Latest Ratios: P/E Ratio 10.3x · EV/EBITDA 5.8x · 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 | $81.2B | $54.1B | $45.5B | $42.0B | $44.1B | $37.3B | $25.6B | $51.2B | $45.6B | $61.1B | $52.7B |
| Enterprise Value | $91.6B | $68.8B | $56.7B | $56.0B | $58.2B | $53.8B | $45.9B | $67.2B | $60.7B | $74.0B | $67.1B |
| P/E Ratio → | 10.27 | 9.15 | 7.56 | 5.06 | 4.86 | 9.04 | — | 17.63 | 13.85 | 13.70 | 121.07 |
| P/S Ratio | 1.77 | 1.11 | 0.90 | 0.85 | 0.76 | 0.95 | 1.04 | 1.34 | 1.18 | 1.91 | 1.97 |
| P/B Ratio | 2.63 | 1.20 | 1.02 | 0.97 | 1.12 | 1.02 | 0.72 | 1.22 | 1.04 | 1.35 | 1.18 |
| P/FCF | 9.10 | 7.82 | 4.80 | 6.44 | 4.18 | 5.17 | — | 10.53 | 8.81 | 25.32 | — |
| P/OCF | 8.97 | 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 | 5.84 | 3.00 | 2.41 | 2.51 | 1.83 | 2.93 | 3.79 | 3.30 | 3.36 | 4.61 | 5.34 |
| EV / EBIT | 8.35 | 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 | 0.50 | 1.02 | 1.83 | 0.88 | 0.96 | 0.97 | 1.39 |
| 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 | 0.48 | 0.63 | 0.44 | 0.90 | 1.67 | 0.79 | 0.84 | 0.80 | 1.15 |
| 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 | 9.7% | 10.9% | 13.2% | 19.8% | 20.6% | 11.1% | — | 5.7% | 7.2% | 7.3% | 0.8% |
| FCF Yield | 11.0% | 12.8% | 20.8% | 15.5% | 23.9% | 19.3% | — | 9.5% | 11.4% | 4.0% | — |
| Buyback Yield | 2.7% | 5.8% | 6.4% | 5.3% | 11.6% | 6.2% | 1.2% | 4.4% | 6.7% | 2.3% | 0.0% |
| Total Shareholder Yield | 5.1% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SU stock.
Suncor Energy Inc.'s current P/E ratio is 10.3x. The historical average is 33.6x. This places it at the 25th percentile of its historical range.
Suncor Energy Inc.'s current EV/EBITDA is 5.8x. 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 10.3x. This is at the 25th 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 2.37% 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 dominates
Trailing Earnings Premium Versus Forward Discount
Based on reported figures, Suncor trades at 20.0x trailing earnings but only 5.4x forward earnings, a gap that suggests the market is pricing in an earnings recovery rather than a durable current earnings base.
The wide spread between trailing and forward P/E implies analysts expect current-period earnings to be elevated or cyclical relative to normalized levels. Compared with peers, Suncor's trailing P/E sits below Imperial Oil at 27.3x and Chevron at 32.1x, yet above Canadian Natural Resources at 13.3x. Investors should monitor whether the forward multiple holds up if commodity prices soften, since the valuation case depends heavily on sustained earnings.
Margin Compression From Peak Levels
As reported in the quarterly data, gross margin fell from 61.5% in Q1 2025 to 44.6% in Q3 2026, while net margin of 20.2% in the latest quarter rests on a single strong period.
The decline in gross margin alongside rising absolute revenue suggests input costs or refining spreads are absorbing a larger share of sales. The net margin of 20.2% exceeds the 6.5% seen in Q4 2024, but this swing appears amplified by items below operating income rather than a structural shift. Operating margin of 25.8% remains healthy, though the trend warrants monitoring for signs of further compression.
ROIC Recovering But Below Peak Returns
Based on Suncor's reported ratios, ROIC improved to 6.3% in Q3 2026 from 3.7% in Q1 2026, yet remains well below the 10.4% achieved by ConocoPhillips and 12.2% at Imperial Oil.
The recovery in ROIC appears driven by margin expansion from the Q1 2026 trough rather than meaningful asset efficiency gains, since asset turnover has remained relatively stable. Canadian Natural Resources delivers a 10.0% ROIC on a far larger base, suggesting Suncor's integrated model is not currently translating into superior capital returns. The gap with Imperial Oil in particular suggests the downstream integration advantage has yet to show up clearly in returns on capital.
Low Leverage With Stable Coverage
According to reported figures, Suncor's debt-to-equity ratio of 0.29 and debt-to-EBITDA of 3.05 in the latest quarter sit comfortably within the 0.32 to 0.41 range observed across recent periods.
Debt-to-equity has trended lower since the Q4 2025 peak, suggesting debt service is becoming more comfortable as cash generation improves. Interest coverage of 24.5x in Q3 2026 is strong, though it swung from 10.8x in Q4 2025, indicating coverage remains sensitive to earnings volatility. Relative to peers such as Cenovus at 0.54 and Canadian Natural at 0.44, Suncor's leverage appears conservative, though the reported debt figures should be verified against total long-term obligations.
Liquidity Rebuilt From Thin Cash Position
As reported in financial statements, the current ratio rose from 1.26 in Q2 2025 to 1.71 in Q3 2026, with quick ratio improving to 1.27, indicating meaningful recovery in short-term flexibility.
The improvement in liquidity appears to reflect working capital release and cash accumulation rather than a permanent structural change, since cash balances have moved considerably over recent quarters. The quick ratio exceeding 1.0 in the latest period suggests the company could meet short-term obligations without relying on inventory sales. Under a sharp commodity downturn, however, the position could tighten quickly if receivables and cash fall simultaneously.
Trailing Recovery May Not Persist
Based on reported figures, the margin and ROIC recovery rests on a few recent quarters, and gross margin has already retreated from 61.5% to 44.6%, which may indicate the earnings base is more cyclical than headline growth suggests.
The most commonly misapplied metric here is trailing P/E, since a 20.0x multiple on a cyclical earnings base can understate how cheap or expensive the stock is at mid-cycle earnings. Investors may find EV/EBITDA on normalized through-cycle earnings or free cash flow yield a more reliable anchor. Warrants further investigation into whether the forward multiple of 5.4x reflects durable earnings or a commodity-driven expectation that could reverse.