Key Takeaways Enbridge generates 98% of EBITDA from midstream assets backed by take-or-pay or regulated returns.Long-term contracts provide ENB with stable, predictable cash flows, shielding it from volume and price risks.ENB shares rose 28.8% in a year, outpacing industry gains, while trading at a higher EV/EBITDA multiple.Enbridge Inc. (ENB) is a leading midstream energy company. On its second-quarter 2025 earnings call, the company stated that it generates as high as 98% of earnings before interest, tax, ...