Ovintiv Inc.OVV
NYSE•Energy•Oil & Gas E&P
Ovintiv Inc., together with its subsidiaries, operates as an oil and natural gas exploration and production company in North America. The company operates through USA Operations and Canadian Operations segments. It is involved in the exploration, development, production, and marketing of oil, NGLs, natural gas and other related activities in the Permian in West Texas and Anadarko in West-central Oklahoma in the United States, as well as in northwest Alberta and northeast British Columbia. The company was formerly known as Encana Corporation and changed its name to Ovintiv Inc. in January 2020. Ovintiv Inc. was incorporated in 2020 and is based in Denver, Colorado.
Ovintiv Inc. (DE) (OVV) reported trailing twelve months revenue of $9.06B as of March 2026, a 1.2% decline year-over-year. Quarterly revenue reached $2.53B, reflecting a contraction in sales.
Ovintiv Inc. (DE) generated $771.00M in TTM net income, with quarterly EBITDA of $-193.00M. The operating margin contracted from -3.7% to -29.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-29.8%) and net margin (-24.9%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from -6.7% a year ago, reflecting increased costs or interest expense.
OVV trades at a P/E of 21.1x (in line with broad market averages) and a P/S of 1.8x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company generated $451.00M in free cash flow over the trailing twelve months, a 76.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $22.29B in total assets with $5.52B in long-term debt against $11.56B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 8.6%. The business may lack pricing power or face rising costs.'
ROE is positive at ~10.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 40.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.