CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation

TSX:CNQ • CA1363851017

Current stock price

60.69 CAD
-1.52 (-2.44%)
Last:

This CNQ.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. CNQ.CA Profitability Analysis

1.1 Basic Checks

  • CNQ had positive earnings in the past year.
  • CNQ had a positive operating cash flow in the past year.
  • Each year in the past 5 years CNQ has been profitable.
  • In the past 5 years CNQ always reported a positive cash flow from operatings.
CNQ.CA Yearly Net Income VS EBIT VS OCF VS FCFCNQ.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B 15B

1.2 Ratios

  • CNQ has a Return On Assets of 11.78%. This is amongst the best in the industry. CNQ outperforms 95.15% of its industry peers.
  • With an excellent Return On Equity value of 24.39%, CNQ belongs to the best of the industry, outperforming 98.06% of the companies in the same industry.
  • With an excellent Return On Invested Capital value of 9.40%, CNQ belongs to the best of the industry, outperforming 92.23% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for CNQ is above the industry average of 6.84%.
Industry RankSector Rank
ROA 11.78%
ROE 24.39%
ROIC 9.4%
ROA(3y)9.93%
ROA(5y)10.83%
ROE(3y)20.18%
ROE(5y)21.98%
ROIC(3y)10.51%
ROIC(5y)11.92%
CNQ.CA Yearly ROA, ROE, ROICCNQ.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20

1.3 Margins

  • CNQ has a better Profit Margin (27.91%) than 93.20% of its industry peers.
  • In the last couple of years the Profit Margin of CNQ has grown nicely.
  • CNQ has a Operating Margin of 25.81%. This is amongst the best in the industry. CNQ outperforms 81.07% of its industry peers.
  • In the last couple of years the Operating Margin of CNQ has declined.
  • With a decent Gross Margin value of 48.46%, CNQ is doing good in the industry, outperforming 73.79% of the companies in the same industry.
  • CNQ's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 25.81%
PM (TTM) 27.91%
GM 48.46%
OM growth 3Y-9.57%
OM growth 5YN/A
PM growth 3Y2.58%
PM growth 5YN/A
GM growth 3Y-4.61%
GM growth 5Y6.01%
CNQ.CA Yearly Profit, Operating, Gross MarginsCNQ.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. CNQ.CA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so CNQ is still creating some value.
  • The number of shares outstanding for CNQ has been reduced compared to 1 year ago.
  • The number of shares outstanding for CNQ has been reduced compared to 5 years ago.
  • Compared to 1 year ago, CNQ has an improved debt to assets ratio.
CNQ.CA Yearly Shares OutstandingCNQ.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B
CNQ.CA Yearly Total Debt VS Total AssetsCNQ.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B

2.2 Solvency

  • An Altman-Z score of 2.88 indicates that CNQ is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.88, CNQ is in the better half of the industry, outperforming 76.70% of the companies in the same industry.
  • The Debt to FCF ratio of CNQ is 2.37, which is a good value as it means it would take CNQ, 2.37 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 2.37, CNQ belongs to the top of the industry, outperforming 88.35% of the companies in the same industry.
  • A Debt/Equity ratio of 0.43 indicates that CNQ is not too dependend on debt financing.
  • CNQ has a Debt to Equity ratio (0.43) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF 2.37
Altman-Z 2.88
ROIC/WACC1.25
WACC7.5%
CNQ.CA Yearly LT Debt VS Equity VS FCFCNQ.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B 40B

2.3 Liquidity

  • CNQ has a Current Ratio of 0.95. This is a bad value and indicates that CNQ is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Current ratio of CNQ (0.95) is comparable to the rest of the industry.
  • A Quick Ratio of 0.63 indicates that CNQ may have some problems paying its short term obligations.
  • CNQ has a Quick ratio (0.63) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 0.95
Quick Ratio 0.63
CNQ.CA Yearly Current Assets VS Current LiabilitesCNQ.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

More info and screens

WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. CNQ.CA Growth Analysis

3.1 Past

  • CNQ shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 2.45%.
  • Measured over the past years, CNQ shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -14.02% on average per year.
  • CNQ shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.71%.
  • The Revenue has been growing by 18.07% on average over the past years. This is quite good.
EPS 1Y (TTM)2.45%
EPS 3Y-14.02%
EPS 5YN/A
EPS Q2Q%-11.83%
Revenue 1Y (TTM)8.71%
Revenue growth 3Y-2.87%
Revenue growth 5Y18.07%
Sales Q2Q%1.49%

3.2 Future

  • The Earnings Per Share is expected to grow by 0.08% on average over the next years.
  • The Revenue is expected to grow by 0.29% on average over the next years.
EPS Next Y-18.51%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
EPS Next 5Y0.08%
Revenue Next Year5.39%
Revenue Next 2Y2.29%
Revenue Next 3Y1.21%
Revenue Next 5Y0.29%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
CNQ.CA Yearly Revenue VS EstimatesCNQ.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10B 20B 30B 40B
CNQ.CA Yearly EPS VS EstimatesCNQ.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 2 4

More info and screens

Find the best growth stocksShow best growing peers

5

4. CNQ.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • CNQ is valuated rather expensively with a Price/Earnings ratio of 17.10.
  • Based on the Price/Earnings ratio, CNQ is valued a bit cheaper than 68.45% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of CNQ to the average of the S&P500 Index (27.42), we can say CNQ is valued slightly cheaper.
  • Based on the Price/Forward Earnings ratio of 20.98, the valuation of CNQ can be described as rather expensive.
  • 67.96% of the companies in the same industry are more expensive than CNQ, based on the Price/Forward Earnings ratio.
  • CNQ's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 22.24.
Industry RankSector Rank
PE 17.1
Fwd PE 20.98
CNQ.CA Price Earnings VS Forward Price EarningsCNQ.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of CNQ indicates a rather cheap valuation: CNQ is cheaper than 83.01% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of CNQ indicates a somewhat cheap valuation: CNQ is cheaper than 79.61% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 15.22
EV/EBITDA 7.51
CNQ.CA Per share dataCNQ.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • The excellent profitability rating of CNQ may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-0.55%
EPS Next 3Y2.29%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. CNQ.CA Dividend Analysis

5.1 Amount

  • CNQ has a Yearly Dividend Yield of 4.02%, which is a nice return.
  • CNQ's Dividend Yield is a higher than the industry average which is at 3.82.
  • Compared to an average S&P500 Dividend Yield of 1.81, CNQ pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.02%

5.2 History

  • The dividend of CNQ is nicely growing with an annual growth rate of 23.13%!
  • CNQ has been paying a dividend for at least 10 years, so it has a reliable track record.
  • The dividend of CNQ decreased in the last 3 years.
Dividend Growth(5Y)23.13%
Div Incr Years2
Div Non Decr Years2
CNQ.CA Yearly Dividends per shareCNQ.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2

5.3 Sustainability

  • CNQ pays out 45.02% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • The dividend of CNQ is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP45.02%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
CNQ.CA Yearly Income VS Free CF VS DividendCNQ.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B
CNQ.CA Dividend Payout.CNQ.CA Dividend Payout, showing the Payout Ratio.CNQ.CA Dividend Payout.PayoutRetained Earnings

More info and screens

Find the best dividend stocksShow peers with best dividend

CNQ.CA Fundamentals: All Metrics, Ratios and Statistics

CANADIAN NATURAL RESOURCES

TSX:CNQ (4/24/2026, 7:00:00 PM)

60.69

-1.52 (-2.44%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05
Earnings (Next)05-07
Inst Owners75.31%
Inst Owner ChangeN/A
Ins Owners2.17%
Ins Owner ChangeN/A
Market Cap126.59B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts70.83
Price Target66.06 (8.85%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.02%
Yearly Dividend2.33
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years2
Div Non Decr Years2
Ex-Date03-20
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)8.59%
Min EPS beat(2)-0.27%
Max EPS beat(2)17.45%
EPS beat(4)3
Avg EPS beat(4)9.87%
Min EPS beat(4)-0.27%
Max EPS beat(4)17.45%
EPS beat(8)5
Avg EPS beat(8)5.69%
EPS beat(12)8
Avg EPS beat(12)5.63%
EPS beat(16)11
Avg EPS beat(16)5.08%
Revenue beat(2)0
Avg Revenue beat(2)-1.42%
Min Revenue beat(2)-2.64%
Max Revenue beat(2)-0.21%
Revenue beat(4)1
Avg Revenue beat(4)-0.32%
Min Revenue beat(4)-2.64%
Max Revenue beat(4)4.16%
Revenue beat(8)3
Avg Revenue beat(8)-0.11%
Revenue beat(12)7
Avg Revenue beat(12)1.24%
Revenue beat(16)11
Avg Revenue beat(16)3.61%
PT rev (1m)21.93%
PT rev (3m)22.56%
EPS NQ rev (1m)26.29%
EPS NQ rev (3m)32.16%
EPS NY rev (1m)-0.37%
EPS NY rev (3m)-4.19%
Revenue NQ rev (1m)-1.93%
Revenue NQ rev (3m)10.24%
Revenue NY rev (1m)11.63%
Revenue NY rev (3m)8.22%
Valuation
Industry RankSector Rank
PE 17.1
Fwd PE 20.98
P/S 3.27
P/FCF 15.22
P/OCF 8.38
P/B 2.85
P/tB 2.85
EV/EBITDA 7.51
EPS(TTM)3.55
EY5.85%
EPS(NY)2.89
Fwd EY4.77%
FCF(TTM)3.99
FCFY6.57%
OCF(TTM)7.24
OCFY11.93%
SpS18.58
BVpS21.27
TBVpS21.27
PEG (NY)N/A
PEG (5Y)N/A
Graham Number41.2176 (-32.09%)
Profitability
Industry RankSector Rank
ROA 11.78%
ROE 24.39%
ROCE 11.94%
ROIC 9.4%
ROICexc 9.48%
ROICexgc 9.48%
OM 25.81%
PM (TTM) 27.91%
GM 48.46%
FCFM 21.45%
ROA(3y)9.93%
ROA(5y)10.83%
ROE(3y)20.18%
ROE(5y)21.98%
ROIC(3y)10.51%
ROIC(5y)11.92%
ROICexc(3y)10.63%
ROICexc(5y)12.09%
ROICexgc(3y)10.63%
ROICexgc(5y)12.09%
ROCE(3y)13.35%
ROCE(5y)15.13%
ROICexgc growth 3Y-18.62%
ROICexgc growth 5YN/A
ROICexc growth 3Y-18.62%
ROICexc growth 5YN/A
OM growth 3Y-9.57%
OM growth 5YN/A
PM growth 3Y2.58%
PM growth 5YN/A
GM growth 3Y-4.61%
GM growth 5Y6.01%
F-Score8
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF 2.37
Debt/EBITDA 0.98
Cap/Depr 72.37%
Cap/Sales 17.52%
Interest Coverage 10.23
Cash Conversion 77.92%
Profit Quality 76.85%
Current Ratio 0.95
Quick Ratio 0.63
Altman-Z 2.88
F-Score8
WACC7.5%
ROIC/WACC1.25
Cap/Depr(3y)122.21%
Cap/Depr(5y)103%
Cap/Sales(3y)23.99%
Cap/Sales(5y)19.81%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)2.45%
EPS 3Y-14.02%
EPS 5YN/A
EPS Q2Q%-11.83%
EPS Next Y-18.51%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
EPS Next 5Y0.08%
Revenue 1Y (TTM)8.71%
Revenue growth 3Y-2.87%
Revenue growth 5Y18.07%
Sales Q2Q%1.49%
Revenue Next Year5.39%
Revenue Next 2Y2.29%
Revenue Next 3Y1.21%
Revenue Next 5Y0.29%
EBIT growth 1Y2.84%
EBIT growth 3Y-12.16%
EBIT growth 5YN/A
EBIT Next Year132.17%
EBIT Next 3Y30.56%
EBIT Next 5Y18.08%
FCF growth 1Y816.81%
FCF growth 3Y-16.45%
FCF growth 5Y31.02%
OCF growth 1Y12.85%
OCF growth 3Y-7.99%
OCF growth 5Y26.23%

CANADIAN NATURAL RESOURCES / CNQ.CA Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for CANADIAN NATURAL RESOURCES?

ChartMill assigns a fundamental rating of 6 / 10 to CNQ.CA.


Can you provide the valuation status for CANADIAN NATURAL RESOURCES?

ChartMill assigns a valuation rating of 5 / 10 to CANADIAN NATURAL RESOURCES (CNQ.CA). This can be considered as Fairly Valued.


How profitable is CANADIAN NATURAL RESOURCES (CNQ.CA) stock?

CANADIAN NATURAL RESOURCES (CNQ.CA) has a profitability rating of 8 / 10.


Can you provide the expected EPS growth for CNQ stock?

The Earnings per Share (EPS) of CANADIAN NATURAL RESOURCES (CNQ.CA) is expected to decline by -18.51% in the next year.


How sustainable is the dividend of CANADIAN NATURAL RESOURCES (CNQ.CA) stock?

The dividend rating of CANADIAN NATURAL RESOURCES (CNQ.CA) is 5 / 10 and the dividend payout ratio is 45.02%.