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Cenovus EnergyTSX:CVE -0.72%66 Debt-to-EBITDA is 0.91 as of Mar. 2026, which is 46% below its 10-year median of 1.67. GuruFocus rates TSX:CVE with a GF Score™ of 66/100 and a GF Value™ of C$22.15 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 704 Oil & Gas companies, Cenovus Energy ranks better than 66.05% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Cenovus Energy's Debt-to-EBITDA or its related term are showing as below:
TSX:CVE'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -7.64 Med: 1.67 Max: 12.1
Current: 1.2
During the past 13 years, the highest Debt-to-EBITDA Ratio of Cenovus Energy was 12.10. The lowest was -7.64. And the median was 1.67.
TSX:CVE's Debt-to-EBITDA is ranked better than 66.05% of 704
companies
in the Oil & Gas industry
Industry Median: 2.015
vs TSX:CVE: 1.20
Cenovus Energy (TSX:CVE) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Cenovus Energy Debt-to-EBITDA Related Terms
Cenovus Energy Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Cenovus Energy's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas Integrated subindustry, Cenovus Energy's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Cenovus Energy Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Cenovus Energy's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Cenovus Energy's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Cenovus Energy (TSX:CVE) has a Debt-to-EBITDA of 0.91 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Cenovus Energy. This is 46% below median its historical median of 1.67. According to the industry distribution chart, Cenovus Energy ranks #239 out of 704 companies in the Oil & Gas industry, placing it in the top 33.9%.
Is Cenovus Energy's Debt-to-EBITDA too high?
Cenovus Energy's current Debt-to-EBITDA of 0.91 is 46% below median its 10-year median of 1.67. The Oil & Gas industry median Debt-to-EBITDA is 2.02. Cenovus Energy's value of 0.91 is 54.8% below this industry median. Based on the distribution chart, Cenovus Energy ranks #239 out of 704 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Cenovus Energy has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cenovus Energy's Debt-to-EBITDA compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Cenovus Energy ranks #239 out of 704 companies for Debt-to-EBITDA. This puts Cenovus Energy in the upper half of its industry. The industry median Debt-to-EBITDA is 2.02. Cenovus Energy's value of 0.91 is 54.8% below this benchmark. While the company's 10-year median is 1.67 vs. the industry median of 2.02, Cenovus Energy has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 2.02, based on 704 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cenovus Energy's current Debt-to-EBITDA of 0.91 is 54.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Cenovus Energy. For the Oil & Gas industry, the median Debt-to-EBITDA is 2.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cenovus Energy's current Debt-to-EBITDA is 0.91, which is 46% below median its own 10-year median of 1.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cenovus Energy stock overvalued right now?
Based on GuruFocus' analysis, Cenovus Energy (TSX:CVE) is currently considered Significantly Overvalued. The stock's GF Value™ is C$22.15, compared to a current price of C$38.47 — trading 73.7% above its estimated fair value. The current Debt-to-EBITDA is 0.91, which is 46% below median its 10-year median of 1.67 and 54.8% below the Oil & Gas industry median of 2.02. Cenovus Energy's overall GF Score™ is 66/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Cenovus Energy (TSX:CVE), the current Debt-to-EBITDA is 0.91 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Cenovus Energy (TSX:CVE) Overvalued in 2026?
Based on GuruFocus' analysis, Cenovus Energy stock appears to be overvalued.
The current stock price of C$38.47 is trading 73.7% above its estimated GF Value™ of C$22.15.
GuruFocus considers Cenovus Energy to be Significantly Overvalued.
Key valuation signals for TSX:CVE:
Debt-to-EBITDA: 0.91 (46% below median its 10-year median of 1.67)
GF Value™: C$22.15 vs. price of C$38.47 (73.7% above fair value)
Industry Position: 54.8% below the Oil & Gas median (#239 of 704)
No single metric tells the full story. See the TSX:CVE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cenovus Energy Inc is a Canadian integrated energy group. The group's upstream operations include oil sands projects in northern Alberta; thermal and conventional crude oil, natural gas, and natural gas liquids (NGLs) projects across Western Canada; crude oil production offshore Newfoundland and Labrador; and natural gas and NGLs production offshore China and Indonesia. Its downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada. The group's reportable segments are: Oil Sands, Conventional, Offshore, Canadian Refining, U.S Refining, and Corporate and Eliminations. Maximum revenue is generated from its Oil Sands segment. Geographically, the group derives maximum revenue from the U.S., followed by Canada and China.
66GF Score
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