CVE vs PBA
Cenovus Energy Inc. and Pembina Pipeline Corp., side by side — 8 fiscal years reported in CAD, drawn from SEC filings.
Most recent reported year
| Metric | CVE | PBA |
|---|---|---|
| Revenue | CAD 49.7B | CAD 7.8B |
| Net income | CAD 3.9B | CAD 1.7B |
| Gross margin | · | 41.1% |
| Net margin | 7.9% | 21.8% |
| Return on equity | 12.8% | 9.9% |
| Diluted EPS | CAD 2.15 | CAD 2.66 |
| Dividend / share | CAD 0.78 | · |
| Payout ratio | 36.6% | · |
| Free cash flow | · | · |
| Equity | · | · |
| Net debt / equity | 0.26× | 0.69× |
| Current ratio | 1.57× | 0.61× |
| Revenue CAGR 5y | 29.7% | 5.5% |
| Profit CAGR 5y | · | · |
CVE bills 6.4× the revenue of PBA, and PBA keeps more of each dollar of revenue as profit (21.8% against 7.9%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
8 years side by side
| Fiscal year | CVE | PBA |
|---|---|---|
| FY2025 | CAD 49.7B | CAD 7.8B |
| FY2024 | CAD 54.3B | CAD 7.4B |
| FY2023 | CAD 52.2B | CAD 6.3B |
| FY2022 | CAD 66.9B | CAD 11.6B |
| FY2021 | CAD 46.4B | CAD 8.6B |
| FY2020 | CAD 13.5B | CAD 6.0B |
| FY2019 | CAD 20.5B | CAD 6.4B |
| FY2018 | CAD 20.8B | CAD 7.4B |
Bottom line
| Fiscal year | CVE | PBA |
|---|---|---|
| FY2025 | CAD 3.9B | CAD 1.7B |
| FY2024 | CAD 3.1B | CAD 1.9B |
| FY2023 | CAD 4.1B | CAD 1.8B |
| FY2022 | CAD 6.5B | CAD 3.0B |
| FY2021 | CAD 587.0M | CAD 1.2B |
| FY2020 | CAD -2.4B | CAD -316.0M |
| FY2019 | CAD 2.2B | CAD 1.5B |
| FY2018 | CAD -2.7B | CAD 411.0M |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CAD 41,918,000,000 | CVE |
| FY2024 | +CAD 46,893,000,000 | CVE |
| FY2023 | +CAD 45,873,000,000 | CVE |
| FY2022 | +CAD 55,286,000,000 | CVE |
| FY2021 | +CAD 37,730,000,000 | CVE |
| FY2020 | +CAD 7,590,000,000 | CVE |
| FY2019 | +CAD 14,170,000,000 | CVE |
| FY2018 | +CAD 13,492,000,000 | CVE |
CVE has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −13.9 pp | PBA |
| FY2024 | −19.6 pp | PBA |
| FY2023 | −20.2 pp | PBA |
| FY2022 | −15.9 pp | PBA |
| FY2021 | −13.1 pp | PBA |
| FY2020 | −12.3 pp | PBA |
| FY2019 | −13.0 pp | PBA |
| FY2018 | −30.2 pp | PBA |
PBA has kept the higher net margin in every one of these 8 fiscal years.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CVE's net margin has been more volatile than PBA's over the 8 comparable fiscal years — 10.1 percentage points of standard deviation against 10.1.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
PBA led in net margin in every one of the 8 comparable fiscal years — a structural lead, not a recent swing.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CVE's return on equity has been more volatile than PBA's over the 5 comparable fiscal years — 10.8 percentage points of standard deviation against 4.0.
5 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CVE and PBA over these 5 fiscal years — CVE led in 3 and PBA in 2.
5 of 11 comparable fiscal years — a year missing data on either side is not counted.