CVE EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
CVE's ev/ebitda is right around its 10-year median of 6.6.
EV/EBITDA History
CVE EV/EBITDA by year
Yearly range of CVE’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 2.9 to 128.4, averaging 12.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 4.9 | 6.6 | 8.1 | 6.3 |
| 2025 | 3.8 | 5.0 | 6.0 | 5.6 |
| 2024 | 4.1 | 5.1 | 6.3 | 5.0 |
| 2023 | 4.8 | 6.4 | 8.7 | 5.8 |
| 2022 | 5.2 | 7.4 | 10.9 | 6.3 |
| 2021 | 6.7 | 21.3 | 60.3 | 6.7 |
| 2020 | 2.9 | 12.4 | 50.5 | 50.5 |
| 2019 | 6.3 | 15.6 | 21.3 | 6.3 |
| 2018 | 4.3 | 43.2 | 128.4 | 118.2 |
| 2017 | 4.2 | 7.2 | 13.9 | 4.6 |
| 2016 | 6.0 | 20.0 | 24.5 | 23.4 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is CVE EV/EBITDA High or Low Right Now?
Cenovus Energy Inc.'s EV/EBITDA is currently 6.3, which is around average relative to its 10-year historical range. The 10-year median EV/EBITDA for CVE is approximately 6.6. See all CVE valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.