CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation
TSX:CNQ • CA1363851017
64.18 CAD
+2.07 (+3.33%)
Last: Mar 11, 2026, 07:00 PM
This CNQ.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
Taking everything into account, CNQ scores 5 out of 10 in our fundamental rating. CNQ was compared to 212 industry peers in the Oil, Gas & Consumable Fuels industry. While CNQ has a great profitability rating, there are quite some concerns on its financial health. CNQ is valued correctly, but it does not seem to be growing.
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.
- CNQ had positive earnings in 4 of the past 5 years.
- Of the past 5 years CNQ 4 years had a positive operating cash flow.
1.2 Ratios
- CNQ has a better Return On Assets (7.78%) than 91.98% of its industry peers.
- CNQ's Return On Equity of 16.45% is amongst the best of the industry. CNQ outperforms 94.34% of its industry peers.
- CNQ has a Return On Invested Capital of 10.43%. This is amongst the best in the industry. CNQ outperforms 94.81% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for CNQ is significantly above the industry average of 6.67%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 7.78% | ||
| ROE | 16.45% | ||
| ROIC | 10.43% |
ROA(3y)10.79%
ROA(5y)8.36%
ROE(3y)21.6%
ROE(5y)16.84%
ROIC(3y)13.06%
ROIC(5y)N/A
1.3 Margins
- CNQ has a better Profit Margin (17.23%) than 81.13% of its industry peers.
- In the last couple of years the Profit Margin of CNQ has declined.
- With an excellent Operating Margin value of 26.62%, CNQ belongs to the best of the industry, outperforming 82.55% of the companies in the same industry.
- CNQ's Operating Margin has improved in the last couple of years.
- CNQ has a Gross Margin of 48.85%. This is in the better half of the industry: CNQ outperforms 75.00% of its industry peers.
- In the last couple of years the Gross Margin of CNQ has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 26.62% | ||
| PM (TTM) | 17.23% | ||
| GM | 48.85% |
OM growth 3Y-4.83%
OM growth 5Y2.21%
PM growth 3Y-12.43%
PM growth 5Y-6.28%
GM growth 3Y-3.13%
GM growth 5Y-1.06%
2. CNQ.CA 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.
- CNQ has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
2.2 Solvency
- An Altman-Z score of 3.08 indicates that CNQ is not in any danger for bankruptcy at the moment.
- With a decent Altman-Z score value of 3.08, CNQ is doing good in the industry, outperforming 78.30% of the companies in the same industry.
- A Debt/Equity ratio of 0.44 indicates that CNQ is not too dependend on debt financing.
- CNQ has a Debt to Equity ratio (0.44) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.44 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 3.08 |
ROIC/WACC1.4
WACC7.47%
2.3 Liquidity
- A Current Ratio of 0.86 indicates that CNQ may have some problems paying its short term obligations.
- CNQ has a Current ratio (0.86) which is comparable to the rest of the industry.
- A Quick Ratio of 0.53 indicates that CNQ may have some problems paying its short term obligations.
- CNQ has a Quick ratio of 0.53. This is in the lower half of the industry: CNQ underperforms 63.21% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.86 | ||
| Quick Ratio | 0.53 |
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 2.02%.
- CNQ shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.14% yearly.
EPS 1Y (TTM)2.02%
EPS 3Y-14.14%
EPS 5YN/A
EPS Q2Q%-13.45%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-0.68%
3.2 Future
- CNQ is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.12% yearly.
- The Revenue is expected to grow by 0.24% on average over the next years.
EPS Next Y-17.85%
EPS Next 2Y0.21%
EPS Next 3Y23.17%
EPS Next 5Y0.12%
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.
4. CNQ.CA Valuation Analysis
4.1 Price/Earnings Ratio
- Based on the Price/Earnings ratio of 18.18, the valuation of CNQ can be described as rather expensive.
- CNQ's Price/Earnings ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 67.92% of the companies in the same industry.
- CNQ's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.71.
- A Price/Forward Earnings ratio of 22.10 indicates a rather expensive valuation of CNQ.
- 66.51% of the companies in the same industry are more expensive than CNQ, based on the Price/Forward Earnings ratio.
- Compared to an average S&P500 Price/Forward Earnings ratio of 23.82, CNQ is valued at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.18 | ||
| Fwd PE | 22.1 |
4.2 Price Multiples
- CNQ's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 75.47% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 8.01 |
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 23.17% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0.21%
EPS Next 3Y23.17%
5. CNQ.CA Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 4.03%, CNQ is a good candidate for dividend investing.
- Compared to an average industry Dividend Yield of 4.17, CNQ pays a bit more dividend than its industry peers.
- Compared to an average S&P500 Dividend Yield of 1.82, CNQ pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.03% |
5.2 History
- On average, the dividend of CNQ grows each year by 23.13%, which is quite nice.
- CNQ has paid a dividend for at least 10 years, which is a reliable track record.
- The dividend of CNQ decreased recently.
Dividend Growth(5Y)23.13%
Div Incr Years1
Div Non Decr Years1
5.3 Sustainability
- CNQ pays out 71.45% of its income as dividend. This is not a sustainable payout ratio.
- The dividend of CNQ is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP71.45%
EPS Next 2Y0.21%
EPS Next 3Y23.17%
CNQ.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:CNQ (3/11/2026, 7:00:00 PM)
64.18
+2.07 (+3.33%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05 2026-03-05/bmo
Earnings (Next)05-06 2026-05-06
Inst Owners75.39%
Inst Owner ChangeN/A
Ins Owners2.24%
Ins Owner ChangeN/A
Market Cap133.79B
Revenue(TTM)N/A
Net Income(TTM)6.66B
Analysts73.6
Price Target54.18 (-15.58%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.03% |
Yearly Dividend2.33
Dividend Growth(5Y)23.13%
DP71.45%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)6.33%
Min EPS beat(2)-0.27%
Max EPS beat(2)12.93%
EPS beat(4)2
Avg EPS beat(4)5.29%
Min EPS beat(4)-0.9%
Max EPS beat(4)12.93%
EPS beat(8)5
Avg EPS beat(8)4.49%
EPS beat(12)7
Avg EPS beat(12)3.16%
EPS beat(16)11
Avg EPS beat(16)4.12%
Revenue beat(2)0
Avg Revenue beat(2)-2.62%
Min Revenue beat(2)-2.64%
Max Revenue beat(2)-2.6%
Revenue beat(4)2
Avg Revenue beat(4)0.33%
Min Revenue beat(4)-2.64%
Max Revenue beat(4)4.16%
Revenue beat(8)4
Avg Revenue beat(8)0.16%
Revenue beat(12)8
Avg Revenue beat(12)1.3%
Revenue beat(16)12
Avg Revenue beat(16)5.3%
PT rev (1m)1.07%
PT rev (3m)0.12%
EPS NQ rev (1m)-1.65%
EPS NQ rev (3m)-7.42%
EPS NY rev (1m)0.99%
EPS NY rev (3m)-1.21%
Revenue NQ rev (1m)-0.47%
Revenue NQ rev (3m)-5.45%
Revenue NY rev (1m)-0.5%
Revenue NY rev (3m)0.54%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.18 | ||
| Fwd PE | 22.1 | ||
| P/S | 3.46 | ||
| P/FCF | N/A | ||
| P/OCF | 9.06 | ||
| P/B | 3.31 | ||
| P/tB | 3.31 | ||
| EV/EBITDA | 8.01 |
EPS(TTM)3.53
EY5.5%
EPS(NY)2.9
Fwd EY4.52%
FCF(TTM)-0.5
FCFYN/A
OCF(TTM)7.09
OCFY11.04%
SpS18.53
BVpS19.41
TBVpS19.41
PEG (NY)N/A
PEG (5Y)N/A
Graham Number39.26
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 7.78% | ||
| ROE | 16.45% | ||
| ROCE | 13.3% | ||
| ROIC | 10.43% | ||
| ROICexc | 10.44% | ||
| ROICexgc | 10.44% | ||
| OM | 26.62% | ||
| PM (TTM) | 17.23% | ||
| GM | 48.85% | ||
| FCFM | N/A |
ROA(3y)10.79%
ROA(5y)8.36%
ROE(3y)21.6%
ROE(5y)16.84%
ROIC(3y)13.06%
ROIC(5y)N/A
ROICexc(3y)13.27%
ROICexc(5y)N/A
ROICexgc(3y)13.27%
ROICexgc(5y)N/A
ROCE(3y)16.66%
ROCE(5y)N/A
ROICexgc growth 3Y-2.66%
ROICexgc growth 5Y10.27%
ROICexc growth 3Y-2.66%
ROICexc growth 5Y10.27%
OM growth 3Y-4.83%
OM growth 5Y2.21%
PM growth 3Y-12.43%
PM growth 5Y-6.28%
GM growth 3Y-3.13%
GM growth 5Y-1.06%
F-Score5
Asset Turnover0.45
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.44 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 0.93 | ||
| Cap/Depr | 180.69% | ||
| Cap/Sales | 40.92% | ||
| Interest Coverage | 12.17 | ||
| Cash Conversion | 77.63% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.86 | ||
| Quick Ratio | 0.53 | ||
| Altman-Z | 3.08 |
F-Score5
WACC7.47%
ROIC/WACC1.4
Cap/Depr(3y)121.37%
Cap/Depr(5y)96.99%
Cap/Sales(3y)22.2%
Cap/Sales(5y)19.34%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)2.02%
EPS 3Y-14.14%
EPS 5YN/A
EPS Q2Q%-13.45%
EPS Next Y-17.85%
EPS Next 2Y0.21%
EPS Next 3Y23.17%
EPS Next 5Y0.12%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-0.68%
Revenue Next Year-5.58%
Revenue Next 2Y-1.56%
Revenue Next 3Y-0.52%
Revenue Next 5Y0.24%
EBIT growth 1Y3.24%
EBIT growth 3Y0.75%
EBIT growth 5Y11.71%
EBIT Next Year107.85%
EBIT Next 3Y27.99%
EBIT Next 5Y16.86%
FCF growth 1Y-114.97%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y22.25%
OCF growth 3Y-2.58%
OCF growth 5Y8.68%
CANADIAN NATURAL RESOURCES / CNQ.CA FAQ
Can you provide the ChartMill fundamental rating for CANADIAN NATURAL RESOURCES?
ChartMill assigns a fundamental rating of 5 / 10 to CNQ.CA.
Can you provide the valuation status for CANADIAN NATURAL RESOURCES?
ChartMill assigns a valuation rating of 4 / 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 18.18 and the Price/Book (PB) ratio is 3.31.
What is the financial health of CANADIAN NATURAL RESOURCES (CNQ.CA) stock?
The financial health rating of CANADIAN NATURAL RESOURCES (CNQ.CA) is 3 / 10.