Enbridge stock closed today at CA$66.14 after a choppy week that left the shares down about 4.3% over seven days. The latest Q3 2026 report delivered Basic EPS of CA$0.59 on CA$21,077m of revenue, enough for management to reaffirm full year guidance and highlight continued strength in adjusted earnings and distributable cash flow.
Short term traders are focused on the wobbly chart. Long term holders are watching a different tension: a rich P/E of 23.5x and a dividend yield near 5.9% sitting on top of a balance sheet where interest and dividend coverage remain tight.
Love Enbridge’s reaffirmed guidance and near 5.9% dividend yield, but concerned about tight coverage and a 23.5x P/E? Screen for income ideas with stronger balance sheets and cash protection in our list of solid balance sheet and fundamentals stocks (5 results)
Q3 2026 Earnings Summary
-
Revenue (Q3 2026 vs Q3 2025): CA$21,077m vs. CA$14,639m (up about 44%)
-
Net Income, excl. extra items (Q3 2026 vs Q3 2025): CA$1,288m vs. CA$654m (up about 97%)
-
Basic EPS (Q3 2026 vs Q3 2025): CA$0.59 vs. CA$0.30 (up about 97%)
-
Trailing 12 month Revenue (ended Q3 2026 vs ended Q3 2025): CA$89,929m vs. CA$64,234m (up about 40%)
Tired of scrolling through walls of Enbridge figures and disclosures? See the complete financial picture in a clear visual dashboard that highlights the balance sheet and cash coverage profile in our company report for Enbridge.
TSX:ENB Trailing 12-Month Revenue & Expenses Breakdown as at Nov 2026
Enbridge backlog story meets early execution tests
Bulls argue that Enbridge can turn its huge project slate into growing, fee based cash without stretching the balance sheet.
“Enbridge is positioned to use its approximately $41b secured growth backlog and roughly $50b identified organic opportunity set through 2030 to add new regulated and contracted assets, which can lift future revenue, EBITDA and earnings as projects enter service.”
Q3 shows that thesis moving from promise to delivery. About CA$3b of gas transmission projects entered service and nearly 90 Bcf of sanctioned storage is advancing. Adjusted EBITDA and distributable cash flow rose, and 2026 guidance was reaffirmed with management expecting results near the midpoint.
Bear case on leverage and dilution only partly eased
On the risk side, skeptics focus on whether Enbridge can fund that backlog without eroding the balance sheet or per share economics.
“Enbridge is currently operating with debt to EBITDA above the top end of its 4.5x to 5.0x target, and management expects leverage to stay near the upper end of the range until large projects and the Tallgrass and Salt Creek acquisitions are fully contributing.”
Q3 supports that concern. Debt to EBITDA was 5.1x and equity funding remained heavy, including a CA$3.0b common raise. Joint ventures such as the C$2.7b Westcoast partnership and capital recycling help, yet leverage and dilution remain central watchpoints for income focused investors.
One Narrative has put a figure on that disagreement. → See the Narrative with its higher Fair Value, assumptions and all.
Spot Hidden Cash Flow Stories
Enbridge just reminded investors how much debate can sit on top of a single quarter. The real opportunity could be finding stocks that look mispriced before that gap closes.
-
Company 1 – 41% below our estimate – focuses on tightening inventory turns and keeping buying budgets adaptable so shifting shopper traffic reaches cash flow quickly.
-
Company 2 – 34% below our estimate – uses acquired specialists and offshore delivery hubs so complex infrastructure programs support a deeper pipeline of consulting work.
-
Company 3 – 29% below our estimate – leans on fast paying new boutiques and a loyal mobile audience so fresh product releases convert swiftly into repeat orders.
Those are three of them. See the full list of 6 companies trading below our fair value estimates →
This article is general in nature and was produced with the assistance of AI automation, based on data and analysis from Simply Wall St. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ENB.TO.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email <a href="mailto:editorial-team@simplywallst.com?subject=Re%3A%20Your%20article%20on%20TSX%3AENB%20(yahoo)%20from%207th%20November%202026" rel="
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
