Loading…
Canadian integrated oil and gas company with oil-sands production, conventional assets, and refining through US and Canadian plants.
Canadian integrated oil and gas company with oil-sands production, conventional assets, and refining through US and Canadian plants.
Sells crude oil, bitumen and refined fuels at prices set in world markets, with refineries giving a partial offset when crude is cheap relative to products. Steam-driven wells in northern Alberta supply most of the oil. The 2021 merger with Husky Energy added most of its refining and its offshore oil.
In one line: Canada's Phillips 66-style integrated oil-sands producer.
Moat: narrow (scale, installed base). Large oil-sands reserve base integrated with downstream refining capacity.
Headquarters: Calgary, Alberta, Canada · Founded: 2009 · Employees: 7,211
Size Cenovus Energy (CVE.TO) is a Canada Energy company (Integrated Oil) with a market value of $50.2B, the 24th largest of 420 Canada companies the cockpit tracks. Shares closed at C$38.74 on 6 Nov 2026.
Performance Over six months the shares fell 0.3%, against +0.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 12.1% over the last twelve months (peer median +17.4%); the operating margin is 20.9% (peer median 24.0%).
Valuation It trades at 6.7× forward earnings against a peer median of 8.0× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is -44 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.0 points above its cost of capital (6.1% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$56.6B | C$49.7B | C$54.3B | C$52.2B | C$66.9B |
| Revenue growth | — | -8% | +4% | -22% | — |
| Gross profit | C$13.1B | C$5.20B | C$5.63B | C$6.16B | C$11.4B |
| EBITDA | C$17.9B | C$9.82B | C$9.93B | C$10.3B | C$15.0B |
| Net income | C$8.73B | C$3.93B | C$3.14B | C$4.11B | C$6.45B |
| Free cash flow | C$10.7B | C$3.41B | C$4.29B | C$3.17B | C$7.73B |
| Capital expenditure | C$5.18B | C$4.91B | C$5.01B | C$4.30B | C$3.71B |
| Total debt | C$11.6B | C$14.2B | C$10.6B | C$9.95B | C$11.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cenovus Energy CVE.TO | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% |
| Suncor Energy SU.TO | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% |
| Canadian Natural Resources CNQ.TO | $101B | +12% | +18% | 27% | 10.3× | 2.8% |
| Imperial Oil IMO.TO | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% |
| Phillips 66 PSX | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CVE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.3% | -4.8% | 4th lowest of 21 |
| 6-month return | -0.3% | +0.9% | 11th highest of 21 |
| Distance from 52-week high | -18.4% | -18.0% | 11th highest of 21 |
| Revenue growth (TTM) | +12.1% | +17.4% | 9th lowest of 21 |
| Operating margin | 20.9% | 24.0% | 7th lowest of 21 |
| Forward P/E | 6.7× | 8.0× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -14.4% | -11.7% | 7th least demanding of 20 |
| Growth delivered (Del g) | +29.7% | +17.9% | 4th highest of 20 |
| Hurdle (Req g minus delivered) | -44.1 pp | -28.0 pp | 3rd least demanding of 20 |
| ROIC minus cost of capital | +15.0 pp | +8.9 pp | 4th highest of 21 |
| EV / EBITDA | 4.3× | 4.2× | 11th cheapest of 21 |
| Net debt / EBITDA | 0.3× | 0.8× | 7th least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| Equinor EQNR.OL | Norway | $102B | +12% | +2% | 33% | 7.2× | -15.4% | +20.7% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| CNOOC 600938.SS | China | $141B | -22% | +7% | 46% | 9.0× | -21.8% | +20.6% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |