CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation

TSX:CNQ • CA1363851017

Current stock price

69.46 CAD
+1.94 (+2.87%)
Last:

This CNQ.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

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.
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 2025 0 5B 10B 15B

1.2 Ratios

  • CNQ's Return On Assets of 11.78% is amongst the best of the industry. CNQ outperforms 95.19% of its industry peers.
  • CNQ has a better Return On Equity (24.39%) than 97.60% of its industry peers.
  • CNQ's Return On Invested Capital of 9.40% is amongst the best of the industry. CNQ outperforms 93.27% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for CNQ is above the industry average of 6.65%.
Industry RankSector 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%
CNQ.CA Yearly ROA, ROE, ROICCNQ.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20

1.3 Margins

  • Looking at the Profit Margin, with a value of 27.91%, CNQ belongs to the top of the industry, outperforming 93.27% of the companies in the same industry.
  • 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 82.21% of its industry peers.
  • CNQ's Operating Margin has declined in the last couple of years.
  • CNQ has a Gross Margin of 48.46%. 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 grown nicely.
Industry RankSector 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%
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 2025 0 20 40

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7

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.
  • The number of shares outstanding for CNQ has been reduced compared to 1 year ago.
  • The number of shares outstanding for CNQ has been reduced compared to 5 years ago.
  • Compared to 1 year ago, CNQ has an improved debt to assets ratio.
CNQ.CA Yearly Shares OutstandingCNQ.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 20B 40B 60B 80B

2.2 Solvency

  • CNQ has an Altman-Z score of 3.11. This indicates that CNQ is financially healthy and has little risk of bankruptcy at the moment.
  • CNQ's Altman-Z score of 3.11 is fine compared to the rest of the industry. CNQ outperforms 78.85% 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 87.98% 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.
  • The Debt to Equity ratio of CNQ (0.43) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF 2.42
Altman-Z 3.11
ROIC/WACC1.27
WACC7.42%
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 2025 0 10B 20B 30B 40B

2.3 Liquidity

  • A Current Ratio of 0.95 indicates that CNQ may have some problems paying its short term obligations.
  • CNQ has a better Current ratio (0.95) 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's Quick ratio of 0.63 is in line compared to the rest of the industry. CNQ outperforms 50.96% 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 RankSector Rank
Current Ratio 0.95
Quick Ratio 0.63
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 2025 2B 4B 6B 8B

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4

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.
  • 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

  • The Earnings Per Share is expected to grow by 0.02% on average over the next years.
  • 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

  • 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.
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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5

4. CNQ.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 19.57, 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 67.31% of the companies are valued more expensively.
  • When comparing the Price/Earnings ratio of CNQ to the average of the S&P500 Index (24.89), we can say CNQ is valued slightly cheaper.
  • The Price/Forward Earnings ratio is 23.92, which indicates a rather expensive current valuation of CNQ.
  • 65.38% 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 22.19. CNQ is around the same levels.
Industry RankSector Rank
PE 19.57
Fwd PE 23.92
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 73.08% of the companies in the same industry.
  • CNQ's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 70.67% of the companies in the same industry.
Industry RankSector Rank
P/FCF 17.41
EV/EBITDA 8.47
CNQ.CA Per share dataCNQ.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • CNQ has an outstanding profitability rating, which 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%

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5

5. CNQ.CA Dividend Analysis

5.1 Amount

  • CNQ has a Yearly Dividend Yield of 3.70%.
  • Compared to an average industry Dividend Yield of 4.54, CNQ pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.89, CNQ pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.7%

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.
  • CNQ has decreased its dividend recently.
Dividend Growth(5Y)23.13%
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 2026 0.5 1 1.5 2

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.
  • The dividend of CNQ is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP45.02%
EPS Next 2Y0%
EPS Next 3Y23%
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 2025 0 5B 10B
CNQ.CA Dividend Payout.CNQ.CA Dividend Payout, showing the Payout Ratio.CNQ.CA Dividend Payout.PayoutRetained Earnings

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CNQ.CA Fundamentals: All Metrics, Ratios and Statistics

CANADIAN NATURAL RESOURCES

TSX:CNQ (3/27/2026, 7:00:00 PM)

69.46

+1.94 (+2.87%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05
Earnings (Next)05-06
Inst Owners75.39%
Inst Owner ChangeN/A
Ins Owners2.24%
Ins Owner ChangeN/A
Market Cap144.80B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts73.6
Price Target60.97 (-12.22%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.7%
Yearly Dividend2.33
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years1
Div Non Decr Years1
Ex-Date03-20
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)12.54%
PT rev (3m)13.01%
EPS NQ rev (1m)11.45%
EPS NQ rev (3m)4.64%
EPS NY rev (1m)-3.83%
EPS NY rev (3m)-8.19%
Revenue NQ rev (1m)14.68%
Revenue NQ rev (3m)12.88%
Revenue NY rev (1m)0.14%
Revenue NY rev (3m)-3.05%
Valuation
Industry RankSector Rank
PE 19.57
Fwd PE 23.92
P/S 3.74
P/FCF 17.41
P/OCF 9.59
P/B 3.26
P/tB 3.26
EV/EBITDA 8.47
EPS(TTM)3.55
EY5.11%
EPS(NY)2.9
Fwd EY4.18%
FCF(TTM)3.99
FCFY5.74%
OCF(TTM)7.25
OCFY10.43%
SpS18.59
BVpS21.28
TBVpS21.28
PEG (NY)N/A
PEG (5Y)N/A
Graham Number41.23
Profitability
Industry RankSector 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 RankSector 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 3.11
F-Score7
WACC7.42%
ROIC/WACC1.27
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 Year105.56%
EBIT Next 3Y34.18%
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.


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 19.57 and the Price/Book (PB) ratio is 3.26.


What is the financial health of CANADIAN NATURAL RESOURCES (CNQ.CA) stock?

The financial health rating of CANADIAN NATURAL RESOURCES (CNQ.CA) is 7 / 10.