Ovintiv
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 2/4
| Measure | OVV | Checked against | |
|---|---|---|---|
| Owner earnings | $1.27bn | positive | ✓ |
| Return on equity | 11.1% | median 11.7% | ✗ |
| Debt to equity | 0.46x | median 0.79x | ✓ |
| Operating margin | 13.1% | median 15.0% | ✗ |
Passes 2 of 4. To be clear: Warren Buffett has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 2/4
| Measure | OVV | Checked against | |
|---|---|---|---|
| Return on capital employed | 6.9% | median 10.1% | ✗ |
| Cash conversion | 2.94x | median 1.78x | ✓ |
| Operating margin | 13.1% | median 15.0% | ✗ |
| Debt to equity | 0.46x | median 0.79x | ✓ |
Passes 2 of 4. To be clear: Terry Smith has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 0/3
| Measure | OVV | Checked against | |
|---|---|---|---|
| Return on capital employed | 6.9% | median 10.1% | ✗ |
| Return on equity | 11.1% | median 11.7% | ✗ |
| Operating margin | 13.1% | median 15.0% | ✗ |
Passes 0 of 3. To be clear: Charlie Munger has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 2/4
| Measure | OVV | Checked against | |
|---|---|---|---|
| Return on equity | 11.1% | median 11.7% | ✗ |
| Debt to equity | 0.46x | median 0.79x | ✓ |
| Cash conversion | 2.94x | median 1.78x | ✓ |
| Return on equity, sustained | 5 of 9 | 8 of 10 above median | ✗ |
Passes 2 of 4. To be clear: Chuck Akre has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 1/4
| Measure | OVV | Checked against | |
|---|---|---|---|
| Operating margin | 13.1% | median 15.0% | ✗ |
| Net margin | 14.3% | median 10.2% | ✓ |
| Return on capital employed | 6.9% | median 10.1% | ✗ |
| Operating margin, held or improving | 13.1% | 10-yr median 17.7% | ✗ |
Passes 1 of 4. To be clear: Philip Fisher has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 1/2
| Measure | OVV | Checked against | |
|---|---|---|---|
| Current ratio | 0.54x | median 1.25x | ✗ |
| Debt to equity | 0.46x | median 0.79x | ✓ |
Passes 1 of 2. To be clear: Walter Schloss has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 0/1
| Measure | OVV | Checked against | |
|---|---|---|---|
| Current ratio | 0.54x | 2.00x published | ✗ |
| Long-term debt to working capital | — | 1.00x published | — |
Passes 0 of 1. To be clear: Benjamin Graham has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 0/1
| Measure | OVV | Checked against | |
|---|---|---|---|
| Return on capital employed | 6.9% | median 10.1% | ✗ |
Passes 0 of 1. To be clear: Joel Greenblatt has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 2/2
| Measure | OVV | Checked against | |
|---|---|---|---|
| Debt to equity | 0.46x | median 0.79x | ✓ |
| Net margin | 14.3% | median 10.2% | ✓ |
Passes 2 of 2. To be clear: Peter Lynch has never said anything about Ovintiv. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 25.1% | whySwings with the commodity price, not the business. |
| Operating cash flow | 8.4% | whyBefore capital spending. |
| Free cash flow | 20.5% | whyWhat producers set distributions against. Check for variable or special dividends before reading a trend. |
Spread between highest and lowest: 16.7 percentage points. Same filings, different denominators.
Coverage rating 55 / 100 — Tight. ? Peer standing 37/50Direction 18/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 20.5% |
| 2024-12-31 | 22.3% |
| 2023-12-31 | 21.6% |
| 2022-12-31 | 11.7% |
| 2021-12-31 | 7.6% |
| 2020-12-31 | 61.0% |
74% of the 31 energy here pay out more.
The arithmetic
- GAAP earnings — dividends declared per share $1.20 ÷ diluted EPS $4.78
- Operating cash flow — dividends paid $308m ÷ operating cash flow $3,652m
- Free cash flow — dividends paid $308m ÷ (operating cash flow $3,652m − capex $2,147m)
Where the figures came from
- 10-K filed 2026-02-23 · accession 0001193125-26-064309
All public at sec.gov — you should not have to take our word for it.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated tight · when it files.
When this changes
Every figure above is recomputed whenever Ovintiv files. The monthly letter carries what filed, what moved, and one finding computed across every company here.