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Ovintiv Inc. (OVV) USD

Large North American independent E&P—Montney, Uinta, Permian, and Anadarko assets.

At a glance: strengths & risks
✓Revenue growing (+24% y/y, Q2 2026)✓Profit growing (+49% y/y, Q2 2026)✓Margins improving (46%→53%, Q2 2026)✓Commodity price +27% vs 1-yr · +6% vs 3-yr✗Only 10 years of reserves✗Priced above model value

Sector: United States / Canada — oil & gas exploration & production

Geography: United States, Canada

US_EP_OVV

Price chart

59.55 USDDay -1.05%

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
59.55 USD · -1.05%
Market cap
16.5 bn USD

Growth

Δ revenue y/y
23.9%
Δ EBITDA y/y
41.8%

Multiples

P/E (LTM)
17.9x
3y avg: 8.2x
P/B (FY)
1.5x
P/E (ann.)
9.0x
EV/EBITDA (LTM)
4.7x
3y avg: 4.6x
EV/EBITDA (ann.)
3.5x

Cash return

Dividend yield
2.0%
FCF yield (LTM)
13.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-58.0%
↓ details

Liquidity

Daily turnover (listing)
21.9 mln USD

Shares: sec_companyfacts/1792580

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)OK2.9
y/y 23.9%
1.0
y/y 94.5%
0.5
y/y -6.7%
1.5
y/y 41.8%
0.5
y/y 48.5%
1.6-0.619.3
y/y -2.3%
11.5
y/y 10.8%
15.8%5.0Link
2026-03-31Q1 2026 (3M)OK2.5
y/y 6.5%
0.8
y/y —
0.6
y/y 2.9%
1.3
y/y 187.7%
-0.6
y/y —
1.1-0.622.3
y/y 13.7%
11.6
y/y 14.7%
-22.2%6.4Link
2025-12-31Q4 2025 (3M)OK2.1
y/y -1.9%
0.4
y/y 21700.0%
0.5
y/y -2.2%
1.0
y/y 77.1%
0.9
y/y 1676.7%
1.0-0.520.4
y/y 5.9%
11.2
y/y 8.4%
11.6%6.1Link
2025-09-30Q3 2025 (3M)OK2.1
y/y -11.1%
0.3
y/y -48.2%
0.5
y/y -9.0%
0.8
y/y -27.4%
0.1
y/y -70.8%
0.8-0.519.4
y/y -2.4%
10.2
y/y -4.0%
1.9%6.4Link
2025-06-30Q2 2025 (3M)OK2.3
y/y 1.3%
0.5
y/y -8.1%
0.6
y/y -4.1%
1.1
y/y -6.1%
0.3
y/y -9.7%
1.0-0.519.7
y/y -0.4%
10.4
y/y 0.5%
12.0%6.6Link
2025-03-31Q1 2025 (3M)OK2.4
y/y 1.1%
-0.1
y/y -118.0%
0.5
y/y -3.7%
0.5
y/y -57.0%
-0.2
y/y -147.0%
0.9-0.619.6
y/y -1.1%
10.1
y/y -1.8%
-6.2%6.7Link
2024-12-31Q4 2024 (3M)OK2.2
y/y -30.9%
0.0
y/y -99.8%
0.5
y/y -2.0%
0.5
y/y -68.6%
-0.1
y/y -107.0%
1.0-0.619.3
y/y -3.7%
10.3
y/y -0.4%
10.7%6.2Link
2024-09-30Q3 2024 (3M)OK2.3
y/y -12.3%
0.5
y/y 12.8%
0.6
y/y 23.3%
1.1
y/y 18.2%
0.5
y/y 24.9%
1.0-0.519.9
y/y -0.2%
10.7
y/y 11.5%
6.4%6.8Link
2024-06-30Q2 2024 (3M)OK2.3
y/y -9.1%
0.6
y/y 4.7%
0.6
y/y 38.4%
1.1
y/y 19.6%
0.3
y/y 1.2%
1.0-0.619.8
y/y 1.5%
10.3
y/y 10.9%
13.2%7.0Link
2024-03-31Q1 2024 (3M)OK2.4
y/y -7.8%
0.5
y/y -27.1%
0.6
y/y 55.5%
1.1
y/y 1.7%
0.3
y/y -30.6%
0.7-0.619.8
y/y 31.2%
10.3
y/y 30.0%
13.1%7.1Link
2023-12-31Q4 2023 (3M)OK3.2
y/y —
1.2
y/y —
0.6
y/y —
1.7
y/y —
0.9
y/y —
1.4-0.720.0
y/y —
10.4
y/y —
20.9%6.7Link
2023-09-30Q3 2023 (3M)OK2.6
y/y —
0.5
y/y —
0.5
y/y —
1.0
y/y —
0.4
y/y —
0.9-0.819.9
y/y —
9.6
y/y —
5.7%7.1Link
2023-06-30Q2 2023 (3M)OK2.5
y/y —
0.5
y/y —
0.4
y/y —
0.9
y/y —
0.3
y/y —
0.8-3.919.5
y/y —
9.3
y/y —
15.6%7.0Link
2023-03-31Q1 2023 (3M)OK2.6
y/y —
0.7
y/y —
0.4
y/y —
1.0
y/y —
0.5
y/y —
1.1-0.615.1
y/y —
7.9
y/y —
—4.6Link

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

Short-term debt (incl. ST leases)105
Long-term debt (incl. LT leases)4 924
− Cash & equivalents26
Net debt5 003

Net debt / LTM EBITDA: 1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 00001 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 2.94x of reported net profit; after capex, 1.21x.
year202320242025
cash flow / profit2.00x3.31x2.94x
accruals, % of assets-10.4%-13.5%-11.8%
Last twelve months (to 2026-06-30): 4.84x of profit came back as operating cash flow.
net debt / EBITDA 1.9x · EBIT covers interest 3.0x · capex 1.1x of depreciation · dividends 21% of free cash flow · share count -0.8% a year
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.

Production & Reserves

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

Oil and Gas E and P

Proved reserves
2 325 mln boe
2025
Reserve life (R/P)
10.4 yrs
reserves ÷ annual output
Annual production
224.29 mln boe
2025

Production, mln boe

198.492020194.872021186.152022206.442023213.532024224.292025

Proved reserves

YearReserves, mln boe
20252 325
20242 057
20232 186
20222 274
20212 258
20201 992
20192 189

Production

YearProduction, mln boeper day, mln boe
2026117.71 * (6M)
+7.5%		0.64
2025224.29
+5.0%		0.61
2024213.53
+3.4%		0.58
2023206.44
+10.9%		0.57
2022186.15
−4.5%		0.51
2021194.87
−1.8%		0.53
2020198.490.54

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 91spot vs LTM +26%

Commodity-player potential

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

Upside: -58.0% ▼ -0.6 pp 1d

Main driver: WTI Crude Oil +27% vs LTM; revenue ×1.13 vs costs ×1.04; EBITDA 4 612→5 190; at 2.8× EV/EBITDA → -58%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+55%91.0771.9676.51+27%+6%
Henry Hub Gas (rev)+30%2.833.383.12-16%-8%
Propane (Texas, USD/gallon) (rev)+15%0.850.690.77+23%+11%
Henry Hub Gas (cost)-5%2.833.383.12-16%-8%
US Diesel Index (EIA) (cost)-3%6.294.214.18+49%-1%

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

1 · Reported baseline (LTM)
LTM revenue9 617
LTM EBITDA4 612
LTM cash costs (revenue − EBITDA)5 005
2 · Revenue projection
Revenue multiplier — spot×1.132 (+13%)
= Spot revenue10 886
Revenue multiplier — 3y price×1.028 (+3%)
= 3-year-price revenue9 884
3 · Costs projection
Cost multiplier — spot×1.043 (+4%)
= Spot cash costs5 222
Cost multiplier — 3y price×1.033 (+3%)
= 3-year-price cash costs5 168
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 664
= 3-year-price EBITDA4 716
Conservative EBITDA = min(spot, avg)5 190
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.8x
Target EV = EV/EBITDA × conservative EBITDA14 295
Net debt5 003
Target market cap = EV − net debt9 292
Current market cap15 315

Upside = target market cap ÷ current − 1 = -58.0%

Life of mine: 10 yrs — before haircut -39.3%

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
2024 Q12 3522 591-9.2%1 0601 026+3.3%
2024 Q22 2882 669-14.3%1 1361 149-1.1%
2024 Q32 3242 454-5.3%1 1261 042+8.1%
2024 Q42 1882 603-16.0%5471 296-57.8%
2025 Q12 3772 678-11.3%4561 290-64.6%
2025 Q22 3182 298+0.9%1 067769+38.7%
2025 Q32 0662 142-3.6%818604+35.3%
2025 Q42 1472 156-0.4%969589+64.6%
2026 Q12 5322 277+11.2%1 312846+55.2%
2026 Q22 8722 731+5.2%1 5131 473+2.7%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +9.2%

614.5589.6564.8539.9515.0202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): -12.0% · Reserves life (R/P): 10.4 yr

31002906271325192325202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31614.52,325.1——
2024-12-315383,100——
2023-12-315153,000——

2025-12-31 · FY

Production & proved reserves

FY2025 production from SEC SRT ProvedDevelopedAndUndevelopedReservesProduction (MMBbls annual crude-equivalent × 1000 / 365). Reserves: SRT ProvedDevelopedAndUndevelopedReservesNet (MMBbls).

Line itemAmount
Crude oil equivalent (net, Mboe/d)614.5
Proved reserves (net, MMboe)2,325.1

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 Form 10-K filing package: volumes from Exhibit 99.1 daily rates × 365 (Oil & Plant Condensate = 209.4 Mbbl/d; Other NGLs = 94.8 Mbbl/d; Gas = 1,862 MMcf/d). Realized prices include hedges per ovv-ex99_1.htm.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil76.4 MMBbls64.48 USD/bbl4,928.367.4%
Natural gas679,630 MMcf2.54 USD/Mcf1,726.323.6%
NGLs34.6 MMBbls18.94 USD/bbl655.49.0%
Total (implied product revenue)7,309.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)7,176USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)1,732USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization2,179USD mln
General & administrative331USD mln
Interest expense376USD mln
Income tax expense (benefit)-472USD mln
Total costs and expenses (consolidated)7,777USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 net production and proved reserves — Ovintiv Form 10-K (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)538
Proved reserves (net, MMboe)3,100

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)7,358USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)1,794USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization2,290USD mln
General & administrative365USD mln
Interest expense412USD mln
Income tax expense (benefit)226USD mln
Total costs and expenses (consolidated)7,573USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 — Form 10-K 2023 (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)515
Proved reserves (net, MMboe)3,000

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)7,812USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)3,071USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization1,825USD mln
General & administrative393USD mln
Interest expense355USD mln
Income tax expense (benefit)425USD mln
Total costs and expenses (consolidated)8,019USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -3% vs -16% the year before — a +13.2 pp move. 3-year CAGR —.
revenue growth by year: 2024 -16% · 2025 -3%
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 2.5x · target 75th pct (3y) 2.8x · LTM avg 5.7x

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

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDA
SM Energy CompanyUS8.32.3x
APA CorporationUS15.53.2x
Chord Energy CorporationUS7.73.2x
Matador Resources CompanyUS6.73.2x
Permian Resources CorporationUS16.54.7x
EQT CorporationUS31.45.5x
EOG Resources, Inc.US74.85.7x
Devon Energy CorporationUS37.05.7x
Antero Resources CorporationUS10.56.5x
Range Resources CorporationUS8.96.7x
Canadian Natural Resources LimitedUS101.37.0x
Diamondback Energy, Inc.US53.110.1x
Group median5.6x
Group average5.3x
This companyUS16.64.7x

Group median 5.6x; this company 4.7x — a 16% discount.

Group average 5.3x; against the average this company is at a 12% discount.

At the adjusted group median the market cap would be +27% 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 23.3x, Russia 3.8x, South Africa 5.2x, Kazakhstan 9.8x, India 18.4x, Indonesia 4.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2026-06-150.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-12-150.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-09-150.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-12-140.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-09-140.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-06-140.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-03-140.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2021-12-140.14 USDEx-dividend: 0.14 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).

Investor reporting (IR): https://www.ovintiv.com/investors

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 Ovintiv Inc. (OVV) — from primary filings.

Frequently asked questions

What is Ovintiv Inc. (OVV)'s P/E ratio?
Ovintiv Inc. (OVV) trades at a P/E of 17.9x (price to trailing 12-month earnings).
What is Ovintiv Inc. (OVV)'s EV/EBITDA?
Ovintiv Inc. (OVV) trades at 4.7x EV/EBITDA.
What is Ovintiv Inc. (OVV)'s P/B ratio?
Ovintiv Inc. (OVV) trades at a P/B of 1.5x.
What is Ovintiv Inc. (OVV)'s dividend yield?
Ovintiv Inc. (OVV)'s trailing 12-month dividend yield is 2.0%.
What is Ovintiv Inc. (OVV)'s return on equity (ROE)?
Ovintiv Inc. (OVV)'s ROE is 15.8%.
What is Ovintiv Inc. (OVV)'s market capitalization?
Ovintiv Inc. (OVV)'s market cap is 16.5 bn USD.

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