CVE Energy

Cenovus Energy Inc.

$30.74+0.20%

Price as of close on Nov 3, 2026 · Financials updated Nov 3, 2026

Basics

Sector: Energy
Industry: Oil & Gas Integrated
Country: Canada
Market cap: 56.7B USD
Enterprise value: 75.7B USD
Full-time employees: 7,211

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: growing more slowly than most peersgrowing more slowly than peers
About average: risk (debt, liquidity and share-price swings)risk

Ranks #140 of 363 energy companies (top 39%)

See how it ranks against its peers

Worth knowing

Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 8.4% in the 12 months to December 2025 vs the 12 months before.
Cenovus Energy is more profitable than most peers, yet revenue fell 8.4% in the 12 months to December 2025 vs the 12 months before.
Cash flow well above reported profit. Free cash flow is 2.1× reported profit.
Free cash flow is 2.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

57/ 100

Oct 5 56 → Nov 4 57 (+1)

Valuation

Is the price right?

63/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ FCF yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateReported value30% base weight · Z-score -0.20Sector median: 0.0522 · MAD: 0.0351

EBITDA yield16.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CAD→USD convertedReported value50% base weight · Z-score 0.82Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield9.4%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · CAD→USD converted · operating cash flow − capital spendingReported value20% base weight · Z-score 0.66Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield36.3%

SEC filings (IFRS mapped) · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

34/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 3.7%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth21.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.59Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth-9.4%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -1.00Sector median: -0.0135 · MAD: 0.0807

Revenue growth-8.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.81Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

77/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin8.8%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score -0.31Sector median: 0.1169 · MAD: 0.0936

Return on assets6.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.58Sector median: 0.0444 · MAD: 0.0302

Return on invested capital30.9%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 3.34Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin29.9%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity12.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 54%

Why it changed since the Oct 27, 2026 close: Safety percentile 55 → 53

Company's reported figures updated-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.55

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.07Sector median: 0.5680 · MAD: 0.2415

Current ratio1.57×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.39Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.70×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.73Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cenovus Energy

Is Cenovus Energy getting weaker?: Its latest SEC filing (Feb 19, 2026) got weaker in some ways: 12-month revenue fell 3.7%; debt up 54%. Its overall score is unchanged at 57/100 since Oct 28, 2026.
How is Cenovus Energy valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 63/100 against 404 energy peers. Free cash flow yield 9.4% vs a peer median of 6.2% (stronger than 71% of peers).Free cash flow yield 9.4% vs peers 6.2% (stronger than 71% of peers).
Is Cenovus Energy growing?: More slowly than most of its peers. Growth scores 34/100 against 404 energy peers. Earnings per share growth 21.2% vs a peer median of 1.1% (stronger than 69% of peers).Earnings per share growth 21.2% vs peers 1.1% (stronger than 69% of peers). 3-year revenue growth -9.4% vs a peer median of -1.3% (weaker than 76% of peers).3-year revenue growth -9.4% vs peers -1.3% (weaker than 76% of peers).
How profitable is Cenovus Energy?: More profitable than most of its peers. Profitability scores 77/100 against 404 energy peers. Return on invested capital 30.9% vs a peer median of 9.3% (stronger than 91% of peers).Return on invested capital 30.9% vs peers 9.3% (stronger than 91% of peers).
How risky is Cenovus Energy?: Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.70× vs a peer median of 0.47× (weaker than 63% of peers).Debt / equity 0.70× vs peers 0.47× (weaker than 63% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Feb 19, 2026 · compared with the quarter ended Sep 30, 2025

Got weaker

12-month revenue fell 3.7%
Debt up 54%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	51.6B CAD	49.7B CAD	−3.7%
Net income (12 months)	3.1B CAD	3.9B CAD	+25.1%
Debt	14.3B CAD	22.1B CAD	+54.2%
Cash	1.9B CAD	2.7B CAD	+44.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	1.3%	9.6%	7.9%	5.8%	7.9%	▲ 2.1 pts
Return on assets (ROA)	1.1%	11.5%	7.6%	5.6%	6.2%	▲ 0.6 pts
Return on equity (ROE)	2.5%	23.4%	14.3%	10.6%	12.4%	▲ 1.9 pts
Free cash flow margin	—	—	—	—	—	—
Current ratio	1.64×	1.55×	1.56×	1.42×	1.57×	▲ 11%
Quick ratio	1.10×	1.01×	0.91×	0.81×	1.04×	▲ 28%
Debt to equity	0.53×	0.32×	0.50×	0.50×	0.70×	▲ 40%

CVE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: growing more slowly than most peersgrowing more slowly than peers

About average: risk (debt, liquidity and share-price swings)risk

Ranks #140 of 363 energy companies (top 39%)

See how it ranks against its peers

Worth knowing

Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 8.4% in the 12 months to December 2025 vs the 12 months before.

Cenovus Energy is more profitable than most peers, yet revenue fell 8.4% in the 12 months to December 2025 vs the 12 months before.

Cash flow well above reported profit. Free cash flow is 2.1× reported profit.

Free cash flow is 2.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Cenovus Energy

Is Cenovus Energy getting weaker?

Its latest SEC filing (Feb 19, 2026) got weaker in some ways: 12-month revenue fell 3.7%; debt up 54%. Its overall score is unchanged at 57/100 since Oct 28, 2026.

How is Cenovus Energy valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 63/100 against 404 energy peers. Free cash flow yield 9.4% vs a peer median of 6.2% (stronger than 71% of peers).Free cash flow yield 9.4% vs peers 6.2% (stronger than 71% of peers).

Is Cenovus Energy growing?

More slowly than most of its peers. Growth scores 34/100 against 404 energy peers. Earnings per share growth 21.2% vs a peer median of 1.1% (stronger than 69% of peers).Earnings per share growth 21.2% vs peers 1.1% (stronger than 69% of peers). 3-year revenue growth -9.4% vs a peer median of -1.3% (weaker than 76% of peers).3-year revenue growth -9.4% vs peers -1.3% (weaker than 76% of peers).

How profitable is Cenovus Energy?

More profitable than most of its peers. Profitability scores 77/100 against 404 energy peers. Return on invested capital 30.9% vs a peer median of 9.3% (stronger than 91% of peers).Return on invested capital 30.9% vs peers 9.3% (stronger than 91% of peers).

How risky is Cenovus Energy?

Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.70× vs a peer median of 0.47× (weaker than 63% of peers).Debt / equity 0.70× vs peers 0.47× (weaker than 63% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

51.6B CAD

49.7B CAD

−3.7%

Net income (12 months)

3.1B CAD

3.9B CAD

+25.1%

Debt

14.3B CAD

22.1B CAD

+54.2%

Cash

1.9B CAD

2.7B CAD

+44.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

1.3%

9.6%

7.9%

5.8%

7.9%

▲ 2.1 pts

Return on assets (ROA)

1.1%

11.5%

7.6%

5.6%

6.2%

▲ 0.6 pts

Return on equity (ROE)

2.5%

23.4%

14.3%

10.6%

12.4%

▲ 1.9 pts

Free cash flow margin

—

Current ratio

1.64×

1.55×

1.56×

1.42×

1.57×

▲ 11%

Quick ratio

1.10×

1.01×

0.91×

0.81×

1.04×

▲ 28%

Debt to equity

0.53×

0.32×

0.50×

0.70×

▲ 40%