CVE
Cenovus Energy Inc.
CVE's fundamentals are strong: its operating margin rose 13 points to 19% and free cash flow more than doubled, though revenue fell 4.8%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
CVE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
CVE's profitability, cash flow and balance sheet are currently strong, and its revenue is stable.
CVE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.4x | $18.69 | -35% |
| Current | 11x | $28.89 | — |
| Fair | 12x | $31.13 | +7.7% |
| Expensive | 23x | $58.13 | +101% |
Historical ranges are pointers, not guarantees.
CVE's PE is 11x, but its earnings don't support one, so it isn't a reliable read right now.
CVE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CVE, with profitability improving. However, they disagree widely on these estimates.
CVE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $2.52 | +152% |
| Q1 2026 | $1.76 | +68% |
| Q4 2025 | $1.50 | +30% |
| Q3 2025 | $1.21 | -12% |
| Q2 2025 | $1.00 | -43% |
| Q1 2025 | $1.05 | -38% |
| Q4 2024 | $1.15 | -23% |
| Q3 2024 | $1.38 | -6.8% |
CVE earned $2.52 per share over the past year, up 152% from the year before.
CVE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $12.3B | +35% |
| Q1 2026 | $8.7B | -13% |
| Q4 2025 | $7.6B | -28% |
| Q3 2025 | $9.3B | -7.4% |
| Q2 2025 | $9.1B | -16% |
| Q1 2025 | $10B | +2.9% |
| Q4 2024 | $10.7B | +8.3% |
| Q3 2024 | $10B | -2.3% |
CVE's revenue is down over the past year, though its latest quarter was up: $12.3B last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 24% | +19 points |
| Q1 2026 | 19% | +9.5 points |
| Q4 2025 | 9.9% | +4.4 points |
| Q3 2025 | 21% | +14 points |
| Q2 2025 | 5.3% | -4.4 points |
| Q1 2025 | 9% | -3.2 points |
| Q4 2024 | 5.5% | -1.4 points |
| Q3 2024 | 7.3% | -20 points |
CVE's operating margin was 24% last quarter, up 19 points from the same quarter a year ago, near the top of its range since 2019.
CVE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $3.1B | +265% |
| Q1 2026 | $728.8M | +1105% |
| Q4 2025 | $797.3M | +106% |
| Q3 2025 | $686.9M | -13% |
| Q2 2025 | $850.7M | -27% |
| Q1 2025 | $60.5M | -90% |
| Q4 2024 | $387.4M | -69% |
| Q3 2024 | $793M | -34% |
CVE generated $5.3B in free cash flow over the past year, up 154% from the year before.
CVE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -7.9M shares |
| 1 year | +2.2% | +39.9M shares |
| 3 years | -4.3% | -84.4M shares |
| 5 years | +14% | +234M shares |
| Available history | +52% | +642M shares |
CVE has 1.9B diluted shares, up 2.2% from a year ago, despite $2.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $757.5M |
| Q1 2026 | $498.3M |
| Q4 2025 | $544.4M |
| Q3 2025 | $660.2M |
| Q2 2025 | $327.6M |
| Q1 2025 | $43.6M |
| Q4 2024 | $75.9M |
| Q3 2024 | $514.6M |
CVE spent $2.5B buying back its own shares over the past year, up 156% from the year before.
CVE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 1.0x | Very low |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 0.8x | Very low |
| Q3 2024 | 0.7x | Very low |
CVE's net debt is less than a year of its operating earnings (EBITDA).
CVE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 36.5 | Neutral |
CVE's weekly RSI is 49 (neutral) and its Stochastic is 36 (neutral).
CVE PE vs Energy Sector
| Metric | CVE | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 12% below |
| PE % | 41 | 61 | 20 pts below |
CVE is trading at 11x earnings, a 12% discount to the Energy sector's median of 13x, though its earnings don't support one.
CVE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $31.2 | 7.4% below |
| 20 week MA | $30.5 | 5.3% below |
| 50 week MA | $26.2 | 10% above |
| 100 week MA | $20.6 | 41% above |
| 200 week MA | $19.3 | 49% above |
CVE has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 49% above its 200-week average.
CVE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $5.90 | -41% |
| 2021 | $5.90 | $12.0 | +104% |
| 2022 | $12.0 | $19.3 | +61% |
| 2023 | $19.3 | $16.7 | -14% |
| 2024 | $16.7 | $14.6 | -12% |
| 2025 | $14.6 | $16.7 | +14% |
| 2026 YTD | $16.7 | $28.9 | +73% |
CVE is up 73% so far in 2026, after finishing lower in three of the previous six years.