(CVE) Cenovus Energy - Ratings and Ratios

Exchange: NYSE • Country: Canada • Currency: USD • Type: Common Stock • ISIN: CA15135U1093

Crude Oil, Bitumen, Natural Gas, Diesel, Gasoline

Stock: Integrated Oil & Gas
Age 16.2y

MCap 34,031m
Avg Vol 11.0M (183M USD)

Beta 1.149
Volatility 33.30%

EPS (Earnings per Share)

EPS CAGR: -55.04%
EPS Trend: -64.4%

Last SUE: -1.43
Qual. Beats: 0

Revenue

Rev. CAGR: 4.93%
Rev. Trend: 40.7%

Last SUE: -0.05
Qual. Beats: 0

Dividends

Dividend Yield	3.57%
Yield on Cost 5y	10.58%
Yield CAGR 5y	68.63%
Payout Consistency	80.9%
Payout Ratio	46.8%

Risk via 5d forecast
Volatility	33.3%
Value at Risk 5%th	54.2%
Relative Tail Risk	-1.14%

Reward TTM
Sharpe Ratio	0.71
Alpha	9.51
CAGR/Max DD	0.04

Character TTM
Hurst Exponent	0.346
Beta	1.149
Beta Downside	1.666

Drawdowns 3y
Max DD	49.57%
Mean DD	18.47%
Median DD	17.47%

Description: CVE Cenovus Energy December 17, 2025

Cenovus Energy Inc. (NYSE:CVE) is an integrated upstream-downstream oil and gas company operating in Canada, the United States, and China. Its business is split into Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments, with core bitumen and heavy-oil production coming from the Foster Creek, Christina Lake, Sunrise, and Lloydminster projects.

Key operational metrics (as of Q3 2024) show 2024-adjusted net production of ~620 kb/d of oil-equivalent, of which roughly 55 % is bitumen from the oil-sands portfolio. The Lloydminster upgrading complex now runs at ~70 % capacity, delivering ~260,000 bbl/d of synthetic crude and diesel, while the company’s U.S. refining margin averaged $12.5 per barrel in the same quarter.

Financially, Cenovus generated $2.1 billion of free cash flow in 2023, supporting a net debt-to-EBITDA ratio of 2.3×, well below the industry median of ~3.0×. The firm’s dividend payout is 60 % of earnings, yielding ~3.8 % at current share price, and it has a $1.5 billion share-repurchase authorization active through 2025.

Sector-wide drivers that will materially affect Cenovus include sustained high WTI crude prices (above $80 / bbl), tightening refinery crack spreads, and the ongoing regulatory push for lower carbon intensity in oil-sands production, which could raise operating costs but also create eligibility for carbon-credit incentives.

For a deeper quantitative view, you may want to explore the CVE dashboard on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 6.0

Net Income: 3.14b TTM > 0 and > 6% of Revenue
FCF/TA: 0.05 > 0.02 and ΔFCF/TA -4.69 > 1.0
NWC/Revenue: 7.42% < 20% (prev 6.59%; Δ 0.82% < -1%)
CFO/TA 0.15 > 3% & CFO 7.85b > Net Income 3.14b
Net Debt (8.13b) to EBITDA (9.28b): 0.88 < 3
Current Ratio: 1.73 > 1.5 & < 3
Outstanding Shares: last quarter (1.79b) vs 12m ago -3.79% < -2%
Gross Margin: 20.70% > 18% (prev 0.22%; Δ 2048 % > 0.5%)
Asset Turnover: 102.6% > 50% (prev 105.2%; Δ -2.62% > 0%)
Interest Coverage Ratio: 7.64 > 6 (EBITDA TTM 9.28b / Interest Expense TTM 546.0m)

Altman Z'' (< 1.1 .. > 2.6) 2.93

A: 0.08 (Total Current Assets 9.77b - Total Current Liabilities 5.65b) / Total Assets 53.57b
B: 0.23 (Retained Earnings 12.23b / Total Assets 53.57b)
C: 0.08 (EBIT TTM 4.17b / Avg Total Assets 54.13b)
D: 1.11 (Book Value of Equity 28.02b / Total Liabilities 25.18b)
Altman-Z'' Score: 2.93 = A

ValueRay F-Score (Strict, 0-100) 63.39

1. Piotroski: 6.0pt
2. FCF Yield: 5.12%
3. FCF Margin: 5.09%
4. Debt/Equity: 0.35
5. Debt/Ebitda: 0.88
6. ROIC - WACC: 2.78%
7. RoE: 10.69%
8. Revenue Trend: 40.68%
9. EPS Trend: -64.42%

What is the price of CVE shares?

As of January 22, 2026, the stock is trading at USD 18.49 with a total of 12,700,824 shares traded.
Over the past week, the price has changed by +0.43%, over one month by +10.59%, over three months by +12.02% and over the past year by +27.93%.

Is CVE a buy, sell or hold?

Cenovus Energy has received a consensus analysts rating of 4.26. Therefore, it is recommended to buy CVE.

Strong Buy: 8
Buy: 9
Hold: 1
Sell: 1
Strong Sell: 0

What are the forecasts/targets for the CVE price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	18.6	0.5%
Analysts Target Price	18.6	0.5%
ValueRay Target Price	20.4	10.2%

CVE Fundamental Data Overview January 19, 2026

Market Cap CAD = 47.06b (34.03b USD * 1.3828 USD.CAD)
P/E Trailing = 14.5484
P/E Forward = 19.4175
P/S = 0.6592
P/B = 1.6726
P/EG = 0.45
Revenue TTM = 55.53b CAD
EBIT TTM = 4.17b CAD
EBITDA TTM = 9.28b CAD
Long Term Debt = 7.16b CAD (from longTermDebt, last quarter)
Short Term Debt = 342.0m CAD (from shortTermDebt, last quarter)
Debt = 10.03b CAD (from shortLongTermDebtTotal, last quarter)
Net Debt = 8.13b CAD (from netDebt column, last quarter)
Enterprise Value = 55.18b CAD (47.06b + Debt 10.03b - CCE 1.90b)
Interest Coverage Ratio = 7.64 (Ebit TTM 4.17b / Interest Expense TTM 546.0m)
EV/FCF = 19.54x (Enterprise Value 55.18b / FCF TTM 2.82b)
FCF Yield = 5.12% (FCF TTM 2.82b / Enterprise Value 55.18b)
FCF Margin = 5.09% (FCF TTM 2.82b / Revenue TTM 55.53b)
Net Margin = 5.66% (Net Income TTM 3.14b / Revenue TTM 55.53b)
Gross Margin = 20.70% ((Revenue TTM 55.53b - Cost of Revenue TTM 44.04b) / Revenue TTM)
Gross Margin QoQ = 23.16% (prev 20.05%)
Tobins Q-Ratio = 1.03 (Enterprise Value 55.18b / Total Assets 53.57b)
Interest Expense / Debt = 0.67% (Interest Expense 67.0m / Debt 10.03b)
Taxrate = 0.85% (11.0m / 1.30b)
NOPAT = 4.14b (EBIT 4.17b * (1 - 0.85%))
Current Ratio = 1.73 (Total Current Assets 9.77b / Total Current Liabilities 5.65b)
Debt / Equity = 0.35 (Debt 10.03b / totalStockholderEquity, last quarter 28.37b)
Debt / EBITDA = 0.88 (Net Debt 8.13b / EBITDA 9.28b)
Debt / FCF = 2.88 (Net Debt 8.13b / FCF TTM 2.82b)
Total Stockholder Equity = 29.39b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.80% (Net Income 3.14b / Total Assets 53.57b)
RoE = 10.69% (Net Income TTM 3.14b / Total Stockholder Equity 29.39b)
RoCE = 11.42% (EBIT 4.17b / Capital Employed (Equity 29.39b + L.T.Debt 7.16b))
RoIC = 11.26% (NOPAT 4.14b / Invested Capital 36.74b)
WACC = 8.48% (E(47.06b)/V(57.09b) * Re(10.15%) + D(10.03b)/V(57.09b) * Rd(0.67%) * (1-Tc(0.01)))
Discount Rate = 10.15% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -2.40%
[DCF Debug] Terminal Value 74.56% ; FCFF base≈3.87b ; Y1≈3.48b ; Y5≈2.97b
Fair Price DCF = 21.61 (EV 48.89b - Net Debt 8.13b = Equity 40.77b / Shares 1.89b; r=8.48% [WACC]; 5y FCF grow -12.58% → 2.90% )
EPS Correlation: -64.42 | EPS CAGR: -55.04% | SUE: -1.43 | # QB: 0
Revenue Correlation: 40.68 | Revenue CAGR: 4.93% | SUE: -0.05 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.20 | Chg30d=-0.039 | Revisions Net=+1 | Analysts=2
EPS next Year (2026-12-31): EPS=0.89 | Chg30d=-0.112 | Revisions Net=+0 | Growth EPS=-32.3% | Growth Revenue=-23.4%

Additional Sources for CVE Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle