Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Cenovus EnergyTSX:CVE +2.43%60 Debt-to-Equity is 0.42 as of Mar. 2026, which is 19% below its 10-year median of 0.52. GuruFocus rates TSX:CVE with a GF Score™ of 60/100 and a GF Value™ of C$22.15 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 796 Oil & Gas companies, Cenovus Energy ranks better than 54.02% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Cenovus Energy's Debt-to-Equity or its related term are showing as below:
TSX:CVE'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.33 Med: 0.52 Max: 0.74
Current: 0.42
During the past 13 years, the highest Debt-to-Equity Ratio of Cenovus Energy was 0.74. The lowest was 0.33. And the median was 0.52.
TSX:CVE's Debt-to-Equity is ranked better than 54.02% of 796
companies
in the Oil & Gas industry
Industry Median: 0.465
vs TSX:CVE: 0.42
Cenovus Energy (TSX:CVE) Debt-to-Equity Explanation
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Cenovus Energy Debt-to-Equity Related Terms
Cenovus Energy Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Cenovus Energy's Debt-to-Equity 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-Equity, along with its competitors' market caps and Debt-to-Equity 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-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Cenovus Energy's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Cenovus Energy's Debt-to-Equity 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.
Cenovus Energy (TSX:CVE) has a Debt-to-Equity of 0.42 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Cenovus Energy and its competitors. This is 19% below median its historical median of 0.52. Over the past decade, Cenovus Energy's Debt-to-Equity has ranged from 0.33 to 0.74. According to the industry distribution chart, Cenovus Energy ranks #366 out of 796 companies in the Oil & Gas industry, placing it in the top 46%.
Is Cenovus Energy's Debt-to-Equity too high?
Cenovus Energy's current Debt-to-Equity of 0.42 is 19% below median its 10-year median of 0.52. Over the past 10 years, this metric has ranged from a low of 0.33 to a high of 0.74. The Oil & Gas industry median Debt-to-Equity is 0.47. Cenovus Energy's value of 0.42 is 9.7% below this industry median. Based on the distribution chart, Cenovus Energy ranks #366 out of 796 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Cenovus Energy has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cenovus Energy's Debt-to-Equity compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Cenovus Energy ranks #366 out of 796 companies for Debt-to-Equity. This puts Cenovus Energy in the upper half of its industry. The industry median Debt-to-Equity is 0.47. Cenovus Energy's value of 0.42 is 9.7% below this benchmark. Historically, Cenovus Energy's own Debt-to-Equity has ranged from 0.33 to 0.74 over the past decade. While the company's 10-year median is 0.52 vs. the industry median of 0.47, 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-Equity for an Oil & Gas company?
The median Debt-to-Equity among Oil & Gas companies is 0.47, based on 796 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cenovus Energy's current Debt-to-Equity of 0.42 is 9.7% 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-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Cenovus Energy and its competitors. For the Oil & Gas industry, the median Debt-to-Equity is 0.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cenovus Energy's current Debt-to-Equity is 0.42, which is 19% below median its own 10-year median of 0.52. 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$39.20 — trading 77% above its estimated fair value. The current Debt-to-Equity is 0.42, which is 19% below median its 10-year median of 0.52 and 9.7% below the Oil & Gas industry median of 0.47. Cenovus Energy's overall GF Score™ is 60/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Cenovus Energy (TSX:CVE), the current Debt-to-Equity is 0.42 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$39.20 is trading 77% 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-Equity: 0.42 (19% below median its 10-year median of 0.52)
GF Value™: C$22.15 vs. price of C$39.20 (77% above fair value)
Industry Position: 9.7% below the Oil & Gas median (#366 of 796)
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.
60GF Score
Get the complete analysis for TSX:CVE
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSX:CVE has been successfully added to your 
