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Cenovus Energy (CVE) USD

At a glance: strengths & risks
✓Revenue growing (+47% y/y, Q2 2026)✓Profit growing (+235% y/y, Q2 2026)✓Margins improving (14%→29%, Q2 2026)✓Low leverage (0.9x EBITDA)

Sector: Oil sands & refining

COMM_CVE

Price chart

31.08 USDDay 0.39%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
31.08 USD · 0.39%
Market cap
56.3 bn USD

Growth

Δ revenue y/y
46.7%
Δ EBITDA y/y
206.0%

Multiples

P/E (LTM)
11.7x
P/B (FY)
2.5x
P/E (ann.)
6.8x
EV/EBITDA (LTM)
5.6x
EV/EBITDA (ann.)
3.6x

Cash return

Dividend yield
1.5%
FCF yield (LTM)
-0.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+15.4%
↓ details

Liquidity

Daily turnover (listing)
124.3 mln USD

Shares: yahoo_fundamentals_timeseries/CVE

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK13.7
y/y 46.7%
3.1
y/y 517.1%
1.1
y/y 24.8%
4.1
y/y 206.0%
2.1
y/y 235.4%
4.1-0.845.7
y/y 12.1%
24.0
y/y 11.7%
34.9%3.8Yahoo Finance
2026-03-31Q1 2026 (3M)OK9.7
y/y —
1.7
y/y —
1.1
y/y —
2.8
y/y —
1.1
y/y —
1.6-0.846.5
y/y —
23.3
y/y —
19.9%5.8Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL10.0
y/y —
0.8
y/y —
1.0
y/y —
1.8
y/y —
0.7
y/y —
1.7-2.645.4
y/y 10.0%
22.6
y/y 4.2%
13.1%6.1Yahoo Finance
2025-09-30Q3 2025 (3M)OK9.6
y/y —
1.1
y/y —
1.0
y/y —
2.1
y/y —
0.9
y/y —
1.5-1.038.5
y/y —
20.4
y/y —
5.9%3.8Yahoo Finance
2025-06-30Q2 2025 (3M)OK9.4
y/y —
0.5
y/y —
0.9
y/y —
1.4
y/y —
0.6
y/y —
1.7-1.040.8
y/y —
21.5
y/y —
11.4%3.6Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL39.6
y/y 2.4%
—
y/y —
3.6
y/y 3.3%
6.7
y/y -8.8%
2.3
y/y -24.7%
6.7—41.3
y/y 3.3%
21.7
y/y 2.1%
10.7%—Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL38.7
y/y —
—
y/y —
3.4
y/y —
7.3
y/y —
3.0
y/y —
5.5—40.0
y/y —
21.3
y/y —
——Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)6 012
− Cash & equivalents2 227
Net debt3 785

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 00001 0002 0003 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.09x of reported net profit.
year20212022202320242025
cash flow / profit10.08x1.77x1.80x2.94x2.09x
accruals, % of assets-9.9%-8.9%-6.1%-10.8%-6.8%
Last twelve months (to 2025-Q3): 1.85x of profit came back as operating cash flow.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d
Q2 2026-06970 400
+26.7%
Q1 2026-03972 100
Q4 2025-12917 900
+12.5%
FY 2025-12834 200
+4.6%
Q3 2025-09832 900
Q2 2025-06765 900
Q4 2024-12816 000
FY 2024-12797 200

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://mc-3405db07-6660-4b4e-8bc8-1763-cdn-endpoint.azureedge.net/-/media/Project/WWW/docs/investors/2026/corporate-guidance-Q2-2026.pdf?rev=8b4120aed73f459994d090be4506b08a&sc_lang=en&hash=778AC1AECB5281376EE672BF0BDCBCBE; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000006/q42025newsrelease.htm; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000008/a2025annualinformationform.htm; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000023/q22026managementsdiscussio.htm; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000023/q22026newsrelease.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
9 607 mln boe (2P)
2025
Reserve life (R/P)
31.6 yrs
reserves ÷ annual output
Annual production
304.48 mln boe
2025

Production, mln boe

290.982024304.482025

Proved reserves

YearReserves, mln boe (2P)
20259 607

Production

YearProduction, mln boeper day, mln boe
2025304.48
+4.6%		0.83
2024290.980.80

Company reports: https://mc-3405db07-6660-4b4e-8bc8-1763-cdn-endpoint.azureedge.net/-/media/Project/WWW/docs/investors/2026/corporate-guidance-Q2-2026.pdf?rev=8b4120aed73f459994d090be4506b08a&sc_lang=en&hash=778AC1AECB5281376EE672BF0BDCBCBE; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000006/q42025newsrelease.htm; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000008/a2025annualinformationform.htm; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000023/q22026managementsdiscussio.htm; https://www.sec.gov/Archives/edgar/data/1475260/000147526026000023/q22026newsrelease.htm

Key-commodity price — WTI Crude Oil

Current 94spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +15.4% ▼ -0.7 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.16 vs costs ×1.04; EBITDA 10 659→13 068; at 5.2× EV/EBITDA → +15%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+22%93.9371.9676.52+31%+6%
US Crack Spread (oil refining) (rev)+8%65.1630.5930.87+113%+1%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue43 013
LTM EBITDA10 659
LTM cash costs (revenue − EBITDA)32 354
2 · Revenue projection
Revenue multiplier — spot×1.158 (+16%)
= Spot revenue49 790
Revenue multiplier — 3y price×1.015 (+1%)
= 3-year-price revenue43 643
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs33 648
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs33 648
4 · EBITDA projection (revenue − costs)
= Spot EBITDA16 142
= 3-year-price EBITDA9 995
Conservative EBITDA = min(spot, avg)13 068
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)5.2x
Target EV = EV/EBITDA × conservative EBITDA67 302
Net debt3 785
Target market cap = EV − net debt64 890
Current market cap56 252

Upside = target market cap ÷ current − 1 = +15.4%

Life of mine: 32 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY36 97712 357+199.2%5 9032 022+192.0%
2022 FY51 39942 901+19.8%10 43810 584-1.4%
2023 FY38 68848 757-20.7%7 3406 158+19.2%
2024 FY39 62837 770+4.9%6 6935 165+29.6%
2025 FY35 56538 327-7.2%7 0934 075+74.1%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -10% vs +2% the year before — a -12.7 pp move. 3-year CAGR -12%.
revenue growth by year: 2023 -25% · 2024 +2% · 2025 -10%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 10.7x · target 75th pct (3y) 6.4x · LTM avg 5.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Equinorglobal108.22.9x
Shellglobal282.75.1x
TotalEnergiesglobal192.25.5x
Suncor Energyglobal82.86.1x
ConocoPhillipsglobal156.76.4x
Chevronglobal378.97.9x
Petrobrasglobal269.08.3x
Marathon Petroleumglobal121.08.4x
Valero Energyglobal119.89.3x
Exxon Mobilglobal680.19.6x
Phillips 66global102.416.0x
Eniglobal82.117.5x
Group median8.1x
Group average8.6x
This companyglobal56.35.6x

Group median 8.1x; this company 5.6x — a 31% discount.

Group average 8.6x; against the average this company is at a 35% discount.

At the adjusted group median the market cap would be +50% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2026-06-150.157 USDEx-dividend: 0.157 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.147 USDEx-dividend: 0.147 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.147 USDEx-dividend: 0.147 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.127 USDEx-dividend: 0.127 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.133 USDEx-dividend: 0.133 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.131 USDEx-dividend: 0.131 USD per sharePaidYahoo Finance (ex-div)
2024-05-160.099 USDEx-dividend: 0.099 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.104 USDEx-dividend: 0.104 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.104 USDEx-dividend: 0.104 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.103 USDEx-dividend: 0.103 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.105 USDEx-dividend: 0.105 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.076 USDEx-dividend: 0.076 USD per sharePaidYahoo Finance (ex-div)
2022-12-140.078 USDEx-dividend: 0.078 USD per sharePaidYahoo Finance (ex-div)
2022-11-170.086 USDEx-dividend: 0.086 USD per sharePaidYahoo Finance (ex-div)
2022-09-140.08 USDEx-dividend: 0.08 USD per sharePaidYahoo Finance (ex-div)
2022-06-140.081 USDEx-dividend: 0.081 USD per sharePaidYahoo Finance (ex-div)
2022-03-140.027 USDEx-dividend: 0.027 USD per sharePaidYahoo Finance (ex-div)
2021-12-140.027 USDEx-dividend: 0.027 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Cenovus Energy (CVE) — from primary filings.

Frequently asked questions

What is Cenovus Energy (CVE)'s P/E ratio?
Cenovus Energy (CVE) trades at a P/E of 11.7x (price to trailing 12-month earnings).
What is Cenovus Energy (CVE)'s EV/EBITDA?
Cenovus Energy (CVE) trades at 5.6x EV/EBITDA.
What is Cenovus Energy (CVE)'s P/B ratio?
Cenovus Energy (CVE) trades at a P/B of 2.5x.
What is Cenovus Energy (CVE)'s dividend yield?
Cenovus Energy (CVE)'s trailing 12-month dividend yield is 1.5%.
What is Cenovus Energy (CVE)'s return on equity (ROE)?
Cenovus Energy (CVE)'s ROE is 34.9%.
What is Cenovus Energy (CVE)'s market capitalization?
Cenovus Energy (CVE)'s market cap is 56.3 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map