ENB Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
ENB Payout Ratio by year
Yearly range of ENB’s payout ratio from 2018 to 2026. Over the full period it ranged from 59.3% to 379.5%, averaging 157.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 361.2% | 370.3% | 379.5% | 379.5% |
| 2025 | 110.2% | 140.9% | 190.3% | 190.3% |
| 2024 | 63.6% | 76.9% | 96.4% | 96.4% |
| 2023 | 59.3% | 65.1% | 75.6% | 59.9% |
| 2022 | 89.5% | 148.5% | 204.9% | 89.5% |
| 2021 | 165.4% | 249.2% | 357.1% | 357.1% |
| 2020 | 96.4% | 108.3% | 120.6% | 117.3% |
| 2019 | 120.7% | 156.8% | 207.0% | 120.7% |
| 2018 | 133.0% | 220.5% | 325.5% | 133.0% |
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What fraction of free cash flow is paid out as dividends. More reliable than the earnings-based payout ratio because cash is harder to manipulate through accounting choices. Low ratio = room to grow the dividend and absorb an earnings dip. High ratio = dividend is consuming most of the cash generated.
TTM Dividends Per Share / (TTM FCF ÷ Shares) × 100%A steadily rising FCF payout ratio warrants scrutiny only if FCF itself is flat or falling — that means the company is paying out a larger slice of shrinking cash. A high but stable ratio in a capital-light business (e.g. consumer staples) can be perfectly sustainable.
- FCF can be lumpy: large one-off capex or working-capital swings distort a single year. Look at the multi-year trend rather than any single data point.
- Utilities and REITs naturally sustain 60–90% FCF payout ratios; industrials and tech companies typically run 20–50%. Always compare to sector context.
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