Cenovus Energy Inc. (CVE) Financial Ratios
18 years of historical data (2008–2025) · Energy · Oil & Gas Integrated
EV/EBITDA
↓
9.03
↑+126% vs avg
5yr avg: 3.99
30Y Low3.1·High21.3
P/FCF
↑
21.83
↑+182% vs avg
5yr avg: 7.74
30Y Low5.1·High80.4
P/B Ratio
↓
2.27
↑+106% vs avg
5yr avg: 1.10
30Y Low0.4·High2.7
ROE
↑
12.8%
-3% vs avg
5yr avg: 13.2%
30Y Low-14%·High31%
Debt/EBITDA
↓
1.73
↑+33% vs avg
5yr avg: 1.30
30Y Low0.8·High12.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CVE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Cenovus Energy Inc. trades at 18.3x earnings, 25% above its 5-year average of 14.6x, sitting at the 57th percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a premium of 9%. On a free-cash-flow basis, the stock trades at 21.8x P/FCF, 182% above the 5-year average of 7.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $54.7B | $30.8B | $28.2B | $32.1B | $38.9B | $25.1B | $7.4B | $12.5B | $8.6B | $10.1B | $12.6B |
| Enterprise Value | $65.2B | $45.1B | $35.8B | $39.8B | $46.1B | $37.7B | $16.4B | $20.9B | $17.0B | $19.0B | $15.2B |
| P/E Ratio → | 18.32 | 7.87 | 9.07 | 7.85 | 6.07 | 42.34 | — | 5.70 | — | 2.99 | — |
| P/S Ratio | 1.50 | 0.62 | 0.49 | 0.58 | 0.54 | 0.51 | 0.53 | 0.61 | 0.40 | 0.58 | 1.14 |
| P/B Ratio | 2.27 | 0.97 | 0.95 | 1.12 | 1.41 | 1.06 | 0.44 | 0.65 | 0.49 | 0.50 | 1.09 |
| P/FCF | 21.83 | 9.04 | 6.69 | 10.37 | 5.09 | 7.48 | — | 5.94 | 11.12 | 7.25 | — |
| P/OCF | 9.04 | 3.75 | 3.06 | 4.34 | 3.41 | 4.24 | 27.19 | 3.80 | 4.01 | 3.29 | 14.64 |
P/E links to full P/E history page with 30-year chart
CVE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Cenovus Energy Inc.'s enterprise value stands at 9.0x EBITDA, 126% above its 5-year average of 4.0x. The Energy sector median is 7.9x, placing the stock at a 14% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.91 | 0.62 | 0.72 | 0.64 | 0.77 | 1.18 | 1.02 | 0.80 | 1.10 | 1.38 |
| EV / EBITDA | 9.03 | 4.59 | 3.60 | 3.87 | 3.06 | 4.80 | 21.25 | 3.20 | 19.13 | 8.35 | 11.92 |
| EV / EBIT | 20.22 | 10.29 | 7.58 | 6.90 | 4.83 | 15.94 | — | 13.02 | — | 6.69 | — |
| EV / FCF | — | 13.23 | 8.48 | 12.87 | 6.02 | 11.22 | — | 9.95 | 21.91 | 13.66 | — |
CVE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Cenovus Energy Inc. earns an operating margin of 8.8%, below the Energy sector average of 14.4%. Operating margins have compressed from 10.1% to 8.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 12.8% is modest. ROIC of 7.9% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.5% | 10.5% | 22.1% | 22.9% | 23.9% | 18.7% | -2.4% | 21.8% | 19.1% | 19.8% | 12.5% |
| Operating Margin | 8.8% | 8.8% | 8.8% | 10.1% | 14.4% | 7.2% | — | 20.2% | -5.8% | 1.4% | -2.0% |
| Net Profit Margin | 7.9% | 7.9% | 5.4% | 7.4% | 9.0% | 1.2% | -17.1% | 10.7% | -12.5% | 19.4% | -4.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 10.7% | 14.6% | 25.2% | 2.9% | -13.3% | 12.0% | -14.3% | 21.3% | -4.5% |
| ROA | 6.5% | 6.5% | 5.7% | 7.5% | 11.7% | 1.4% | -6.9% | 6.2% | -7.0% | 10.2% | -2.1% |
| ROIC | 7.9% | 7.9% | 10.3% | 11.9% | 21.9% | 8.6% | — | 11.6% | -3.4% | 0.8% | -1.1% |
| ROCE | 8.2% | 8.2% | 10.4% | 11.8% | 21.9% | 9.1% | — | 12.6% | -3.6% | 0.8% | -1.0% |
CVE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Cenovus Energy Inc. carries a Debt/EBITDA ratio of 1.7x, which is manageable (27% below the sector average of 2.4x). Net debt stands at $14.3B ($17.0B total debt minus $2.7B cash). Interest coverage of 9.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 0.36 | 0.35 | 0.42 | 0.65 | 0.56 | 0.45 | 0.52 | 0.48 | 0.55 |
| Debt / EBITDA | 1.73 | 1.73 | 1.07 | 0.97 | 0.77 | 1.97 | 12.10 | 1.32 | 10.30 | 4.19 | 4.96 |
| Net Debt / Equity | — | 0.45 | 0.25 | 0.27 | 0.26 | 0.53 | 0.54 | 0.44 | 0.48 | 0.45 | 0.23 |
| Net Debt / EBITDA | 1.45 | 1.45 | 0.76 | 0.75 | 0.47 | 1.60 | 11.61 | 1.29 | 9.42 | 3.92 | 2.05 |
| Debt / FCF | — | 4.19 | 1.79 | 2.50 | 0.93 | 3.74 | — | 4.01 | 10.79 | 6.41 | — |
| Interest Coverage | 9.39 | 9.39 | 7.80 | 7.78 | 12.75 | 3.36 | — | 11.88 | -2.09 | 0.39 | -0.60 |
CVE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.57x means Cenovus Energy Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.04x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.57 | 1.57 | 1.42 | 1.56 | 1.55 | 1.64 | 1.26 | 1.30 | 1.23 | 1.13 | 2.55 |
| Quick Ratio | 1.04 | 1.04 | 0.81 | 0.91 | 1.01 | 1.10 | 0.80 | 0.69 | 0.84 | 0.82 | 2.09 |
| Cash Ratio | 0.43 | 0.43 | 0.42 | 0.36 | 0.56 | 0.39 | 0.16 | 0.07 | 0.30 | 0.14 | 1.39 |
| Asset Turnover | — | 0.78 | 1.02 | 1.03 | 1.28 | 0.90 | 0.42 | 0.58 | 0.61 | 0.42 | 0.44 |
| Inventory Turnover | 13.29 | 13.29 | 10.00 | 10.61 | 12.67 | 10.13 | 13.08 | 10.48 | 17.08 | 10.00 | 7.79 |
| Days Sales Outstanding | — | 25.32 | 16.81 | 21.11 | 15.36 | 25.47 | 30.35 | 25.76 | 20.36 | 34.17 | 54.68 |
CVE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Cenovus Energy Inc. returns 5.3% to shareholders annually — split between a 2.0% dividend yield and 3.4% buyback yield. The payout ratio of 36.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | 4.6% | 5.3% | 3.1% | 2.3% | 0.7% | 1.0% | 2.1% | 2.8% | 2.2% | 1.3% |
| Payout Ratio | 36.2% | 36.2% | 47.9% | 24.1% | 14.0% | 30.0% | — | 11.9% | — | 6.7% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 12.7% | 11.0% | 12.7% | 16.5% | 2.4% | — | 17.5% | — | 33.4% | — |
| FCF Yield | 4.6% | 11.1% | 14.9% | 9.6% | 19.6% | 13.4% | — | 16.8% | 9.0% | 13.8% | — |
| Buyback Yield | 3.4% | 8.1% | 5.1% | 3.3% | 6.5% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.3% | 12.7% | 10.5% | 6.4% | 8.8% | 1.8% | 1.0% | 2.1% | 2.8% | 2.2% | 1.3% |
| Shares Outstanding | — | $1.8B | $1.9B | $1.9B | $2.0B | $2.0B | $1.2B | $1.2B | $1.2B | $1.1B | $833M |
Peer Comparison
Compare CVE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CVEYou | $55B | 18.3 | 9.0 | 21.8 | 10.5% | 8.8% | 12.8% | 7.9% | 1.7 |
 SU | $77B | 18.0 | 5.2 | 15.0 | 59.1% | 31.7% | 13.2% | 20.1% | 0.8 |
 CNQ | $95B | 12.0 | 8.3 | 15.4 | 23.3% | 21.2% | 25.8% | 10.0% | 1.1 |
 IMO | $64B | 26.8 | 13.1 | 18.4 | 21.2% | 9.0% | 14.3% | 12.3% | 0.6 |
 MEG | $793M | -157.6 | 13.6 | 8.7 | 34.1% | 1.5% | -0.2% | 1.5% | 1.3 |
 MPC | $72B | 18.5 | 11.4 | 15.2 | 7.5% | 4.3% | 16.7% | 8.3% | 3.8 |
 PSX | $69B | 15.9 | 13.3 | 25.2 | 4.9% | 2.7% | 15.0% | 5.3% | 3.4 |
 VLO | $71B | 31.3 | 10.4 | 14.1 | 4.4% | 3.5% | 8.7% | 9.5% | 1.6 |
 PBF | $5B | -29.9 | 11.9 | — | -1.9% | -0.2% | -2.8% | -0.5% | 4.8 |
 ENB | $118B | 16.8 | 7.4 | 35.9 | — | 16.8% | 17.9% | 6.9% | 0.4 |
 TRP | $68B | 27.2 | 16.2 | 44.6 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
| Energy Median | — | 16.8 | 7.9 | 13.3 | 33.2% | 14.4% | 8.5% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCVE — Frequently Asked Questions
Quick answers to the most common questions about buying CVE stock.
What is Cenovus Energy Inc.'s P/E ratio?
Cenovus Energy Inc.'s current P/E ratio is 18.3x. The historical average is 17.3x. This places it at the 57th percentile of its historical range.
What is Cenovus Energy Inc.'s EV/EBITDA?
Cenovus Energy Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
What is Cenovus Energy Inc.'s ROE?
Cenovus Energy Inc.'s return on equity (ROE) is 12.8%. The historical average is 9.0%.
Is CVE stock overvalued?
Based on historical data, Cenovus Energy Inc. is trading at a P/E of 18.3x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Cenovus Energy Inc.'s dividend yield?
Cenovus Energy Inc.'s current dividend yield is 1.98% with a payout ratio of 36.2%.
What are Cenovus Energy Inc.'s profit margins?
Cenovus Energy Inc. has 10.5% gross margin and 8.8% operating margin.
How much debt does Cenovus Energy Inc. have?
Cenovus Energy Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.