ENBRIDGE INC. (ENB): what the price requires
At today's price, ENBRIDGE INC. (ENB) is priced for +6.7% growth. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high.
Generated: 2026-07-19 · Source: https://boothcheck.com/report/ENB
Headline
| Field | Value |
|---|---|
| Ticker | ENB |
| Company | ENBRIDGE INC. |
| Current price | $55.09/sh |
| Composition | Liquids Pipelines 68% / Gas Transmission 13% / Gas Distribution and Storage 14% / Renewable Power Generation 1% / Energy Services 3% |
What The Price Requires (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin today | 15.2% |
| Implied growth | 6.7% |
| Multiple paid | 16x operating income |
Solve inputs: computed at a 8.7% cost of capital with 4% terminal growth over a 5-year stage; each 1pp of cost of capital moves the implied operating-profit growth ~6.4pp.
How unusual the bet is: within-range (limited comparison data)
| Reference | Value |
|---|---|
| cohort percentile (of 45 peers) | 51 |
| implied end-window share | 0% |
Valuation X-Ray
The price is justified by relative-multiple; asset-based/earnings-power land below the price.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 2.82x | 5 | expensive |
| Earnings | 3.46x | 4 | expensive |
| Relative | 0.90x | 5 | justifies |
| Growth | 1.44x | 5 | expensive |
Families that justify the price: Relative Families that call it expensive: Asset, Earnings
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.2%); the inversion above states its own rate.
Per-Model Detail (n=19)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $31.07 | 1.77x | yes | FCF base $4.6B, growth 14% (input: historical growth), terminal g 4.0%, WACC 9.2%, 6yr projection |
| DCF Exit Multiple | Growth | $38.16 | 1.44x | yes | Exit EV/EBITDA: 8.1x / 10.1x / 12.1x (bear / base = today's held flat / bull), 6yr |
| Relative Valuation | Relative | $55.60 | 0.99x | yes | P/E 21.41x (blended: static sector reference 18x + trailing (TTM) 29x), scenarios: 17.6x / 21.4x / 25.2x (bear / base = reference held flat / bull), EV/EBITDA 12x |
| Simple DDM | Growth | $467.52 | 0.12x | yes | DPS $2.84, g=8.6% (sustainable: ROE (TTM) × retention; not the terminal-growth assumption), ke=9.3% |
| Two-Stage DDM | Growth | $100.87 | 0.55x | yes | Stage 1: 20% for 5yr, Stage 2: 3.5% perpetual |
| Simple Excess Return | Asset | $20.27 | 2.72x | yes | BV/sh $21.83, ROE (TTM) 8.6%, ke 9.3% |
| Two-Stage Excess Return | Asset | $19.54 | 2.82x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $30.69 | 1.79x | yes | Rev $50.8B, growth 14% (input: historical growth; tapered), Terminal P/S: 2.0x / 2.4x / 2.8x (bear / base = today's held flat / bull, cap 12x) |
| Peter Lynch Fair Value | Relative | $61.42 | 0.90x | yes | EPS $1.75, growth 35% (input: historical EPS growth), PEG=0.84 (Undervalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $13.72 | 4.01x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $6.36B × (1−25%) / WACC 9.2% → EPV (no growth) |
| Residual Income | Asset | $19.41 | 2.84x | yes | BV $21.83 + 5yr PV of (ROE (TTM) 8.6% − Kₑ 9.3%) × BV; BV grows 5.6%/yr |
| Graham Number | Asset | $29.36 | 1.88x | yes | √(22.5 × EPS $1.75 × BVPS $21.83) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | $65.37 | 0.84x | yes | EBITDA $11.91B × sector EV/EBITDA 12.0x |
| FCF Yield | Earnings | $6.84 | 8.05x | yes | FCF $1375.0M / Kₑ 9.3% — zero-growth perpetuity |
| SBC-Adj FCF Yield | Earnings | — | — | no | — |
| Ben Graham Formula | Earnings | $56.62 | 0.97x | yes | EPS $1.75 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $8.88 | 6.20x | yes | BV $21.83 × (ROIC 3.7% / WACC 9.2%) |
| P/Sales Sector | Relative | $58.01 | 0.95x | yes | Revenue $50.77B × sector P/S 2.5x |
| PEG Fair Value | Relative | $65.81 | 0.84x | yes | EPS $1.75 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $18.97 | 2.90x | yes | EPS $1.75 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Solvency
| Field | Value |
|---|---|
| Net debt | $74.4b |
| Net debt / NOPAT (after-tax) | 13.36x |
| Net debt / operating income (pre-tax) | 10.04x |
| Interest coverage | 2.1x |
| Share count CAGR (dilution) | 1.9% |
| Burning cash | no |
Bullet Takeaways
- Enbridge trades near $54.56 on a price that the relative-multiple method roughly justifies while the asset and earnings-power frames call expensive. The implied bet is durability over about six years, fitting for a regulated, contracted pipeline and utility cash stream rather than a high-growth name.
- The earnings line is steady and the backlog is the story: first-quarter 2026 adjusted EBITDA of about C$5.8 billion was roughly flat year over year, the company reaffirmed 2026 guidance of $20.2 billion to $20.8 billion adjusted EBITDA and $5.70 to $6.10 distributable cash flow per share, and the secured project backlog grew to about $40 billion.
- The dividend is the anchor: Enbridge raised its 2026 payout 3 percent, its 31st consecutive annual increase, within a target of 60 to 70 percent of distributable cash flow. The constraint is leverage, with debt to EBITDA at 5.0 times, the top of the 4.5 to 5.0 times target range.
Bull Case
Read Enbridge through its earnings trajectory and the picture is one of remarkable steadiness in a business built to be steady. First-quarter 2026 adjusted EBITDA came in around C$5.8 billion, essentially flat year over year, and adjusted EPS of $0.72 beat the $0.69 estimate. That flatness is a feature, not a bug: higher Mainline volumes and stronger Gas Transmission and Gas Distribution results more than offset a weaker liquids quarter, which is exactly the diversification a $50 billion-revenue energy-infrastructure company is supposed to deliver. The company reaffirmed full-year 2026 guidance of $20.2 billion to $20.8 billion adjusted EBITDA and $5.70 to $6.10 of distributable cash flow per share, and it expects roughly 5 percent annual growth in EBITDA, EPS, and DCF per share beyond 2026. This is a cash machine compounding at a modest, predictable clip.
The growth is contracted, not speculative. Enbridge grew its secured project backlog to about $40 billion, and the filing points to where it is going: building gas transmission and distribution infrastructure to serve new power plants amid surging power demand, plus carbon capture and storage opportunities in jurisdictions with supportive regulatory regimes (ENB FY2025 10-K, accession 0001193125-26-049810). The revenue model is a toll on volumes transported and delivered, recognized over time as commodities move through the system, which insulates earnings from commodity price swings. That toll-and-fee structure across liquids pipelines, gas transmission, gas distribution, and a small renewable book is why the cash flow is so durable.
The dividend is the reason most investors own it, and the track record is exceptional. Enbridge raised its 2026 dividend 3 percent, the 31st consecutive annual increase, and operates within a disciplined target payout of 60 to 70 percent of distributable cash flow, leaving room to self-fund part of the backlog. The yield is well above the market, the Peter Lynch fair value screens undervalued at a PEG near 0.83, and the relative-valuation method lands near $55.51 (June 27, 2026), essentially at the price. Analyst targets cluster from the high $50s into the $60s and $70s, above the current price. The bull case is a regulated, contracted, growing cash stream paying a high and reliably rising dividend, with a $40 billion backlog of power-demand and decarbonization projects to extend the runway.
Bear Case
The bear case turns on which specific cash flows the price is leaning on, because the headline stability masks real fragility in the largest segment. Liquids Pipelines is about 68 percent of Enbridge, and in the first quarter its adjusted EBITDA fell by C$318 million year over year, reflecting higher earnings sharing, lower Mainline tolls on certain deliveries, and reduced contributions from Flanagan South. The Mainline is the crown jewel, but its tolls are negotiated and regulated, and the revenue is recognized on volumes transported (ENB FY2025 10-K, accession 0001193125-26-049810), so a structural decline in Canadian heavy-crude throughput or an unfavorable toll settlement hits the biggest cash stream directly. The price assumes the gas and utility segments keep offsetting liquids weakness; if liquids deteriorate faster than gas grows, the whole flat-EBITDA story cracks.
The second dependency is the balance sheet, and it is stretched at the top of the company's own comfort zone. Debt to EBITDA sits at 5.0 times, the ceiling of the 4.5 to 5.0 times target range. A capital-intensive company funding a $40 billion backlog while paying out 60 to 70 percent of distributable cash flow has limited internal slack, which means it relies on continued access to debt and equity markets on favorable terms. In a higher-for-longer rate environment, the cost of financing that backlog rises, and an infrastructure company valued as a bond proxy re-rates downward as the discount rate climbs. The static valuation frames already reflect this: the simple excess-return model lands near $20, residual income near $19, and earnings power value near $14, all far below the price, because trailing ROE of about 8.6 percent sits below the 9.3 percent cost of equity. The excess-return cushion is negative.
The third issue is that the most fragile assumptions are regulatory and execution-driven, and they sit outside management's control. The $40 billion backlog depends on permits, on the power-demand thesis materializing, and on carbon-capture economics that hinge on supportive regulatory regimes that can shift. Regulatory delays on key projects are a named risk to the growth case. The relative-multiple method is the only family that reaches the price; the asset and earnings-power methods say the stock is expensive, which is the model's way of flagging that you are paying a premium for growth and durability the static frames cannot find in the current returns. Pay up for the dividend and you are underwriting Mainline toll stability, on-schedule backlog execution, and a cooperative rate environment all at once.
Valuation
Enbridge is valued on a segment basis because its cash flows are a blend of regulated and contracted infrastructure streams, and the read is elevated rather than extreme. The price implies a durability bet of about 6.3 years, with the relative-multiple family justifying the level while the asset and earnings-power families call it expensive. The fade signal is the only rarity flag tripped, and the composite reads elevated, consistent with a high-quality, slow-growth cash stream trading at a premium to its book-value and normalized-earnings anchors.
The X-ray shows the characteristic infrastructure pattern. The dividend-discount models produce extreme high values, the simple DDM at $468 and the two-stage at $101, because a high, growing dividend discounted at a rate close to its growth rate explodes mathematically, which is a known artifact for a high-payout name and not a reliable signal. The growth-DCF methods land in the $30s on 14 percent historical free-cash-flow growth. The asset family is the most sobering cluster: simple excess return near $20, residual income near $19, and the Graham number near $29, all well below the price, because the 8.6 percent trailing ROE does not clear the cost of equity. Earnings power value near $14 says the same on a no-growth basis.
The synthesis is that the price is supported by the relative multiple and the dividend, and challenged by the asset and earnings-power frames. That tension is normal for a regulated infrastructure company: book value and normalized accounting earnings understate the worth of long-lived, contracted assets, but they also flag that the equity is priced for stability rather than value. The deciding variable is the discount rate and the durability of the toll-and-fee cash flows. At a high single-digit yield with 5 percent growth guidance, the total-return math works if Mainline tolls hold and the backlog executes; the asset floor near $20 is what the price would test if the cash flows proved less durable than the market assumes.
Catalysts
The first-quarter 2026 report was the most recent catalyst. Adjusted EBITDA of about C$5.8 billion was roughly flat year over year, adjusted EPS of $0.72 beat the $0.69 estimate, and revenue rose to $16.3 billion. Management reaffirmed full-year 2026 guidance of $20.2 billion to $20.8 billion adjusted EBITDA and $5.70 to $6.10 of distributable cash flow per share, and grew the secured project backlog to about $40 billion. The mix mattered: gas transmission and distribution strength offset a C$318 million year-over-year decline in Liquids Pipelines EBITDA tied to earnings sharing and lower Mainline tolls, so the next print is a read on whether that offset holds.
The dividend is the recurring catalyst. Enbridge raised its 2026 payout 3 percent, its 31st consecutive annual increase, within a 60 to 70 percent target payout of distributable cash flow. The forward catalysts are execution and rate-driven: progress on the $40 billion backlog, especially the gas infrastructure tied to surging power demand and carbon-capture projects, and any Mainline toll developments. The chief risks to watch are leverage, with debt to EBITDA at 5.0 times at the top of the target range, and regulatory delays on key projects. Analyst targets span the high $50s to the low $70s with a buy-leaning consensus, so the swing factors are interest-rate direction and on-schedule project delivery.
Sources: StockTitan ENB Q1 2026 results, Enbridge Q1 2026 release, TradingKey backlog and dividend, MarketBeat ENB forecast.
Peer Cohorts (Per Segment, With Filing Citations)
Liquids Pipelines (reported)
- PAA (PLAINS ALL AMERICAN PIPELINE LP)
- FY2025 10-K: …and providing upstream connectivity and downstream market optionality. • Wink to Webster Pipeline (Permian to Houston). We own an approximate 17% interest in the entity that owns the Wink to Webster Pipeline ("W2W Pipeline"), which in turn owns 100% of certain segments of the W2W Pipeline and a 71% UJI in the segment…
- FY2025 10-K: Canada ULC ("PMC ULC"), Plains Oryx Permian Basin LLC (the "Permian JV"), Cactus II Pipeline LLC ("Cactus II") and Red River Pipeline Company LLC ("Red River") and (ii) indirect equity interests in unconsolidated entities including, but not limited to, BridgeTex Pipeline Company, LLC, Capline Pipeline Company LLC,…
- PAGP (PLAINS GP HOLDINGS LP)
- FY2025 10-K: …and terminals at the Midland, Texas hub. South Texas/Eagle Ford Our South Texas/Eagle Ford assets provide customers with Western Eagle Ford and Permian supply access with connectivity to export and refining demand at Corpus Christi and Houston. Gathering Pipelines. We own and operate various gathering systems in the…
- FY2025 10-K: …for liquids pipelines, which include both crude oil pipelines and petroleum products pipelines, be just and reasonable and not unduly discriminatory. Failure to comply with the requirements of the ICA could result in the imposition of civil or criminal penalties, as described below. Under the Energy Policy Act of…
- MPLX (MPLX LP)
- FY2025 10-K: …to producing natural gas wells, or to facilities that produce natural gas as a byproduct of refining crude oil. Due to the shift in the source of natural gas production, midstream providers with a significant presence in the shale plays will likely have a competitive advantage. Well-positioned operations allow access…
- FY2025 10-K: …pipeline systems which we have an interest in through ownership of our equity method investments as of December 31, 2025. Diameter Length (miles) Ownership Percentage Crude Systems: MarEn Bakken Company LLC (1) 30" 1,916 25% Minnesota Pipe Line Company LLC 16" - 24" 975 17% W2W Holdings LLC (2) 24" - 36" 652 50%…
- GEL (GENESIS ENERGY LP)
- FY2025 10-K: …systems has available capacity to accommodate potential growth in volumes. The four onshore common carrier crude oil pipeline systems we own and operate are the Texas System, the Louisiana System, the Jay System, and the Mississippi System. 16 Table o f Contents Texas System Louisiana System Jay System Mississippi…
- FY2025 10-K: …31, 2025 2024 (in thousands) Offshore crude oil pipeline revenue, net to our ownership interest and excluding non-cash revenues $ 373,112 $ 289,035 Offshore natural gas pipeline revenue, excluding non-cash revenues 52,622 53,342 Offshore pipeline operating costs, net to our ownership interest and excluding non-cash…
- DKL (DKL)
- FY2025 10-K: …Joint Venture entities coming from MVC agreements with related entities. Investments in pipeline joint ventures segment include the Partnership's joint ventures investments described in Note 13 of our consolidated financial statements included in Item 8, Financial Statements and Supplementary Data, of this Annual…
- FY2025 10-K: …this segment, which consist primarily of ancillary trucking services and which supplement and provide alternative transportation for barrels in times when supply or demand are disrupted, can be responsive to seasonal as well as other unexpected changes in demand. Investments in Pipeline Joint Ventures Overview The…
Gas Transmission (reported)
- WMB (WILLIAMS COMPANIES, INC.)
- FY2025 10-K: …marketing and risk management services to retail and wholesale gas marketers, utility companies, upstream producers, and industrial customers. These counterparties utilize netting agreements that enable Williams to net receivables and payables by counterparty upon settlement. Williams also nets across product lines…
- FY2025 10-K: …gas on Transco's behalf than the quantities of gas received from Transco. These transactions result in gas transportation and exchange imbalance receivables and payables. Transco's tariff includes a method whereby the majority of transportation imbalances are settled on a monthly basis through cash out sales or…
- KMI (KINDER MORGAN, INC.)
- FY2025 10-K: …and supply lines for these transportation networks, which are strategically located throughout the North American natural gas pipeline grid. Our transportation network provides access to the major natural gas supply areas and consumers in the western U.S., Rocky Mountain, Midwest, Texas, Louisiana, Southeastern, and…
- FY2025 10-K: …emissions of GHGs, such as through mandatory reporting, establishment of GHG emission reduction targets, or regional GHG "cap-and-trade" programs. It is possible that sources such as our gas-fueled compressors and processing plants could become subject to these state GHG reduction regulations. Various states are also…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: …stream of unprocessed natural gas that we receive at the wellhead due to the producer's take-in-kind rights. We purchase commodities that the producer does not take-in-kind and charge fees for providing midstream services, which include gathering, treating, compressing and processing our customers' natural gas. After…
- FY2025 10-K: …gas production areas in the Haynesville region and access to export markets in the Gulf Coast. These assets provide shippers access to western markets, several markets to the southeast along the Gulf Coast, including the Houston Ship Channel, the Mid-Continent market to the north and exports to Mexico. Our storage…
- TRGP (TARGA RESOURCES CORP.)
- FY2025 10-K: …the RRC. Some of these Texas intrastate pipelines also transport natural gas in interstate commerce pursuant to Section 311 of the Natural Gas Policy Act of 1978 ("NGPA"). Under Sections 311 and 601 of the NGPA, an intrastate pipeline may transport natural gas in interstate commerce without becoming subject to FERC…
- FY2025 10-K: …Sales of Natural Gas, NGLs and Crude Oil The price at which we buy and sell natural gas, NGLs and crude oil is currently not subject to federal rate regulation and, for the most part, is not subject to state rate regulation. However, with regard to our physical purchases and sales of these energy commodities and any…
- ET (ENERGY TRANSFER LP)
- FY2025 10-K: …Energy Transfer operates one of the largest intrastate pipeline systems in the United States, which provides energy logistics to major trading hubs and industrial consumption areas throughout the country. In Texas, our intrastate transportation and storage segment provides transportation of natural gas to major…
- FY2025 10-K: …to the volume shift to long-term third-party contracts from our optimization group on our Texas system, partially offset by $16 million recognized in the prior period from the recovery of certain disputed fees on our Texas system; • an increase of $16 million in retained fuel margin due to favorable gas pricing; and…
Gas Distribution and Storage (reported)
- WMB (WILLIAMS COMPANIES, INC.)
- FY2025 10-K: …Assets This segment includes Williams' natural gas gathering, compression, processing, and NGL fractionation businesses in the Marcellus and Utica Shale regions in Pennsylvania, West Virginia, New York, and Ohio. The following tables summarize the significant operated assets of this segment: Natural Gas Gathering…
- FY2025 10-K: …The rates are established primarily through the FERC's ratemaking process, but rates may also be negotiated with customers pursuant to the terms of tariffs and FERC policy. Williams' interstate natural gas pipelines transport and store natural gas for a broad mix of customers, including local natural gas distribution…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: . See further discussion in the "Regulatory, Environmental and Safety Matters" section. Natural Gas Pipelines Overview of Operations - In our Natural Gas Pipelines segment, we receive residue natural gas from third parties and our own natural gas processing plants and interconnecting pipelines. Residue natural gas is…
- FY2025 10-K: …areas in Canada and the United States via our interstate and intrastate natural gas pipelines, Northern Border and Matterhorn, which enables us to provide essential natural gas transportation and storage services. Growing demand from data centers and continued demand from local distribution companies,…
- KMI (KINDER MORGAN, INC.)
- FY2025 10-K: …income, and cash flows from our businesses that produce, process, or purchase and sell crude oil, NGL, or natural gas, and could have a material adverse effect on the carrying value (which includes assigned goodwill) of our CO 2 business segment's proved reserves, and to a lesser extent, certain assets in certain…
- FY2025 10-K: …by negotiating contracts with longer terms, with higher per-unit pricing and for a greater percentage of our available capacity. These long-term contracts are typically structured with a fixed fee reserving the right to transport or store natural gas and specify that we receive the majority of our fee for making the…
- TRGP (TARGA RESOURCES CORP.)
- FY2025 10-K: …perform receipt, delivery and transportation services in order to meet refinery demand. Commercial Transportation Our NGL transportation and distribution infrastructure includes a wide range of assets supporting both third-party customers and the delivery requirements of our marketing and asset management business.…
- FY2025 10-K: …terminaling facilities to support our key fractionation facilities at Mont Belvieu and Lake Charles for receipt of mixed NGLs and storage of fractionated NGLs to service the petrochemical, refinery, export and heating customers/markets as well as our wholesale domestic terminals that focus on logistics to service the…
- ET (ENERGY TRANSFER LP)
- FY2025 10-K: …based on the actual throughput of natural gas by the customer, (iii) fuel retention based on a percentage of gas transported on the pipeline or (iv) a combination of the three, generally payable monthly. We also generate revenues and margin from the sale of natural gas to electric utilities, independent power plants,…
- FY2025 10-K: …industry consists of natural gas gathering, compression, treating, dehydration and processing, and is generally characterized by regional competition based on the proximity of gathering systems and processing plants to natural gas producing wells and the proximity of storage facilities to production areas and end-use…
- EPD (ENTERPRISE PRODUCTS PARTNERS L.P.)
- FY2025 10-K: …Our natural gas transmission pipelines transport natural gas from regional processing facilities to downstream electric generation plants, local gas distribution companies, industrial and municipal customers, storage facilities or other connecting pipelines. The results of operations from our natural gas pipelines…
- FY2025 10-K: …and Wyoming. This fractionator receives mixed NGLs from several major supply basins, including the Mid-Continent, Permian Basin, San Juan Basin and Rocky Mountains. The facility is located at the interconnect of our Mid-America Pipeline System and Seminole NGL Pipeline, thus providing customers access to the Conway…
- PAA (PLAINS ALL AMERICAN PIPELINE LP)
- FY2025 10-K: …facilities. We also generate significant revenue through a variety of commercial and merchant activities that often result in increased utilization of our transportation and storage assets. Crude Oil Segment Assets Overview As of December 31, 2025, the assets utilized in our Crude Oil segment included the following:…
- FY2025 10-K: …us to process that gas at our Empress facility and extract the higher valued NGL from the gas stream. We then purchase natural gas to replace the thermal content attributable to the NGL that was extracted. We use our assets to transport, store and fractionate NGL mix extracted from our Empress straddle plants, or NGL…
Renewable Power Generation (reported)
- CWEN (Clearway Energy, Inc.)
- FY2025 10-K: …cwen:EnergyRevenueMember cwen:RenewablesAndStorageMember 2025-01-01 2025-12-31 0001567683 us-gaap:OperatingSegmentsMember cwen:EnergyRevenueMember 2025-01-01 2025-12-31 0001567683 us-gaap:OperatingSegmentsMember cwen:CapacityRevenueMember cwen:FlexibleGenerationMember 2025-01-01 2025-12-31 0001567683…
- FY2025 10-K: …strategy depends in part on government policies that support renewable generation and energy storage and enhance the economic viability of owning renewable power generation assets. Renewable power generation assets currently benefit from various federal, state and local governmental incentives such as ITCs, PTCs,…
- BEPC (BROOKFIELD RENEWABLE CORPORATION)
- FY2025 20-F: …Drivers We believe that strong continuing growth in renewable power generation and other decarbonization investment opportunities will be driven by the following: Accelerating demand from digitalization, AI and electrification. With the continued proliferation of artificial intelligence and growth in cloud computing,…
- FY2025 20-F: …and developing capabilities with our growth pipeline is differentiating our group's business as the partner of choice for buyers of clean power and entities looking to decarbonize, driving the growth of our group's business. Positioned to meet growing demand for power, accelerate decarbonization and improve the…
- ORA (ORMAT TECHNOLOGIES, INC.)
- FY2025 10-K: …renewable energy in the United States continues to be supported by several structural trends, including expected growth in electricity consumption from data centers, corporate decarbonization objectives, and increased electrification across multiple end-use sectors. Data centers are significant energy consumers, and…
- FY2025 10-K: …in countries with below investment grade ratings. Power Plants in Operation We own and operate 35 power plants and complexes globally, with an aggregate generating capacity of 1,340MW, comprising geothermal, REG and solar facilities as listed below. Geothermal represents 81.3% of our Electricity Segment generating…
- AQN (ALGONQUIN POWER & UTILITIES CORP.)
- (no filing in the citation store)
Energy Services (reported)
- MPLX (MPLX LP)
- FY2025 10-K: …The Natural Gas and NGL Services segment provides wellhead to market services including gathering, treating, processing and transportation of natural gas and NGLs. For more information on these segments, see Our Operating Segments discussion below. The map below and Item 2. Properties provide information about our…
- FY2025 10-K: …us-gaap:ServiceMember mplx:NaturalGasAndNGLServicesMember 2024-01-01 2024-12-31 0001552000 us-gaap:OperatingSegmentsMember us-gaap:ServiceMember mplx:NaturalGasAndNGLServicesMember 2023-01-01 2023-12-31 0001552000 us-gaap:OperatingSegmentsMember mplx:NaturalGasAndNGLServicesMember 2025-01-01 2025-12-31 0001552000…
- PAA (PLAINS ALL AMERICAN PIPELINE LP)
- FY2025 10-K: …of the areas where we operate; • changes in supply and demand for the products we handle and the services we provide, which can be caused by a variety of factors outside of our control; • natural disasters, catastrophes, terrorist attacks (including eco-terrorist attacks), process safety failures, equipment failures…
- FY2025 10-K: …our customers and us with significant flexibility and optionality to satisfy demand, balance markets, and participate in emerging energy opportunities. • Our full-service integrated model and long-term focus attracts a broad, diverse and high-quality customer base that supports sustainable fee-based cash flow…
- PAGP (PLAINS GP HOLDINGS LP)
- FY2025 10-K: …and terminals at the Midland, Texas hub. South Texas/Eagle Ford Our South Texas/Eagle Ford assets provide customers with Western Eagle Ford and Permian supply access with connectivity to export and refining demand at Corpus Christi and Houston. Gathering Pipelines. We own and operate various gathering systems in the…
- FY2025 10-K: …stimulate demand for alternative forms of energy; • societal and political pressures from various groups, including opposition to the development or operation of PAA's pipelines and facilities; • increased concern by financial stakeholders with respect to PAA's governance structure and the perceived social and…
- GEL (GENESIS ENERGY LP)
- FY2025 10-K: Energy, Inc.) (incorporated by reference to Exhibit 3 .2 to the Company's Current Report on Form 8-K filed on January 7, 2009, File No. 001-12295). 3.8 Second Amended and Restated Limited Liability Company Agreement of Genesis Energy, LLC dated December 28, 2010 (incorporated by reference to Exhibit 3.2 to the…
- FY2025 10-K: …77 Item 9B. Other Information 79 Part III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11. Executive Compensation 85 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 95 Item 13. Certain Relationships and Related Transactions, and…
- EPD (ENTERPRISE PRODUCTS PARTNERS L.P.)
- FY2025 10-K: …from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries. Our fully integrated, midstream energy asset network (or "value chain") links producers…
- FY2025 10-K: …epd:PetrochemicalAndRefinedProductsServicesMember 2023-01-01 2023-12-31 0001061219 epd:TransportationMember epd:PetrochemicalAndRefinedProductsServicesMember 2025-01-01 2025-12-31 0001061219 epd:TransportationMember epd:PetrochemicalAndRefinedProductsServicesMember 2024-01-01 2024-12-31 0001061219…
- WMB (WILLIAMS COMPANIES, INC.)
- FY2025 10-K: …at multiple points. Natural gas delivered on Williams' system competes with alternative energy sources used to generate electricity such as hydroelectric power, solar, wind, coal, fuel oil, and nuclear. Future demand for natural gas within the power sector could be increased by growing power demand and by regulations…
- FY2025 10-K: …us-gaap:EnergyCommoditiesAndServiceMember us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember wmb:RealizedGainLossMember 2025-01-01 2025-12-31 0000107263 us-gaap:OperatingSegmentsMember us-gaap:EnergyCommoditiesAndServiceMember wmb:TransmissionPowerGulfMember wmb:UnrealizedGainLossMember 2025-01-01…
- KMI (KINDER MORGAN, INC.)
- FY2025 10-K: …Coast Express Pipeline LLC SLNG = Southern LNG Company, L.L.C. Hiland = Hiland Partners, LP SNG = Southern Natural Gas Company, L.L.C. KinderHawk = KinderHawk Field Services LLC Stagecoach = Stagecoach Gas Services LLC KMBT = Kinder Morgan Bulk Terminals, Inc. TGP = Tennessee Gas Pipeline Company, L.L.C. KMI = Kinder…
- FY2025 10-K: …them do, of their timing or what impact they will have on our results of operations or financial condition. Because of these uncertainties, you should not put undue reliance on any of our forward-looking statements. 3 Additional discussion of factors that may affect our forward-looking statements appear elsewhere in…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: …revenues, as described below: Commodity Sales (all segments) - We contract to deliver residue natural gas, unfractionated NGLs and/or Purity NGLs, Refined Products, condensate and crude oil to customers at a specified delivery point. Our sales agreements may be daily or longer-term contracts for a specified volume.…
- FY2025 10-K: …segment ) - We purchase raw natural gas and charge contractual fees for providing midstream services, which include gathering, treating, compressing and processing the producer's natural gas. After performing these services, we sell the commodities and return a portion of the commodity sales proceeds to the producer…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.