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Cenovus EnergyTSX:CVE -4.09%60 EV-to-OCF is 9.35 as of Jul. 28, 2026, which is 15% above its 10-year median of 8.13. GuruFocus rates TSX:CVE with a GF Score™ of 60/100 and a GF Value™ of C$22.13 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,019 Oil & Gas companies, Cenovus Energy ranks worse than 67.62% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Cenovus Energy's Enterprise Value is C$85,058 Mil.
Cenovus Energy's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was C$9,094 Mil. Therefore, Cenovus Energy's EV-to-OCF for today is 9.35.
The historical rank and industry rank for Cenovus Energy's EV-to-OCF or its related term are showing as below:
TSX:CVE'
s EV-to-OCF Range Over the Past 10 Years
Min: 3.45 Med: 8.13 Max: 111.07
Current: 9.35
During the past 13 years, the highest EV-to-OCF of Cenovus Energy was 111.07. The lowest was 3.45. And the median was 8.13.
TSX:CVE's EV-to-OCF is ranked worse than 67.62% of 1019
companies
in the Oil & Gas industry
Industry Median: 5.87
vs TSX:CVE: 9.35
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Cenovus Energy's PE Ratio (TTM) for today is calculated as:
Cenovus Energy's share price for today is C$39.61.
Cenovus Energy's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was C$2.500.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Cenovus Energy EV-to-OCF Related Terms
Cenovus Energy EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Cenovus Energy's EV-to-OCF 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 EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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 EV-to-OCF vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Cenovus Energy's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Cenovus Energy's EV-to-OCF falls into.
Cenovus Energy's current Enterprise Value is C$85,058 Mil.
Cenovus Energy's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was C$9,094 Mil.
* 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 EV-to-OCF of 9.35 as of Jul. 28, 2026. This is 15% above median its historical median of 8.13. Over the past decade, Cenovus Energy's EV-to-OCF has ranged from 3.45 to 111.07. According to the industry distribution chart, Cenovus Energy ranks #689 out of 1019 companies in the Oil & Gas industry, placing it in the top 67.6%.
Is Cenovus Energy's EV-to-OCF too high?
Cenovus Energy's current EV-to-OCF of 9.35 is 15% above median its 10-year median of 8.13. Over the past 10 years, this metric has ranged from a low of 3.45 to a high of 111.07. The Oil & Gas industry median EV-to-OCF is 5.87. Cenovus Energy's value of 9.35 is 59.3% above this industry median. Based on the distribution chart, Cenovus Energy ranks #689 out of 1019 companies in the Oil & Gas industry, which is below 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 EV-to-OCF compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Cenovus Energy ranks #689 out of 1019 companies for EV-to-OCF. This places Cenovus Energy in the lower half of its industry. The industry median EV-to-OCF is 5.87. Cenovus Energy's value of 9.35 is 59.3% above this benchmark. Historically, Cenovus Energy's own EV-to-OCF has ranged from 3.45 to 111.07 over the past decade. While the company's 10-year median is 8.13 vs. the industry median of 5.87, Cenovus Energy has consistently been above 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 EV-to-OCF for an Oil & Gas company?
The median EV-to-OCF among Oil & Gas companies is 5.87, based on 1,019 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cenovus Energy's current EV-to-OCF of 9.35 is 59.3% above 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 EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Oil & Gas industry, the median EV-to-OCF is 5.87 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cenovus Energy's current EV-to-OCF is 9.35, which is 15% above median its own 10-year median of 8.13. 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$22.13, compared to a current price of C$39.61 — trading 79% above its estimated fair value. The current EV-to-OCF is 9.35, which is 15% above median its 10-year median of 8.13 and 59.3% above the Oil & Gas industry median of 5.87. Cenovus Energy's overall GF Score™ is 60/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Cenovus Energy (TSX:CVE), the current EV-to-OCF is 9.35 as of Jul. 28, 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$39.61 is trading 79% above its estimated GF Value™ of C$22.13.
GuruFocus considers Cenovus Energy to be Significantly Overvalued.
Key valuation signals for TSX:CVE:
EV-to-OCF: 9.35 (15% above median its 10-year median of 8.13)
GF Value™: C$22.13 vs. price of C$39.61 (79% above fair value)
Industry Position: 59.3% above the Oil & Gas median (#689 of 1019)
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
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