Cenovus Energy Inc. (CVE) 10-Year Financial Performance & Capital Metrics

CVE • • Industrial / General

EnergyIntegrated Oil & GasRegional Integrated PlayersAmericas Regional Leaders

AboutCenovus Energy Inc., together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan. This segments Foster Creek, Christina Lake, Sunrise, and Tucker oil sands projects, as well as Lloydminster thermal and conventional heavy oil assets The Conventional segment holds assets primarily located in Elmworth-Wapiti, Kaybob-Edson, Clearwater, and Rainbow Lake operating in Alberta and British Columbia, as well as interests in various natural gas processing facilities. The offshore segment engages in the exploration and development activities. The Canadian Manufacturing segment includes the owned and operated Lloydminster upgrading and asphalt refining complex, which upgrades heavy oil and bitumen into synthetic crude oil, diesel fuel, asphalt, and other ancillary products, as well as owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The U.S. Manufacturing segment comprises the refining of crude oil to produce diesel, gasoline, jet fuel, asphalt, and other products. The Retail segment consists of marketing of its own and third-party refined petroleum products through retail, commercial, and bulk petroleum outlets, as well as wholesale channels. Cenovus Energy Inc. was founded in 2009 and is headquartered in Calgary, Canada.Show more

Revenue $57.73B +4.1%
EBITDA $9.93B -3.3%
Net Income $3.14B -23.5%
EPS (Diluted) 1.67 -21.2%
Gross Margin 22.11% -3.4%
EBITDA Margin 17.21% -7.0%
Operating Margin 8.77% -13.5%
Net Margin 5.44% -26.5%
ROE 10.75% -26.4%
ROIC 10.29% -13.2%
Debt/Equity 0.36 +3.1%
Interest Coverage 7.80 +0.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 23.0%
✓Good 3Y average ROE of 16.8%
✓Healthy dividend yield of 4.6%
✓Share count reduced 3.2% through buybacks
✓Trading at only 1.1x book value

✗Weaknesses

✗Thin 5Y average net margin of 1.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.12%

5Y22.95%

3Y5.75%

TTM-3.48%

Profit (Net Income) CAGR

10Y15.5%

5Y7.45%

3Y74.93%

TTM-15.97%

EPS CAGR

10Y5.47%

5Y-1.27%

3Y79.24%

TTM-12.23%

ROCE

10Y Avg6.73%

5Y Avg13.3%

3Y Avg14.7%

Latest10.45%

Peer Comparison

Americas Regional Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PBR-APetróleo Brasileiro S.A. - Petrobras	31.73B	11.65	11.10	-13.38%	16.15%	17.47%	73.57%	1.02
IMOImperial Oil Limited	47.72B	96.05	10.65	1.01%	8.65%	23.51%	8.62%	0.18
CVECenovus Energy Inc.	33.24B	17.62	10.55	4.06%	5.66%	11.07%	12.7%	0.36
SUSuncor Energy Inc.	57.82B	48.13	10.20	3.25%	10.49%	11.65%	16.39%	0.33
PBRPetróleo Brasileiro S.A. - Petrobras	45.77B	12.30	5.26	-13.38%	16.15%	17.47%	50.99%	1.02
YPFYPF Sociedad Anónima	13.67B	34.83	0.01	265.66%	-3.65%	-3.63%	3.49%	0.82
ECEcopetrol S.A.	23.31B	11.34	0.00	-6.89%	8.2%	9.63%	100%	1.09

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.56B	11.02B	17.31B	21.39B	20.54B	13.91B	48.81B	71.77B	55.47B	57.73B
Revenue Growth %	-0.43%	-0.05%	0.57%	0.24%	-0.04%	-0.32%	2.51%	0.47%	-0.23%	0.04%
Cost of Goods Sold+	10.21B	9.63B	13.89B	17.3B	16.06B	14.24B	39.7B	54.63B	42.77B	44.96B
COGS % of Revenue	0.88%	0.87%	0.8%	0.81%	0.78%	1.02%	0.81%	0.76%	0.77%	0.78%
Gross Profit+	1.35B	1.38B	3.42B	4.09B	4.48B	-330M	9.11B	17.13B	12.7B	12.77B
Gross Margin %	0.12%	0.13%	0.2%	0.19%	0.22%	-0.02%	0.19%	0.24%	0.23%	0.22%
Gross Profit Growth %	-0.68%	0.03%	1.48%	0.19%	0.1%	-1.07%	28.6%	0.88%	-0.26%	0%
Operating Expenses+	1.35B	1.38B	3.42B	4.09B	331M	-330M	5.58B	6.78B	7.08B	7.7B
OpEx % of Revenue	0.12%	0.13%	0.2%	0.19%	0.02%	-0.02%	0.11%	0.09%	0.13%	0.13%
Selling, General & Admin	335M	318M	300M	391M	331M	292M	849M	865M	688M	794M
SG&A % of Revenue	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%
Research & Development	27M	36M	36M	25M	0	0	0	0	0	0
R&D % of Revenue	0%	0%	0%	0%	-	-	-	-	-	-
Other Operating Expenses	986M	1.03B	3.09B	3.67B	0	-622M	4.73B	5.92B	6.39B	6.91B
Operating Income+	-363M	-221M	242M	-1.24B	4.15B	0	3.52B	10.35B	5.62B	5.06B
Operating Margin %	-0.03%	-0.02%	0.01%	-0.06%	0.2%	-	0.07%	0.14%	0.1%	0.09%
Operating Income Growth %	-1.21%	0.39%	2.1%	-6.13%	4.34%	-1%	-	1.94%	-0.46%	-0.1%
EBITDA+	1.75B	1.28B	2.27B	890M	6.54B	770M	7.85B	15.03B	10.27B	9.93B
EBITDA Margin %	0.15%	0.12%	0.13%	0.04%	0.32%	0.06%	0.16%	0.21%	0.19%	0.17%
EBITDA Growth %	-0.52%	-0.27%	0.78%	-0.61%	6.35%	-0.88%	9.19%	0.92%	-0.32%	-0.03%
D&A (Non-Cash Add-back)	2.11B	1.5B	2.03B	2.13B	2.39B	3.46B	4.32B	4.68B	4.64B	4.87B
EBIT	1.24B	-433M	2.83B	-3.33B	1.6B	-2.69B	2.36B	9.54B	5.76B	4.72B
Net Interest Income+	-353M	-338M	-583M	-608M	-499M	-527M	-1.02B	-702M	-506M	-479M
Interest Income	0	52M	62M	19M	75M	34M	23M	110M	217M	170M
Interest Expense	353M	369M	619M	595M	547M	536M	1.05B	812M	723M	649M
Other Income/Expense	1.25B	-581M	1.97B	-2.69B	-2.75B	-3.23B	-2.21B	-1.62B	-582M	-990M
Pretax Income+	890M	-802M	2.22B	-3.93B	1.4B	-3.23B	1.31B	8.73B	5.04B	4.07B
Pretax Margin %	0.08%	-0.07%	0.13%	-0.18%	0.07%	-0.23%	0.03%	0.12%	0.09%	0.07%
Income Tax+	-24M	-343M	-52M	-1.01B	-797M	-851M	728M	2.28B	931M	929M
Effective Tax Rate %	0.69%	0.68%	1.52%	0.68%	1.57%	0.74%	0.45%	0.74%	0.82%	0.77%
Net Income+	618M	-545M	3.37B	-2.67B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B
Net Margin %	0.05%	-0.05%	0.19%	-0.12%	0.11%	-0.17%	0.01%	0.09%	0.07%	0.05%
Net Income Growth %	-0.17%	-1.88%	7.18%	-1.79%	1.82%	-2.08%	1.25%	9.99%	-0.36%	-0.24%
Net Income (Continuing)	914M	-459M	2.27B	-2.92B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B
Discontinued Operations	-296M	-86M	1.1B	247M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	12M	13M	14M	15M
EPS (Diluted)+	0.75	-0.65	3.05	-2.17	1.78	-1.94	0.29	3.20	2.12	1.67
EPS Growth %	-0.23%	-1.87%	5.69%	-1.71%	1.82%	-2.09%	1.15%	10.03%	-0.34%	-0.21%
EPS (Basic)	0.75	-0.65	3.05	-2.17	1.79	-1.94	0.29	3.29	2.12	1.68
Diluted Shares Outstanding	818.7M	833.3M	1.1B	1.23B	1.23B	1.23B	2.05B	2.01B	1.93B	1.86B
Basic Shares Outstanding	818.7M	833.3M	1.1B	1.23B	1.23B	1.23B	2.02B	1.95B	1.9B	1.85B
Dividend Payout Ratio	0.85%	-	0.07%	-	0.12%	-	0.3%	0.14%	0.24%	0.48%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	6.47B	6.82B	5.01B	3.19B	3.28B	2.98B	11.99B	12.43B	9.71B	10.43B
Cash & Short-Term Investments	4.11B	3.72B	610M	781M	186M	378M	2.87B	4.52B	2.23B	3.09B
Cash Only	4.11B	3.72B	610M	781M	186M	378M	2.87B	4.52B	2.23B	3.09B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.13B	1.65B	1.62B	1.19B	1.45B	1.16B	3.41B	3.02B	3.21B	2.66B
Days Sales Outstanding	35.75	54.68	34.17	20.36	25.76	30.35	25.47	15.36	21.11	16.81
Inventory	810M	1.24B	1.39B	1.01B	1.53B	1.09B	3.92B	4.31B	4.03B	4.5B
Days Inventory Outstanding	28.95	46.87	36.5	21.37	34.82	27.91	36.03	28.81	34.39	36.5
Other Current Assets	301M	21M	1.11B	163M	62M	231M	1.3B	172M	0	0
Total Non-Current Assets+	19.32B	18.44B	35.92B	31.98B	32.43B	29.79B	42.12B	43.44B	44.21B	46.1B
Property, Plant & Equipment	18.91B	18.01B	33.27B	29.48B	29.95B	27.17B	36.95B	39.03B	39.67B	41B
Fixed Asset Turnover	0.61x	0.61x	0.52x	0.73x	0.69x	0.51x	1.32x	1.84x	1.40x	1.41x
Goodwill	242M	242M	2.27B	2.27B	2.27B	2.27B	3.47B	2.92B	2.92B	2.92B
Intangible Assets	0	0	0	0	101M	89M	78M	19M	0	11M
Long-Term Investments	46M	35M	37M	38M	52M	161M	501M	420M	558M	679M
Other Non-Current Assets	76M	56M	347M	186M	58M	99M	415M	502M	362M	426M
Total Assets+	25.79B	25.26B	40.93B	35.17B	35.71B	32.77B	54.1B	55.87B	53.91B	56.54B
Asset Turnover	0.45x	0.44x	0.42x	0.61x	0.58x	0.42x	0.90x	1.28x	1.03x	1.02x
Asset Growth %	0.04%	-0.02%	0.62%	-0.14%	0.02%	-0.08%	0.65%	0.03%	-0.03%	0.05%
Total Current Liabilities+	1.86B	2.67B	4.44B	2.6B	2.52B	2.36B	7.3B	8.02B	6.21B	7.36B
Accounts Payable	68M	105M	337M	767M	954M	608M	2.55B	2.33B	1.07B	1B
Days Payables Outstanding	2.43	3.98	8.86	16.18	21.68	15.58	23.48	15.57	9.17	8.16
Short-Term Debt	0	0	0	682M	0	121M	79M	115M	179M	365M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	70M	353M	1.73B	104M	177M	327M	886M	489M	466M	143M
Current Ratio	3.48x	2.55x	1.13x	1.23x	1.30x	1.26x	1.64x	1.55x	1.56x	1.42x
Quick Ratio	3.05x	2.09x	0.82x	0.84x	0.69x	0.80x	1.10x	1.01x	0.91x	0.81x
Cash Conversion Cycle	62.27	97.57	61.82	25.55	38.9	42.68	38.02	28.6	46.33	45.15
Total Non-Current Liabilities+	11.54B	11B	16.52B	15.11B	13.99B	13.7B	23.19B	20.26B	18.99B	19.41B
Long-Term Debt	6.53B	6.33B	9.51B	8.48B	6.7B	7.44B	12.38B	8.69B	7.11B	7.34B
Capital Lease Obligations	0	0	0	0	1.72B	1.57B	2.69B	2.53B	2.36B	2.57B
Deferred Tax Liabilities	0	0	0	0	0	0	3.29B	4.28B	4.19B	4.04B
Other Non-Current Liabilities	5.02B	4.67B	7B	6.62B	5.57B	4.69B	4.79B	4.71B	5.34B	5.45B
Total Liabilities	13.4B	13.67B	20.95B	17.71B	16.51B	16.06B	30.5B	28.28B	25.2B	26.77B
Total Debt+	6.53B	6.33B	9.51B	9.16B	8.62B	9.32B	15.42B	11.64B	9.95B	10.63B
Net Debt	2.42B	2.61B	8.9B	8.38B	8.43B	8.94B	12.55B	7.12B	7.72B	7.54B
Debt / Equity	0.53x	0.55x	0.48x	0.52x	0.45x	0.56x	0.65x	0.42x	0.35x	0.36x
Debt / EBITDA	3.73x	4.96x	4.19x	10.30x	1.32x	12.10x	1.97x	0.77x	0.97x	1.07x
Net Debt / EBITDA	1.38x	2.05x	3.92x	9.42x	1.29x	11.61x	1.60x	0.47x	0.75x	0.76x
Interest Coverage	-1.03x	-0.60x	0.39x	-2.09x	7.59x	-	3.36x	12.75x	7.78x	7.80x
Total Equity+	12.39B	11.59B	19.98B	17.47B	19.2B	16.71B	23.61B	27.59B	28.71B	29.77B
Equity Growth %	0.22%	-0.06%	0.72%	-0.13%	0.1%	-0.13%	0.41%	0.17%	0.04%	0.04%
Book Value per Share	15.13	13.91	18.12	14.21	15.62	13.60	11.54	13.75	14.91	15.98
Total Shareholders' Equity	12.39B	11.59B	19.98B	17.47B	19.2B	16.71B	23.6B	27.58B	28.7B	29.75B
Common Stock	5.53B	5.53B	11.04B	11.04B	11.04B	11.04B	17.02B	16.32B	16.03B	15.66B
Retained Earnings	1.51B	796M	3.94B	1.02B	2.96B	501M	878M	6.39B	8.91B	10.51B
Treasury Stock	0	0	0	0	0	0	0	0	0	-43M
Accumulated OCI	1.02B	910M	643M	1.04B	827M	775M	684M	1.47B	1.21B	2.31B
Minority Interest	0	0	0	0	0	0	12M	13M	14M	15M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.47B	861M	3.06B	2.15B	3.29B	273M	5.92B	11.4B	7.39B	9.23B
Operating CF Margin %	0.13%	0.08%	0.18%	0.1%	0.16%	0.02%	0.12%	0.16%	0.13%	0.16%
Operating CF Growth %	-0.58%	-0.42%	2.55%	-0.3%	0.53%	-0.92%	20.68%	0.93%	-0.35%	0.25%
Net Income	618M	-545M	3.37B	-2.67B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B
Depreciation & Amortization	0	0	0	0	2.22B	2.33B	4.32B	4.36B	4.62B	4.87B
Stock-Based Compensation	0	47M	-6M	0	0	49M	0	373M	-12M	-145M
Deferred Taxes	-264M	-209M	583M	-794M	-814M	-838M	452M	642M	-250M	-474M
Other Non-Cash Items	1.34B	2.13B	-1.03B	5.18B	128M	909M	1.78B	-1B	110M	536M
Working Capital Changes	-217M	-562M	145M	433M	-439M	198M	-1.23B	575M	-1.19B	1.3B
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	888M	-1.08B	-12.87B	-613M	-1.43B	-863M	-942M	-2.31B	-5.29B	-5.13B
Capital Expenditures	-1.71B	-1.03B	-1.67B	-1.38B	-1.18B	-859M	-2.56B	-3.71B	-4.3B	-5.01B
CapEx % of Revenue	0.15%	0.09%	0.1%	0.06%	0.06%	0.06%	0.05%	0.05%	0.08%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.68B	-44M	3.37B	755M	-117M	-38M	451M	277M	-494M	-135M
Cash from Financing+	894M	-168M	6.51B	-1.41B	-2.41B	837M	-2.51B	-7.68B	-4.31B	-3.5B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-528M	-166M	-225M	-245M	-260M	-77M	-210M	-927M	-1.03B	-1.55B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2M	-2M	-2M	-1M	0	0	8M	198M	-650M	35M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-240M	-173M	1.39B	777M	2.1B	-586M	3.36B	7.64B	3.09B	4.22B
FCF Margin %	-0.02%	-0.02%	0.08%	0.04%	0.1%	-0.04%	0.07%	0.11%	0.06%	0.07%
FCF Growth %	-1.51%	0.28%	9.03%	-0.44%	1.71%	-1.28%	6.73%	1.28%	-0.6%	0.37%
FCF per Share	-0.29	-0.21	1.26	0.63	1.71	-0.48	1.64	3.81	1.60	2.26
FCF Conversion (FCF/Net Income)	2.39x	-1.58x	0.91x	-0.81x	1.50x	-0.11x	10.08x	1.77x	1.80x	2.94x
Interest Paid	330M	350M	538M	564M	457M	381M	811M	647M	402M	356M
Taxes Paid	933M	11M	12M	116M	17M	18M	209M	723M	2.6B	868M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.47%	-4.55%	21.32%	-14.25%	11.97%	-13.25%	2.91%	25.2%	14.6%	10.75%
Return on Invested Capital (ROIC)	-1.84%	-1.14%	0.84%	-3.4%	11.64%	-	8.55%	21.91%	11.85%	10.29%
Gross Margin	11.66%	12.55%	19.78%	19.1%	21.81%	-2.37%	18.66%	23.88%	22.9%	22.11%
Net Margin	5.35%	-4.95%	19.44%	-12.48%	10.68%	-17.1%	1.2%	8.99%	7.41%	5.44%
Debt / Equity	0.53x	0.55x	0.48x	0.52x	0.45x	0.56x	0.65x	0.42x	0.35x	0.36x
Interest Coverage	-1.03x	-0.60x	0.39x	-2.09x	7.59x	-	3.36x	12.75x	7.78x	7.80x
FCF Conversion	2.39x	-1.58x	0.91x	-0.81x	1.50x	-0.11x	10.08x	1.77x	1.80x	2.94x
Revenue Growth	-42.51%	-4.71%	57.19%	23.54%	-3.96%	-32.27%	250.8%	47.03%	-22.7%	4.06%

Revenue by Segment

	2017	2018	2019	2020
Upstream	7.18B	69M	65M	58M
Upstream Growth	-	-99.04%	-5.80%	-10.77%

Revenue by Geography

	2017	2018	2019	2020
CANADA	-	-	11.8B	8.4B
CANADA Growth	-	-	-	-28.82%
UNITED STATES	-	-	8.38B	4.83B
UNITED STATES Growth	-	-	-	-42.40%
Canada	9.72B	11.7B	-	-
Canada Growth	-	20.28%	-	-
United States	7.32B	9.15B	-	-
United States Growth	-	24.99%	-	-

Frequently Asked Questions

Valuation & Price

Cenovus Energy Inc. (CVE) has a price-to-earnings (P/E) ratio of 10.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Cenovus Energy Inc. (CVE) reported $55.53B in revenue for fiscal year 2024. This represents a 243% increase from $16.18B in 2011.

Cenovus Energy Inc. (CVE) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, Cenovus Energy Inc. (CVE) is profitable, generating $3.14B in net income for fiscal year 2024 (5.4% net margin).

Dividend & Returns

Yes, Cenovus Energy Inc. (CVE) pays a dividend with a yield of 4.59%. This makes it attractive for income-focused investors.

Cenovus Energy Inc. (CVE) has a return on equity (ROE) of 10.7%. This is reasonable for most industries.

Cenovus Energy Inc. (CVE) generated $2.82B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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