CANADIAN NATURAL RESOURCES (CNQ) Fundamental Analysis & Valuation

NYSE:CNQ • CA1363851017

Current stock price

48.73 USD
-0.64 (-1.3%)
At close:
48.63 USD
-0.1 (-0.21%)
After Hours:

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

7

1. CNQ Profitability Analysis

1.1 Basic Checks

  • CNQ had positive earnings in the past year.
  • In the past year CNQ had a positive cash flow from operations.
  • Each year in the past 5 years CNQ has been profitable.
  • Each year in the past 5 years CNQ had a positive operating cash flow.
CNQ Yearly Net Income VS EBIT VS OCF VS FCFCNQ 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 91.39% of its industry peers.
  • Looking at the Return On Equity, with a value of 24.39%, CNQ belongs to the top of the industry, outperforming 89.00% of the companies in the same industry.
  • CNQ has a better Return On Invested Capital (9.40%) than 82.30% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for CNQ is significantly below the industry average of 23.14%.
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 Yearly ROA, ROE, ROICCNQ Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20

1.3 Margins

  • With an excellent Profit Margin value of 27.91%, CNQ belongs to the best of the industry, outperforming 84.69% of the companies in the same industry.
  • CNQ's Profit Margin has improved in the last couple of years.
  • With a decent Operating Margin value of 25.81%, CNQ is doing good in the industry, outperforming 68.42% of the companies in the same industry.
  • In the last couple of years the Operating Margin of CNQ has declined.
  • With a Gross Margin value of 48.46%, CNQ perfoms like the industry average, outperforming 58.37% 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 Yearly Profit, Operating, Gross MarginsCNQ Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40

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5

2. CNQ Health Analysis

2.1 Basic Checks

  • CNQ has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is 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 Yearly Shares OutstandingCNQ Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B
CNQ Yearly Total Debt VS Total AssetsCNQ 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 3.09 indicates that CNQ is not in any danger for bankruptcy at the moment.
  • CNQ has a better Altman-Z score (3.09) than 78.47% of its industry peers.
  • CNQ has a debt to FCF ratio of 2.42. This is a good value and a sign of high solvency as CNQ would need 2.42 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 2.42, CNQ belongs to the top of the industry, outperforming 82.30% of the companies in the same industry.
  • CNQ has a Debt/Equity ratio of 0.43. This is a healthy value indicating a solid balance between debt and equity.
  • 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 2.42
Altman-Z 3.09
ROIC/WACC1.3
WACC7.25%
CNQ Yearly LT Debt VS Equity VS FCFCNQ 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.
  • Looking at the Current ratio, with a value of 0.95, CNQ is doing worse than 61.24% of the companies in the same industry.
  • CNQ has a Quick 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.
  • CNQ has a Quick ratio of 0.63. This is in the lower half of the industry: CNQ underperforms 71.29% of its industry peers.
Industry RankSector Rank
Current Ratio 0.95
Quick Ratio 0.63
CNQ Yearly Current Assets VS Current LiabilitesCNQ 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

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4

3. CNQ Growth Analysis

3.1 Past

  • The Earnings Per Share has been growing slightly by 2.45% over the past year.
  • CNQ shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.02% yearly.
  • CNQ shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.71%.
  • Measured over the past years, CNQ shows a quite strong growth in Revenue. The Revenue has been growing by 18.07% on average per year.
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

  • Based on estimates for the next years, CNQ will show a small growth in Earnings Per Share. The EPS will grow by 0.02% on average per year.
  • Based on estimates for the next years, CNQ will show a small growth in Revenue. The Revenue will grow by 0.24% on average per year.
EPS Next Y-18.2%
EPS Next 2Y0%
EPS Next 3Y23%
EPS Next 5Y0.02%
Revenue Next Year-5.58%
Revenue Next 2Y-1.56%
Revenue Next 3Y-0.52%
Revenue Next 5Y0.24%

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 Yearly Revenue VS EstimatesCNQ Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10B 20B 30B 40B
CNQ Yearly EPS VS EstimatesCNQ Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 2 4 6

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4

4. CNQ Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 19.11, the valuation of CNQ can be described as rather expensive.
  • The rest of the industry has a similar Price/Earnings ratio as CNQ.
  • CNQ is valuated rather cheaply when we compare the Price/Earnings ratio to 25.35, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 23.36, CNQ is valued on the expensive side.
  • CNQ's Price/Forward Earnings is on the same level as the industry average.
  • The average S&P500 Price/Forward Earnings ratio is at 22.61. CNQ is around the same levels.
Industry RankSector Rank
PE 19.11
Fwd PE 23.36
CNQ Price Earnings VS Forward Price EarningsCNQ Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, CNQ is valued a bit cheaper than the industry average as 60.77% of the companies are valued more expensively.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of CNQ indicates a somewhat cheap valuation: CNQ is cheaper than 64.59% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 17.01
EV/EBITDA 8.39
CNQ Per share dataCNQ EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • CNQ has a very decent profitability rating, which may justify a higher PE ratio.
  • CNQ's earnings are expected to grow with 23.00% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0%
EPS Next 3Y23%

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

5

5. CNQ Dividend Analysis

5.1 Amount

  • CNQ has a Yearly Dividend Yield of 3.70%.
  • Compared to an average industry Dividend Yield of 3.20, CNQ pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.89, CNQ pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.7%

5.2 History

  • The dividend of CNQ is nicely growing with an annual growth rate of 23.13%!
  • CNQ has paid a dividend for at least 10 years, which is a reliable track record.
  • CNQ has decreased its dividend recently.
Dividend Growth(5Y)23.13%
Div Incr Years1
Div Non Decr Years1
CNQ Yearly Dividends per shareCNQ 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

  • 45.02% of the earnings are spent on dividend by CNQ. 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 2Y0%
EPS Next 3Y23%
CNQ Yearly Income VS Free CF VS DividendCNQ 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 Dividend Payout.CNQ Dividend Payout, showing the Payout Ratio.CNQ Dividend Payout.PayoutRetained Earnings

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CNQ Fundamentals: All Metrics, Ratios and Statistics

CANADIAN NATURAL RESOURCES

NYSE:CNQ (3/31/2026, 8:27:00 PM)

After market: 48.63 -0.1 (-0.21%)

48.73

-0.64 (-1.3%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05
Earnings (Next)05-06
Inst Owners75.39%
Inst Owner Change1.51%
Ins Owners2.24%
Ins Owner ChangeN/A
Market Cap101.58B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts73.6
Price Target39.54 (-18.86%)
Short Float %7.25%
Short Ratio13.84
Dividend
Industry RankSector Rank
Dividend Yield 3.7%
Yearly Dividend1.68
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years1
Div Non Decr Years1
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)0%
PT rev (3m)1.06%
EPS NQ rev (1m)11.45%
EPS NQ rev (3m)4.64%
EPS NY rev (1m)-3.83%
EPS NY rev (3m)-8.19%
Revenue NQ rev (1m)14.68%
Revenue NQ rev (3m)12.88%
Revenue NY rev (1m)0.14%
Revenue NY rev (3m)-3.05%
Valuation
Industry RankSector Rank
PE 19.11
Fwd PE 23.36
P/S 3.65
P/FCF 17.01
P/OCF 9.36
P/B 3.19
P/tB 3.19
EV/EBITDA 8.39
EPS(TTM)2.55
EY5.23%
EPS(NY)2.09
Fwd EY4.28%
FCF(TTM)2.87
FCFY5.88%
OCF(TTM)5.21
OCFY10.68%
SpS13.36
BVpS15.29
TBVpS15.29
PEG (NY)N/A
PEG (5Y)N/A
Graham Number29.62
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-Score7
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF 2.42
Debt/EBITDA 0.99
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 3.09
F-Score7
WACC7.25%
ROIC/WACC1.3
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-18.2%
EPS Next 2Y0%
EPS Next 3Y23%
EPS Next 5Y0.02%
Revenue 1Y (TTM)8.71%
Revenue growth 3Y-2.87%
Revenue growth 5Y18.07%
Sales Q2Q%1.49%
Revenue Next Year-5.58%
Revenue Next 2Y-1.56%
Revenue Next 3Y-0.52%
Revenue Next 5Y0.24%
EBIT growth 1Y2.84%
EBIT growth 3Y-12.16%
EBIT growth 5YN/A
EBIT Next Year105.56%
EBIT Next 3Y34.18%
EBIT Next 5Y23.1%
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 Fundamental Analysis FAQ

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

ChartMill assigns a fundamental rating of 5 / 10 to CNQ.


Can you provide the valuation status for CANADIAN NATURAL RESOURCES?

ChartMill assigns a valuation rating of 4 / 10 to CANADIAN NATURAL RESOURCES (CNQ). This can be considered as Fairly Valued.


How profitable is CANADIAN NATURAL RESOURCES (CNQ) stock?

CANADIAN NATURAL RESOURCES (CNQ) has a profitability rating of 7 / 10.


Can you provide the expected EPS growth for CNQ stock?

The Earnings per Share (EPS) of CANADIAN NATURAL RESOURCES (CNQ) is expected to decline by -18.2% in the next year.


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

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