Latest Ratios: P/E Ratio 19.8x · EV/EBITDA 5.6x · ROE 13.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $80.3B | $54.1B | $45.5B | $42.0B | $44.1B | $37.3B | $25.6B | $51.2B | $45.6B | $61.1B | $52.7B |
| Enterprise Value | $90.7B | $68.8B | $56.7B | $56.0B | $58.2B | $53.8B | $45.9B | $67.2B | $60.7B | $74.0B | $67.1B |
| P/E Ratio → | 19.78 | 9.15 | 7.56 | 5.06 | 4.86 | 9.04 | — | 17.63 | 13.85 | 13.70 | 121.07 |
| P/S Ratio | 2.32 | 1.11 | 0.90 | 0.85 | 0.76 | 0.95 | 1.04 | 1.34 | 1.18 | 1.91 | 1.97 |
| P/B Ratio | 2.60 | 1.20 | 1.02 | 0.97 | 1.12 | 1.02 | 0.72 | 1.22 | 1.04 | 1.35 | 1.18 |
| P/FCF | 16.37 | 7.82 | 4.80 | 6.44 | 4.18 | 5.17 | — | 10.53 | 8.81 | 25.32 | — |
| P/OCF | 8.87 | 4.24 | 2.85 | 3.40 | 2.81 | 3.17 | 9.57 | 4.91 | 4.31 | 6.82 | 9.28 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.41 | 1.12 | 1.14 | 1.00 | 1.38 | 1.86 | 1.75 | 1.57 | 2.32 | 2.50 |
| EV / EBITDA | 5.57 | 3.00 | 2.40 | 2.52 | 2.06 | 2.90 | 3.82 | 3.37 | 3.31 | 4.54 | 5.23 |
| EV / EBIT | 8.26 | 7.92 | 6.14 | 5.90 | 3.39 | 8.95 | — | 32.56 | 9.19 | 16.36 | 771.38 |
| EV / FCF | — | 9.95 | 5.99 | 8.60 | 5.51 | 7.47 | — | 13.82 | 11.73 | 30.66 | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 59.1% | 59.1% | 58.7% | 59.3% | 61.5% | 61.0% | 56.7% | 63.5% | 59.9% | 62.0% | 59.4% |
| Operating Margin | 31.7% | 31.7% | 32.7% | 32.4% | 39.4% | 32.1% | 16.0% | 33.3% | 32.0% | 32.7% | 24.1% |
| Net Profit Margin | 12.1% | 12.1% | 11.9% | 16.9% | 15.6% | 10.5% | -17.5% | 7.6% | 8.5% | 14.0% | 1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.2% | 13.2% | 13.7% | 20.1% | 23.9% | 11.4% | -11.1% | 6.7% | 7.4% | 9.9% | 1.0% |
| ROA | 6.6% | 6.6% | 6.7% | 9.6% | 10.8% | 4.9% | -5.0% | 3.2% | 3.7% | 5.0% | 0.5% |
| ROIC | 20.1% | 20.1% | 22.0% | 21.5% | 32.3% | 17.3% | 5.2% | 16.4% | 15.8% | 13.4% | 8.9% |
| ROCE | 19.5% | 19.5% | 21.0% | 21.1% | 31.7% | 17.0% | 5.2% | 16.2% | 15.5% | 13.0% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.41 | 0.33 | 0.37 | 0.41 | 0.51 | 0.62 | 0.43 | 0.39 | 0.34 | 0.39 |
| Debt / EBITDA | 0.80 | 0.80 | 0.62 | 0.71 | 0.57 | 1.01 | 1.85 | 0.90 | 0.95 | 0.96 | 1.36 |
| Net Debt / Equity | — | 0.33 | 0.25 | 0.33 | 0.36 | 0.45 | 0.57 | 0.38 | 0.34 | 0.28 | 0.32 |
| Net Debt / EBITDA | 0.64 | 0.64 | 0.47 | 0.63 | 0.50 | 0.89 | 1.69 | 0.80 | 0.82 | 0.79 | 1.12 |
| Debt / FCF | — | 2.13 | 1.18 | 2.16 | 1.33 | 2.30 | — | 3.29 | 2.92 | 5.34 | — |
| Interest Coverage | 11.71 | 11.71 | 13.32 | 12.26 | 18.93 | 6.26 | -5.44 | 2.09 | 7.74 | 16.22 | 0.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.39 | 1.39 | 1.33 | 1.44 | 1.13 | 1.06 | 0.89 | 0.94 | 0.84 | 1.00 | 1.36 |
| Quick Ratio | 0.89 | 0.89 | 0.86 | 0.88 | 0.74 | 0.66 | 0.55 | 0.58 | 0.54 | 0.64 | 0.96 |
| Cash Ratio | 0.36 | 0.36 | 0.32 | 0.18 | 0.15 | 0.21 | 0.18 | 0.19 | 0.22 | 0.28 | 0.37 |
| Asset Turnover | — | 0.54 | 0.56 | 0.55 | 0.69 | 0.47 | 0.29 | 0.43 | 0.43 | 0.36 | 0.30 |
| Inventory Turnover | 3.91 | 3.91 | 4.16 | 3.73 | 4.44 | 3.72 | 2.95 | 3.73 | 4.89 | 3.51 | 3.36 |
| Days Sales Outstanding | — | 40.70 | 41.50 | 49.93 | 39.49 | 43.48 | 57.48 | 39.84 | 31.44 | 39.26 | 48.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.4% | 5.2% | 6.2% | 6.5% | 5.9% | 4.2% | 6.5% | 5.1% | 5.1% | 3.5% | 3.6% |
| Payout Ratio | 47.4% | 47.4% | 46.6% | 33.1% | 28.6% | 37.6% | — | 90.2% | 70.8% | 47.6% | 432.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 10.9% | 13.2% | 19.8% | 20.6% | 11.1% | — | 5.7% | 7.2% | 7.3% | 0.8% |
| FCF Yield | 6.1% | 12.8% | 20.8% | 15.5% | 23.9% | 19.3% | — | 9.5% | 11.4% | 4.0% | — |
| Buyback Yield | 2.8% | 5.8% | 6.4% | 5.3% | 11.6% | 6.2% | 1.2% | 4.4% | 6.7% | 2.3% | 0.0% |
| Total Shareholder Yield | 5.2% | 11.0% | 12.5% | 11.9% | 17.5% | 10.3% | 7.7% | 9.5% | 11.8% | 5.8% | 3.6% |
| Shares Outstanding | — | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B | $1.5B | $1.6B | $1.6B | $1.7B | $1.6B |
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Quick answers to the most common questions about buying SU stock.
Suncor Energy Inc.'s current P/E ratio is 19.8x. The historical average is 33.6x. This places it at the 64th percentile of its historical range.
Suncor Energy Inc.'s current EV/EBITDA is 5.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
Suncor Energy Inc.'s return on equity (ROE) is 13.2%. The historical average is 13.6%.
Based on historical data, Suncor Energy Inc. is trading at a P/E of 19.8x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Suncor Energy Inc.'s current dividend yield is 2.40% with a payout ratio of 47.4%.
Suncor Energy Inc. has 59.1% gross margin and 31.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Suncor Energy Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity price volatility
Deep Value Discount to Global Peers
Suncor trades at a significant discount to global majors, with a forward P/E of 6.52 and EV/EBITDA of 3.61, suggesting the market is pricing in substantial commodity risk or structural headwinds not reflected in its current strong profitability.
The valuation multiples, particularly the forward P/E of 6.52, appear exceptionally low compared to peers like Chevron (30.45 P/E) and ExxonMobil (23.39 P/E), implying the market expects a severe earnings contraction or is applying a steep discount for Suncor's Canadian oil sands exposure. This discount seems disproportionate given Suncor's reported operating margin of 31.67% in 2026Q2, which is competitive with integrated peers. The P/B of 2.46 is also below the peer median, suggesting the market may be underappreciating the asset base or overestimating the long-term liability risks associated with its mining operations.
Margin Resilience Amidst Revenue Swings
Despite a -3.5% year-over-year revenue decline, Suncor maintained a robust gross margin of 59.08% and operating margin of 31.67% in 2026Q2, indicating its integrated model effectively protects profitability during pricing downturns.
The gross margin consistently exceeding 50% and peaking at 61.5% in 2025Q1 reflects the structural advantage of upgrading bitumen into premium synthetic crude oil. However, the compression to 49.5% in 2026Q2 from 61.0% in 2025Q4 warrants investigation, as it may signal rising input costs or a less favorable product mix. The operating margin's volatility, ranging from 18.8% to 34.2% over the period, underscores the high fixed-cost nature of the business, where small revenue changes can lead to significant swings in profitability.
Capital Efficiency Lags Integrated Peers
Suncor's ROIC of 6.9% in 2026Q2, while improved, remains below peers like Imperial Oil (12.2%) and ConocoPhillips (10.4%), suggesting its capital-intensive mining assets may not be generating returns commensurate with their scale.
The ROIC trend has been volatile, ranging from 3.7% to 6.9% over the last ten quarters, indicating inconsistent capital efficiency. This appears to be driven more by margin fluctuations than asset turnover, which has remained low and stable around 0.14-0.20. The ROE of 7.9% in 2026Q2 is also below the peer group median, which may reflect the drag from the massive asset base required for oil sands mining. Investors should monitor whether the focus on core hydrocarbon assets can drive a sustainable improvement in these returns.
Conservative Leverage Provides Downside Buffer
With a debt-to-equity ratio of 0.30 and interest coverage of 25.89x in 2026Q2, Suncor maintains a fortress-like balance sheet that appears well-positioned to withstand a prolonged commodity downturn.
The leverage profile is exceptionally conservative for a capital-intensive energy company, with the D/E ratio declining from 0.41 in 2025Q4 to 0.30 in 2026Q2. This deleveraging, combined with interest coverage exceeding 25x, suggests minimal refinancing risk and provides significant financial flexibility. However, this conservative stance may also indicate management is not fully utilizing its balance sheet to fund growth or shareholder returns, which could be a point of debate for investors seeking higher capital efficiency.
Working Capital Management Shows Strain
The cash conversion cycle expanded to 8 days in 2026Q2 from -2 days in 2025Q4, driven by a sharp reduction in days payable outstanding (DPO) from 146 to 87, which may indicate tightening supplier terms or a strategic shift in payment practices.
The deterioration in the CCC is primarily due to the DPO compression, as days sales outstanding (DSO) and days inventory outstanding (DIO) have remained relatively stable. This shift could imply Suncor is paying suppliers faster, potentially to secure favorable terms or due to reduced bargaining power, which would be a negative for working capital efficiency. The asset turnover ratio of 0.20 in 2026Q2, while an improvement from 0.13 in 2025Q4, remains low, reflecting the inherent asset-heavy nature of its mining operations.
The Integration Hedge May Be Overstated
The most commonly misapplied ratio is the gross margin, which at 59.08% appears to validate the integration hedge, but may obscure the operational bottleneck risk where a single upgrader failure could simultaneously cripple both upstream and downstream segments.
Analysts often cite Suncor's high gross margin as proof that its integrated model provides a natural hedge against crude price volatility. However, this metric does not capture the correlated risk inherent in the model: if a major upgrader like the Base Plant experiences unplanned downtime, Suncor would be forced to sell raw bitumen at a discount while its refineries lose their primary feedstock, creating a double-negative impact. A more appropriate metric to monitor would be the upgrader utilization rate and the WCS-WTI spread, as these directly measure the health and economic benefit of the integration.