CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation
TSX:CNQ • CA1363851017
Current stock price
63.88 CAD
-0.96 (-1.48%)
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.
- In the past year CNQ had a positive cash flow from operations.
- 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 95.07% of the companies in the same industry.
- CNQ has a better Return On Equity (24.39%) than 98.03% of its industry peers.
- CNQ has a Return On Invested Capital of 9.40%. This is amongst the best in the industry. CNQ outperforms 92.12% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for CNQ is above the industry average of 6.97%.
| 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 Profit Margin of 27.91%. This is amongst the best in the industry. CNQ outperforms 93.10% of its industry peers.
- CNQ's Profit Margin has improved in the last couple of years.
- CNQ's Operating Margin of 25.81% is amongst the best of the industry. CNQ outperforms 81.28% of its industry peers.
- In the last couple of years the Operating Margin of CNQ has declined.
- The Gross Margin of CNQ (48.46%) is better than 73.89% 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.
- Compared to 1 year ago, CNQ has less shares outstanding
- Compared to 5 years ago, CNQ has less shares outstanding
- The debt/assets ratio for CNQ has been reduced compared to a year ago.
2.2 Solvency
- CNQ has an Altman-Z score of 2.96. 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 has a better Altman-Z score (2.96) than 75.37% 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.
- Looking at the Debt to FCF ratio, with a value of 2.37, CNQ belongs to the top of the industry, outperforming 88.18% of the companies in the same industry.
- A Debt/Equity ratio of 0.43 indicates that CNQ is not too dependend on debt financing.
- Looking at the Debt to Equity ratio, with a value of 0.43, CNQ is in line with its industry, outperforming 54.68% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.43 | ||
| Debt/FCF | 2.37 | ||
| Altman-Z | 2.96 |
ROIC/WACC1.25
WACC7.53%
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 60.10% of its industry peers.
- A Quick Ratio of 0.63 indicates that CNQ may have some problems paying its short term obligations.
- CNQ has a Quick ratio of 0.63. This is comparable to the rest of the industry: CNQ outperforms 52.71% of 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.
- CNQ shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.02% yearly.
- The Revenue has grown by 8.71% in the past year. This is quite good.
- CNQ shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 18.07% yearly.
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 0.08% 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 0.29% yearly.
EPS Next Y-18.51%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
EPS Next 5Y0.08%
Revenue Next Year5.39%
Revenue Next 2Y2.29%
Revenue Next 3Y1.21%
Revenue Next 5Y0.29%
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
- A Price/Earnings ratio of 17.99 indicates a rather expensive valuation of CNQ.
- Based on the Price/Earnings ratio, CNQ is valued a bit cheaper than 67.98% of the companies in the same industry.
- Compared to an average S&P500 Price/Earnings ratio of 26.64, CNQ is valued a bit cheaper.
- CNQ is valuated rather expensively with a Price/Forward Earnings ratio of 22.08.
- 66.50% of the companies in the same industry are more expensive than CNQ, based on the Price/Forward Earnings ratio.
- The average S&P500 Price/Forward Earnings ratio is at 21.36. CNQ is around the same levels.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.99 | ||
| Fwd PE | 22.08 |
4.2 Price Multiples
- 78.82% of the companies in the same industry are more expensive than CNQ, based on the Enterprise Value to EBITDA ratio.
- 77.83% of the companies in the same industry are more expensive than CNQ, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 16.03 | ||
| EV/EBITDA | 7.86 |
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
- With a Yearly Dividend Yield of 3.86%, CNQ has a reasonable but not impressive dividend return.
- CNQ's Dividend Yield is a higher than the industry average which is at 3.11.
- CNQ's Dividend Yield is rather good when compared to the S&P500 average which is at 1.80.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.86% |
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
- 45.02% of the earnings are spent on dividend by CNQ. 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 (5/1/2026, 7:00:00 PM)
63.88
-0.96 (-1.48%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Industry Strength86.61
Industry Growth44.78
Earnings (Last)03-05 2026-03-05/dmh
Earnings (Next)05-07 2026-05-07/bmo
Inst Owners75.31%
Inst Owner ChangeN/A
Ins Owners2.17%
Ins Owner ChangeN/A
Market Cap133.25B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts70.83
Price Target70.64 (10.58%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.86% |
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)15.85%
PT rev (3m)31.05%
EPS NQ rev (1m)26.29%
EPS NQ rev (3m)32.16%
EPS NY rev (1m)-0.37%
EPS NY rev (3m)-4.19%
Revenue NQ rev (1m)-5.34%
Revenue NQ rev (3m)10.24%
Revenue NY rev (1m)4.65%
Revenue NY rev (3m)8.22%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.99 | ||
| Fwd PE | 22.08 | ||
| P/S | 3.44 | ||
| P/FCF | 16.03 | ||
| P/OCF | 8.82 | ||
| P/B | 3 | ||
| P/tB | 3 | ||
| EV/EBITDA | 7.86 |
EPS(TTM)3.55
EY5.56%
EPS(NY)2.89
Fwd EY4.53%
FCF(TTM)3.99
FCFY6.24%
OCF(TTM)7.24
OCFY11.34%
SpS18.58
BVpS21.27
TBVpS21.27
PEG (NY)N/A
PEG (5Y)N/A
Graham Number41.2176 (-35.48%)
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 | 2.96 |
F-Score8
WACC7.53%
ROIC/WACC1.25
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 5Y0.08%
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 5Y0.29%
EBIT growth 1Y2.84%
EBIT growth 3Y-12.16%
EBIT growth 5YN/A
EBIT Next Year132.17%
EBIT Next 3Y30.56%
EBIT Next 5Y18.08%
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 4 / 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 6 / 10 and the dividend payout ratio is 45.02%.