CENOVUS ENERGY INC (CVE.CA) Fundamental Analysis & Valuation

TSX:CVE • CA15135U1093

31 CAD
+0.21 (+0.68%)
Last: Mar 9, 2026, 07:00 PM
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This CVE.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to CVE. CVE was compared to 212 industry peers in the Oil, Gas & Consumable Fuels industry. CVE has an average financial health and profitability rating. CVE is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. CVE.CA Profitability Analysis

1.1 Basic Checks

  • CVE had positive earnings in the past year.
  • In the past year CVE had a positive cash flow from operations.
  • In the past 5 years CVE has always been profitable.
  • In the past 5 years CVE always reported a positive cash flow from operatings.
CVE.CA Yearly Net Income VS EBIT VS OCF VS FCFCVE.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B

1.2 Ratios

  • CVE's Return On Assets of 6.17% is amongst the best of the industry. CVE outperforms 86.79% of its industry peers.
  • CVE has a better Return On Equity (12.38%) than 83.49% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 6.85%, CVE belongs to the top of the industry, outperforming 86.79% of the companies in the same industry.
  • CVE had an Average Return On Invested Capital over the past 3 years of 8.35%. This is in line with the industry average of 6.67%.
Industry RankSector Rank
ROA 6.17%
ROE 12.38%
ROIC 6.85%
ROA(3y)6.41%
ROA(5y)6.35%
ROE(3y)12.34%
ROE(5y)12.52%
ROIC(3y)8.35%
ROIC(5y)10.5%
CVE.CA Yearly ROA, ROE, ROICCVE.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20

1.3 Margins

  • The Profit Margin of CVE (7.88%) is better than 61.79% of its industry peers.
  • CVE's Profit Margin has declined in the last couple of years.
  • CVE has a Operating Margin (9.54%) which is in line with its industry peers.
  • CVE's Operating Margin has declined in the last couple of years.
  • CVE's Gross Margin of 34.22% is in line compared to the rest of the industry. CVE outperforms 54.25% of its industry peers.
  • CVE's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 9.54%
PM (TTM) 7.88%
GM 34.22%
OM growth 3Y-16.68%
OM growth 5YN/A
PM growth 3Y-6.34%
PM growth 5YN/A
GM growth 3Y-11.56%
GM growth 5Y-11%
CVE.CA Yearly Profit, Operating, Gross MarginsCVE.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. CVE.CA Health Analysis

2.1 Basic Checks

  • CVE has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • The number of shares outstanding for CVE has been increased compared to 1 year ago.
  • The number of shares outstanding for CVE has been increased compared to 5 years ago.
  • The debt/assets ratio for CVE is higher compared to a year ago.
CVE.CA Yearly Shares OutstandingCVE.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B
CVE.CA Yearly Total Debt VS Total AssetsCVE.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B

2.2 Solvency

  • CVE has an Altman-Z score of 2.47. This is not the best score and indicates that CVE is in the grey zone with still only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.47, CVE is in the better half of the industry, outperforming 73.58% of the companies in the same industry.
  • The Debt to FCF ratio of CVE is 4.28, which is a neutral value as it means it would take CVE, 4.28 years of fcf income to pay off all of its debts.
  • CVE has a Debt to FCF ratio of 4.28. This is amongst the best in the industry. CVE outperforms 83.02% of its industry peers.
  • CVE has a Debt/Equity ratio of 0.44. This is a healthy value indicating a solid balance between debt and equity.
  • CVE has a Debt to Equity ratio of 0.44. This is comparable to the rest of the industry: CVE outperforms 52.36% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.44
Debt/FCF 4.28
Altman-Z 2.47
ROIC/WACC0.93
WACC7.35%
CVE.CA Yearly LT Debt VS Equity VS FCFCVE.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B

2.3 Liquidity

  • CVE has a Current Ratio of 1.57. This is a normal value and indicates that CVE is financially healthy and should not expect problems in meeting its short term obligations.
  • CVE has a Current ratio of 1.57. This is in the better half of the industry: CVE outperforms 72.64% of its industry peers.
  • CVE has a Quick Ratio of 1.04. This is a normal value and indicates that CVE is financially healthy and should not expect problems in meeting its short term obligations.
  • The Quick ratio of CVE (1.04) is better than 66.98% of its industry peers.
Industry RankSector Rank
Current Ratio 1.57
Quick Ratio 1.04
CVE.CA Yearly Current Assets VS Current LiabilitesCVE.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. CVE.CA Growth Analysis

3.1 Past

  • CVE shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 30.49%, which is quite impressive.
  • CVE shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -10.45% yearly.
  • CVE shows a decrease in Revenue. In the last year, the revenue decreased by -8.44%.
  • The Revenue has been growing by 30.31% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)30.49%
EPS 3Y-10.45%
EPS 5YN/A
EPS Q2Q%614.29%
Revenue 1Y (TTM)-8.44%
Revenue growth 3Y-9.43%
Revenue growth 5Y30.31%
Sales Q2Q%-15.06%

3.2 Future

  • The Earnings Per Share is expected to grow by 20.99% on average over the next years. This is a very strong growth
  • CVE is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -5.92% yearly.
EPS Next Y-54.6%
EPS Next 2Y-6.64%
EPS Next 3Y7.94%
EPS Next 5Y20.99%
Revenue Next Year-16.99%
Revenue Next 2Y-6.2%
Revenue Next 3Y-5.92%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
CVE.CA Yearly Revenue VS EstimatesCVE.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 20B 40B 60B
CVE.CA Yearly EPS VS EstimatesCVE.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 2 -2 4

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4

4. CVE.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 14.49, which indicates a correct valuation of CVE.
  • Based on the Price/Earnings ratio, CVE is valued a bit cheaper than the industry average as 70.75% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 26.25, CVE is valued a bit cheaper.
  • CVE is valuated quite expensively with a Price/Forward Earnings ratio of 31.91.
  • Based on the Price/Forward Earnings ratio, CVE is valued a bit cheaper than the industry average as 60.38% of the companies are valued more expensively.
  • When comparing the Price/Forward Earnings ratio of CVE to the average of the S&P500 Index (24.39), we can say CVE is valued slightly more expensively.
Industry RankSector Rank
PE 14.49
Fwd PE 31.91
CVE.CA Price Earnings VS Forward Price EarningsCVE.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • CVE's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. CVE is cheaper than 84.91% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, CVE is valued a bit cheaper than 69.81% of the companies in the same industry.
Industry RankSector Rank
P/FCF 17.55
EV/EBITDA 7.02
CVE.CA Per share dataCVE.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • CVE has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-6.64%
EPS Next 3Y7.94%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. CVE.CA Dividend Analysis

5.1 Amount

  • CVE has a Yearly Dividend Yield of 2.56%. Purely for dividend investing, there may be better candidates out there.
  • CVE's Dividend Yield is a higher than the industry average which is at 4.17.
  • Compared to an average S&P500 Dividend Yield of 1.82, CVE pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.56%

5.2 History

  • The dividend of CVE is nicely growing with an annual growth rate of 65.35%!
  • CVE has been paying a dividend for at least 10 years, so it has a reliable track record.
  • CVE has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)65.35%
Div Incr Years4
Div Non Decr Years4
CVE.CA Yearly Dividends per shareCVE.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8

5.3 Sustainability

  • CVE pays out 36.70% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of CVE is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP36.7%
EPS Next 2Y-6.64%
EPS Next 3Y7.94%
CVE.CA Yearly Income VS Free CF VS DividendCVE.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B 6B
CVE.CA Dividend Payout.CVE.CA Dividend Payout, showing the Payout Ratio.CVE.CA Dividend Payout.PayoutRetained Earnings

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CVE.CA Fundamentals: All Metrics, Ratios and Statistics

CENOVUS ENERGY INC

TSX:CVE (3/9/2026, 7:00:00 PM)

31

+0.21 (+0.68%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-19
Earnings (Next)05-06
Inst Owners55.94%
Inst Owner ChangeN/A
Ins Owners0.62%
Ins Owner ChangeN/A
Market Cap58.28B
Revenue(TTM)49.70B
Net Income(TTM)3.92B
Analysts78.18
Price Target31.95 (3.06%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.56%
Yearly Dividend0.78
Dividend Growth(5Y)65.35%
DP36.7%
Div Incr Years4
Div Non Decr Years4
Ex-Date03-13
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)34.1%
Min EPS beat(2)28.15%
Max EPS beat(2)40.05%
EPS beat(4)4
Avg EPS beat(4)67.87%
Min EPS beat(4)25.67%
Max EPS beat(4)177.6%
EPS beat(8)5
Avg EPS beat(8)23.22%
EPS beat(12)8
Avg EPS beat(12)16.31%
EPS beat(16)10
Avg EPS beat(16)8.98%
Revenue beat(2)0
Avg Revenue beat(2)-13.68%
Min Revenue beat(2)-22.39%
Max Revenue beat(2)-4.97%
Revenue beat(4)0
Avg Revenue beat(4)-9.24%
Min Revenue beat(4)-22.39%
Max Revenue beat(4)-4.15%
Revenue beat(8)2
Avg Revenue beat(8)-4.53%
Revenue beat(12)4
Avg Revenue beat(12)-3.39%
Revenue beat(16)8
Avg Revenue beat(16)2.77%
PT rev (1m)8.44%
PT rev (3m)7.97%
EPS NQ rev (1m)-23.51%
EPS NQ rev (3m)-25.09%
EPS NY rev (1m)-43.74%
EPS NY rev (3m)-42.27%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)-8.03%
Revenue NY rev (3m)-8.37%
Valuation
Industry RankSector Rank
PE 14.49
Fwd PE 31.91
P/S 1.17
P/FCF 17.55
P/OCF 7.08
P/B 1.84
P/tB 2.03
EV/EBITDA 7.02
EPS(TTM)2.14
EY6.9%
EPS(NY)0.97
Fwd EY3.13%
FCF(TTM)1.77
FCFY5.7%
OCF(TTM)4.38
OCFY14.12%
SpS26.43
BVpS16.82
TBVpS15.27
PEG (NY)N/A
PEG (5Y)N/A
Graham Number28.46
Profitability
Industry RankSector Rank
ROA 6.17%
ROE 12.38%
ROCE 8.3%
ROIC 6.85%
ROICexc 7.19%
ROICexgc 7.6%
OM 9.54%
PM (TTM) 7.88%
GM 34.22%
FCFM 6.68%
ROA(3y)6.41%
ROA(5y)6.35%
ROE(3y)12.34%
ROE(5y)12.52%
ROIC(3y)8.35%
ROIC(5y)10.5%
ROICexc(3y)8.81%
ROICexc(5y)11.28%
ROICexgc(3y)9.38%
ROICexgc(5y)12.09%
ROCE(3y)10.15%
ROCE(5y)12.76%
ROICexgc growth 3Y-30.32%
ROICexgc growth 5YN/A
ROICexc growth 3Y-29.98%
ROICexc growth 5YN/A
OM growth 3Y-16.68%
OM growth 5YN/A
PM growth 3Y-6.34%
PM growth 5YN/A
GM growth 3Y-11.56%
GM growth 5Y-11%
F-Score7
Asset Turnover0.78
Health
Industry RankSector Rank
Debt/Equity 0.44
Debt/FCF 4.28
Debt/EBITDA 1.39
Cap/Depr 94.51%
Cap/Sales 9.87%
Interest Coverage 250
Cash Conversion 82.83%
Profit Quality 84.81%
Current Ratio 1.57
Quick Ratio 1.04
Altman-Z 2.47
F-Score7
WACC7.35%
ROIC/WACC0.93
Cap/Depr(3y)96.67%
Cap/Depr(5y)82.56%
Cap/Sales(3y)9.12%
Cap/Sales(5y)7.68%
Profit Quality(3y)98.85%
Profit Quality(5y)204.67%
High Growth Momentum
Growth
EPS 1Y (TTM)30.49%
EPS 3Y-10.45%
EPS 5YN/A
EPS Q2Q%614.29%
EPS Next Y-54.6%
EPS Next 2Y-6.64%
EPS Next 3Y7.94%
EPS Next 5Y20.99%
Revenue 1Y (TTM)-8.44%
Revenue growth 3Y-9.43%
Revenue growth 5Y30.31%
Sales Q2Q%-15.06%
Revenue Next Year-16.99%
Revenue Next 2Y-6.2%
Revenue Next 3Y-5.92%
Revenue Next 5YN/A
EBIT growth 1Y-6.76%
EBIT growth 3Y-24.54%
EBIT growth 5YN/A
EBIT Next Year104.22%
EBIT Next 3Y32.47%
EBIT Next 5Y22.21%
FCF growth 1Y-21.3%
FCF growth 3Y-24.43%
FCF growth 5YN/A
OCF growth 1Y-10.9%
OCF growth 3Y-10.31%
OCF growth 5Y97.62%

CENOVUS ENERGY INC / CVE.CA FAQ

What is the fundamental rating for CVE stock?

ChartMill assigns a fundamental rating of 5 / 10 to CVE.CA.


Can you provide the valuation status for CENOVUS ENERGY INC?

ChartMill assigns a valuation rating of 4 / 10 to CENOVUS ENERGY INC (CVE.CA). This can be considered as Fairly Valued.


Can you provide the profitability details for CENOVUS ENERGY INC?

CENOVUS ENERGY INC (CVE.CA) has a profitability rating of 6 / 10.


What is the valuation of CENOVUS ENERGY INC based on its PE and PB ratios?

The Price/Earnings (PE) ratio for CENOVUS ENERGY INC (CVE.CA) is 14.49 and the Price/Book (PB) ratio is 1.84.


Can you provide the financial health for CVE stock?

The financial health rating of CENOVUS ENERGY INC (CVE.CA) is 5 / 10.