CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation
TSX:CNQ • CA1363851017
Current stock price
58.81 CAD
-4.66 (-7.34%)
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
- In the past year CNQ was profitable.
- CNQ had a positive operating cash flow in the past year.
- 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.
1.2 Ratios
- CNQ has a better Return On Assets (11.78%) than 95.61% of its industry peers.
- CNQ's Return On Equity of 24.39% is amongst the best of the industry. CNQ outperforms 98.05% of its industry peers.
- Looking at the Return On Invested Capital, with a value of 9.40%, CNQ belongs to the top of the industry, outperforming 93.17% of the companies in the same industry.
- The Average Return On Invested Capital over the past 3 years for CNQ is above the industry average of 6.85%.
| 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's Profit Margin of 27.91% is amongst the best of the industry. CNQ outperforms 93.17% of its industry peers.
- CNQ's Profit Margin has improved in the last couple of years.
- With an excellent Operating Margin value of 25.81%, CNQ belongs to the best of the industry, outperforming 81.46% of the companies in the same industry.
- In the last couple of years the Operating Margin of CNQ has declined.
- Looking at the Gross Margin, with a value of 48.46%, CNQ is in the better half of the industry, outperforming 73.17% of the companies in the same industry.
- In the last couple of years the Gross Margin of CNQ has grown nicely.
| 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
- With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), CNQ is creating some value.
- CNQ has less shares outstanding than it did 1 year ago.
- The number of shares outstanding for CNQ has been reduced compared to 5 years ago.
- CNQ has a better debt/assets ratio than last year.
2.2 Solvency
- CNQ has an Altman-Z score of 2.83. This is not the best score and indicates that CNQ is in the grey zone with still only limited risk for bankruptcy at the moment.
- CNQ's Altman-Z score of 2.83 is fine compared to the rest of the industry. CNQ outperforms 77.07% of its industry peers.
- 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.
- CNQ has a Debt to FCF ratio of 2.37. This is amongst the best in the industry. CNQ outperforms 89.27% of its industry peers.
- A Debt/Equity ratio of 0.43 indicates that CNQ is not too dependend on debt financing.
- With a Debt to Equity ratio value of 0.43, CNQ perfoms like the industry average, outperforming 53.17% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.43 | ||
| Debt/FCF | 2.37 | ||
| Altman-Z | 2.83 |
ROIC/WACC1.28
WACC7.36%
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.
- With a Current ratio value of 0.95, CNQ perfoms like the industry average, outperforming 59.02% 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 (0.63) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.95 | ||
| Quick Ratio | 0.63 |
3. CNQ.CA Growth Analysis
3.1 Past
- The Earnings Per Share has been growing slightly by 2.45% over the past year.
- The earnings per share for CNQ have been decreasing by -14.02% on average. This is quite bad
- Looking at the last year, CNQ shows a quite strong growth in Revenue. The Revenue has grown by 8.71% in the last year.
- 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 0.02% on average over the next years.
- CNQ is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.24% yearly.
EPS Next Y-18.51%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
EPS Next 5Y0.02%
Revenue Next Year5.39%
Revenue Next 2Y2.29%
Revenue Next 3Y1.21%
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
- A Price/Earnings ratio of 16.57 indicates a correct valuation of CNQ.
- CNQ's Price/Earnings ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 68.29% of the companies in the same industry.
- The average S&P500 Price/Earnings ratio is at 27.87. CNQ is valued slightly cheaper when compared to this.
- CNQ is valuated rather expensively with a Price/Forward Earnings ratio of 20.33.
- CNQ's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 66.83% of the companies in the same industry.
- Compared to an average S&P500 Price/Forward Earnings ratio of 38.51, CNQ is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.57 | ||
| Fwd PE | 20.33 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, CNQ is valued cheaply inside the industry as 83.41% of the companies are valued more expensively.
- CNQ's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 80.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.75 | ||
| EV/EBITDA | 7.31 |
4.3 Compensation for Growth
- CNQ has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
5. CNQ.CA Dividend Analysis
5.1 Amount
- CNQ has a Yearly Dividend Yield of 3.94%.
- Compared to an average industry Dividend Yield of 3.72, CNQ pays a bit more dividend than its industry peers.
- CNQ's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.94% |
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 in the last 3 years.
Dividend Growth(5Y)23.13%
Div Incr Years2
Div Non Decr Years2
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.
- CNQ's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP45.02%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
CNQ.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:CNQ (4/17/2026, 7:00:00 PM)
58.81
-4.66 (-7.34%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05 2026-03-05/dmh
Earnings (Next)05-07 2026-05-07
Inst Owners75.31%
Inst Owner ChangeN/A
Ins Owners2.17%
Ins Owner ChangeN/A
Market Cap122.67B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts70.83
Price Target66.06 (12.33%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.94% |
Yearly Dividend2.33
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years2
Div Non Decr Years2
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)21.93%
PT rev (3m)22.56%
EPS NQ rev (1m)26.89%
EPS NQ rev (3m)33.59%
EPS NY rev (1m)-0.37%
EPS NY rev (3m)-8.53%
Revenue NQ rev (1m)-1.93%
Revenue NQ rev (3m)10.7%
Revenue NY rev (1m)11.63%
Revenue NY rev (3m)8.22%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.57 | ||
| Fwd PE | 20.33 | ||
| P/S | 3.16 | ||
| P/FCF | 14.75 | ||
| P/OCF | 8.12 | ||
| P/B | 2.77 | ||
| P/tB | 2.77 | ||
| EV/EBITDA | 7.31 |
EPS(TTM)3.55
EY6.04%
EPS(NY)2.89
Fwd EY4.92%
FCF(TTM)3.99
FCFY6.78%
OCF(TTM)7.24
OCFY12.31%
SpS18.58
BVpS21.27
TBVpS21.27
PEG (NY)N/A
PEG (5Y)N/A
Graham Number41.2176 (-29.91%)
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-Score8
Asset Turnover0.42
Health
| Industry Rank | Sector 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 | 2.83 |
F-Score8
WACC7.36%
ROIC/WACC1.28
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 5Y0.02%
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 5Y0.24%
EBIT growth 1Y2.84%
EBIT growth 3Y-12.16%
EBIT growth 5YN/A
EBIT Next Year132.17%
EBIT Next 3Y30.56%
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.
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%.