Cenovus Energy Inc
CVE Energy Oil & Gas Integrated
Cenovus Energy Inc’s revenue for fiscal 2025 (year ended December 2025) was $35.6 billion, down 10.2% from fiscal 2024. In the quarter to June 2026, revenue grew 41.3%, EPS grew 226.5%, free cash flow grew 18,996.5% and total debt rose 14.0%, each against the same quarter a year earlier.
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Cenovus Energy Inc (CVE) Beneish M-score
Cenovus Energy Inc's Beneish M-score for fiscal 2025 is −2.51; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.51 | 0.33 |
| FY2024 | −2.84 | (0.04) |
| FY2023 | −2.80 | 0.01 |
| FY2022 | −2.81 | (2.20) |
| FY2021 | −0.61 | 2.30 |
| FY2020 | −2.91 | (0.72) |
| FY2019 | −2.19 | 1.38 |
| FY2018 | −3.56 | (1.50) |
| FY2017 | −2.07 | 0.20 |
| FY2016 | −2.27 | 0.04 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.46 | — | 1.34 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.90 | — | 0.80 | |
| Depreciation index | 1.09 | — | 0.13 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.51 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EC Ecopetrol S.A. compare | −3.7× |
| YPF YPF Sociedad Anonima compare | −3.1× |
| EQNR Equinor ASA compare | −3.0× |
| E Eni SpA compare | −3.0× |
| BP BP p.l.c. compare | −3.0× |
| TTE TotalEnergies SE Sponsored ADR compare | −2.7× |
| PBR.A Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| PBR Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| CVE Cenovus Energy Inc | −2.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI