CVE vs. FRO: Cenovus Energy vs. Frontline Stock Comparison

November 11, 2026

How do Cenovus Energy (CVE) and Frontline (FRO) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Cenovus Energy (CVE) and Frontline (FRO) both belong to the Oil, Gas & Consumable Fuels industry, though CVE is classified under Integrated Oil & Gas while FRO falls under Oil & Gas Storage & Transportation.

Company profile comparison for Cenovus Energy (CVE) and Frontline (FRO)
Profile Item	CVE	FRO
Name	Cenovus Energy Inc.	Frontline plc Ordinary Shares
Country/Region	Canada	Cyprus
GICS Sector	Energy	Energy
GICS Industry Group	Energy	Energy
GICS Industry	Oil, Gas & Consumable Fuels	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Integrated Oil & Gas	Oil & Gas Storage & Transportation
Market Capitalization	49.61 billion USD	10.11 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	November 17, 2009	August 6, 2001
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CVE

FRO

GSPC

Cenovus Energy (CVE) vs. Frontline (FRO), with S&P 500 (GSPC) for reference: 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 Frontline (FRO). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Cenovus Energy (CVE) and Frontline (FRO). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
Total Return (1Y)	60.99%	119.28%
Total Return (3Y, Annualized)	19.41%	40.57%
Total Return (5Y, Annualized)	18.63%	52.54%

Risk Profile

Drawdown History

CVE

FRO

GSPC

Cenovus Energy (CVE) vs. Frontline (FRO), with S&P 500 (GSPC) for reference: 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 Frontline (FRO). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
Volatility (1Y, Annualized)	37.47%	46.26%
Beta (5Y)	0.43	0.22
Max Drawdown (5Y)	-53.51%	-52.04%
Avg. Volume (3M)	6.90M	3.68M

Risk-Adjusted Performance

Risk-Return Positioning

CVE and FRO are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
Sharpe Ratio (1Y)	1.51	2.49
Sortino Ratio (1Y)	2.20	3.74

Profitability

ROE (TTM)

Both Cenovus Energy (CVE) at 27.44% and Frontline (FRO) at 53.85% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

CVE

Energy industry group

27.44%

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

FRO

Energy industry group

53.85%

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

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their ROE against the Energy industry group benchmark.

Net Margin (TTM)

Frontline (FRO) at 54.76% retains a top-quartile share of revenue as profit, ahead of Cenovus Energy (CVE) at 15.42%, which keeps about the industry-typical share.

CVE

Energy industry group

15.42%

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

FRO

Energy industry group

54.76%

Max: 56.92%
FRO: 54.76%
Q3: 22.92%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their net margin against the Energy industry group benchmark.

Operating Margin (TTM)

Frontline (FRO) at 65.83% operates in the top operating margin quartile, ahead of Cenovus Energy (CVE) at 26.58%, which runs around its industry’s norm.

CVE

Energy industry group

26.58%

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

FRO

Energy industry group

65.83%

Max: 71.31%
FRO: 65.83%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their operating margin against the Energy industry group benchmark.

Profitability Metrics

Profitability metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
ROE (TTM)	27.44%	53.85%
ROA (TTM)	12.05%	14.25%
Net Margin (TTM)	15.42%	54.76%
Operating Margin (TTM)	26.58%	65.83%
Gross Margin (TTM)	33.92%	63.03%

Growth

Revenue Growth

Frontline (FRO) at -4.16% is around its peer norm for revenue growth, while Cenovus Energy (CVE) at -8.62% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Cenovus Energy (CVE) at 28.74% sits in the top EPS growth quartile, while Frontline (FRO) at -23.77% is closer to the peer norm — faster per-share earnings growth for CVE.

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
Revenue Growth (YoY)	-8.62%	-4.16%
Revenue Growth (3Y CAGR)	-9.75%	11.17%
EPS Growth (YoY)	28.74%	-23.77%
EPS Growth (3Y CAGR)	-12.42%	-8.37%

Financial Strength

Current Ratio (MRQ)

Both Cenovus Energy (CVE) at 1.64 and Frontline (FRO) at 1.87 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

CVE

Energy industry group

1.64

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

FRO

Energy industry group

1.87

Max: 3.64
Q3: 2.21
FRO: 1.87
Median: 1.41
Q1: 0.88
Min: 0.24

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their current ratio against the Energy industry group benchmark.

Debt / Equity (MRQ)

Both Cenovus Energy (CVE) at 0.33 and Frontline (FRO) at 0.77 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

CVE

Energy industry group

0.33

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

FRO

Energy industry group

0.77

Max: 1.75
Q3: 0.93
FRO: 0.77
Median: 0.54
Q1: 0.30
Min: 0.00

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their debt-to-equity ratio against the Energy industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
Current Ratio (MRQ)	1.64	1.87
Debt / Equity (MRQ)	0.33	0.77
Net Debt / EBITDA	0.35	1.28

Dividends

Dividend Yield (TTM)

Cenovus Energy (CVE) at 3.04% pays an industry-typical yield; Frontline (FRO) at 12.04% is above its entire peer range — the higher number, but one that calls for a look at payout sustainability before treating it as an advantage.

CVE

Energy industry group

3.04%

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

FRO

Energy industry group

12.04%

FRO: 12.04%
Max: 8.57%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their dividend yield against the Energy industry group benchmark.

Dividend Payout Ratio (TTM)

Both Cenovus Energy (CVE) at 22.84% and Frontline (FRO) at 46.93% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

CVE

Energy industry group

22.84%

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

FRO

Energy industry group

46.93%

Max: 133.24%
Q3: 53.31%
FRO: 46.93%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their payout ratio against the Energy industry group benchmark.

Dividend Metrics

Dividend metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
Dividend Yield (TTM)	3.04%	12.04%
Dividend Payout Ratio (TTM)	22.84%	46.93%

Valuation

P/E Ratio (TTM)

Frontline (FRO) at 6.81 sits in the cheaper P/E ratio quartile, while Cenovus Energy (CVE) at 10.56 is closer to its industry’s usual earnings multiple — a discount for FRO, though growth and earnings durability still matter.

CVE

Energy industry group

10.56

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

FRO

Energy industry group

6.81

Max: 39.54
Q3: 21.72
Median: 12.19
Q1: 7.71
FRO: 6.81
Min: 2.99

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their P/E ratio against the Energy industry group benchmark.

P/S Ratio (TTM)

Cenovus Energy (CVE) at 0.88 looks cheap on sales in the lower P/S ratio quartile, while Frontline (FRO) at 3.72 looks rich in the upper quartile — a clear gap in price per dollar of revenue.

CVE

Energy industry group

0.88

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

FRO

Energy industry group

3.72

Max: 5.40
FRO: 3.72
Q3: 2.85
Median: 1.69
Q1: 0.88
Min: 0.00

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their P/S ratio against the Energy industry group benchmark.

P/B Ratio (MRQ)

Cenovus Energy (CVE) at 1.98 is valued about in line with its industry on P/B ratio, while Frontline (FRO) at 3.20 carries an above-peer premium to book — FRO is pricier on assets.

CVE

Energy industry group

1.98

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

FRO

Energy industry group

3.20

Max: 4.21
FRO: 3.20
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

Cenovus Energy (CVE) vs. Frontline (FRO): A comparison of their P/B ratio against the Energy industry group benchmark.

Valuation Metrics

Valuation metrics for Cenovus Energy (CVE) and Frontline (FRO)
Metric	CVE	FRO
P/E Ratio (TTM)	10.56	6.81
P/S Ratio (TTM)	0.88	3.72
P/B Ratio (MRQ)	1.98	3.20
Free Cash Flow Yield (TTM)	20.71%	2.81%