Latest Ratios: P/E Ratio 11.5x · EV/EBITDA 5.6x · ROE 11.5%. (2001–2025 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 | $15.4B | $10.2B | $10.8B | $11.6B | $13.1B | $9.0B | $3.7B | $6.1B | $5.5B | $13.0B | $10.4B |
| Enterprise Value | $22.9B | $17.7B | $17.1B | $18.3B | $17.6B | $14.6B | $11.7B | $14.2B | $10.2B | $18.2B | $15.4B |
| P/E Ratio → | 11.50 | 8.20 | 9.62 | 5.56 | 3.60 | 6.33 | — | 26.06 | 5.19 | 15.68 | — |
| P/S Ratio | 1.77 | 1.17 | 1.18 | 1.07 | 1.05 | 1.04 | 0.61 | 0.91 | 0.93 | 2.92 | 3.55 |
| P/B Ratio | 1.28 | 0.91 | 1.05 | 1.12 | 1.70 | 1.77 | 0.97 | 0.62 | 0.75 | 1.93 | 1.69 |
| P/FCF | 10.26 | 6.76 | 7.64 | 8.15 | 6.44 | 5.58 | 23.46 | 20.76 | 17.07 | — | — |
| P/OCF | 4.23 | 2.79 | 2.91 | 2.78 | 3.39 | 2.87 | 1.97 | 2.10 | 2.41 | 12.35 | 16.58 |
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 | — | 2.02 | 1.87 | 1.68 | 1.41 | 1.68 | 1.93 | 2.11 | 1.72 | 4.09 | 5.26 |
| EV / EBITDA | 5.60 | 4.31 | 4.41 | 3.90 | 3.54 | 5.37 | — | 5.42 | 3.44 | 9.56 | — |
| EV / EBIT | 12.13 | 15.42 | 9.69 | 6.38 | 4.54 | 9.22 | — | 20.34 | 6.74 | 10.13 | — |
| EV / FCF | — | 11.74 | 12.04 | 12.84 | 8.64 | 9.04 | 73.79 | 48.05 | 31.41 | — | — |
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 | 28.6% | 28.6% | 54.4% | 54.2% | 55.2% | 48.8% | 44.6% | 50.8% | 57.6% | 61.0% | 47.1% |
| Operating Margin | 21.6% | 21.6% | 17.3% | 26.3% | 30.9% | 17.5% | -88.7% | 8.9% | 28.5% | 24.0% | -64.5% |
| Net Profit Margin | 14.2% | 14.2% | 12.3% | 19.2% | 29.2% | 16.4% | -100.2% | 3.5% | 18.0% | 18.6% | -32.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 10.9% | 23.1% | 57.0% | 31.8% | -88.6% | 2.7% | 15.1% | 12.9% | -15.4% |
| ROA | 6.3% | 6.3% | 5.7% | 11.9% | 25.0% | 9.9% | -33.9% | 1.3% | 7.0% | 5.5% | -6.2% |
| ROIC | 8.0% | 8.0% | 7.0% | 14.7% | 25.3% | 10.1% | -27.1% | 3.0% | 10.6% | 7.0% | -11.7% |
| ROCE | 11.1% | 11.1% | 9.4% | 19.4% | 32.7% | 13.0% | -34.7% | 3.7% | 12.6% | 8.0% | -13.7% |
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 | 0.67 | 0.67 | 0.61 | 0.64 | 0.58 | 1.14 | 2.09 | 0.83 | 0.77 | 0.88 | 0.95 |
| Debt / EBITDA | 1.84 | 1.84 | 1.63 | 1.43 | 0.90 | 2.13 | — | 3.15 | 1.93 | 3.11 | — |
| Net Debt / Equity | — | 0.67 | 0.60 | 0.64 | 0.58 | 1.10 | 2.09 | 0.81 | 0.63 | 0.77 | 0.82 |
| Net Debt / EBITDA | 1.83 | 1.83 | 1.62 | 1.42 | 0.90 | 2.06 | — | 3.08 | 1.57 | 2.73 | — |
| Debt / FCF | — | 4.98 | 4.41 | 4.69 | 2.21 | 3.47 | 50.33 | 27.28 | 14.34 | — | — |
| Interest Coverage | 3.05 | 3.05 | 4.28 | 8.07 | 12.45 | 4.64 | -14.44 | 1.82 | 4.31 | 4.94 | -3.08 |
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 | 0.54 | 0.54 | 0.51 | 0.60 | 0.61 | 0.58 | 0.51 | 0.77 | 1.33 | 1.37 | 1.23 |
| Quick Ratio | 0.54 | 0.54 | 0.51 | 0.60 | 0.61 | 0.58 | 0.51 | 0.77 | 1.33 | 1.37 | 1.23 |
| Cash Ratio | 0.10 | 0.10 | 0.02 | 0.00 | 0.00 | 0.07 | 0.00 | 0.08 | 0.52 | 0.43 | 0.53 |
| Asset Turnover | — | 0.43 | 0.48 | 0.54 | 0.83 | 0.62 | 0.42 | 0.31 | 0.39 | 0.29 | 0.20 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 48.34 | 44.71 | 45.11 | 47.94 | 58.64 | 71.96 | 83.08 | 44.86 | 58.82 | 79.30 |
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 | 2.2% | 3.0% | 2.9% | 2.6% | 1.8% | 1.4% | 2.6% | 1.7% | 1.0% | 0.4% | 0.5% |
| Payout Ratio | 24.8% | 24.8% | 28.1% | 14.7% | 6.6% | 8.6% | — | 43.6% | 5.2% | 6.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 12.2% | 10.4% | 18.0% | 27.8% | 15.8% | — | 3.8% | 19.3% | 6.4% | — |
| FCF Yield | 9.7% | 14.8% | 13.1% | 12.3% | 15.5% | 17.9% | 4.3% | 4.8% | 5.9% | — | — |
| Buyback Yield | 2.0% | 3.0% | 5.5% | 3.7% | 5.5% | 1.2% | 0.0% | 20.4% | 4.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 6.0% | 8.4% | 6.3% | 7.3% | 2.6% | 2.6% | 22.1% | 5.5% | 0.4% | 0.5% |
| Shares Outstanding | — | $260M | $267M | $264M | $258M | $266M | $260M | $261M | $192M | $195M | $177M |
Commodity price volatility exposure
Based on current market data, Ovintiv trades at a forward P/E of 6.74, which appears to reflect a persistent complexity discount compared to pure-play Permian operators, suggesting investors remain cautious regarding the long-term margin durability of its diversified Canadian and US asset portfolio.
The valuation gap relative to peers like Diamondback Energy suggests that the market may be discounting the company's dual-country regulatory exposure and higher natural gas weighting. While the forward multiple is attractive, it implies a market expectation of continued commodity price volatility rather than a sustained expansion in earnings power.
As reported in recent financial statements, Ovintiv's ROIC has struggled to maintain positive momentum, dipping to -3.0% in 2026Q1, which highlights the difficulty of compounding returns in a capital-intensive business model heavily exposed to fluctuating regional commodity price differentials.
The inconsistency in ROIC trends suggests that the company's 'Cube Development' efficiency gains are frequently offset by the cyclical nature of its realized prices. Investors should monitor whether future capital allocation shifts toward higher-margin liquids can structurally improve these returns above the cost of capital.
According to quarterly filings, Ovintiv's current ratio of 0.56 in 2026Q1 indicates a lean liquidity position that relies heavily on operational cash flow, leaving little margin for error during periods of significant commodity price downturns or unexpected service cost inflation.
The company's reliance on operational cash flow to meet short-term obligations is a structural feature of its capital-heavy upstream model. While this efficiency minimizes idle cash, it warrants further investigation into how the firm would manage a prolonged period of depressed pricing without compromising its drilling program.
As noted in industry research, the P/E ratio is frequently misapplied to Ovintiv, as it obscures the significant impact of non-cash derivative gains and losses that distort net income, making EV/EBITDA a more reliable metric for assessing the company's true operational earning power.
Using P/E ratios ignores the capital-intensive nature of the business and the accounting noise inherent in hedging programs. Analysts should instead focus on EV/EBITDA and free cash flow yields to better understand the underlying cash-generating capacity of the company's unconventional assets.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying OVV stock.
Ovintiv Inc.'s current P/E ratio is 11.5x. The historical average is 10.3x. This places it at the 80th percentile of its historical range.
Ovintiv 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 4.6x.
Ovintiv Inc.'s return on equity (ROE) is 11.5%. The historical average is 9.0%.
Based on historical data, Ovintiv Inc. is trading at a P/E of 11.5x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ovintiv Inc.'s current dividend yield is 2.16% with a payout ratio of 24.8%.
Ovintiv Inc. has 28.6% gross margin and 21.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ovintiv Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.