CVE
Cenovus Energy Inc.
Oil & Gas Integrated
Market Cap$54.61B
5Y Perf.+569.7%
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Stock Comparison
CVE vs CNQ
Revenue, margins, valuation, and 5-year total return — side by side.
CNQ
Canadian Natural Resources Limited
Oil & Gas Exploration & Production
Market Cap$95.18B
5Y Perf.+404.2%
CVE vs CNQ — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | CVE | CNQ |
|---|---|---|
| Industry | Oil & Gas Integrated | Oil & Gas Exploration & Production |
| Market Cap | $54.61B | $95.18B |
| Revenue (TTM) | $51.21B | $41.50B |
| Net Income (TTM) | $3.93B | $10.82B |
| Gross Margin | 19.7% | 30.1% |
| Operating Margin | 11.5% | 27.8% |
| Forward P/E | 7.6x | 8.2x |
| Total Debt | $17.00B | $19.71B |
| Cash & Equiv. | $2.74B | $672M |
CVE vs CNQ — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
CVE
CNQ
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Cenovus Energy Inc. (CVE) | 100 | 669.7 | +569.7% |
| Canadian Natural Re… (CNQ) | 100 | 504.2 | +404.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: CVE vs CNQ
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CNQ leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Cenovus Energy Inc. is the stronger pick specifically for valuation and capital efficiency and recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
CVE
Cenovus Energy Inc.
The Defensive Pick
CVE is the clearest fit if your priority is sleep-well-at-night and defensive.
- Lower volatility, beta 0.22, Low D/E 53.8%, current ratio 1.57x
- Beta 0.22, yield 2.0%, current ratio 1.57x
- Lower P/E (7.6x vs 8.2x)
Best for: sleep-well-at-night and defensive
CNQ
Canadian Natural Resources Limited
The Income Pick
CNQ carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 2 yrs, beta -0.02, yield 3.7%
- Rev growth 8.6%, EPS growth 81.1%, 3Y rev CAGR -7.9%
- 307.9% 10Y total return vs CVE's 115.0%
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | CNQ | 8.6% revenue growth vs CVE's -14.0% |
| Value | CVE | Lower P/E (7.6x vs 8.2x) |
| Quality / Margins | CNQ | 26.1% margin vs CVE's 7.7% |
| Stability / Safety | CNQ | Lower D/E ratio (44.5% vs 53.8%) |
| Dividends | CNQ | 3.7% yield, 2-year raise streak, vs CVE's 2.0% |
| Momentum (1Y) | CVE | +149.8% vs CNQ's +66.0% |
| Efficiency (ROA) | CNQ | 12.5% ROA vs CVE's 6.9%, ROIC 10.0% vs 7.9% |
CVE vs CNQ — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2020
FY 2025
CVE vs CNQ — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLCNQLAGGINGCVE
CVECenovus Energy Inc.
1leads
CNQCanadian Natural Reso…
3leads
6 Total Categories
CATEGORYLEADERvs CVEMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
CNQ5/6
Valuation MetricsMultiples, price ratios, and targets
Tied
—
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
CNQ7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
CVE5/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
CNQ2/2
Income & Cash Flow (Last 12 Months)
CNQ leads this category, winning 5 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
CVE and CNQ operate at a comparable scale, with $51.2B and $41.5B in trailing revenue. CNQ is the more profitable business, keeping 26.1% of every revenue dollar as net income compared to CVE's 7.7%. On growth, CNQ holds the edge at -13.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CVECenovus Energy In… | CNQCanadian Natural … |
|---|---|---|
| RevenueTrailing 12 months | $51.2B | $41.5B |
| EBITDAEarnings before interest/tax | $11.2B | $21.1B |
| Net IncomeAfter-tax profit | $3.9B | $10.8B |
| Free Cash FlowCash after capex | $3.4B | $8.3B |
| Gross MarginGross profit ÷ Revenue | +19.7% | +30.1% |
| Operating MarginEBIT ÷ Revenue | +11.5% | +27.8% |
| Net MarginNet income ÷ Revenue | +7.7% | +26.1% |
| FCF MarginFCF ÷ Revenue | +6.7% | +20.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | -28.4% | -13.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +6.0% | +3.7% |
CNQ leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
Evenly matched — CVE and CNQ each lead in 3 of 6 comparable metrics.
Valuation Metrics
At 12.0x trailing earnings, CNQ trades at a 34% valuation discount to CVE's 18.3x P/E. On an enterprise value basis, CNQ's 8.3x EV/EBITDA is more attractive than CVE's 9.0x.
| Metric | CVECenovus Energy In… | CNQCanadian Natural … |
|---|---|---|
| Market CapShares × price | $54.6B | $95.2B |
| Enterprise ValueMkt cap + debt − cash | $65.1B | $109.2B |
| Trailing P/EPrice ÷ TTM EPS | 18.32x | 12.02x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.61x | 8.17x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 9.02x | 8.25x |
| Price / SalesMarket cap ÷ Revenue | 1.49x | 3.34x |
| Price / BookPrice ÷ Book value/share | 2.27x | 2.93x |
| Price / FCFMarket cap ÷ FCF | 21.79x | 15.35x |
Evenly matched — CVE and CNQ each lead in 3 of 6 comparable metrics.
Profitability & Efficiency
CNQ leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
CNQ delivers a 26.0% return on equity — every $100 of shareholder capital generates $26 in annual profit, vs $13 for CVE. CNQ carries lower financial leverage with a 0.44x debt-to-equity ratio, signaling a more conservative balance sheet compared to CVE's 0.54x. On the Piotroski fundamental quality scale (0–9), CNQ scores 8/9 vs CVE's 6/9, reflecting strong financial health.
| Metric | CVECenovus Energy In… | CNQCanadian Natural … |
|---|---|---|
| ROE (TTM)Return on equity | +13.2% | +26.0% |
| ROA (TTM)Return on assets | +6.9% | +12.5% |
| ROICReturn on invested capital | +7.9% | +10.0% |
| ROCEReturn on capital employed | +8.2% | +10.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 8 |
| Debt / EquityFinancial leverage | 0.54x | 0.44x |
| Net DebtTotal debt minus cash | $14.3B | $19.0B |
| Cash & Equiv.Liquid assets | $2.7B | $672M |
| Total DebtShort + long-term debt | $17.0B | $19.7B |
| Interest CoverageEBIT ÷ Interest expense | 9.69x | 10.52x |
CNQ leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
CVE leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in CVE five years ago would be worth $39,013 today (with dividends reinvested), compared to $31,954 for CNQ. Over the past 12 months, CVE leads with a +149.8% total return vs CNQ's +66.0%. The 3-year compound annual growth rate (CAGR) favors CVE at 23.6% vs CNQ's 20.8% — a key indicator of consistent wealth creation.
| Metric | CVECenovus Energy In… | CNQCanadian Natural … |
|---|---|---|
| YTD ReturnYear-to-date | +66.2% | +34.3% |
| 1-Year ReturnPast 12 months | +149.8% | +66.0% |
| 3-Year ReturnCumulative with dividends | +88.6% | +76.2% |
| 5-Year ReturnCumulative with dividends | +290.1% | +219.5% |
| 10-Year ReturnCumulative with dividends | +115.0% | +307.9% |
| CAGR (3Y)Annualised 3-year return | +23.6% | +20.8% |
CVE leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
Evenly matched — CVE and CNQ each lead in 1 of 2 comparable metrics.
Risk & Volatility
CNQ is the less volatile stock with a -0.02 beta — it tends to amplify market swings less than CVE's 0.22 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CVE currently trades 94.0% from its 52-week high vs CNQ's 88.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CVECenovus Energy In… | CNQCanadian Natural … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.22x | -0.02x |
| 52-Week HighHighest price in past year | $30.84 | $51.34 |
| 52-Week LowLowest price in past year | $11.60 | $28.15 |
| % of 52W HighCurrent price vs 52-week peak | +94.0% | +88.9% |
| RSI (14)Momentum oscillator 0–100 | 76.5 | 57.2 |
| Avg Volume (50D)Average daily shares traded | 13.2M | 11.4M |
Evenly matched — CVE and CNQ each lead in 1 of 2 comparable metrics.
Analyst Outlook
CNQ leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates CVE as "Hold" and CNQ as "Buy". Consensus price targets imply -4.6% upside for CVE (target: $28) vs -23.3% for CNQ (target: $35). For income investors, CNQ offers the higher dividend yield at 3.74% vs CVE's 1.98%.
| Metric | CVECenovus Energy In… | CNQCanadian Natural … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $27.67 | $35.00 |
| # AnalystsCovering analysts | 27 | 37 |
| Dividend YieldAnnual dividend ÷ price | +2.0% | +3.7% |
| Dividend StreakConsecutive years of raises | 0 | 2 |
| Dividend / ShareAnnual DPS | $0.78 | $2.32 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.4% | +1.1% |
CNQ leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
CNQ leads in 3 of 6 categories (Income & Cash Flow, Profitability & Efficiency). CVE leads in 1 (Total Returns). 2 tied.
Best OverallCanadian Natural Resources … (CNQ)Leads 3 of 6 categories
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CVE vs CNQ: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is CVE or CNQ a better buy right now?
For growth investors, Canadian Natural Resources Limited (CNQ) is the stronger pick with 8.
6% revenue growth year-over-year, versus -14. 0% for Cenovus Energy Inc. (CVE). Canadian Natural Resources Limited (CNQ) offers the better valuation at 12. 0x trailing P/E (8. 2x forward), making it the more compelling value choice. Analysts rate Canadian Natural Resources Limited (CNQ) a "Buy" — based on 37 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CVE or CNQ?
On trailing P/E, Canadian Natural Resources Limited (CNQ) is the cheapest at 12.
0x versus Cenovus Energy Inc. at 18. 3x. On forward P/E, Cenovus Energy Inc. is actually cheaper at 7. 6x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — CVE or CNQ?
Over the past 5 years, Cenovus Energy Inc.
(CVE) delivered a total return of +290. 1%, compared to +219. 5% for Canadian Natural Resources Limited (CNQ). Over 10 years, the gap is even starker: CNQ returned +307. 9% versus CVE's +115. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CVE or CNQ?
By beta (market sensitivity over 5 years), Canadian Natural Resources Limited (CNQ) is the lower-risk stock at -0.
02β versus Cenovus Energy Inc. 's 0. 22β — meaning CVE is approximately -1113% more volatile than CNQ relative to the S&P 500. On balance sheet safety, Canadian Natural Resources Limited (CNQ) carries a lower debt/equity ratio of 44% versus 54% for Cenovus Energy Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — CVE or CNQ?
By revenue growth (latest reported year), Canadian Natural Resources Limited (CNQ) is pulling ahead at 8.
6% versus -14. 0% for Cenovus Energy Inc. (CVE). On earnings-per-share growth, the picture is similar: Canadian Natural Resources Limited grew EPS 81. 1% year-over-year, compared to 28. 7% for Cenovus Energy Inc.. Over a 3-year CAGR, CNQ leads at -7. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — CVE or CNQ?
Canadian Natural Resources Limited (CNQ) is the more profitable company, earning 27.
9% net margin versus 7. 9% for Cenovus Energy Inc. — meaning it keeps 27. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CNQ leads at 21. 2% versus 8. 8% for CVE. At the gross margin level — before operating expenses — CNQ leads at 23. 3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is CVE or CNQ more undervalued right now?
On forward earnings alone, Cenovus Energy Inc.
(CVE) trades at 7. 6x forward P/E versus 8. 2x for Canadian Natural Resources Limited — 0. 6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CVE: -4. 6% to $27. 67.
08Which pays a better dividend — CVE or CNQ?
All stocks in this comparison pay dividends.
Canadian Natural Resources Limited (CNQ) offers the highest yield at 3. 7%, versus 2. 0% for Cenovus Energy Inc. (CVE).
09Is CVE or CNQ better for a retirement portfolio?
For long-horizon retirement investors, Canadian Natural Resources Limited (CNQ) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.
02), 3. 7% yield, +307. 9% 10Y return). Both have compounded well over 10 years (CNQ: +307. 9%, CVE: +115. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between CVE and CNQ?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: CVE is a mid-cap quality compounder stock; CNQ is a mid-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
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(CVE: -28.4% · CNQ: -13.2%)Net Margin>
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(CVE: 7.7% · CNQ: 26.1%)P/E Ratio<
x
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