CANADIAN NATURAL RESOURCES (CNQ.CA) Stock Fundamental Analysis

TSX:CNQ • CA1363851017

59.67 CAD
+0.72 (+1.22%)
Last: Feb 27, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

CNQ gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 210 industry peers in the Oil, Gas & Consumable Fuels industry. CNQ scores excellent on profitability, but there are concerns on its financial health. CNQ has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • In the past year CNQ was profitable.
  • CNQ had a positive operating cash flow in the past year.
  • Of the past 5 years CNQ 4 years were profitable.
  • Each year in the past 5 years CNQ had a positive operating cash flow.
CNQ.CA Yearly Net Income VS EBIT VS OCF VS FCFCNQ.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B

1.2 Ratios

  • CNQ has a better Return On Assets (7.78%) than 91.47% of its industry peers.
  • Looking at the Return On Equity, with a value of 16.45%, CNQ belongs to the top of the industry, outperforming 93.84% of the companies in the same industry.
  • The Return On Invested Capital of CNQ (10.43%) is better than 94.79% 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 6.66%.
Industry RankSector 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
CNQ.CA Yearly ROA, ROE, ROICCNQ.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20

1.3 Margins

  • CNQ has a better Profit Margin (17.23%) than 80.57% of its industry peers.
  • In the last couple of years the Profit Margin of CNQ has declined.
  • Looking at the Operating Margin, with a value of 26.62%, CNQ belongs to the top of the industry, outperforming 81.99% of the companies in the same industry.
  • In the last couple of years the Operating Margin of CNQ has grown nicely.
  • Looking at the Gross Margin, with a value of 48.85%, CNQ is in the better half of the industry, outperforming 75.36% of the companies in the same industry.
  • In the last couple of years the Gross Margin of CNQ has remained more or less at the same level.
Industry RankSector 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%
CNQ.CA Yearly Profit, Operating, Gross MarginsCNQ.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

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 worse debt/assets ratio than last year.
CNQ.CA Yearly Shares OutstandingCNQ.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
CNQ.CA Yearly Total Debt VS Total AssetsCNQ.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B 80B

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.
  • The Altman-Z score of CNQ (2.96) is better than 78.20% of its industry peers.
  • CNQ has a Debt/Equity ratio of 0.44. This is a healthy value indicating a solid balance between debt and equity.
  • CNQ has a Debt to Equity ratio of 0.44. This is comparable to the rest of the industry: CNQ outperforms 52.61% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.44
Debt/FCF N/A
Altman-Z 2.96
ROIC/WACC1.4
WACC7.43%
CNQ.CA Yearly LT Debt VS Equity VS FCFCNQ.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B 30B

2.3 Liquidity

  • A Current Ratio of 0.86 indicates that CNQ may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.86, CNQ is in line with its industry, outperforming 59.24% of the companies in the same industry.
  • A Quick Ratio of 0.53 indicates that CNQ may have some problems paying its short term obligations.
  • With a Quick ratio value of 0.53, CNQ is not doing good in the industry: 63.51% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.86
Quick Ratio 0.53
CNQ.CA Yearly Current Assets VS Current LiabilitesCNQ.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

3.1 Past

  • The earnings per share for CNQ have decreased by -1.21% in the last year.
  • The Earnings Per Share has been growing by 16.79% on average over the past years. This is quite good.
  • Looking at the last year, CNQ shows a quite strong growth in Revenue. The Revenue has grown by 8.06% in the last year.
  • CNQ shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 9.29% yearly.
EPS 1Y (TTM)-1.21%
EPS 3Y4.92%
EPS 5Y16.79%
EPS Q2Q%-11.34%
Revenue 1Y (TTM)8.06%
Revenue growth 3Y5.86%
Revenue growth 5Y9.29%
Sales Q2Q%7.01%

3.2 Future

  • CNQ is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.34% yearly.
  • The Revenue is expected to grow by 1.27% on average over the next years.
EPS Next Y-2.36%
EPS Next 2Y-6.65%
EPS Next 3Y2.84%
EPS Next 5Y0.34%
Revenue Next Year6.36%
Revenue Next 2Y0.14%
Revenue Next 3Y0.96%
Revenue Next 5Y1.27%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less 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.
CNQ.CA Yearly Revenue VS EstimatesCNQ.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10B 20B 30B 40B
CNQ.CA Yearly EPS VS EstimatesCNQ.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 2 4 6

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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • CNQ is valuated correctly with a Price/Earnings ratio of 16.30.
  • CNQ's Price/Earnings ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 68.72% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 27.07. CNQ is valued slightly cheaper when compared to this.
  • A Price/Forward Earnings ratio of 19.76 indicates a rather expensive valuation of CNQ.
  • CNQ's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 63.51% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 28.05. CNQ is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 16.3
Fwd PE 19.76
CNQ.CA Price Earnings VS Forward Price EarningsCNQ.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • CNQ's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 78.20% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 7.51
CNQ.CA Per share dataCNQ.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

  • The excellent profitability rating of CNQ may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.97
EPS Next 2Y-6.65%
EPS Next 3Y2.84%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • CNQ has a Yearly Dividend Yield of 3.99%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 4.11, 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 RankSector Rank
Dividend Yield 3.99%

5.2 History

  • On average, the dividend of CNQ grows each year by 23.37%, which is quite nice.
  • CNQ has paid a dividend for at least 10 years, which is a reliable track record.
  • CNQ has decreased its dividend recently.
Dividend Growth(5Y)23.37%
Div Incr Years1
Div Non Decr Years1
CNQ.CA Yearly Dividends per shareCNQ.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

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 2Y-6.65%
EPS Next 3Y2.84%
CNQ.CA Yearly Income VS Free CF VS DividendCNQ.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B
CNQ.CA Dividend Payout.CNQ.CA Dividend Payout, showing the Payout Ratio.CNQ.CA Dividend Payout.PayoutRetained Earnings

More info and screens

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CANADIAN NATURAL RESOURCES

TSX:CNQ (2/27/2026, 7:00:00 PM)

59.67

+0.72 (+1.22%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)11-06
Earnings (Next)03-05
Inst Owners75.5%
Inst Owner ChangeN/A
Ins Owners2.22%
Ins Owner ChangeN/A
Market Cap124.21B
Revenue(TTM)38.62B
Net Income(TTM)6.66B
Analysts73.6
Price Target54.18 (-9.2%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.99%
Yearly Dividend2.09
Dividend Growth(5Y)23.37%
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)0.52%
PT rev (3m)-0.2%
EPS NQ rev (1m)-1.03%
EPS NQ rev (3m)-7.97%
EPS NY rev (1m)0%
EPS NY rev (3m)-5.19%
Revenue NQ rev (1m)-0.92%
Revenue NQ rev (3m)-5.45%
Revenue NY rev (1m)-0.5%
Revenue NY rev (3m)0.35%
Valuation
Industry RankSector Rank
PE 16.3
Fwd PE 19.76
P/S 3.22
P/FCF N/A
P/OCF 8.41
P/B 3.07
P/tB 3.07
EV/EBITDA 7.51
EPS(TTM)3.66
EY6.13%
EPS(NY)3.02
Fwd EY5.06%
FCF(TTM)-0.5
FCFYN/A
OCF(TTM)7.1
OCFY11.89%
SpS18.55
BVpS19.44
TBVpS19.44
PEG (NY)N/A
PEG (5Y)0.97
Graham Number40.01
Profitability
Industry RankSector 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 RankSector 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 2.96
F-Score5
WACC7.43%
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)-1.21%
EPS 3Y4.92%
EPS 5Y16.79%
EPS Q2Q%-11.34%
EPS Next Y-2.36%
EPS Next 2Y-6.65%
EPS Next 3Y2.84%
EPS Next 5Y0.34%
Revenue 1Y (TTM)8.06%
Revenue growth 3Y5.86%
Revenue growth 5Y9.29%
Sales Q2Q%7.01%
Revenue Next Year6.36%
Revenue Next 2Y0.14%
Revenue Next 3Y0.96%
Revenue Next 5Y1.27%
EBIT growth 1Y3.24%
EBIT growth 3Y0.75%
EBIT growth 5Y11.71%
EBIT Next Year107.85%
EBIT Next 3Y27.99%
EBIT Next 5Y16.67%
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 16.3 and the Price/Book (PB) ratio is 3.07.


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.