Cenovus Energy Inc. key statistics and ratios

In fiscal 2025, Cenovus Energy Inc. had return on equity of 12.9%, a net margin of 7.9%, debt equal to 34.9% of equity and a current ratio of 1.57. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cenovus Energy Inc.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Net margin	5.4%	−5.0%	19.8%	−12.8%	10.7%	−17.6%	1.3%	9.6%	7.9%	5.8%	7.9%
Free-cash-flow margin	−0.9%	−1.0%	9.0%	4.0%	10.6%	−4.0%	12.8%	17.0%	14.2%	17.0%	16.6%
Return on equity	5.4%	−4.7%	21.1%	−14.3%	12.0%	−12.7%	3.0%	25.5%	14.5%	10.8%	12.9%
Return on assets	—	−2.2%	10.1%	−7.0%	6.2%	−6.7%	1.4%	11.9%	7.4%	5.7%	6.6%
Asset turnover	—	0.44	0.51	0.55	0.58	0.38	1.09	1.23	0.94	0.99	0.83
Current ratio	—	2.55	1.13	1.23	1.30	1.26	1.64	1.55	1.56	1.42	1.57
Debt to equity	52.7%	54.6%	47.6%	52.5%	34.9%	45.3%	52.8%	31.9%	25.4%	25.9%	34.9%
Effective tax rate	−2.7%	—	−2.3%	—	—	—	55.4%	26.1%	18.5%	22.8%	12.2%
R&D as % of revenue	0.2%	0.3%	0.2%	0.1%	0.1%	—	—	—	—	—	—
Capital spending as % of revenue	13.7%	8.8%	8.9%	6.3%	5.4%	6.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	−16.5%	—	45.6%	—	99.1%	—	>999%	176.8%	179.8%	293.9%	209.4%
Dividends ÷ net income	85.4%	—	6.7%	—	11.9%	—	—	—	25.0%	49.4%	36.6%
Dividends and buybacks ÷ free cash flow	—	—	14.6%	29.4%	12.0%	—	4.5%	22.2%	28.2%	32.4%	41.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · December 31, 2025

What it owns · $46.3bn

Short-term assets $7.2bnLonger-term assets $39.0bn

What it owes, and who funded it · $46.2bn

Short-term liabilities $4.6bnLonger-term liabilities $18.6bnShareholders' equity $23.1bn

Short-term assets cover short-term liabilities $7.2bn of assets due within a year against $4.6bn of liabilities due within a year.
Short-term assets cover long-term liabilities $7.2bn short-term assets against $18.6bn of longer-dated liabilities.
More cash than debt $2.0bn of cash against $8.0bn of debt.
Debt below 40% of shareholders' equity Debt is 35% of equity.
Debt burden no higher than five years ago Debt to equity moved from 45% to 35% over five years.
A year's operating cash flow covers at least 20% of debt $5.9bn of operating cash flow against $8.0bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Cenovus Energy Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Cenovus Energy Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cenovus Energy Inc.