ENB vs ET: Enbridge and Energy Transfer LP compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Enbridge is the larger company, worth $104.7B, about 1.4 times Energy Transfer LP.
- Enbridge grew revenue faster over the last year (+97.1% vs +78.4%).
- Enbridge keeps more of each dollar of revenue as operating profit (13.3% vs 10.0%).
- On earnings, Energy Transfer LP is the cheaper stock (17.5x vs 22.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ENB | ET |
|---|---|---|
| Market cap | $104.7B | $72.4B |
| Share price | $46.60 | $20.74 |
| Revenue (last fiscal year) | $65.2B | $85.5B |
| Free cash flow (last fiscal year) | $3.3B | $3.8B |
| Revenue growth, last year | +97.1% | +78.4% |
| Revenue growth per year, last 5 fiscal years | +8.5% | +6.1% |
| Operating margin | 13.3% | 10.0% |
| Net margin | 7.3% | 4.9% |
| Return on equity | 9.4% | — |
| P/E (trailing) | 22.4x | 17.5x |
| Price / free cash flow | 23.1x | 18.8x |
| EV / EBITDA | 14.4x | 8.76x |
| FCF growth the price implies | — | 4.2% |
| Dividend yield | 8.0% | 6.4% |
| Debt / equity | 2.49x | — |
| Fundamental grade | D | C |
| Superinvestors holding it | 5 | 7 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Enbridge
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $47.1B | $1.4B | 16.6% |
| 2022 | $53.3B | $6.6B | 9.7% |
| 2023 | $43.6B | $9.5B | 19.8% |
| 2024 | $53.5B | $5.9B | 18.0% |
| 2025 | $65.2B | $3.3B | 16.8% |
Energy Transfer LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $67.4B | $8.3B | 13.0% |
| 2022 | $89.9B | $5.7B | 8.6% |
| 2023 | $78.6B | $6.4B | 10.6% |
| 2024 | $82.7B | $7.3B | 11.1% |
| 2025 | $85.5B | $3.8B | 10.6% |
Where the revenue comes from
Enbridge · by segments, 2025
Liquids Pipelines$45.9B72%
Gas Distribution and Storage$10.7B17%
Gas Transmission$6.7B10%
Renewable Power Generation$561M1%
Energy Transfer LP · by segments, 2024
Crude Oil Transportation and Services$28.5B40%
Investment in Sunoco LP$22.7B32%
Midstream$11.2B16%
Intrastate Transportation and Storage$3.1B4%
Interstate Transportation and Storage$2.3B3%
All Other$1.7B2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ENB in InvestinglyQuestions
Which is bigger, Enbridge or Energy Transfer LP?
Enbridge (ENB), at $104.7B against $72.4B.
Is ENB or ET cheaper?
By trailing P/E, Energy Transfer LP (17.5x) is cheaper than Enbridge (22.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ENB or ET?
Enbridge: revenue grew +97.1% over the last year, against +78.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.