ENBRIDGE INC. vs PLAINS ALL AMERICAN PIPELINE LP, two Pipelines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Enbridge is the largest pipeline operator in North America at $123.1B, eight times the size of Plains All American, a focused crude-oil midstream partnership that pays its cash out to unitholders. Enbridge keeps far more of each revenue dollar, 8.08% against Plains' 2.53%, but Plains throws off a much heavier free-cash yield, 13.51% against Enbridge's 1.12%. Enbridge earns 8.24% on equity, trades at 25.94 times earnings and 2.47 times book, and pays a hefty 4.93% dividend on almost no debt, 0.02 turns. Plains is judged on its distribution and crude-logistics tolls; the market pays a premium for Enbridge's scale and diversified pipeline reach.
Comparison updated 2026-07-11.
| Metric | ENB | PAA |
|---|---|---|
| Price | $54.66 | $22.89 |
| Market cap | $119.6B | $16.1B |
| Sector | Pipelines | Pipelines |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | -4.0% |
| P/E | 25.2 | — |
| P/B | 2.40 | — |
| P/S | 2.36 | 0.36 |
| EV/EBITDA | 10.0 | 6.7 |
| Revenue growth | +14.1% | -6.8% |
| Operating margin | 14.4% | 3.3% |
| Net margin | 8.1% | 2.5% |
| Return on equity | 8.2% | — |
| Return on assets | 2.5% | 3.6% |
| Return on invested capital | 11.4% | 352.0% |
| FCF yield | 1.1% | 12.9% |
| Dividend yield | 5.1% | — |
| Debt / equity | 0.02 | — |
| Current ratio | 0.81 | 0.94 |
| Altman Z (solvency) | 0.82 | 7.46 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.