Cenovus is cheaper on two of the three valuation measures in this comparison, while Cameco has the lower PEG. The results are mixed, so neither company is a clear winner.
Cenovus Energy Inc. and Cameco Corp. are both classified in the Energy sector and industry group, but their valuation figures differ. At the October 29, 2026 adjusted close, Cenovus traded at C$45.02, with a market cap of C$83.0 billion. Cameco traded at C$116.63, with a market cap of C$50.8 billion. Share prices alone don’t show which stock is cheaper. Valuation multiples offer a more useful, though limited, comparison.
Investor takeaway: Cenovus has the lower P/E and P/B, while Cameco has the lower PEG. The results are split across the three measures. These figures show relative valuations at one point in time. They don’t establish fair value, predict future returns, or determine which company suits an investor better.
Stocks in this list
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Cenovus Energy Inc
CVE.TO
Energy
$45.02
$83.03B
1D
-0.40%
1W
+0.31%
Cameco Corp
CCO.TO
Energy
$116.63
$50.80B
1D
-0.53%
1W
+5.50%
Cenovus is lower on P/E and P/B; Cameco is lower on PEG
Cenovus’s P/E is 12.5, compared with 144.0 for Cameco. Its P/B is 2.43, versus 7.12 for Cameco. Cameco’s PEG is lower at 1.92, compared with 15.91 for Cenovus. A lower multiple doesn’t prove a stock is undervalued, and this snapshot doesn’t explain the assumptions behind each measure.
Bull case
Cenovus has the lower P/E and P/B, along with a 20.9% TTM ROE and a 1.81% dividend yield. These figures may interest investors comparing valuation and reported profitability, but they don’t settle the investment case.
Bear case
Cenovus’s PEG of 15.91 is higher than Cameco’s 1.92. The supplied analyst consensus label for both companies is Strong Sell. The snapshot doesn’t explain the reasons for those labels or show that they predict future performance.
How the valuation multiples compare
Cenovus has the lower P/E, at 12.5 versus 144.0 for Cameco, and the lower P/B, at 2.43 versus 7.12. Cameco has the lower PEG, at 1.92 compared with Cenovus’s 15.91. The results are split, so these measures don’t point to a single winner. Lower multiples can reflect different expectations or business conditions, and the figures alone don’t show that a stock is undervalued. For more company-specific information, see our Cenovus stock page and Cameco stock page.
Profitability, dividends, and the limits of this snapshot
Cenovus reports a TTM ROE of 20.9% and a dividend yield of 1.81%. Cameco’s TTM ROE is 5.1%, and its dividend yield is 0.20%. These figures offer a point of comparison, but they don’t explain what may drive future results or whether the figures are sustainable. Both companies have a supplied analyst consensus label of Strong Sell, and the listed analyst target is C$0.00 for each. The snapshot gives no further detail about the labels or targets, so treat them as supplied data, not a complete assessment.
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