Ovintiv
OVV · NYSECrude Petroleum & Natural Gas · Fiscal year ends Dec 31
Ovintiv reported revenue of $8.7B in the fiscal year ended Dec 2025, down 3.1% from the year before. Operating income was $1.1B, an operating margin of 13.1%, and net income was $1.2B. Operating cash flow of $3.7B less capital expenditure of $2.1B left free cash flow of $1.5B. Net debt was $5.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $10.5B | $14.3B | $10.7B | $8.9B | $8.7B |
| Operating income | $1.5B | $3.9B | $2.9B | $1.6B | $1.1B |
| Interest expense | $340M | $311M | $355M | $412M | $376M |
| Pre-tax income | $1.2B | $3.6B | $2.5B | $1.4B | $770M |
| Income tax | −$177M | −$77M | $425M | $226M | −$472M |
| Net income | $1.4B | $3.6B | $2.1B | $1.1B | $1.2B |
| Diluted EPS | 5.32 | 14.08 | 7.90 | 4.21 | 4.78 |
| Diluted shares | 266M | 258M | 264M | 267M | 260M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $195M | $5M | $3M | $42M | $35M |
| Current assets | $1.6B | $1.7B | $1.7B | $1.4B | $1.5B |
| Net PP&E | $8.8B | $9.5B | $14.6B | $14.4B | $14.2B |
| Goodwill | $2.6B | $2.6B | $2.6B | $2.5B | $2.6B |
| Total assets | $14.1B | $15.1B | $20B | $19.3B | $20.4B |
| Deferred revenue | $0 | $0 | $0 | $0 | $0 |
| Current liabilities | $2.7B | $2.8B | $2.8B | $2.7B | $2.8B |
| Short-term debt | $0 | $393M | $284M | $600M | $810M |
| Long-term debt | $4.8B | $3.2B | $5.5B | $4.9B | $4.4B |
| Total liabilities | $9B | $7.4B | $9.6B | $8.9B | $9.2B |
| Shareholders' equity | $5.1B | $7.7B | $10.4B | $10.3B | $11.2B |
| Backlog (remaining obligations) | $0 | $0 | $0 | $0 | $0 |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.1B | $3.9B | $4.2B | $3.7B | $3.7B |
| Capital expenditure | $1.5B | $1.8B | $2.7B | $2.3B | $2.1B |
| Free cash flow | $1.6B | $2B | $1.4B | $1.4B | $1.5B |
| Depreciation & amortisation | $1.2B | $1.1B | $1.8B | $2.3B | $2.2B |
| Stock-based compensation | $138M | $202M | $47M | $66M | $57M |
| Acquisitions | $0 | $0 | $3.2B | −$12M | $0 |
| Share buybacks | $111M | $719M | $426M | $597M | $307M |
| Dividends paid | $122M | $239M | $307M | $316M | $308M |
| Dividend per share | 0.47 | 0.95 | 1.15 | 1.20 | 1.20 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 36.3% | −25.3% | −16.1% | −3.1% |
| Operating income growth (YoY) | – | 153.7% | −25.7% | −44.9% | −28.4% |
| EPS growth (YoY) | – | 164.7% | −43.9% | −46.7% | 13.5% |
| Operating margin | 14.5% | 27.0% | 26.9% | 17.7% | 13.1% |
| Net margin | 13.5% | 25.5% | 19.6% | 12.6% | 14.3% |
| Return on equityBlank when equity is negative | 27.9% | 47.3% | 20.1% | 10.9% | 11.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.4% | 31.4% | 16.7% | 9.5% | 6.4% |
| Free cash flow margin | 15.4% | 14.3% | 13.3% | 15.9% | 17.4% |
| Cash conversion (CFO ÷ net income) | 2.21x | 1.06x | 2.00x | 3.31x | 2.94x |
| Interest cover | 4.47x | 12.4x | 8.07x | 3.83x | 3.01x |
| Debt ÷ equity | 0.94x | 0.46x | 0.55x | 0.53x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.6B | $3.6B | $5.7B | $5.4B | $5.2B |
| Current ratio | 0.58x | 0.61x | 0.60x | 0.51x | 0.54x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.