Energy · Oil & Gas Integrated
Price
$24.81
Market Cap
$46.3B
Employees
7,150
Beta
0.51
Avg Volume
9,277,437
CEO
Jonathan McKenzie
Business Description
Cenovus Energy Inc. is an integrated energy firm involved in the exploration, extraction, processing, and sale of crude oil, natural gas liquids, and natural gas. Its operations span Canada, the United States, and the Asia Pacific region. The company organizes its extensive activities across six core segments: Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail. The Oil Sands division is responsible for developing and producing bitumen and heavy oil from significant projects in northern Alberta and Saskatchewan, including Foster Creek, Christina Lake, Sunrise, and Tucker, in addition to its Lloydminster thermal and conventional heavy oil operations. Cenovus’s Conventional segment encompasses assets primarily situated in Alberta and British Columbia, specifically in areas such as Elmworth-Wapiti, Kaybob-Edson, Clearwater, and Rainbow Lake, alongside holdings in various natural gas processing facilities. The Offshore segment is solely dedicated to exploration and development endeavors. Its Canadian Manufacturing segment includes the proprietary Lloydminster upgrading and asphalt refining complex, which converts heavy oil and bitumen into synthetic crude oil, diesel fuel, asphalt, and other related products. This segment also oversees the Bruderheim crude-by-rail terminal and operates two ethanol plants. The U.S. Manufacturing segment focuses on refining crude oil to produce diesel, gasoline, jet fuel, asphalt, and various other petroleum products. Finally, the Retail segment manages the distribution and sales of both its own and third-party refined petroleum products through a network of retail, commercial, and bulk petroleum outlets, as well as wholesale channels. Cenovus Energy Inc. was founded in 2009 and maintains its corporate headquarters in Calgary, Canada.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
11.43
Stock Price: $24.81
EPS (Diluted): 2.17
EPS (Diluted): 2.17
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.33
Stock Price: $24.81
Total Equity: $31.60B
Shares: 1,819,861,000
Total Equity: $31.60B
Shares: 1,819,861,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
5.43
Market Cap: $46.27B
Total Debt: $14.20B
Cash: $2.74B
EBITDA: $10.37B
Total Debt: $14.20B
Cash: $2.74B
EBITDA: $10.37B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$56.3B
Market Cap: $46.27B
Total Debt: $14.20B
Cash: $2.74B
Total Debt: $14.20B
Cash: $2.74B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
10.5%
Gross Profit: $5.19B
Revenue: $49.66B
Revenue: $49.66B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
8.8%
Operating Income: $4.38B
Revenue: $49.66B
Revenue: $49.66B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
7.9%
Net Income: $3.93B
Revenue: $49.66B
Revenue: $49.66B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
12.4%
Net Income: $3.93B
Total Equity: $31.60B
Total Equity: $31.60B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
8.9%
Operating Income: $4.38B
Tax Rate: 12.2%
Equity: $31.60B
Total Debt: $14.20B
Cash: $2.74B
Tax Rate: 12.2%
Equity: $31.60B
Total Debt: $14.20B
Cash: $2.74B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.57
Current Assets: $9.88B
Current Liabilities: $6.31B
Current Liabilities: $6.31B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.45
Short-Term Debt: $368.70M
Long-Term Debt: $13.83B
Total Debt: $14.20B
Total Equity: $31.60B
Long-Term Debt: $13.83B
Total Debt: $14.20B
Total Equity: $31.60B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$27.29
Revenue: $49.66B
Shares: 1,819,861,000
Shares: 1,819,861,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$17.36
Total Equity: $31.60B
Shares: 1,819,861,000
Shares: 1,819,861,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.87
Operating CF: $8.22B
CapEx: -$4.82B
Shares: 1,819,861,000
CapEx: -$4.82B
Shares: 1,819,861,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
3.4%
Last Dividend: N/A
Stock Price: $24.81
Stock Price: $24.81
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $3.93B
Net Income: $3.93B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CVE against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:42pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $48.8B | $71.8B | $55.5B | $57.7B | $49.7B |
| Cost of Revenue | $39.7B | $54.6B | $42.8B | $45.0B | $44.5B |
| Gross Profit | $9.1B | $17.1B | $12.7B | $12.8B | $5.2B |
| Operating Expenses | $5.6B | $6.8B | $7.1B | $7.7B | $811.3M |
| Operating Income | $3.5B | $10.4B | $5.6B | $5.1B | $4.4B |
| Net Income | $587.0M | $6.5B | $4.1B | $3.1B | $3.9B |
| EBITDA | $6.7B | $14.2B | $10.4B | $9.6B | $10.4B |
| EPS | $0.29 | $3.29 | $2.12 | $1.68 | $2.17 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:42pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.9B | $4.5B | $2.2B | $3.1B | $2.7B |
| Total Current Assets | $12.0B | $12.4B | $9.7B | $10.4B | $9.9B |
| Total Assets | $54.1B | $55.9B | $53.9B | $56.5B | $63.4B |
| Current Liabilities | $7.3B | $8.0B | $6.2B | $7.4B | $6.3B |
| Long-Term Debt | $12.4B | $8.7B | $7.1B | $7.3B | $13.8B |
| Total Liabilities | $30.5B | $28.3B | $25.2B | $26.8B | $31.8B |
| Total Equity | $23.6B | $27.6B | $28.7B | $29.8B | $31.6B |
| Retained Earnings | $878.0M | $6.4B | $8.9B | $10.5B | $12.3B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:42pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $5.9B | $11.4B | $7.4B | $9.2B | $8.2B |
| Capital Expenditure | -$2.6B | -$3.8B | -$4.3B | -$5.0B | -$4.8B |
| Free Cash Flow | $3.4B | $7.6B | $3.1B | $4.2B | $3.4B |
| Acquisitions (net) | $1.2B | $1.1B | -$503.0M | $24.0M | -$2.5B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$265.0M | -$2.5B | -$1.1B | -$1.4B | -$2.5B |
| Net Change in Cash | $2.5B | $1.7B | -$2.3B | $866.0M | -$211.4M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 9:51pm (11h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$52.0B $45.3B – $60.1B
|
$55.5B $48.5B – $61.6B
|
$49.0B $42.7B – $54.3B
|
$49.2B $42.9B – $54.6B
|
| EBITDA |
$9.3B $8.1B – $10.8B
|
$10.0B $8.7B – $11.1B
|
$8.8B $7.7B – $9.7B
|
$8.8B $7.7B – $9.8B
|
| Net Income |
$6.3B $5.2B – $7.4B
|
$8.2B $3.6B – $9.0B
|
$8.5B $7.1B – $9.7B
|
$9.2B $7.7B – $10.5B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:42pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +47.0% | -22.7% | +4.1% | -14.0% |
| Gross Profit Growth | +88.1% | -25.9% | +0.5% | -59.3% |
| Operating Income Growth | +193.8% | -45.7% | -10.0% | -13.4% |
| Net Income Growth | +998.8% | -36.3% | -23.5% | +25.0% |
| EBITDA Growth | +112.7% | -26.8% | -7.8% | +8.1% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:42pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-15 | $0.16 | 2026-05-06 | 2026-06-15 | 2026-06-30 |
| 2026-03-13 | $0.15 | 2026-02-19 | 2026-03-13 | 2026-03-31 |
| 2025-12-15 | $0.15 | 2025-10-31 | 2025-12-15 | 2025-12-31 |
| 2025-09-15 | $0.14 | 2025-07-31 | 2025-09-15 | 2025-09-29 |
| 2025-06-13 | $0.15 | 2025-05-08 | 2025-06-13 | 2025-06-30 |
| 2025-03-14 | $0.13 | 2025-02-20 | 2025-03-14 | 2025-03-31 |
| 2024-12-13 | $0.13 | 2024-10-31 | 2024-12-13 | 2024-12-31 |
| 2024-09-13 | $0.13 | 2024-08-01 | 2024-09-13 | 2024-09-27 |
| 2024-06-14 | $0.13 | 2024-05-01 | 2024-06-14 | 2024-06-28 |
| 2024-05-16 | $0.10 | 2024-05-17 | 2024-05-31 | |
| 2024-03-14 | $0.10 | 2024-02-15 | 2024-03-15 | 2024-03-28 |
| 2023-12-14 | $0.10 | 2023-11-02 | 2023-12-15 | 2023-12-29 |
| 2023-09-14 | $0.10 | 2023-07-27 | 2023-09-15 | 2023-09-29 |
| 2023-06-14 | $0.11 | 2023-04-26 | 2023-06-15 | 2023-06-30 |
| 2023-03-14 | $0.08 | 2023-02-16 | 2023-03-15 | 2023-03-31 |
| 2022-12-14 | $0.08 | 2022-11-01 | 2022-12-15 | 2022-12-30 |
| 2022-11-17 | $0.09 | 2022-11-01 | 2022-11-18 | 2022-12-02 |
| 2022-09-14 | $0.08 | 2022-07-27 | 2022-09-15 | 2022-09-29 |
| 2022-06-14 | $0.08 | 2022-04-27 | 2022-06-15 | 2022-06-30 |
| 2022-03-14 | $0.03 | 2022-02-08 | 2022-03-15 | 2022-03-31 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CVE — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30