EXE vs OVV: Expand Energy and Ovintiv compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Expand Energy is the larger company, worth $21.9B, close to Ovintiv's $18.9B.
- Ovintiv grew revenue faster over the last year (+29.7% vs -19.8%).
- Expand Energy keeps more of each dollar of revenue as operating profit (26.9% vs 10.0%).
- On earnings, Expand Energy is the cheaper stock (6.8x vs 22.1x).
- Ovintiv's price assumes faster free cash flow growth: about -1% a year, against -2% for Expand Energy (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EXE | OVV |
|---|---|---|
| Market cap | $21.9B | $18.9B |
| Share price | $88.22 | $63.88 |
| Revenue (last fiscal year) | $12.1B | $8.7B |
| Free cash flow (last fiscal year) | $1.8B | $1.5B |
| Revenue growth, last year | -19.8% | +29.7% |
| Revenue growth per year, last 5 fiscal years | +18.3% | -4.6% |
| Operating margin | 26.9% | 10.0% |
| Net margin | 20.5% | 9.7% |
| Return on equity | 14.3% | 8.0% |
| P/E (trailing) | 6.80x | 22.1x |
| Price / free cash flow | 11.9x | 12.6x |
| EV / EBITDA | 3.60x | 9.38x |
| FCF growth the price implies | -1.9% | -1.1% |
| Dividend yield | 3.6% | 1.8% |
| Debt / equity | 0.44x | 0.68x |
| Fundamental grade | C | B |
| Superinvestors holding it | 10 | 2 |
| Insider purchases, last 12 months | 5 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Expand Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $5.2B | $22M | -166.1% |
| 2022 | $11.7B | $2.3B | 32.2% |
| 2023 | $8.7B | $551M | 36.0% |
| 2024 | $4.2B | $8M | -19.0% |
| 2025 | $12.1B | $1.8B | 20.4% |
Ovintiv
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.5B | $1.6B | 14.5% |
| 2022 | $14.3B | $2.0B | 27.0% |
| 2023 | $10.7B | $1.4B | 26.9% |
| 2024 | $8.9B | $1.4B | 17.7% |
| 2025 | $8.7B | $1.5B | 13.1% |
Where the revenue comes from
Expand Energy · by products, 2025
Natural gas, oil and NGL$8.5B70%
Marketing$3.2B26%
Oil$319M3%
NGL$142M1%
Ovintiv · by segments, 2025
USA Operations$5.9B67%
Canadian Operations$2.9B33%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EXE in InvestinglyQuestions
Which is bigger, Expand Energy or Ovintiv?
Expand Energy (EXE), at $21.9B against $18.9B.
Is EXE or OVV cheaper?
By trailing P/E, Expand Energy (6.80x) is cheaper than Ovintiv (22.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, EXE or OVV?
Ovintiv: revenue grew +29.7% over the last year, against -19.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.