CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation
TSX:CNQ • CA1363851017
Current stock price
66.51 CAD
+0.34 (+0.51%)
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.
- In the past year CNQ had a positive cash flow from operations.
- Each year in the past 5 years CNQ has been profitable.
- CNQ had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- Looking at the Return On Assets, with a value of 11.78%, CNQ belongs to the top of the industry, outperforming 95.69% of the companies in the same industry.
- The Return On Equity of CNQ (24.39%) is better than 97.13% of its industry peers.
- With an excellent Return On Invested Capital value of 9.40%, CNQ belongs to the best of the industry, outperforming 93.30% 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 6.63%.
| 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 93.78% of its industry peers.
- In the last couple of years the Profit Margin of CNQ has grown nicely.
- The Operating Margin of CNQ (25.81%) is better than 82.30% of its industry peers.
- CNQ's Operating Margin has declined in the last couple of years.
- With a decent Gross Margin value of 48.46%, CNQ is doing good in the industry, outperforming 75.12% of the companies in the same industry.
- 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
- 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 less shares outstanding than it did 1 year ago.
- CNQ has less shares outstanding than it did 5 years ago.
- 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.
- The Altman-Z score of CNQ (3.03) is better than 78.95% 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 88.04% 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 comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.43 | ||
| Debt/FCF | 2.42 | ||
| Altman-Z | 3.03 |
ROIC/WACC1.26
WACC7.49%
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 better than 62.68% of its industry peers.
- A Quick Ratio of 0.63 indicates that CNQ may have some problems paying its short term obligations.
- CNQ's Quick ratio of 0.63 is in line compared to the rest of the industry. CNQ outperforms 52.63% 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
- 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.
- 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.
- The Revenue is expected to grow by 0.24% on average over the next years.
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
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. CNQ.CA Valuation Analysis
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 18.74, which indicates a rather expensive current valuation of CNQ.
- Based on the Price/Earnings ratio, CNQ is valued a bit cheaper than the industry average as 66.99% of the companies are valued more expensively.
- Compared to an average S&P500 Price/Earnings ratio of 25.71, CNQ is valued a bit cheaper.
- With a Price/Forward Earnings ratio of 22.90, CNQ is valued on the expensive side.
- Based on the Price/Forward Earnings ratio, CNQ is valued a bit cheaper than 65.55% of the companies in the same industry.
- The average S&P500 Price/Forward Earnings ratio is at 23.83. CNQ is around the same levels.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.74 | ||
| 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 74.64% 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 71.77% 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.
- A more expensive valuation may be justified as CNQ's earnings are expected to grow with 23.00% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0%
EPS Next 3Y23%
5. CNQ.CA Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 3.78%, CNQ has a reasonable but not impressive dividend return.
- CNQ's Dividend Yield is a higher than the industry average which is at 4.73.
- Compared to an average S&P500 Dividend Yield of 1.91, CNQ pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.78% |
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 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 2Y0%
EPS Next 3Y23%
CNQ.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:CNQ (3/13/2026, 7:00:00 PM)
66.51
+0.34 (+0.51%)
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 Cap138.65B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts73.6
Price Target54.18 (-18.54%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.78% |
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)0.09%
EPS NQ rev (3m)-8.53%
EPS NY rev (1m)-3.83%
EPS NY rev (3m)-10.36%
Revenue NQ rev (1m)4.98%
Revenue NQ rev (3m)5.42%
Revenue NY rev (1m)-3.05%
Revenue NY rev (3m)-0.7%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.74 | ||
| Fwd PE | 22.9 | ||
| P/S | 3.58 | ||
| P/FCF | 16.67 | ||
| P/OCF | 9.18 | ||
| P/B | 3.13 | ||
| P/tB | 3.13 | ||
| 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
WACC7.49%
ROIC/WACC1.26
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 Year108.82%
EBIT Next 3Y34.89%
EBIT Next 5Y23.59%
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 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 18.74 and the Price/Book (PB) ratio is 3.13.
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.