |
| FY2024 | CAD 25.9B | CAD 5.4B | CAD 2.34 | CAD 5.9B | 37.2% | 5.1% |
| FY2023 | CAD 24.2B | CAD 6.2B | CAD 2.84 | CAD 9.5B | 35.7% | 5.1% |
| FY2022 | CAD 23.9B | CAD 3.0B | CAD 1.28 | CAD 6.6B | 21.7% | 2.6% |
| FY2021 | CAD 19.4B | CAD 6.2B | CAD 2.87 | CAD 1.4B | 40.2% | 5.0% |
| FY2020 | CAD 18.8B | CAD 3.4B | CAD 1.48 | CAD 4.4B | 42.3% | 5.2% |
| FY2019 | CAD 19.7B | CAD 5.7B | CAD 2.63 | CAD 3.9B | 41.9% | 5.0% |
| FY2018 | CAD 21.1B | CAD 2.9B | CAD 1.46 | CAD 3.7B | 22.8% | 3.6% |
| FY2017 | CAD 44.4B | CAD 2.9B | CAD 1.65 | -CAD 1.7B | 3.5% | 1.8% |
| FY2016 | CAD 34.6B | CAD 2.1B | — | CAD 83.0M | 7.5% | 4.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in CAD.
Executive summary
ENBRIDGE INC is facing top-line stagnation, with revenue contracting over the decade.
ENBRIDGE INC has historically struggled to out-earn its cost of capital, averaging just 4.3% ROIC.
Over the decade, ENBRIDGE INC shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ENBRIDGE INC is modeled at 4.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $46.06 per share.