ENB.TO
🇨🇦TSXCanadian EnergyEnbridge Inc.
5-year price history
- Full-year 2025 revenue grew 22% to CA$65.2B and net income 39% to CA$7.04B, while the 31st consecutive dividend increase brings the annualized rate to CA$3.88/share and 2026 EBITDA guidance of CA$20.2B–$20.8B was reaffirmed.
- Approximately $8B of new projects enter service in 2026 across all four business segments, and the secured project backlog has grown to CA$39B, supporting management's ~5% annual EBITDA/EPS/DCF growth outlook through the decade.
- The Canadian government approved Enbridge's $4B Sunrise Expansion Program on the Westcoast natural gas pipeline system in B.C., adding regulated fee-based volume backed by long-term contracts as LNG Canada demand ramps up.
- Debt/EBITDA of ~4.9x sits above the stated target range, and EPS forecasts for 2025–2026 have been revised down to $2.95/$3.18 due to rising depreciation and interest expenses from the US$14B Dominion gas utility acquisitions.
- Line 5 in Michigan remains an unresolved binary risk — tribal groups are appealing in the Michigan Supreme Court, opponents are challenging the Army Corps' February 2026 Final EIS, and the EGLE permit is not expected until mid-July 2026 at the earliest.
- The CA$10B 2026 capex plan must be funded through ongoing capital market access — any credit spread widening or equity market disruption could increase the all-in cost of capital and compress DCF per share.
ENB is the GIC alternative for income-focused Canadian investors — a 7%+ yield backed by contracted, regulated cash flows rather than commodity prices. The eligible dividend means the after-tax yield in a non-registered account is meaningfully better than a GIC. In a TFSA it's one of the most powerful compounders for income investors. The key risk is duration: high debt and long-duration assets are rate-sensitive.
| Account | Fit | Why |
|---|---|---|
| TFSA | Ideal | 7%+ eligible dividend compounding tax-free is hard to beat for income-focused TFSA investors. Maximises the tax-free benefit. |
| RRSP | Good | Tax-deferred compounding of a high eligible dividend. Solid RRSP core holding. |
| FHSA | OK | High yield useful if horizon is longer, but rate sensitivity adds volatility inappropriate for a shorter FHSA time frame. |
| Non-reg | Ideal | Eligible dividend tax credit makes the after-tax yield exceptional. Better than almost any fixed-income alternative in non-reg. |
Ideal = best tax outcome · Avoid = material drag or ineligible · Color and symbol, not color alone, indicate fit.
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