Cenovus EnergyTSX:CVE +0.86%66 ROC (Joel Greenblatt) % is 18.63% as of Mar. 2026, which is 104% above its 10-year median of 9.13. GuruFocus rates TSX:CVE with a GF Score™ of 66/100 and a GF Value™ of C$22.38 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 999 Oil & Gas companies, Cenovus Energy ranks better than 64.56% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Cenovus Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 18.63%.
The historical rank and industry rank for Cenovus Energy's ROC (Joel Greenblatt) % or its related term are showing as below:
TSX:CVE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -10.62 Med: 9.13 Max: 24.67
Current: 13.76
During the past 13 years, Cenovus Energy's highest ROC (Joel Greenblatt) % was 24.67%. The lowest was -10.62%. And the median was 9.13%.
TSX:CVE's ROC (Joel Greenblatt) % is ranked better than 64.56% of 999
companies
in the Oil & Gas industry
Industry Median: 8.41
vs TSX:CVE: 13.76
Cenovus Energy's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Cenovus Energy (TSX:CVE) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Cenovus Energy ROC (Joel Greenblatt) % Related Terms
Cenovus Energy ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Cenovus Energy's ROC (Joel Greenblatt) % 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.
TSX:CVE vs XOM, CVX: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Integrated subindustry, Cenovus Energy's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Cenovus Energy's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Cenovus Energy's ROC (Joel Greenblatt) % falls into.
Cenovus Energy ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 18.63% mean?
Cenovus Energy (TSX:CVE) has a ROC (Joel Greenblatt) % of 18.63% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Cenovus Energy and its competitors. This is 104% above median its historical median of 9.13. According to the industry distribution chart, Cenovus Energy ranks #354 out of 999 companies in the Oil & Gas industry, placing it in the top 35.4%.
Is Cenovus Energy's ROC (Joel Greenblatt) % too high?
Cenovus Energy's current ROC (Joel Greenblatt) % of 18.63% is 104% above median its 10-year median of 9.13. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.41. Cenovus Energy's value of 18.63% is 121.5% above this industry median. Based on the distribution chart, Cenovus Energy ranks #354 out of 999 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 ROC (Joel Greenblatt) % compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Cenovus Energy ranks #354 out of 999 companies for ROC (Joel Greenblatt) %. This puts Cenovus Energy in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 8.41. Cenovus Energy's value of 18.63% is 121.5% above this benchmark. While the company's 10-year median is 9.13 vs. the industry median of 8.41, 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 ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.41, based on 999 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cenovus Energy's current ROC (Joel Greenblatt) % of 18.63% is 121.5% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Cenovus Energy and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cenovus Energy's current ROC (Joel Greenblatt) % is 18.63%, which is 104% above median its own 10-year median of 9.13. 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$22.38, compared to a current price of C$35.26 — trading 57.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 18.63%, which is 104% above median its 10-year median of 9.13 and 121.5% above the Oil & Gas industry median of 8.41. Cenovus Energy's overall GF Score™ is 66/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Cenovus Energy (TSX:CVE), the current ROC (Joel Greenblatt) % is 18.63% 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$35.26 is trading 57.6% above its estimated GF Value™ of C$22.38.
GuruFocus considers Cenovus Energy to be Significantly Overvalued.
Key valuation signals for TSX:CVE:
ROC (Joel Greenblatt) %: 18.63% (104% above median its 10-year median of 9.13)
GF Value™: C$22.38 vs. price of C$35.26 (57.6% above fair value)
Industry Position: 121.5% above the Oil & Gas median (#354 of 999)
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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