Cenovus Energy Balance Sheet Health
Financial Health criteria checks 5/6
Cenovus Energy has a total shareholder equity of CA$32.5B and total debt of CA$10.6B, which brings its debt-to-equity ratio to 32.7%. Its total assets and total liabilities are CA$64.8B and CA$32.3B respectively. Cenovus Energy's EBIT is CA$5.5B making its interest coverage ratio 17. It has cash and short-term investments of CA$2.6B.
Key information
32.68%
Debt to equity ratio
CA$10.63b
Debt
| Interest coverage ratio | 17x |
| Cash | CA$2.58b |
| Equity | CA$32.53b |
| Total liabilities | CA$32.32b |
| Total assets | CA$64.85b |
Recent financial health updates
No updates
Recent updates
Narrative Update • Jun 08
CVE: Future Cash Returns Will Hinge On Volume And Free Cash Flow Inflection
Analysts have nudged the Cenovus Energy fair value estimate higher to CA$45.91 from CA$45.47, reflecting a series of recent price target increases to around CA$47. These increases are tied to expectations for a volume and free cash flow inflection as new projects come online and potential benefits from higher commodity prices.Narrative Update • May 25
CVE: Future Cash Returns And Project Execution Will Shape Risk Balance
Cenovus Energy's fair value estimate has shifted from CA$42.00 to CA$45.47 as analysts factor in higher price targets across the Street and updated assumptions around future revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Bullish and cautious views around Cenovus Energy center on how effectively the company can translate future project ramp ups and commodity price trends into sustainable cash generation and whether the current valuation already embeds much of that potential.Analysis Article • May 08
Cenovus Energy Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
Shareholders might have noticed that Cenovus Energy Inc. ( TSE:CVE ) filed its first-quarter result this time last...Narrative Update • May 05
CVE: Future Cash Returns Portfolio Shift And Buybacks Will Shape Risk Balance
Cenovus Energy's analyst fair value estimate has been nudged up from CA$41.56 to CA$42.00 as analysts factor in a series of recent price target increases and updated views on the company's leadership, portfolio and cash flow profile. Analyst Commentary Recent research on Cenovus Energy has been active, with a series of price target changes and one clear upgrade and downgrade highlighting how views are evolving around valuation, management execution and the portfolio mix.Narrative Update • Apr 20
CVE: Future Cash Returns And Buybacks Will Drive Risk Reward Balance
The analyst price target for Cenovus Energy has been raised by CA$4.50 to CA$41.56, with analysts pointing to updated views on revenue trends, margins, and future P/E assumptions as they respond to a series of recent target increases across the Street. Analyst Commentary Recent research on Cenovus Energy has been active, with several firms adjusting targets and views as they reassess valuation, cash flow potential, and the impact of recent corporate moves.Narrative Update • Apr 04
CVE: Cash Returns And Portfolio Changes Will Shape Future Risk Reward Balance
Narrative Update: Cenovus Energy The analyst price target for Cenovus Energy has been raised from CA$33.19 to CA$37.06, with analysts citing updated views on fair value, revenue growth, profit margins and a recent cluster of higher Street targets from firms including Goldman Sachs, RBC, TD Securities, BMO Capital, Morgan Stanley, Scotiabank, Raymond James and Veritas. Analyst Commentary Recent research on Cenovus Energy shows a cluster of higher price targets alongside a few cautious signals, giving you a mixed but useful read on how the Street is thinking about valuation and execution risk.Narrative Update • Mar 21
CVE: Cash Returns And Portfolio Integration Will Shape Future Risk Reward Balance
Cenovus Energy's analyst fair value estimate has been revised higher from CA$32.12 to CA$33.19, reflecting a series of recent target price increases from multiple firms as analysts factor in updated views on revenue, profit margins and sector conditions. Analyst Commentary Recent Street research on Cenovus Energy points to an active debate around upside potential versus execution and commodity related risks, with several firms adjusting their price targets and ratings in quick succession.
New Narrative • Mar 20
Oil Sands Scale And Integrated Refining Will Support Stronger Long Term Earnings Power
Catalysts About Cenovus Energy Cenovus Energy is an integrated oil and gas company with a large oil sands, heavy oil and refining footprint in Canada and the United States. What are the underlying business or industry changes driving this perspective?
New Narrative • Mar 06
Oil Sands And Refining Pressures Will Restrain Long Term Earnings Potential
Catalysts About Cenovus Energy Cenovus Energy is an integrated oil and gas company with operations across Canadian oil sands, conventional production, offshore assets and refining. What are the underlying business or industry changes driving this perspective?Narrative Update • Mar 05
CVE: Portfolio Shift And Cash Returns Will Shape Future Tradeoff
Narrative Update Our updated analyst price target for Cenovus Energy has risen by about CA$3 per share. This reflects a higher fair value estimate of CA$32.12 as analysts factor in a less severe revenue contraction, a lower projected profit margin, a higher future P/E, and a series of recent price target revisions clustered around CA$32 to CA$35.Narrative Update • Feb 19
CVE: Portfolio Shifts And Free Cash Flow Will Shape Future Returns
Cenovus Energy's updated analyst price target edges higher to CA$29.18 from CA$29.06, with analysts pointing to management quality, shareholder alignment, free cash flow generation and recent portfolio shifts as key factors supporting the revised view. Analyst Commentary Recent research updates show a mix of optimism and caution around Cenovus Energy, with price targets adjusted in both directions as analysts weigh leadership, capital allocation and the impact of recent portfolio moves.Analysis Article • Feb 11
Investors Still Aren't Entirely Convinced By Cenovus Energy Inc.'s (TSE:CVE) Earnings Despite 26% Price Jump
Cenovus Energy Inc. ( TSE:CVE ) shareholders would be excited to see that the share price has had a great month...Narrative Update • Feb 05
CVE: MEG Integration And Buybacks Will Shape Future Cash And Production
Narrative Update The average analyst price target for Cenovus Energy has been trimmed slightly, by about $0.15. Analysts are factoring in mixed recent target moves along with updated views on revenue trends, margin expectations and future P/E levels following the MEG Energy acquisition developments.Narrative Update • Jan 22
CVE: MEG Integration And New Buybacks Will Support Future Cash Returns
Narrative Update The updated analyst price target for Cenovus Energy reflects a small fair value adjustment to $29.21, alongside a mixed set of Street moves, with several firms lifting targets into the C$30 to C$32 range and one trimming to C$32, as analysts factor in refreshed 2025 guidance, early 2026 commentary, and the MEG Energy acquisition. Analyst Commentary Recent research updates around Cenovus Energy remain largely constructive, with most firms adjusting their price targets in a narrow C$30 to C$32 range and reacting to both refreshed guidance and the pending MEG Energy acquisition.Narrative Update • Jan 07
CVE: MEG Integration And Buybacks Will Support Future Cash Returns
Analysts have nudged their fair value estimate for Cenovus Energy higher, with updated price targets clustering in the C$30 to C$32 range as they factor in refreshed 2025 and 2026 guidance and the impact of the MEG Energy acquisition. Analyst Commentary Recent research has centered on how Cenovus can execute on its updated 2025 and preliminary 2026 plans while integrating MEG Energy, with valuation tweaks reflecting both upside potential and deal risk.Narrative Update • Dec 15
CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow
We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.Narrative Update • Dec 01
CVE: MEG Acquisition Integration Will Drive Margin and Cash Flow Upside
The analyst price target for Cenovus Energy has been increased modestly, reflecting a higher fair value estimate of $29.35. Analysts have factored in updated guidance and favorable outlooks following recent acquisitions and deal-related developments.Narrative Update • Nov 17
CVE: MEG Deal Integration Will Drive Margin Gains And Address Execution Risks
Analysts have modestly increased their price target for Cenovus Energy to C$28.97 from C$27.97, citing improved profit margin outlooks and updated models reflecting recent acquisitions and deal developments. Analyst Commentary Recent Street research offers a nuanced perspective on Cenovus Energy, as analysts weigh both the potential gains and risks associated with the company’s recent activities.Narrative Update • Nov 03
CVE: MEG Acquisition Will Drive Stronger Returns Amid Deal Execution Risks
Analysts have slightly lowered their average price target for Cenovus Energy to C$27.97 from C$28. They cite updated models that factor in higher revenue growth but slightly reduced profit margin forecasts following recent research and the MEG acquisition.Narrative Update • Oct 15
Narrows Lake And West White Rose Will Secure Long-Life Production
Cenovus Energy’s analyst price target has been raised from C$27.67 to C$28.00. Analysts cite strengthening fundamentals and the anticipated benefits of the MEG acquisition in their updated outlooks.Narrative Update • Aug 27
Narrows Lake And West White Rose Will Secure Long-Life Production
Analysts have raised Cenovus Energy’s price target to CA$27.40, citing confidence in value creation from recent acquisitions—particularly the MEG Energy takeover—and execution on strategic priorities. Analyst Commentary Bullish analysts are raising price targets in recognition of Cenovus Energy’s value creation through its successful track record of upstream acquisitions.
New Narrative • Nov 07
Calculated Enhancements And Pipeline Projects Poised To Propel Future Growth And Margins
Project completions and tie-ins position Cenovus for increased production reliability, boosting future revenue and margins.Financial Position Analysis
Short Term Liabilities: CVE's short term assets (CA$11.5B) exceed its short term liabilities (CA$7.3B).
Long Term Liabilities: CVE's short term assets (CA$11.5B) do not cover its long term liabilities (CA$25.0B).
Debt to Equity History and Analysis
Debt Level: CVE's net debt to equity ratio (24.8%) is considered satisfactory.
Reducing Debt: CVE's debt to equity ratio has reduced from 60.2% to 32.7% over the past 5 years.
Debt Coverage: CVE's debt is well covered by operating cash flow (85.5%).
Interest Coverage: CVE's interest payments on its debt are well covered by EBIT (17x coverage).
Balance Sheet
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/14 01:08 |
| End of Day Share Price | 2026/06/12 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Cenovus Energy Inc. is covered by 38 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Harshit Gupta | Accountability Research Corporation |
| Patrick O'Rourke | ATB Cormark |
| Brent Watson | ATB Cormark Historical (Cormark Securities) |