Cenovus Energy Inc. (CVE.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-17.2%

CA$35.56

vs CA$42.95 price

Levered DCF

CA$36.41

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.22

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.75×	12.97×	10.27×	7.98×	53.48×	-3.99×	7.37×	-4.42×
P/B	1.33×	1.35×	1.46×	1.86×	1.33×	0.57×	0.84×	0.68×
P/S	0.85×	0.74×	0.8×	0.77×	0.67×	0.7×	0.8×	0.57×
EV / EBITDA	5.15×	5×	4.84×	4.2×	6.78×	-77.58×	5.98×	-17.67×
Gross margin	10.5%	10.4%	11.8%	17.0%	12.4%	-10.5%	10.5%	-1.8%
Operating margin	8.8%	8.9%	10.5%	15.7%	10.5%	-12.7%	8.8%	-6.5%
Net margin	7.9%	5.8%	7.9%	9.6%	1.3%	-17.6%	10.9%	-13.9%
Current ratio	1.57×	1.42×	1.56×	1.55×	1.64×	1.26×	1.3×	1.23×
Debt / equity	0.45×	0.36×	0.35×	0.42×	0.65×	0.56×	0.45×	0.52×
Interest coverage	9.39×	10.54×	12.13×	16.29×	5.54×	-3.58×	3.92×	-2.4×
Dividend yield	3.4%	3.9%	2.5%	1.8%	0.7%	0.8%	1.6%	2.1%
Payout ratio	36.6%	49.4%	25.0%	14.4%	35.8%	-3.2%	11.9%	-8.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	10.6%	14.3%	23.4%	2.5%	-14.2%	11.4%	-16.5%
Return on invested capital	6.7%	7.5%	9.3%	16.1%	4.6%	-4.1%	5.3%	-3.0%
Return on assets	6.2%	5.6%	7.6%	11.5%	1.1%	-7.3%	6.1%	-8.2%
Free cash flow yield	8.1%	10.5%	7.4%	14.9%	10.7%	-6.2%	13.0%	6.6%
Earnings yield	9.4%	7.8%	9.8%	12.6%	1.9%	-25.0%	13.5%	-24.5%
Enterprise value	CA$53.5B	CA$47.8B	CA$49.6B	CA$58.4B	CA$43.8B	CA$18.5B	CA$24.6B	CA$20.2B
Net debt / EBITDA	1.1×	0.79×	0.75×	0.51×	1.94×	-37.57×	2.04×	-7.34×
Cash conversion cycle (days)	8	44	46	30	39	49	39	20