Cenovus Energy Inc. (CVE) 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

-1.1%

$30.68

vs $31.01 price

Levered DCF

$30.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.32

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	10.7×	12.97×	10.4×	7.99×	53.53×	-3.97×	7.36×	-4.42×
P/B	1.33×	1.35×	1.46×	1.86×	1.33×	0.57×	0.84×	0.67×
P/S	0.85×	0.7×	0.75×	0.71×	0.64×	0.68×	0.79×	0.55×
EV / EBITDA	5.43×	4.98×	4.77×	4.22×	6.56×	-981.84×	6.32×	-17.11×
Gross margin	10.5%	22.1%	22.9%	23.9%	18.7%	-2.4%	21.8%	19.1%
Operating margin	8.8%	8.8%	10.1%	14.4%	7.2%	0.0%	20.2%	-5.8%
Net margin	7.9%	5.4%	7.4%	9.0%	1.2%	-17.1%	10.7%	-12.5%
Current ratio	1.57×	1.42×	1.56×	1.55×	1.64×	1.26×	1.3×	1.23×
Debt / equity	0.54×	0.36×	0.35×	0.42×	0.65×	0.56×	0.45×	0.52×
Interest coverage	9.39×	7.8×	7.78×	12.75×	3.36×	0×	11.88×	-2.09×
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%	-9.2%

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%	-15.3%
Return on invested capital	6.7%	7.8%	9.5%	15.8%	3.3%	0.0%	12.4%	-2.8%
Return on assets	6.2%	5.6%	7.6%	11.5%	1.1%	-7.3%	6.1%	-7.6%
Free cash flow yield	8.1%	10.5%	7.4%	14.9%	10.7%	-6.2%	13.0%	6.6%
Earnings yield	9.3%	7.8%	9.8%	12.6%	1.9%	-25.1%	13.6%	-22.6%
Enterprise value	$56.3B	$47.8B	$49.5B	$58.4B	$43.8B	$18.4B	$24.6B	$20.2B
Net debt / EBITDA	1.38×	0.79×	0.74×	0.51×	1.88×	-476.86×	2.16×	-7.11×
Cash conversion cycle (days)	8	45	46	29	38	43	39	26