Stock

Cenovus Energy

CVE
68
Oil & Gas Integrated · Energy
Also trades as: CVE.TO CAD 46.67 (+2.75%)
Price
$32.94
+0.97 (+3.03%)
Market Cap
$60.75B
Exchange
New York Stock Exchange
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
8/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

68 of 100 counted points = Winston Score 68.

Share count falling — buybacks

−11.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.05B (2021) → 1.82B (2025)

§Winston Score History

The full picture

Cenovus Energy is a Canadian oil and gas company that pulls oil out of the ground, refines it into fuels like gasoline and diesel, and sells those products to customers across North America. Its core operations include oil sands mining in Alberta, conventional oil and natural gas production, and a large network of refineries in Canada and the United States. It is one of Canada's largest integrated energy companies, owning well-known refining assets acquired through its 2021 merger with Husky Energy.

Cenovus makes money by selling crude oil, refined petroleum products, and natural gas to industrial buyers, fuel distributors, and wholesale markets. It operates primarily in Canada and the United States, generating roughly $50 billion in annual revenue at scale. Its oil sands assets are difficult and expensive for competitors to replicate, which provides some long-term production stability. However, the company carries meaningful debt from the Husky acquisition, and its profits are heavily tied to global oil prices, which can swing sharply.

Score breakdown

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Quality

Profit per sale
Gross Margin
25.4%
Modest — 25.4% gross margin
Profit after running costs
Operating Margin
24.2%
Excellent — 24.2% operating margin
Return on the money invested
ROCE
24.2%
Exceptional — 24.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-4.8%
Shrinking sales (-4.8% YoY)
Profit growth
EPS YoY
+153.0%
Earnings growing fast (+153.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
185%
Turns 185% of profit into real cash
Spare cash per sale
FCF Margin
14.0%
Converts sales into free cash efficiently (14.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.26
Conservative — low debt load (0.26)
Covers its interest
Interest Cover
21.18x
Comfortably covers interest (21.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.1x
Attractive valuation — P/E 9.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-1.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.04%
Moderate income — 2.04% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+11.5%
Dividend growing fast (11.5% YoY)
Payout Ratio
23%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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