Enbridge’s stock barely twitched after the latest filing — last close $55.45 — even though the numbers read like a company trying to grow itself into a much larger balance sheet.
Revenue hit $65.2B in 2025, up +21.9% year-over-year. Recent margins show operating margin at +16.8% and net margin at +11.5%. On the other side of the ledger: market cap $121.2B, net debt $103.3B and enterprise value $224.5B; valuation metrics include a P/E of 16.2x and EV/sales of 3.4x.
The filing flags plain spending increases.
"The increase in cash used in investing activities period-over-period was primarily due to higher capital expenditures, partially offset by a decrease in contributions to equity investments." (Enbridge Inc / 10-Q 2026-07-31)
growth is being bankroll-funded. That capex is real cash going out the door rather than an accounting tweak.
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Financing activity shows the company juggling short- and long-term financing.
"The increase in cash provided by financing activities period-over-period was primarily due to: • lower long-term debt repayments; • net commercial paper and credit facility draws compared to net repayments; partially offset by • lower long-term debt issuances." (Enbridge Inc / 10-Q 2026-07-31)
Enbridge relied more on short-term paper and drew its credit lines while slowing long-term paydowns and issuing less new long-term debt. That pattern matters most when interest rates and credit conditions are patchy.
There’s also an accounting lift to results this year.
"37 Six months ended June 30, 2026, compared with the six months ended June 30, 2025 EBITDA was positively impacted by $330 million due to the absence in 2026 of an impairment of certain rate-regulated assets in 2025 related to Enbridge Gas Ohio's rate case." (Enbridge Inc / 10-Q 2026-07-31)
The $330 million is a one-off swing: EBITDA looks healthier partly because last year had an impairment that didn’t repeat.
The company’s own scenario math underscores how differently the story can play out depending on growth and the multiple the market assigns. Management’s scenario drivers show a bull revenue CAGR of +39.7%, a base of +30.0%, and a bear of +12.0%; the exit P/E in the bull and base scenarios is 16.2x versus 11.3x in the bear. That gap means valuation outcomes spread apart mainly because the market’s exit multiple moves, not just because of revenue math.
There’s evidence on both sides. The long case: revenue rose +21.9% in the latest year and net margin ticked up by 1.3 percentage points. The short case: operating margin slipped by 1.2 percentage points in the most recent annual period, and filings repeatedly flag credit and interest-rate pressures across quarters.
So you get two concurrent facts: Enbridge is materially bigger and still investing to stay big, and it is operating with heavy leverage that it manages through a mix of short- and long-term financing. The stock’s recent calm — a one-day move of +0.5% to $55.45 — may reflect a market weighing which of those facts matters more.
Source: Enbridge Inc 10-Q (2026-07-31) and company filings.