Cenovus Energy (CVE) Stock Analysis

November 11, 2026

This is a peer-relative look at Cenovus Energy (CVE): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Energy peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Cenovus Energy (CVE)
Profile Item	CVE
Name	Cenovus Energy Inc.
Country/Region	Canada
GICS Sector	Energy
GICS Industry Group	Energy
GICS Industry	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Integrated Oil & Gas
Market Capitalization	49.61 billion USD
Currency	USD
Exchange	NYSE
Listing Date	November 17, 2009
Security Type	Common Stock

Price Performance

Cumulative Growth

CVE

GSPC

Cenovus Energy (CVE) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Cenovus Energy (CVE) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Cenovus Energy (CVE) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
Total Return (1Y)	60.99%	32.08%
Total Return (3Y, Annualized)	19.41%	14.39%
Total Return (5Y, Annualized)	18.63%	15.43%

Risk Profile

Drawdown History

CVE

GSPC

Cenovus Energy (CVE) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Cenovus Energy (CVE) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
Volatility (1Y, Annualized)	37.47%	41.29%
Beta (5Y)	0.43	0.66
Max Drawdown (5Y)	-53.51%	-52.09%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. CVE is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
Sharpe Ratio (1Y)	1.51	0.67
Sortino Ratio (1Y)	2.20	1.01

Profitability

ROE (TTM)

Cenovus Energy (CVE) posts ROE of 27.44%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

CVE

Energy industry group

27.44%

Group distribution

Max: 53.85%
CVE: 27.44%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Largest peers

PBR: 30.27%
CVE: 27.44%
TTE: 17.83%
COP: 17.66%
SHEL: 17.43%
XOM: 15.53%
CVX: 13.85%

Where Cenovus Energy (CVE) stands on ROE within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Cenovus Energy (CVE) keeps 15.42% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

CVE

Energy industry group

15.42%

Group distribution

Max: 56.92%
Q3: 22.92%
CVE: 15.42%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Largest peers

PBR: 24.32%
COP: 16.76%
CVE: 15.42%
CVX: 11.92%
XOM: 10.46%
TTE: 10.46%
SHEL: 10.18%

Where Cenovus Energy (CVE) stands on net margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Cenovus Energy (CVE) turns 26.58% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

CVE

Energy industry group

26.58%

Group distribution

Max: 71.31%
Q3: 33.75%
CVE: 26.58%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Largest peers

PBR: 44.68%
COP: 30.05%
CVE: 26.58%
TTE: 24.51%
SHEL: 18.76%
CVX: 17.89%
XOM: 16.98%

Where Cenovus Energy (CVE) stands on operating margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
ROE (TTM)	27.44%	12.85%
ROA (TTM)	12.05%	5.49%
Net Margin (TTM)	15.42%	10.10%
Operating Margin (TTM)	26.58%	18.73%
Gross Margin (TTM)	33.92%	44.52%

Growth

Revenue Growth

Cenovus Energy (CVE) grew revenue -8.62%, in the lower peer quartile. The top line is expanding more slowly than at most peers, which can reflect softer demand, lost share, or weaker pricing.

Cenovus Energy (CVE): Revenue Growth across different time periods, set against Energy industry-group medians.

EPS Growth

Cenovus Energy (CVE) grew earnings per share 28.74%, in the upper peer quartile. Per-share profits are compounding faster than at most industry peers.

Cenovus Energy (CVE): EPS Growth across different time periods, set against Energy industry-group medians.

Growth Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
Revenue Growth (YoY)	-8.62%	0.51%
Revenue Growth (3Y CAGR)	-9.75%	0.37%
EPS Growth (YoY)	28.74%	-11.75%
EPS Growth (3Y CAGR)	-12.42%	-12.07%

Financial Strength

Current Ratio (MRQ)

Cenovus Energy (CVE) has current ratio of 1.64, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

CVE

Energy industry group

1.64

Group distribution

Max: 3.64
Q3: 2.21
CVE: 1.64
Median: 1.41
Q1: 0.88
Min: 0.24

Largest peers

CVE: 1.64
COP: 1.52
SHEL: 1.38
CVX: 1.34
XOM: 1.19
TTE: 1.11
PBR: 0.85

Where Cenovus Energy (CVE) stands on current ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Cenovus Energy (CVE) has debt-to-equity ratio of 0.33, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

CVE

Energy industry group

0.33

Group distribution

Max: 1.75
Q3: 0.93
Median: 0.54
CVE: 0.33
Q1: 0.30
Min: 0.00

Largest peers

PBR: 0.76
TTE: 0.46
SHEL: 0.38
COP: 0.35
CVE: 0.33
CVX: 0.17
XOM: 0.13

Where Cenovus Energy (CVE) stands on debt-to-equity ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
Current Ratio (MRQ)	1.64	1.41
Debt / Equity (MRQ)	0.33	0.54
Net Debt / EBITDA	0.35	1.13

Dividends

Dividend Yield (TTM)

Cenovus Energy (CVE) has dividend yield of 3.04%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

CVE

Energy industry group

3.04%

Group distribution

Max: 8.57%
Q3: 3.58%
CVE: 3.04%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Largest peers

PBR: 19.51%
TTE: 4.58%
CVX: 3.31%
CVE: 3.04%
XOM: 2.49%
COP: 2.48%
SHEL: 1.54%

Where Cenovus Energy (CVE) stands on dividend yield within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Cenovus Energy (CVE) has payout ratio of 22.84%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

CVE

Energy industry group

22.84%

Group distribution

Max: 133.24%
Q3: 53.31%
Median: 25.24%
CVE: 22.84%
Q1: 0.00%
Min: 0.00%

Largest peers

CVX: 51.76%
XOM: 42.39%
TTE: 39.93%
COP: 35.41%
PBR: 28.93%
SHEL: 26.24%
CVE: 22.84%

Where Cenovus Energy (CVE) stands on payout ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
Dividend Yield (TTM)	3.04%	1.71%
Dividend Payout Ratio (TTM)	22.84%	25.24%

Valuation

P/E Ratio (TTM)

Cenovus Energy (CVE) trades at P/E ratio of 10.56, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

CVE

Energy industry group

10.56

Group distribution

Max: 39.54
Q3: 21.72
Median: 12.19
CVE: 10.56
Q1: 7.71
Min: 2.99

Largest peers

XOM: 17.06
CVX: 15.61
COP: 14.36
CVE: 10.56
TTE: 8.76
SHEL: 8.60
PBR: 4.68

Where Cenovus Energy (CVE) stands on P/E ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Cenovus Energy (CVE) trades at 0.88 on P/S ratio, in the lower sales-valuation quartile for its industry. That points to a cheaper revenue stream than most peers, with margin quality still doing the heavy lifting.

CVE

Energy industry group

0.88

Group distribution

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
CVE: 0.88
Min: 0.00

Largest peers

COP: 2.34
CVX: 1.83
XOM: 1.74
TTE: 0.90
CVE: 0.88
SHEL: 0.87
PBR: 0.22

Where Cenovus Energy (CVE) stands on P/S ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Cenovus Energy (CVE) trades at 1.98 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

CVE

Energy industry group

1.98

Group distribution

Max: 4.21
Q3: 2.38
CVE: 1.98
Median: 1.51
Q1: 1.08
Min: 0.01

Largest peers

XOM: 2.55
COP: 2.44
CVX: 2.13
CVE: 1.98
TTE: 1.46
SHEL: 1.43
PBR: 1.25

Where Cenovus Energy (CVE) stands on P/B ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Cenovus Energy (CVE) metric values compared with Energy industry-group medians
Metric	Current stock: CVE	Industry group median
P/E Ratio (TTM)	10.56	12.19
P/S Ratio (TTM)	0.88	1.69
P/B Ratio (MRQ)	1.98	1.51
Free Cash Flow Yield (TTM)	20.71%	5.94%