Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 8.1x · ROE 12.8%. (2008–2025 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 | $45.9B | $30.8B | $28.2B | $32.1B | $38.9B | $25.1B | $7.4B | $12.5B | $8.6B | $10.1B | $12.6B |
| Enterprise Value | $55.9B | $45.1B | $35.8B | $39.8B | $46.1B | $37.7B | $16.4B | $20.9B | $17.0B | $19.0B | $15.2B |
| P/E Ratio → | 16.10 | 7.87 | 9.07 | 7.85 | 6.07 | 42.34 | — | 5.70 | — | 2.99 | — |
| P/S Ratio | 1.31 | 0.62 | 0.49 | 0.58 | 0.54 | 0.51 | 0.53 | 0.61 | 0.40 | 0.58 | 1.14 |
| P/B Ratio | 1.99 | 0.97 | 0.95 | 1.12 | 1.41 | 1.06 | 0.44 | 0.65 | 0.49 | 0.50 | 1.09 |
| P/FCF | 19.15 | 9.04 | 6.69 | 10.37 | 5.09 | 7.48 | — | 5.94 | 11.12 | 7.25 | — |
| P/OCF | 7.93 | 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
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 | — | 0.91 | 0.62 | 0.72 | 0.64 | 0.77 | 1.18 | 1.02 | 0.80 | 1.10 | 1.38 |
| EV / EBITDA | 8.10 | 4.59 | 3.60 | 3.87 | 3.06 | 4.80 | 21.25 | 3.20 | 19.13 | 8.35 | 11.92 |
| EV / EBIT | 18.14 | 9.12 | 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 | — |
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 | 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% |
| 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% |
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 | 0.54 | 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 | 10.59 | 10.59 | 7.27 | 7.97 | 11.75 | 2.25 | -7.17 | 4.59 | -5.60 | 4.58 | -1.17 |
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 | 1.57 | 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 |
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 | 2.3% | 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% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 12.7% | 11.0% | 12.7% | 16.5% | 2.4% | — | 17.5% | — | 33.4% | — |
| FCF Yield | 5.2% | 11.1% | 14.9% | 9.6% | 19.6% | 13.4% | — | 16.8% | 9.0% | 13.8% | — |
| Buyback Yield | 3.8% | 8.1% | 5.1% | 3.3% | 6.5% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.1% | 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 |
Commodity price and spread volatility
According to current market data, Cenovus trades at a forward P/E of 5.51, which suggests that investors are pricing in significant earnings volatility compared to the historical TTM P/E of 16.37, reflecting a cautious outlook on the sustainability of integrated margins in the current commodity cycle.
The wide gap between trailing and forward multiples indicates that the market anticipates a normalization of earnings, likely discounting the recent volatility in refining crack spreads. Investors should monitor whether this valuation discount relative to peers like CNQ is a structural penalty for downstream complexity or a temporary mispricing of the company's integrated cash-generative potential.
Based on reported financial figures, Cenovus's ROIC has fluctuated between 1.4% and 5.8% over the last ten quarters, indicating that the company struggles to consistently compound returns on its massive $47.3 billion net PPE base, trailing the performance of more upstream-focused peers like Suncor Energy.
The low ROIC trend suggests that the heavy sustaining capital requirements for SAGD operations and refinery maintenance act as a persistent drag on capital efficiency. This performance warrants further investigation into whether the company's recent capital allocation strategy is effectively prioritizing high-return projects or merely maintaining the status quo of its asset-heavy footprint.
As reported in recent quarterly filings, the cash conversion cycle has swung from a negative 1 day in 2025Q3 to 29 days in 2023Q4, highlighting the significant impact of inventory valuation and timing differences on the company's ability to manage its working capital efficiently.
The instability in the CCC suggests that Cenovus remains highly vulnerable to the timing of crude purchases for its refining segment versus the sale of finished products. This operational friction may indicate that the company lacks the same level of supply chain leverage as its more integrated peers, necessitating a closer look at inventory management practices.
Financial analysts frequently misapply the standard P/E ratio to Cenovus, as the metric is heavily distorted by non-cash charges and significant swings in unrealized risk management gains, which obscure the company's true underlying cash-generative capacity in a volatile commodity price environment.
Investors should instead prioritize EV/EBITDA or P/FCF to better capture the operational reality of the business, as these metrics are less sensitive to the accounting nuances of the integrated oil and gas model. Relying on P/E alone may lead to an inaccurate assessment of the company's valuation, particularly during periods of significant inventory valuation adjustments.
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Quick answers to the most common questions about buying CVE stock.
Cenovus Energy Inc.'s current P/E ratio is 16.1x. The historical average is 17.3x. This places it at the 43th percentile of its historical range.
Cenovus Energy Inc.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
Cenovus Energy Inc.'s return on equity (ROE) is 12.8%. The historical average is 9.0%.
Based on historical data, Cenovus Energy Inc. is trading at a P/E of 16.1x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cenovus Energy Inc.'s current dividend yield is 2.26% with a payout ratio of 36.2%.
Cenovus Energy Inc. has 10.5% gross margin and 8.8% operating margin.
Cenovus Energy Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.