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

CVE •

EnergyIntegrated Oil & GasOil sands and heavy oil integrated producers

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 $49.66B -14.0%
EBITDA $9.81B -1.2%
Net Income $3.93B +25.0%
EPS (Diluted) 2.15 +28.7%
Gross Margin 10.46% -52.7%
EBITDA Margin 19.76% +14.8%
Operating Margin 8.82% +0.6%
Net Margin 7.91% +45.3%
ROE 12.79% +19.1%
ROIC 7.9% -23.3%
Debt/Equity 0.54 +50.5%
Interest Coverage 9.39 +20.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 29.0%
✓Healthy dividend yield of 2.6%
✓Share count reduced 2.3% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.69%

5Y28.97%

3Y-11.55%

TTM-3.48%

Profit (Net Income) CAGR

10Y20.31%

5Y-

3Y-15.25%

TTM-15.97%

EPS CAGR

10Y11.11%

5Y-

3Y-12.42%

TTM-12.23%

ROCE

10Y Avg7.82%

5Y Avg12.29%

3Y Avg10.15%

Latest8.25%

Peer Comparison

Oil sands and heavy oil integrated producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IMOImperial Oil Limited	58.3B	117.30	17.80	1.01%	8.65%	23.51%	5.16%	0.18
SUSuncor Energy Inc.	67.26B	56.52	15.95	-3.59%	11.92%	13.12%	7.52%	0.41
CVECenovus Energy Inc.	42.09B	22.31	14.20	-13.98%	5.66%	11.07%	5.91%	0.54

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	11.02B	17.31B	21.39B	20.54B	13.91B	48.81B	71.77B	55.47B	57.73B	49.66B
Revenue Growth %	-4.71%	57.19%	23.54%	-3.96%	-32.27%	250.8%	47.03%	-22.7%	4.06%	-13.98%
Cost of Goods Sold+	9.63B	13.89B	17.3B	16.06B	14.24B	39.7B	54.63B	42.77B	44.96B	44.46B
COGS % of Revenue	87.45%	80.22%	80.9%	78.19%	102.37%	81.34%	76.12%	77.1%	77.89%	89.54%
Gross Profit+	1.38B	3.42B	4.09B	4.48B	-330M	9.11B	17.13B	12.7B	12.77B	5.19B
Gross Margin %	12.55%	19.78%	19.1%	21.81%	-2.37%	18.66%	23.88%	22.9%	22.11%	10.46%
Gross Profit Growth %	2.52%	147.76%	19.33%	9.67%	-107.36%	2859.7%	88.14%	-25.86%	0.48%	-59.33%
Operating Expenses+	1.38B	3.42B	4.09B	331M	-330M	5.58B	6.78B	7.08B	7.7B	811.34M
OpEx % of Revenue	12.55%	19.78%	19.1%	1.61%	-2.37%	11.44%	9.45%	12.77%	13.35%	1.63%
Selling, General & Admin	318M	300M	391M	331M	292M	849M	865M	688M	794M	811.34M
SG&A % of Revenue	2.89%	1.73%	1.83%	1.61%	2.1%	1.74%	1.21%	1.24%	1.38%	1.63%
Research & Development	36M	36M	25M	0	0	0	0	0	0	0
R&D % of Revenue	0.33%	0.21%	0.12%	-	-	-	-	-	-	-
Other Operating Expenses	1.03B	3.09B	3.67B	0	-622M	4.73B	5.92B	6.39B	6.91B	0
Operating Income+	-221M	242M	-1.24B	4.15B	0	3.52B	10.35B	5.62B	5.06B	4.38B
Operating Margin %	-2.01%	1.4%	-5.8%	20.2%	-	7.22%	14.42%	10.13%	8.77%	8.82%
Operating Income Growth %	39.12%	209.5%	-612.81%	434.41%	-100%	-	193.76%	-45.69%	-9.98%	-13.45%
EBITDA+	1.28B	2.27B	890M	6.54B	770M	7.85B	15.03B	10.27B	9.93B	9.81B
EBITDA Margin %	11.59%	13.12%	4.16%	31.83%	5.53%	16.07%	20.94%	18.51%	17.21%	19.76%
EBITDA Growth %	-27.07%	77.92%	-60.83%	634.72%	-88.22%	918.96%	91.58%	-31.7%	-3.25%	-1.22%
D&A (Non-Cash Add-back)	1.5B	2.03B	2.13B	2.39B	3.46B	4.32B	4.68B	4.64B	4.87B	5.43B
EBIT	-433M	2.83B	-3.33B	1.6B	-2.69B	2.36B	9.54B	5.76B	4.72B	4.38B
Net Interest Income+	-338M	-583M	-608M	-340.08M	-368.92M	-1.02B	-702M	-506M	-479M	-325.73M
Interest Income	52M	62M	19M	9.25M	7.06M	23M	110M	217M	170M	140.89M
Interest Expense	369M	619M	595M	349.33M	375.98M	1.05B	812M	723M	649M	466.62M
Other Income/Expense	-581M	1.97B	-2.69B	-2.75B	-3.23B	-2.21B	-1.62B	-582M	-990M	92.92M
Pretax Income+	-802M	2.22B	-3.93B	1.4B	-3.23B	1.31B	8.73B	5.04B	4.07B	4.47B
Pretax Margin %	-7.28%	12.8%	-18.36%	6.8%	-23.21%	2.69%	12.17%	9.09%	7.05%	9.01%
Income Tax+	-343M	-52M	-1.01B	-797M	-851M	728M	2.28B	931M	929M	546.55M
Effective Tax Rate %	67.96%	151.9%	67.98%	157.05%	73.65%	44.64%	73.87%	81.53%	77.18%	87.78%
Net Income+	-545M	3.37B	-2.67B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B	3.93B
Net Margin %	-4.95%	19.44%	-12.48%	10.68%	-17.1%	1.2%	8.99%	7.41%	5.44%	7.91%
Net Income Growth %	-188.19%	717.61%	-179.29%	182.2%	-208.43%	124.67%	998.81%	-36.29%	-23.53%	24.98%
Net Income (Continuing)	-459M	2.27B	-2.92B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B	3.93B
Discontinued Operations	-86M	1.1B	247M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	12M	13M	14M	15M	15.99M
EPS (Diluted)+	-0.65	3.05	-2.17	1.78	-1.94	0.29	3.20	2.12	1.67	2.15
EPS Growth %	-186.67%	569.23%	-171.15%	182.03%	-208.99%	114.95%	1003.45%	-33.75%	-21.23%	28.74%
EPS (Basic)	-0.65	3.05	-2.17	1.79	-1.94	0.29	3.29	2.12	1.68	2.17
Diluted Shares Outstanding	833.3M	1.1B	1.23B	1.23B	1.23B	2.05B	2.01B	1.93B	1.86B	1.82B
Basic Shares Outstanding	833.3M	1.1B	1.23B	1.23B	1.23B	2.02B	1.95B	1.9B	1.85B	1.81B
Dividend Payout Ratio	-	6.68%	-	11.85%	-	29.98%	13.97%	24.09%	47.93%	36.21%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	6.82B	5.01B	3.19B	3.28B	2.98B	11.99B	12.43B	9.71B	10.43B	9.88B
Cash & Short-Term Investments	3.72B	610M	781M	186M	378M	2.87B	4.52B	2.23B	3.09B	2.74B
Cash Only	3.72B	610M	781M	186M	378M	2.87B	4.52B	2.23B	3.09B	2.74B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.65B	1.62B	1.19B	1.45B	1.16B	3.41B	3.02B	3.21B	2.66B	3.45B
Days Sales Outstanding	54.68	34.17	20.36	25.76	30.35	25.47	15.36	21.11	16.81	25.32
Inventory	1.24B	1.39B	1.01B	1.53B	1.09B	3.92B	4.31B	4.03B	4.5B	3.35B
Days Inventory Outstanding	46.87	36.5	21.37	34.82	27.91	36.03	28.81	34.39	36.5	27.47
Other Current Assets	21M	1.11B	163M	62M	231M	1.3B	172M	0	0	352.71M
Total Non-Current Assets+	18.44B	35.92B	31.98B	32.43B	29.79B	42.12B	43.44B	44.21B	46.1B	53.49B
Property, Plant & Equipment	18.01B	33.27B	29.48B	29.95B	27.17B	36.95B	39.03B	39.67B	41B	47.37B
Fixed Asset Turnover	0.61x	0.52x	0.73x	0.69x	0.51x	1.32x	1.84x	1.40x	1.41x	1.05x
Goodwill	242M	2.27B	2.27B	2.27B	2.27B	3.47B	2.92B	2.92B	2.92B	2.91B
Intangible Assets	0	0	0	101M	89M	78M	19M	0	11M	22.98M
Long-Term Investments	35M	37M	38M	52M	161M	501M	420M	558M	679M	873.29M
Other Non-Current Assets	56M	347M	186M	58M	99M	415M	502M	362M	426M	717.41M
Total Assets+	25.26B	40.93B	35.17B	35.71B	32.77B	54.1B	55.87B	53.91B	56.54B	63.37B
Asset Turnover	0.44x	0.42x	0.61x	0.58x	0.42x	0.90x	1.28x	1.03x	1.02x	0.78x
Asset Growth %	-2.07%	62.06%	-14.07%	1.53%	-8.24%	65.1%	3.26%	-3.5%	4.87%	12.09%
Total Current Liabilities+	2.67B	4.44B	2.6B	2.52B	2.36B	7.3B	8.02B	6.21B	7.36B	6.31B
Accounts Payable	105M	337M	767M	954M	608M	2.55B	2.33B	1.07B	1B	5.5B
Days Payables Outstanding	3.98	8.86	16.18	21.68	15.58	23.48	15.57	9.17	8.16	45.13
Short-Term Debt	0	0	682M	0	121M	79M	115M	179M	365M	368.7M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	353M	1.73B	104M	177M	327M	886M	489M	466M	143M	181.85M
Current Ratio	2.55x	1.13x	1.23x	1.30x	1.26x	1.64x	1.55x	1.56x	1.42x	1.57x
Quick Ratio	2.09x	0.82x	0.84x	0.69x	0.80x	1.10x	1.01x	0.91x	0.81x	1.04x
Cash Conversion Cycle	97.57	61.82	25.55	38.9	42.68	38.02	28.6	46.33	45.15	7.66
Total Non-Current Liabilities+	11B	16.52B	15.11B	13.99B	13.7B	23.19B	20.26B	18.99B	19.41B	25.45B
Long-Term Debt	6.33B	9.51B	8.48B	6.7B	7.44B	12.38B	8.69B	7.11B	7.34B	13.83B
Capital Lease Obligations	0	0	0	1.72B	1.57B	2.69B	2.53B	2.36B	2.57B	2.8B
Deferred Tax Liabilities	0	0	0	0	0	3.29B	4.28B	4.19B	4.04B	5.87B
Other Non-Current Liabilities	4.67B	7B	6.62B	5.57B	4.69B	4.79B	4.71B	5.34B	5.45B	2.95B
Total Liabilities	13.67B	20.95B	17.71B	16.51B	16.06B	30.5B	28.28B	25.2B	26.77B	31.76B
Total Debt+	6.33B	9.51B	9.16B	8.62B	9.32B	15.42B	11.64B	9.95B	10.63B	17B
Net Debt	2.61B	8.9B	8.38B	8.43B	8.94B	12.55B	7.12B	7.72B	7.54B	14.26B
Debt / Equity	0.55x	0.48x	0.52x	0.45x	0.56x	0.65x	0.42x	0.35x	0.36x	0.54x
Debt / EBITDA	4.96x	4.19x	10.30x	1.32x	12.10x	1.97x	0.77x	0.97x	1.07x	1.73x
Net Debt / EBITDA	2.05x	3.92x	9.42x	1.29x	11.61x	1.60x	0.47x	0.75x	0.76x	1.45x
Interest Coverage	-0.60x	0.39x	-2.09x	11.88x	-	3.36x	12.75x	7.78x	7.80x	9.39x
Total Equity+	11.59B	19.98B	17.47B	19.2B	16.71B	23.61B	27.59B	28.71B	29.77B	31.61B
Equity Growth %	-6.46%	72.4%	-12.58%	9.92%	-12.99%	41.31%	16.86%	4.07%	3.68%	6.19%
Book Value per Share	13.91	18.12	14.21	15.62	13.60	11.54	13.75	14.91	15.98	17.37
Total Shareholders' Equity	11.59B	19.98B	17.47B	19.2B	16.71B	23.6B	27.58B	28.7B	29.75B	31.6B
Common Stock	5.53B	11.04B	11.04B	11.04B	11.04B	17.02B	16.32B	16.03B	15.66B	18.58B
Retained Earnings	796M	3.94B	1.02B	2.96B	501M	878M	6.39B	8.91B	10.51B	12.31B
Treasury Stock	0	0	0	0	0	0	0	0	-43M	-115.91M
Accumulated OCI	910M	643M	1.04B	827M	775M	684M	1.47B	1.21B	2.31B	404.67M
Minority Interest	0	0	0	0	0	12M	13M	14M	15M	15.99M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	861M	3.06B	2.15B	3.29B	273M	5.92B	11.4B	7.39B	9.23B	8.22B
Operating CF Margin %	7.82%	17.67%	10.07%	15.99%	1.96%	12.13%	15.89%	13.32%	16%	16.56%
Operating CF Growth %	-41.59%	255.28%	-29.58%	52.51%	-91.69%	2068.13%	92.65%	-35.21%	25%	-10.98%
Net Income	-545M	3.37B	-2.67B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B	3.93B
Depreciation & Amortization	0	0	0	2.22B	2.33B	4.32B	4.36B	4.62B	4.87B	5.43B
Stock-Based Compensation	47M	-6M	0	0	49M	0	373M	-12M	-145M	0
Deferred Taxes	-209M	583M	-794M	-814M	-838M	452M	642M	-250M	-474M	-230.81M
Other Non-Cash Items	2.13B	-1.03B	5.18B	128M	909M	1.78B	-1B	110M	536M	-542.56M
Working Capital Changes	-562M	145M	433M	-439M	198M	-1.23B	575M	-1.19B	1.3B	-362.7M
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+	-1.08B	-12.87B	-613M	-1.43B	-863M	-942M	-2.31B	-5.29B	-5.13B	-7.67B
Capital Expenditures	-1.03B	-1.67B	-1.38B	-1.18B	-859M	-2.56B	-3.71B	-4.3B	-5.01B	-4.9B
CapEx % of Revenue	9.39%	9.65%	6.44%	5.76%	6.17%	5.25%	5.17%	7.75%	8.69%	9.87%
Acquisitions	0	-14.56B	0	1M	38M	1.17B	1.12B	-503M	24M	-2.52B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-44M	3.37B	755M	-117M	-38M	451M	277M	-494M	-135M	-242.8M
Cash from Financing+	-168M	6.51B	-1.41B	-2.41B	837M	-2.51B	-7.68B	-4.31B	-3.5B	-748.39M
Debt Issued (Net)	0	3.84B	-1.16B	-2.15B	914M	-2.04B	-4.42B	-1.58B	-294M	3.09B
Equity Issued (Net)	0	1000K	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-166M	-225M	-245M	-260M	-77M	-210M	-927M	-1.03B	-1.55B	-1.44B
Share Repurchases	0	0	0	0	0	-265M	-2.53B	-1.06B	-1.45B	-2.5B
Other Financing	-2M	-2M	-1M	0	0	8M	198M	-650M	35M	62.95M
Net Change in Cash	-385M	-3.11B	171M	-595M	192M	2.5B	1.65B	-2.3B	866M	-211.39M
Free Cash Flow+	-173M	1.39B	777M	2.1B	-586M	3.36B	7.64B	3.09B	4.22B	3.41B
FCF Margin %	-1.57%	8.02%	3.63%	10.23%	-4.21%	6.88%	10.65%	5.57%	7.31%	6.86%
FCF Growth %	27.92%	902.89%	-44.06%	170.53%	-127.88%	672.7%	127.8%	-59.58%	36.57%	-19.31%
FCF per Share	-0.21	1.26	0.63	1.71	-0.48	1.64	3.81	1.60	2.26	1.87
FCF Conversion (FCF/Net Income)	-1.58x	0.91x	-0.81x	1.50x	-0.11x	10.08x	1.77x	1.80x	2.94x	2.09x
Interest Paid	350M	538M	564M	457M	381M	811M	647M	402M	356M	0
Taxes Paid	11M	12M	116M	17M	18M	209M	723M	2.6B	868M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-4.55%	21.32%	-14.25%	11.97%	-13.25%	2.91%	25.2%	14.6%	10.75%	12.79%
Return on Invested Capital (ROIC)	-1.14%	0.84%	-3.4%	11.64%	-	8.55%	21.91%	11.85%	10.29%	7.9%
Gross Margin	12.55%	19.78%	19.1%	21.81%	-2.37%	18.66%	23.88%	22.9%	22.11%	10.46%
Net Margin	-4.95%	19.44%	-12.48%	10.68%	-17.1%	1.2%	8.99%	7.41%	5.44%	7.91%
Debt / Equity	0.55x	0.48x	0.52x	0.45x	0.56x	0.65x	0.42x	0.35x	0.36x	0.54x
Interest Coverage	-0.60x	0.39x	-2.09x	11.88x	-	3.36x	12.75x	7.78x	7.80x	9.39x
FCF Conversion	-1.58x	0.91x	-0.81x	1.50x	-0.11x	10.08x	1.77x	1.80x	2.94x	2.09x
Revenue Growth	-4.71%	57.19%	23.54%	-3.96%	-32.27%	250.8%	47.03%	-22.7%	4.06%	-13.98%

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

CVE •

EnergyIntegrated Oil & GasOil sands and heavy oil integrated producers

Revenue $49.66B -14.0%
EBITDA $9.81B -1.2%
Net Income $3.93B +25.0%
EPS (Diluted) 2.15 +28.7%
Gross Margin 10.46% -52.7%
EBITDA Margin 19.76% +14.8%
Operating Margin 8.82% +0.6%
Net Margin 7.91% +45.3%
ROE 12.79% +19.1%
ROIC 7.9% -23.3%
Debt/Equity 0.54 +50.5%
Interest Coverage 9.39 +20.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 29.0%
✓Healthy dividend yield of 2.6%
✓Share count reduced 2.3% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.69%

5Y28.97%

3Y-11.55%

TTM-3.48%

Profit (Net Income) CAGR

10Y20.31%

5Y-

3Y-15.25%

TTM-15.97%

EPS CAGR

10Y11.11%

5Y-

3Y-12.42%

TTM-12.23%

ROCE

10Y Avg7.82%

5Y Avg12.29%

3Y Avg10.15%

Latest8.25%

Peer Comparison

Oil sands and heavy oil integrated producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IMOImperial Oil Limited	58.3B	117.30	17.80	1.01%	8.65%	23.51%	5.16%	0.18
SUSuncor Energy Inc.	67.26B	56.52	15.95	-3.59%	11.92%	13.12%	7.52%	0.41
CVECenovus Energy Inc.	42.09B	22.31	14.20	-13.98%	5.66%	11.07%	5.91%	0.54

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	11.02B	17.31B	21.39B	20.54B	13.91B	48.81B	71.77B	55.47B	57.73B	49.66B
Revenue Growth %	-4.71%	57.19%	23.54%	-3.96%	-32.27%	250.8%	47.03%	-22.7%	4.06%	-13.98%
Cost of Goods Sold+	9.63B	13.89B	17.3B	16.06B	14.24B	39.7B	54.63B	42.77B	44.96B	44.46B
COGS % of Revenue	87.45%	80.22%	80.9%	78.19%	102.37%	81.34%	76.12%	77.1%	77.89%	89.54%
Gross Profit+	1.38B	3.42B	4.09B	4.48B	-330M	9.11B	17.13B	12.7B	12.77B	5.19B
Gross Margin %	12.55%	19.78%	19.1%	21.81%	-2.37%	18.66%	23.88%	22.9%	22.11%	10.46%
Gross Profit Growth %	2.52%	147.76%	19.33%	9.67%	-107.36%	2859.7%	88.14%	-25.86%	0.48%	-59.33%
Operating Expenses+	1.38B	3.42B	4.09B	331M	-330M	5.58B	6.78B	7.08B	7.7B	811.34M
OpEx % of Revenue	12.55%	19.78%	19.1%	1.61%	-2.37%	11.44%	9.45%	12.77%	13.35%	1.63%
Selling, General & Admin	318M	300M	391M	331M	292M	849M	865M	688M	794M	811.34M
SG&A % of Revenue	2.89%	1.73%	1.83%	1.61%	2.1%	1.74%	1.21%	1.24%	1.38%	1.63%
Research & Development	36M	36M	25M	0	0	0	0	0	0	0
R&D % of Revenue	0.33%	0.21%	0.12%	-	-	-	-	-	-	-
Other Operating Expenses	1.03B	3.09B	3.67B	0	-622M	4.73B	5.92B	6.39B	6.91B	0
Operating Income+	-221M	242M	-1.24B	4.15B	0	3.52B	10.35B	5.62B	5.06B	4.38B
Operating Margin %	-2.01%	1.4%	-5.8%	20.2%	-	7.22%	14.42%	10.13%	8.77%	8.82%
Operating Income Growth %	39.12%	209.5%	-612.81%	434.41%	-100%	-	193.76%	-45.69%	-9.98%	-13.45%
EBITDA+	1.28B	2.27B	890M	6.54B	770M	7.85B	15.03B	10.27B	9.93B	9.81B
EBITDA Margin %	11.59%	13.12%	4.16%	31.83%	5.53%	16.07%	20.94%	18.51%	17.21%	19.76%
EBITDA Growth %	-27.07%	77.92%	-60.83%	634.72%	-88.22%	918.96%	91.58%	-31.7%	-3.25%	-1.22%
D&A (Non-Cash Add-back)	1.5B	2.03B	2.13B	2.39B	3.46B	4.32B	4.68B	4.64B	4.87B	5.43B
EBIT	-433M	2.83B	-3.33B	1.6B	-2.69B	2.36B	9.54B	5.76B	4.72B	4.38B
Net Interest Income+	-338M	-583M	-608M	-340.08M	-368.92M	-1.02B	-702M	-506M	-479M	-325.73M
Interest Income	52M	62M	19M	9.25M	7.06M	23M	110M	217M	170M	140.89M
Interest Expense	369M	619M	595M	349.33M	375.98M	1.05B	812M	723M	649M	466.62M
Other Income/Expense	-581M	1.97B	-2.69B	-2.75B	-3.23B	-2.21B	-1.62B	-582M	-990M	92.92M
Pretax Income+	-802M	2.22B	-3.93B	1.4B	-3.23B	1.31B	8.73B	5.04B	4.07B	4.47B
Pretax Margin %	-7.28%	12.8%	-18.36%	6.8%	-23.21%	2.69%	12.17%	9.09%	7.05%	9.01%
Income Tax+	-343M	-52M	-1.01B	-797M	-851M	728M	2.28B	931M	929M	546.55M
Effective Tax Rate %	67.96%	151.9%	67.98%	157.05%	73.65%	44.64%	73.87%	81.53%	77.18%	87.78%
Net Income+	-545M	3.37B	-2.67B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B	3.93B
Net Margin %	-4.95%	19.44%	-12.48%	10.68%	-17.1%	1.2%	8.99%	7.41%	5.44%	7.91%
Net Income Growth %	-188.19%	717.61%	-179.29%	182.2%	-208.43%	124.67%	998.81%	-36.29%	-23.53%	24.98%
Net Income (Continuing)	-459M	2.27B	-2.92B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B	3.93B
Discontinued Operations	-86M	1.1B	247M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	12M	13M	14M	15M	15.99M
EPS (Diluted)+	-0.65	3.05	-2.17	1.78	-1.94	0.29	3.20	2.12	1.67	2.15
EPS Growth %	-186.67%	569.23%	-171.15%	182.03%	-208.99%	114.95%	1003.45%	-33.75%	-21.23%	28.74%
EPS (Basic)	-0.65	3.05	-2.17	1.79	-1.94	0.29	3.29	2.12	1.68	2.17
Diluted Shares Outstanding	833.3M	1.1B	1.23B	1.23B	1.23B	2.05B	2.01B	1.93B	1.86B	1.82B
Basic Shares Outstanding	833.3M	1.1B	1.23B	1.23B	1.23B	2.02B	1.95B	1.9B	1.85B	1.81B
Dividend Payout Ratio	-	6.68%	-	11.85%	-	29.98%	13.97%	24.09%	47.93%	36.21%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	6.82B	5.01B	3.19B	3.28B	2.98B	11.99B	12.43B	9.71B	10.43B	9.88B
Cash & Short-Term Investments	3.72B	610M	781M	186M	378M	2.87B	4.52B	2.23B	3.09B	2.74B
Cash Only	3.72B	610M	781M	186M	378M	2.87B	4.52B	2.23B	3.09B	2.74B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.65B	1.62B	1.19B	1.45B	1.16B	3.41B	3.02B	3.21B	2.66B	3.45B
Days Sales Outstanding	54.68	34.17	20.36	25.76	30.35	25.47	15.36	21.11	16.81	25.32
Inventory	1.24B	1.39B	1.01B	1.53B	1.09B	3.92B	4.31B	4.03B	4.5B	3.35B
Days Inventory Outstanding	46.87	36.5	21.37	34.82	27.91	36.03	28.81	34.39	36.5	27.47
Other Current Assets	21M	1.11B	163M	62M	231M	1.3B	172M	0	0	352.71M
Total Non-Current Assets+	18.44B	35.92B	31.98B	32.43B	29.79B	42.12B	43.44B	44.21B	46.1B	53.49B
Property, Plant & Equipment	18.01B	33.27B	29.48B	29.95B	27.17B	36.95B	39.03B	39.67B	41B	47.37B
Fixed Asset Turnover	0.61x	0.52x	0.73x	0.69x	0.51x	1.32x	1.84x	1.40x	1.41x	1.05x
Goodwill	242M	2.27B	2.27B	2.27B	2.27B	3.47B	2.92B	2.92B	2.92B	2.91B
Intangible Assets	0	0	0	101M	89M	78M	19M	0	11M	22.98M
Long-Term Investments	35M	37M	38M	52M	161M	501M	420M	558M	679M	873.29M
Other Non-Current Assets	56M	347M	186M	58M	99M	415M	502M	362M	426M	717.41M
Total Assets+	25.26B	40.93B	35.17B	35.71B	32.77B	54.1B	55.87B	53.91B	56.54B	63.37B
Asset Turnover	0.44x	0.42x	0.61x	0.58x	0.42x	0.90x	1.28x	1.03x	1.02x	0.78x
Asset Growth %	-2.07%	62.06%	-14.07%	1.53%	-8.24%	65.1%	3.26%	-3.5%	4.87%	12.09%
Total Current Liabilities+	2.67B	4.44B	2.6B	2.52B	2.36B	7.3B	8.02B	6.21B	7.36B	6.31B
Accounts Payable	105M	337M	767M	954M	608M	2.55B	2.33B	1.07B	1B	5.5B
Days Payables Outstanding	3.98	8.86	16.18	21.68	15.58	23.48	15.57	9.17	8.16	45.13
Short-Term Debt	0	0	682M	0	121M	79M	115M	179M	365M	368.7M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	353M	1.73B	104M	177M	327M	886M	489M	466M	143M	181.85M
Current Ratio	2.55x	1.13x	1.23x	1.30x	1.26x	1.64x	1.55x	1.56x	1.42x	1.57x
Quick Ratio	2.09x	0.82x	0.84x	0.69x	0.80x	1.10x	1.01x	0.91x	0.81x	1.04x
Cash Conversion Cycle	97.57	61.82	25.55	38.9	42.68	38.02	28.6	46.33	45.15	7.66
Total Non-Current Liabilities+	11B	16.52B	15.11B	13.99B	13.7B	23.19B	20.26B	18.99B	19.41B	25.45B
Long-Term Debt	6.33B	9.51B	8.48B	6.7B	7.44B	12.38B	8.69B	7.11B	7.34B	13.83B
Capital Lease Obligations	0	0	0	1.72B	1.57B	2.69B	2.53B	2.36B	2.57B	2.8B
Deferred Tax Liabilities	0	0	0	0	0	3.29B	4.28B	4.19B	4.04B	5.87B
Other Non-Current Liabilities	4.67B	7B	6.62B	5.57B	4.69B	4.79B	4.71B	5.34B	5.45B	2.95B
Total Liabilities	13.67B	20.95B	17.71B	16.51B	16.06B	30.5B	28.28B	25.2B	26.77B	31.76B
Total Debt+	6.33B	9.51B	9.16B	8.62B	9.32B	15.42B	11.64B	9.95B	10.63B	17B
Net Debt	2.61B	8.9B	8.38B	8.43B	8.94B	12.55B	7.12B	7.72B	7.54B	14.26B
Debt / Equity	0.55x	0.48x	0.52x	0.45x	0.56x	0.65x	0.42x	0.35x	0.36x	0.54x
Debt / EBITDA	4.96x	4.19x	10.30x	1.32x	12.10x	1.97x	0.77x	0.97x	1.07x	1.73x
Net Debt / EBITDA	2.05x	3.92x	9.42x	1.29x	11.61x	1.60x	0.47x	0.75x	0.76x	1.45x
Interest Coverage	-0.60x	0.39x	-2.09x	11.88x	-	3.36x	12.75x	7.78x	7.80x	9.39x
Total Equity+	11.59B	19.98B	17.47B	19.2B	16.71B	23.61B	27.59B	28.71B	29.77B	31.61B
Equity Growth %	-6.46%	72.4%	-12.58%	9.92%	-12.99%	41.31%	16.86%	4.07%	3.68%	6.19%
Book Value per Share	13.91	18.12	14.21	15.62	13.60	11.54	13.75	14.91	15.98	17.37
Total Shareholders' Equity	11.59B	19.98B	17.47B	19.2B	16.71B	23.6B	27.58B	28.7B	29.75B	31.6B
Common Stock	5.53B	11.04B	11.04B	11.04B	11.04B	17.02B	16.32B	16.03B	15.66B	18.58B
Retained Earnings	796M	3.94B	1.02B	2.96B	501M	878M	6.39B	8.91B	10.51B	12.31B
Treasury Stock	0	0	0	0	0	0	0	0	-43M	-115.91M
Accumulated OCI	910M	643M	1.04B	827M	775M	684M	1.47B	1.21B	2.31B	404.67M
Minority Interest	0	0	0	0	0	12M	13M	14M	15M	15.99M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	861M	3.06B	2.15B	3.29B	273M	5.92B	11.4B	7.39B	9.23B	8.22B
Operating CF Margin %	7.82%	17.67%	10.07%	15.99%	1.96%	12.13%	15.89%	13.32%	16%	16.56%
Operating CF Growth %	-41.59%	255.28%	-29.58%	52.51%	-91.69%	2068.13%	92.65%	-35.21%	25%	-10.98%
Net Income	-545M	3.37B	-2.67B	2.19B	-2.38B	587M	6.45B	4.11B	3.14B	3.93B
Depreciation & Amortization	0	0	0	2.22B	2.33B	4.32B	4.36B	4.62B	4.87B	5.43B
Stock-Based Compensation	47M	-6M	0	0	49M	0	373M	-12M	-145M	0
Deferred Taxes	-209M	583M	-794M	-814M	-838M	452M	642M	-250M	-474M	-230.81M
Other Non-Cash Items	2.13B	-1.03B	5.18B	128M	909M	1.78B	-1B	110M	536M	-542.56M
Working Capital Changes	-562M	145M	433M	-439M	198M	-1.23B	575M	-1.19B	1.3B	-362.7M
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+	-1.08B	-12.87B	-613M	-1.43B	-863M	-942M	-2.31B	-5.29B	-5.13B	-7.67B
Capital Expenditures	-1.03B	-1.67B	-1.38B	-1.18B	-859M	-2.56B	-3.71B	-4.3B	-5.01B	-4.9B
CapEx % of Revenue	9.39%	9.65%	6.44%	5.76%	6.17%	5.25%	5.17%	7.75%	8.69%	9.87%
Acquisitions	0	-14.56B	0	1M	38M	1.17B	1.12B	-503M	24M	-2.52B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-44M	3.37B	755M	-117M	-38M	451M	277M	-494M	-135M	-242.8M
Cash from Financing+	-168M	6.51B	-1.41B	-2.41B	837M	-2.51B	-7.68B	-4.31B	-3.5B	-748.39M
Debt Issued (Net)	0	3.84B	-1.16B	-2.15B	914M	-2.04B	-4.42B	-1.58B	-294M	3.09B
Equity Issued (Net)	0	1000K	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-166M	-225M	-245M	-260M	-77M	-210M	-927M	-1.03B	-1.55B	-1.44B
Share Repurchases	0	0	0	0	0	-265M	-2.53B	-1.06B	-1.45B	-2.5B
Other Financing	-2M	-2M	-1M	0	0	8M	198M	-650M	35M	62.95M
Net Change in Cash	-385M	-3.11B	171M	-595M	192M	2.5B	1.65B	-2.3B	866M	-211.39M
Free Cash Flow+	-173M	1.39B	777M	2.1B	-586M	3.36B	7.64B	3.09B	4.22B	3.41B
FCF Margin %	-1.57%	8.02%	3.63%	10.23%	-4.21%	6.88%	10.65%	5.57%	7.31%	6.86%
FCF Growth %	27.92%	902.89%	-44.06%	170.53%	-127.88%	672.7%	127.8%	-59.58%	36.57%	-19.31%
FCF per Share	-0.21	1.26	0.63	1.71	-0.48	1.64	3.81	1.60	2.26	1.87
FCF Conversion (FCF/Net Income)	-1.58x	0.91x	-0.81x	1.50x	-0.11x	10.08x	1.77x	1.80x	2.94x	2.09x
Interest Paid	350M	538M	564M	457M	381M	811M	647M	402M	356M	0
Taxes Paid	11M	12M	116M	17M	18M	209M	723M	2.6B	868M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-4.55%	21.32%	-14.25%	11.97%	-13.25%	2.91%	25.2%	14.6%	10.75%	12.79%
Return on Invested Capital (ROIC)	-1.14%	0.84%	-3.4%	11.64%	-	8.55%	21.91%	11.85%	10.29%	7.9%
Gross Margin	12.55%	19.78%	19.1%	21.81%	-2.37%	18.66%	23.88%	22.9%	22.11%	10.46%
Net Margin	-4.95%	19.44%	-12.48%	10.68%	-17.1%	1.2%	8.99%	7.41%	5.44%	7.91%
Debt / Equity	0.55x	0.48x	0.52x	0.45x	0.56x	0.65x	0.42x	0.35x	0.36x	0.54x
Interest Coverage	-0.60x	0.39x	-2.09x	11.88x	-	3.36x	12.75x	7.78x	7.80x	9.39x
FCF Conversion	-1.58x	0.91x	-0.81x	1.50x	-0.11x	10.08x	1.77x	1.80x	2.94x	2.09x
Revenue Growth	-4.71%	57.19%	23.54%	-3.96%	-32.27%	250.8%	47.03%	-22.7%	4.06%	-13.98%

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

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Revenue CAGR

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CVE vs Peers

vs SU

vs IMO

Compare Top 3

Profit & Loss

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Deep Dive Analysis

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Dividend History

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Revenue History

Financial Ratios