CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation
TSX:CNQ • CA1363851017
Current stock price
66.49 CAD
-0.9 (-1.34%)
Last:
This CNQ.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
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.
- In the past 5 years CNQ has always been profitable.
- In the past 5 years CNQ always reported a positive cash flow from operatings.
1.2 Ratios
- With an excellent Return On Assets value of 11.78%, CNQ belongs to the best of the industry, outperforming 95.19% of the companies in the same industry.
- Looking at the Return On Equity, with a value of 24.39%, CNQ belongs to the top of the industry, outperforming 97.60% 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 93.27% 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 6.78%.
| Industry Rank | Sector 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%
1.3 Margins
- CNQ has a better Profit Margin (27.91%) than 93.27% of its industry peers.
- CNQ's Profit Margin has improved in the last couple of years.
- Looking at the Operating Margin, with a value of 25.81%, CNQ belongs to the top of the industry, outperforming 82.21% of the companies in the same industry.
- In the last couple of years the Operating Margin of CNQ has declined.
- CNQ has a better Gross Margin (48.46%) than 75.00% of its industry peers.
- CNQ's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector 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%
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.
- Compared to 5 years ago, CNQ has less shares outstanding
- Compared to 1 year ago, CNQ has an improved debt to assets ratio.
2.2 Solvency
- CNQ has an Altman-Z score of 3.03. This indicates that CNQ is financially healthy and has little risk of bankruptcy at the moment.
- CNQ has a better Altman-Z score (3.03) than 78.85% 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.
- With an excellent Debt to FCF ratio value of 2.42, CNQ belongs to the best of the industry, outperforming 87.98% 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's Debt to Equity ratio of 0.43 is in line compared to the rest of the industry. CNQ outperforms 53.37% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.43 | ||
| Debt/FCF | 2.42 | ||
| Altman-Z | 3.03 |
ROIC/WACC1.27
WACC7.4%
2.3 Liquidity
- A Current Ratio of 0.95 indicates that CNQ may have some problems paying its short term obligations.
- The Current ratio of CNQ (0.95) is better than 60.10% of its industry peers.
- 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 comparable to the rest of the industry: CNQ outperforms 50.96% of its industry peers.
- CNQ does not score too well on the current and quick ratio evaluation. However, as it has excellent solvency and profitability, these ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.95 | ||
| Quick Ratio | 0.63 |
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%.
- The earnings per share for CNQ have been decreasing by -14.02% on average. This is quite bad
- The Revenue has grown by 8.71% in the past year. This is quite good.
- 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.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. CNQ.CA Valuation Analysis
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 18.73, which indicates a rather expensive current valuation of CNQ.
- 67.31% of the companies in the same industry are more expensive than CNQ, based on the Price/Earnings ratio.
- When comparing the Price/Earnings ratio of CNQ to the average of the S&P500 Index (25.54), we can say CNQ is valued slightly cheaper.
- A Price/Forward Earnings ratio of 22.90 indicates a rather expensive valuation of CNQ.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of CNQ indicates a somewhat cheap valuation: CNQ is cheaper than 65.38% of the companies listed in the same industry.
- CNQ is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.70, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.73 | ||
| Fwd PE | 22.9 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, CNQ is valued a bit cheaper than the industry average as 73.08% of the companies are valued more expensively.
- Based on the Price/Free Cash Flow ratio, CNQ is valued a bit cheaper than the industry average as 70.67% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 16.67 | ||
| EV/EBITDA | 8.15 |
4.3 Compensation for Growth
- The excellent profitability rating of CNQ 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%
5. CNQ.CA Dividend Analysis
5.1 Amount
- CNQ has a Yearly Dividend Yield of 3.60%. Purely for dividend investing, there may be better candidates out there.
- CNQ's Dividend Yield is a higher than the industry average which is at 4.47.
- Compared to an average S&P500 Dividend Yield of 1.89, CNQ pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.6% |
5.2 History
- On average, the dividend of CNQ grows each year by 23.13%, which is quite nice.
- CNQ has been paying a dividend for at least 10 years, so it has a reliable track record.
- CNQ has decreased its dividend recently.
Dividend Growth(5Y)23.13%
Div Incr Years1
Div Non Decr Years1
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 2Y0%
EPS Next 3Y23%
CNQ.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:CNQ (3/23/2026, 7:00:00 PM)
66.49
-0.9 (-1.34%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05 2026-03-05/dmh
Earnings (Next)05-06 2026-05-06
Inst Owners75.39%
Inst Owner ChangeN/A
Ins Owners2.24%
Ins Owner ChangeN/A
Market Cap138.61B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts73.6
Price Target54.18 (-18.51%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.6% |
Yearly Dividend2.33
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years1
Div Non Decr Years1
Ex-Date03-20 2026-03-20 (0.625)
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)1.07%
PT rev (3m)0.12%
EPS NQ rev (1m)5.28%
EPS NQ rev (3m)-1.49%
EPS NY rev (1m)-3.83%
EPS NY rev (3m)-10.36%
Revenue NQ rev (1m)12.41%
Revenue NQ rev (3m)12.88%
Revenue NY rev (1m)-3.05%
Revenue NY rev (3m)-0.7%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.73 | ||
| Fwd PE | 22.9 | ||
| P/S | 3.58 | ||
| P/FCF | 16.67 | ||
| P/OCF | 9.18 | ||
| P/B | 3.12 | ||
| P/tB | 3.12 | ||
| EV/EBITDA | 8.15 |
EPS(TTM)3.55
EY5.34%
EPS(NY)2.9
Fwd EY4.37%
FCF(TTM)3.99
FCFY6%
OCF(TTM)7.25
OCFY10.9%
SpS18.59
BVpS21.28
TBVpS21.28
PEG (NY)N/A
PEG (5Y)N/A
Graham Number41.23
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 3.03 |
F-Score7
WACC7.4%
ROIC/WACC1.27
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.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.
What is the profitability of CNQ stock?
CANADIAN NATURAL RESOURCES (CNQ.CA) has a profitability rating of 8 / 10.
What are the PE and PB ratios of CANADIAN NATURAL RESOURCES (CNQ.CA) stock?
The Price/Earnings (PE) ratio for CANADIAN NATURAL RESOURCES (CNQ.CA) is 18.73 and the Price/Book (PB) ratio is 3.12.
What is the financial health of CANADIAN NATURAL RESOURCES (CNQ.CA) stock?
The financial health rating of CANADIAN NATURAL RESOURCES (CNQ.CA) is 7 / 10.